Document:

Letter Agreement between Hawk and PCG Holdings Group Inc.

    EXHIBIT
      10.3

    

      LETTER
        AGREEMENT

       

      This
        letter agreement (this “Agreement”)
        is
        dated as of February 1, 2007, by and between Hawk Corporation, a Delaware
        corporation (“Selling
        Shareholder”),
        and
        PCG Holdings Group Inc., a Delaware corporation (“Buyer”).
        

       

      Reference
        is hereby made to the Stock Purchase Agreement by and between Buyer and Selling
        Shareholder, dated as of December 21, 2006 (as such agreement may be amended
        or
        otherwise modified from time to time, the “Purchase
        Agreement”).
        Capitalized
        terms used but not defined herein shall have the meanings ascribed to such
        terms
        in the Purchase Agreement.

       

      In
        consideration of the mutual covenants contained herein and other good and
        valuable consideration, the receipt and sufficiency of which are hereby
        acknowledged, the parties to this Agreement hereby agree as
        follows:

       

      	1.  	
              Pursuant
                to Section 2.7(a) of the Purchase Agreement, each of Selling Shareholder
                and Buyer acknowledges and agrees that (i) ten percent (10%) of the
                Purchase Price shall be allocated to the covenants granted to Buyer
                pursuant to the Noncompetition Agreement and (ii) $3,400,000 shall
                be
                allocated to the operations of the Acquired Company in
                China.

            

       

      	2.  	
              The
                document that was attached to the Purchase Agreement as Exhibit 2.3(a)
                on
                the date of execution of the Purchase Agreement shall be of no further
                force or effect and shall be replaced in its entirety with the document
                included under Annex
                I
                attached hereto.

            

       

      
        	
                         
                  3.

              	
                Pursuant
                  to Section 5.4 of the Purchase Agreement, Schedule
                  3.26
                  shall be supplemented and replaced in its entirety with the Disclosure
                  Schedule Supplement included under Annex
                  II
                  attached hereto. 

              

      

       

      
        	
                          4.

              	
                The
                  terms and provisions of Sections 12.4,
                  12.6,
                  12.7,
                  12.8,
                  12.11,
                  12.12,
                  12.13,
                  12.14
                  and 12.15
                  of
                  the Purchase Agreement are expressly incorporated by reference
                  into this
                  Agreement.

              

      

       

      
        
          	
                            5.

                	
                  The
                    effective time of the Closing is 12:01 a.m. on February 1,
                    2007

                

        

      

       

      [SIGNATURE
        PAGE FOLLOWS]

       

      

       

      
        
           

        

        
           

          
          

        

        
           

        

      

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

       

      

       

      Buyer:

       

      PCG
        HOLDINGS GROUP INC.

       

      By: /s/
        Scott A. Budoff   

      Name: Scott
        A.
        Budoff

      Title: President

       

      

       

      Selling
        Shareholder:

       

      HAWK
        CORPORATION

       

      By: /s/
        Joseph J. Levanduski  

      Name: Joseph
        J.
        Levanduski

      Title: Vice
        President - CFOUnassociated Document

    

    

    

    

    

    
      
        

      

    FINANCIAL
      ASSET SECURITIES CORP.,

    Depositor

    

    

    OCWEN
      LOAN SERVICING, LLC.,

    Servicer

    

    

    WELLS
      FARGO BANK, N.A.,

    Master
      Servicer and Trust Administrator

    

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee
      

    

    

    

    POOLING
      AND SERVICING AGREEMENT

    

    Dated
      as
      of December 1, 2006

    

    

    ___________________________

    Soundview
      Home Loan Trust 2006-EQ2

    

    Asset-Backed
      Certificates, Series 2006-EQ2

    

    
      
        

      

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    

    Table
      of Contents

     

    

    

    
      	
              ARTICLE
                I

            	
              DEFINITIONS

            
	
              SECTION
                1.01

            	
              Defined
                Terms.

            
	
              SECTION
                1.02

            	
              Accounting.

            
	
              SECTION
                1.03

            	
              Allocation
                of Certain Interest Shortfalls.

            
	
              SECTION
                1.04

            	
              Rights
                of the NIMS Insurer.

            
	 	 
	
              ARTICLE
                II

            	
              CONVEYANCE
                OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

            
	
              SECTION
                2.01

            	
              Conveyance
                of Mortgage Loans.

            
	
              SECTION
                2.02

            	
              Acceptance
                by Trustee.

            
	
              SECTION
                2.03

            	
              Repurchase
                or Substitution of Mortgage Loans by the Originator or the
                Seller.

            
	
              SECTION
                2.04

            	
              [Reserved].

            
	
              SECTION
                2.05

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

            
	
              SECTION
                2.06

            	
              Representations
                and Warranties of the Depositor.

            
	
              SECTION
                2.07

            	
              Issuance
                of Certificates.

            
	
              SECTION
                2.08

            	
              Authorization
                to Enter into Basis Risk Cap Agrement, Interest Rate Cap Agreement
                and
                Interest Rate Swap Agreement.

            
	
              SECTION
                2.09

            	
              Conveyance
                of REMIC Regular Interests and Acceptance of REMIC 1, REMIC 2, REMIC
                3,
                REMIC 4, REMIC 5 and REMIC 6 by the Trustee; Issuance of
                Certificates.

            
	 	 
	
              ARTICLE
                III

            	
              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS

            
	
              SECTION
                3.01

            	
              Servicer
                to Act as Servicer.

            
	
              SECTION
                3.02

            	
              Sub-Servicing
                Agreements Between Servicer and Sub-Servicers;
                Subcontractors.

            
	
              SECTION
                3.03

            	
              Successor
                Sub-Servicers.

            
	
              SECTION
                3.04

            	
              Liability
                of the Servicer.

            
	
              SECTION
                3.05

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

            
	
              SECTION
                3.06

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Master
                Servicer.

            
	
              SECTION
                3.07

            	
              Collection
                of Certain Mortgage Loan Payments.

            
	
              SECTION
                3.08

            	
              Sub-Servicing
                Accounts.

            
	
              SECTION
                3.09

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

            
	
              SECTION
                3.10

            	
              Collection
                Account.

            
	
              SECTION
                3.11

            	
              Withdrawals
                from the Collection Account.

            
	
              SECTION
                3.12

            	
              Investment
                of Funds in the Collection Account.

            
	
              SECTION
                3.13

            	
              [Reserved].

            
	
              SECTION
                3.14

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

            
	
              SECTION
                3.15

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

            
	
              SECTION
                3.16

            	
              Realization
                Upon Defaulted Mortgage Loans.

            
	
              SECTION
                3.17

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            
	
              SECTION
                3.18

            	
              Servicing
                Compensation.

            
	
              SECTION
                3.19

            	
              Reports;
                Collection Account Statements.

            
	
              SECTION
                3.20

            	
              Statement
                as to Compliance.

            
	
              SECTION
                3.21

            	
              Assessments
                of Compliance and Attestation Reports.

            
	
              SECTION
                3.22

            	
              Access
                to Certain Documentation.

            
	
              SECTION
                3.23

            	
              Title,
                Management and Disposition of REO Property.

            
	
              SECTION
                3.24

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            
	
              SECTION
                3.25

            	
              Obligations
                of the Servicer in Respect of Monthly Payments.

            
	
              SECTION
                3.26

            	
              [Reserved].

            
	
              SECTION
                3.27

            	
              PMI
                Policies; Claims Under the PMI Policies.

            
	
              SECTION
                3.28

            	
              Late
                Remittance.

            
	
              SECTION
                3.29

            	
              Advance
                Facility.

            
	
              SECTION
                3.30

            	
              Solicitations.

            
	 	 
	
              ARTICLE
                IIIA

            	
              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS

            
	
              SECTION
                3A.01

            	
              Master
                Servicer to Act as Master Servicer.

            
	
              SECTION
                3A.02

            	
              [Reserved].

            
	
              SECTION
                3A.03

            	
              Monitoring
                of Servicer.

            
	
              SECTION
                3A.04

            	
              Fidelity
                Bond.

            
	
              SECTION
                3A.05

            	
              Power
                to Act; Procedures.

            
	
              SECTION
                3A.06

            	
              Due
                on Sale Clauses; Assumption Agreements.

            
	
              SECTION
                3A.07

            	
              [Reserved].

            
	
              SECTION
                3A.08

            	
              Documents,
                Records and Funds in Possession of Master Servicer to be Held for
                Trustee.

            
	
              SECTION
                3A.09

            	
              Compensation
                for the Master Servicer.

            
	
              SECTION
                3A.10

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

            
	
              SECTION
                3A.11

            	
              Distribution
                Account.

            
	
              SECTION
                3A.12

            	
              Permitted
                Withdrawals and Transfers from the Distribution
                Account.

            
	 	 
	
              ARTICLE
                IV

            	
              FLOW
                OF FUNDS

            
	
              SECTION
                4.01

            	
              Distributions.

            
	
              SECTION
                4.02

            	
              [Reserved].

            
	
              SECTION
                4.03

            	
              Statements.

            
	
              SECTION
                4.04

            	
              Remittance
                Reports; Advances.

            
	
              SECTION
                4.05

            	
              Commission
                Reporting.

            
	
              SECTION
                4.06

            	
              [Reserved].

            
	
              SECTION
                4.07

            	
              [Reserved].

            
	
              SECTION
                4.08

            	
              Distributions
                on the REMIC Regular Interests.

            
	
              SECTION
                4.09

            	
              Allocation
                of Realized Losses.

            
	
              SECTION
                4.10

            	
              Swap
                Account.

            
	
              SECTION
                4.11

            	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments.

            
	
              SECTION
                4.12

            	
              Cap
                Account.

            
	
              SECTION
                4.13

            	
              Net
                WAC Rate Carryover Reserve Account.

            
	
              SECTION
                4.14

            	
              Collateral
                Accounts

            
	
              SECTION
                4.15

            	
              Rights
                and Obligations Under the Basis Risk Cap Agreement, the Interest
                Rate Cap
                Agreement and the Interest Rate Swap Agreement.

            
	 	 
	
              ARTICLE
                V

            	
              THE
                CERTIFICATES

            
	
              SECTION
                5.02

            	
              Registration
                of Transfer and Exchange of Certificates.

            
	
              SECTION
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            
	
              SECTION
                5.04

            	
              Persons
                Deemed Owners.

            
	
              SECTION
                5.05

            	
              Appointment
                of Paying Agent.

            
	 	 
	
              ARTICLE
                VI

            	
              THE
                MASTER SERVICER, THE SERVICER aND THE DEPOSITOR

            
	
              SECTION
                6.01

            	
              Liability
                of the Master Servicer, the Servicer and the Depositor.

            
	
              SECTION
                6.02

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

            
	
              SECTION
                6.03

            	
              Limitation
                on Liability of the Servicer, the Master Servicer and
                Others.

            
	
              SECTION
                6.04

            	
              Limitation
                on Resignation of the Servicer; Assignment of Master
                Servicing.

            
	
              SECTION
                6.05

            	
              Successor
                Master Servicer.

            
	
              SECTION
                6.06

            	
              Delegation
                of Duties.

            
	
              SECTION
                6.07

            	
              [Reserved].

            
	
              SECTION
                6.08

            	
              Inspection.

            
	
              SECTION
                6.09

            	
              Duties
                of the Credit Risk Manager.

            
	
              SECTION
                6.10

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            
	
              SECTION
                6.11

            	
              Removal
                of the Credit Risk Manager.

            
	 	 
	
              ARTICLE
                VII

            	
              DEFAULT

            
	
              SECTION
                7.01

            	
              Master
                Servicer Events of Termination and Servicer Events of
                Termination.

            
	
              SECTION
                7.02

            	
              Master
                Servicer or Trustee to Act; Appointment of Successor
                Servicer.

            
	
              SECTION
                7.03

            	
              Trustee
                to Act; Appointment of Successor Master Servicer.

            
	
              SECTION
                7.04

            	
              Waiver
                of Defaults.

            
	
              SECTION
                7.05

            	
              Notification
                to Certificateholders.

            
	
              SECTION
                7.06

            	
              Survivability
                of Servicer and Master Servicer Liabilities.

            
	 	 
	
              ARTICLE
                VIII

            	
              THE
                TRUSTEE AND THE TRUST ADMINISTRATOR

            
	
              SECTION
                8.01

            	
              Duties
                of Trustee and Trust Administrator.

            
	
              SECTION
                8.02

            	
              Certain
                Matters Affecting the Trustee and the Trust
                Administrator.

            
	
              SECTION
                8.03

            	
              Trustee
                and Trust Administrator Not Liable for Certificates or Mortgage
                Loans.

            
	
              SECTION
                8.04

            	
              Trustee
                and Trust Administrator May Own Certificates.

            
	
              SECTION
                8.05

            	
              Trust
                Administrator and Trustee Compensation and Expenses.

            
	
              SECTION
                8.06

            	
              Eligibility
                Requirements for Trustee and Trust Administrator.

            
	
              SECTION
                8.07

            	
              Resignation
                or Removal of Trustee or Trust Administrator.

            
	
              SECTION
                8.08

            	
              Successor
                Trustee.

            
	
              SECTION
                8.09

            	
              Merger
                or Consolidation of Trustee or Trust Administrator.

            
	
              SECTION
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            
	
              SECTION
                8.11

            	
              Limitation
                of Liability.

            
	
              SECTION
                8.12

            	
              Trustee
                May Enforce Claims Without Possession of Certificates.

            
	
              SECTION
                8.13

            	
              Suits
                for Enforcement.

            
	
              SECTION
                8.14

            	
              Waiver
                of Bond Requirement.

            
	
              SECTION
                8.15

            	
              Waiver
                of Inventory, Accounting and Appraisal Requirement.

            
	 	 
	
              ARTICLE
                IX

            	
              REMIC
                ADMINISTRATION

            
	
              SECTION
                9.01

            	
              REMIC
                Administration.

            
	
              SECTION
                9.02

            	
              Prohibited
                Transactions and Activities.

            
	
              SECTION
                9.03

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

            
	 	 
	
              ARTICLE
                X

            	
              TERMINATION

            
	
              SECTION
                10.01

            	
              Termination.

            
	
              SECTION
                10.02

            	
              Additional
                Termination Requirements.

            
	 	 
	
              ARTICLE
                XI

            	
              MISCELLANEOUS
                PROVISIONS

            
	
              SECTION
                11.01

            	
              Amendment.

            
	
              SECTION
                11.02

            	
              Recordation
                of Agreement; Counterparts.

            
	
              SECTION
                11.03

            	
              Limitation
                on Rights of Certificateholders.

            
	
              SECTION
                11.04

            	
              Governing
                Law; Jurisdiction.

            
	
              SECTION
                11.05

            	
              Notices.

            
	
              SECTION
                11.06

            	
              Severability
                of Provisions.

            
	
              SECTION
                11.07

            	
              Article
                and Section References.

            
	
              SECTION
                11.08

            	
              Notice
                to the Rating Agencies.

            
	
              SECTION
                11.09

            	
              Further
                Assurances.

            
	
              SECTION
                11.10

            	
              Benefits
                of Agreement.

            
	
              SECTION
                11.11

            	
              Acts
                of Certificateholders.

            
	
              SECTION
                11.12

            	
              Intention
                of the Parties and
                Interpretation.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Exhibits:

            	 
	
              Exhibit
                A-1

            	
              Form
                of Class A-1 Certificates

            
	
              Exhibit
                A-2

            	
              Form
                of Class A-2 Certificates

            
	
              Exhibit
                A-3

            	
              Form
                of Class A-3 Certificates

            
	
              Exhibit
                A-4

            	
              Form
                of Class A-4 Certificates

            
	
              Exhibit
                A-5

            	
              Form
                of Class M-1 Certificates

            
	
              Exhibit
                A-6

            	
              Form
                of Class M-2 Certificates

            
	
              Exhibit
                A-7

            	
              Form
                of Class M-3 Certificates

            
	
              Exhibit
                A-8

            	
              Form
                of Class M-4 Certificates

            
	
              Exhibit
                A-9

            	
              Form
                of Class M-5 Certificates

            
	
              Exhibit
                A-10

            	
              Form
                of Class M-6 Certificates

            
	
              Exhibit
                A-11

            	
              Form
                of Class M-7 Certificates

            
	
              Exhibit
                A-12

            	
              Form
                of Class M-8 Certificates

            
	
              Exhibit
                A-13

            	
              Form
                of Class M-9 Certificates

            
	
              Exhibit
                A-14

            	
              Form
                of Class M-10 Certificates

            
	
              Exhibit
                A-15

            	
              Form
                of Class C Certificates

            
	
              Exhibit
                A-16

            	
              Form
                of Class P Certificates

            
	
              Exhibit
                A-17

            	
              Form
                of Class R Certificates

            
	
              Exhibit
                A-18 

            	
              Form
                of Class R-X Certificates

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C

            	
              Form
                of Assignment and Recognition Agreement

            
	
              Exhibit
                D

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

            	
              Form
                of Trustee’s Initial Certification

            
	
              Exhibit
                F-2

            	
              Form
                of Trustee’s Final Certification

            
	
              Exhibit
                F-3

            	
              Form
                of Receipt of Mortgage Note

            
	
              Exhibit
                G

            	
              Form
                of Cap Allocation Agreement

            
	
              Exhibit
                H

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                I

            	
              Form
                of Limited Power of Attorney

            
	
              Exhibit
                J

            	
              Form
                of Investment Letter

            
	
              Exhibit
                K

            	
              Form
                of Transfer Affidavit for Residual Certificates

            
	
              Exhibit
                L

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                M

            	
              Form
                of ERISA Representation Letter

            
	
              Exhibit
                N-1

            	
              Form
                of Certification to be Provided by the Master Servicer with Form
                10-K

            
	
              Exhibit
                N-2

            	
              Form
                of Certification to be Provided to the Master Servicer by the
                Trustee

            
	
              Exhibit
                N-3

            	
              Form
                of Certification to be Provided to the Master Servicer by the
                Servicer

            
	
              Exhibit
                O

            	
              Form
                of Interest Rate Cap Agreement

            
	
              Exhibit
                P

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                Q

            	
              Form
                of Interest Rate Swap Agreement

            
	
              Exhibit
                R-1

            	
              Form
                of Delinquency Report

            
	
              Exhibit
                R-2

            	
              Form
                of Monthly Remittance Report

            
	
              Exhibit
                R-3

            	
              Form
                of Realized Loss Report

            
	
              Exhibit
                R-4 

            	
              Form
                of Watchlist Report

            
	
              Exhibit
                R-5 

            	
              Form
                of Loss Severity Report

            
	
              Exhibit
                R-6

            	
              Form
                of Mortgage Insurance Claims Report 

            
	
              Exhibit
                R-7

            	
              Form
                of Prepayment Premiums Report

            
	
              Exhibit
                R-8

            	
              Form
                of Analytics Report

            
	
              Exhibit
                S

            	
              Servicing
                Criteria

            
	
              Exhibit
                T

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

            
	
              Exhibit
                U 

            	
              [Reserved]

            
	
              Exhibit
                V

            	
              [Reserved]

            
	
              Exhibit
                W

            	
              [Reserved]

            
	
              Exhibit
                X

            	
              Form
                of Basis Risk Cap Agreement

            
	 	 
	
              Schedule
                I

            	
              Prepayment
                Charge Schedule

            
	
              Schedule
                II

            	
              Schedule
                of PMI Mortgage Loans

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    This
      Pooling and Servicing Agreement is dated as of December 1, 2006 (the
“Agreement”), among FINANCIAL ASSET SECURITIES CORP., as depositor (the
“Depositor”), OCWEN LOAN SERVICING, LLC, as servicer (the “Servicer”), WELLS
      FARGO BANK, N.A., as master servicer and trust administrator (the “Master
      Servicer” and “Trust Administrator”) and DEUTSCHE BANK NATIONAL TRUST COMPANY,
      as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

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

     

    REMIC
      1

     

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

     

    
      	
              Designation

            	 	
              Uncertificated
                REMIC 1

              Pass-Through
                Rate

            	 	
              Initial

              Uncertificated
                Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            	 
	
              I

            	 	
              Variable
                (2)

            	 	
              $

            	
              119,783,432.50

            	 	
              January
                2037

            	 
	
              I-1-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              11,659,867.50

            	 	
              January
                2037

            	 
	
              I-1-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              11,659,867.50

            	 	
              January
                2037

            	 
	
              I-2-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              12,504,702.50

            	 	
              January
                2037

            	 
	
              I-2-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              12,504,702.50

            	 	
              January
                2037

            	 
	
              I-3-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              12,046,620.00

            	 	
              January
                2037

            	 
	
              I-3-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              12,046,620.00

            	 	
              January
                2037

            	 
	
              I-4-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              11,605,505.00

            	 	
              January
                2037

            	 
	
              I-4-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              11,605,505.00

            	 	
              January
                2037

            	 
	
              I-5-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              11,180,728.75

            	 	
              January
                2037

            	 
	
              I-5-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              11,180,728.75

            	 	
              January
                2037

            	 
	
              I-6-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              10,771,677.50

            	 	
              January
                2037

            	 
	
              I-6-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              10,771,677.50

            	 	
              January
                2037

            	 
	
              I-7-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              10,377,761.25

            	 	
              January
                2037

            	 
	
              I-7-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              10,377,761.25

            	 	
              January
                2037

            	 
	
              I-8-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              9,998,421.25

            	 	
              January
                2037

            	 
	
              I-8-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              9,998,421.25

            	 	
              January
                2037

            	 
	
              I-9-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              9,639,650.00

            	 	
              January
                2037

            	 
	
              I-9-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              9,639,650.00

            	 	
              January
                2037

            	 
	
              I-10-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              9,286,876.25

            	 	
              January
                2037

            	 
	
              I-10-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              9,286,876.25

            	 	
              January
                2037

            	 
	
              I-11-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              8,947,216.25

            	 	
              January
                2037

            	 
	
              I-11-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              8,947,216.25

            	 	
              January
                2037

            	 
	
              I-12-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              8,621,106.25

            	 	
              January
                2037

            	 
	
              I-12-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              8,621,106.25

            	 	
              January
                2037

            	 
	
              I-13-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              8,484,503.75

            	 	
              January
                2037

            	 
	
              I-13-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              8,484,503.75

            	 	
              January
                2037

            	 
	
              I-14-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              145,956,075.00

            	 	
              January
                2037

            	 
	
              I-14-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              145,956,075.00

            	 	
              January
                2037

            	 
	
              I-15-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              3,452,427.50

            	 	
              January
                2037

            	 
	
              I-15-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              3,452,427.50

            	 	
              January
                2037

            	 
	
              I-16-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              3,214,431.25

            	 	
              January
                2037

            	 
	
              I-16-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              3,214,431.25

            	 	
              January
                2037

            	 
	
              I-17-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              2,991,286.25

            	 	
              January
                2037

            	 
	
              I-17-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              2,991,286.25

            	 	
              January
                2037

            	 
	
              I-18-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              2,112,235.00

            	 	
              January
                2037

            	 
	
              I-18-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              2,112,235.00

            	 	
              January
                2037

            	 
	
              I-19-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              2,042,495.00

            	 	
              January
                2037

            	 
	
              I-19-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              2,042,495.00

            	 	
              January
                2037

            	 
	
              I-20-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,975,192.50

            	 	
              January
                2037

            	 
	
              I-20-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,975,192.50

            	 	
              January
                2037

            	 
	
              I-21-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,910,235.00

            	 	
              January
                2037

            	 
	
              I-21-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,910,235.00

            	 	
              January
                2037

            	 
	
              I-22-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,847,536.25

            	 	
              January
                2037

            	 
	
              I-22-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,847,536.25

            	 	
              January
                2037

            	 
	
              I-23-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,787,010.00

            	 	
              January
                2037

            	 
	
              I-23-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,787,010.00

            	 	
              January
                2037

            	 
	
              I-24-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,728,581.25

            	 	
              January
                2037

            	 
	
              I-24-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,728,581.25

            	 	
              January
                2037

            	 
	
              I-25-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,752,545.00

            	 	
              January
                2037

            	 
	
              I-25-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,752,545.00

            	 	
              January
                2037

            	 
	
              I-26-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              5,055,568.75

            	 	
              January
                2037

            	 
	
              I-26-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              5,055,568.75

            	 	
              January
                2037

            	 
	
              I-27-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,398,851.25

            	 	
              January
                2037

            	 
	
              I-27-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,398,851.25

            	 	
              January
                2037

            	 
	
              I-28-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,355,902.50

            	 	
              January
                2037

            	 
	
              I-28-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,355,902.50

            	 	
              January
                2037

            	 
	
              I-29-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,314,318.75

            	 	
              January
                2037

            	 
	
              I-29-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,314,318.75

            	 	
              January
                2037

            	 
	
              I-30-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,274,058.75

            	 	
              January
                2037

            	 
	
              I-30-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,274,058.75

            	 	
              January
                2037

            	 
	
              I-31-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,235,075.00

            	 	
              January
                2037

            	 
	
              I-31-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,235,075.00

            	 	
              January
                2037

            	 
	
              I-32-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,197,327.50

            	 	
              January
                2037

            	 
	
              I-32-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,197,327.50

            	 	
              January
                2037

            	 
	
              I-33-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,160,775.00

            	 	
              January
                2037

            	 
	
              I-33-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,160,775.00

            	 	
              January
                2037

            	 
	
              I-34-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,125,375.00

            	 	
              January
                2037

            	 
	
              I-34-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,125,375.00

            	 	
              January
                2037

            	 
	
              I-35-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,091,092.50

            	 	
              January
                2037

            	 
	
              I-35-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,091,092.50

            	 	
              January
                2037

            	 
	
              I-36-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,057,887.50

            	 	
              January
                2037

            	 
	
              I-36-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,057,887.50

            	 	
              January
                2037

            	 
	
              I-37-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,025,728.75

            	 	
              January
                2037

            	 
	
              I-37-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,025,728.75

            	 	
              January
                2037

            	 
	
              I-38-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              994,577.50

            	 	
              January
                2037

            	 
	
              I-38-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              994,577.50

            	 	
              January
                2037

            	 
	
              I-39-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              964,403.75

            	 	
              January
                2037

            	 
	
              I-39-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              964,403.75

            	 	
              January
                2037

            	 
	
              I-40-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              935,172.50

            	 	
              January
                2037

            	 
	
              I-40-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              935,172.50

            	 	
              January
                2037

            	 
	
              I-41-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              906,855.00

            	 	
              January
                2037

            	 
	
              I-41-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              906,855.00

            	 	
              January
                2037

            	 
	
              I-42-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              879,421.25

            	 	
              January
                2037

            	 
	
              I-42-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              879,421.25

            	 	
              January
                2037

            	 
	
              I-43-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              852,841.25

            	 	
              January
                2037

            	 
	
              I-43-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              852,841.25

            	 	
              January
                2037

            	 
	
              I-44-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              827,088.75

            	 	
              January
                2037

            	 
	
              I-44-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              827,088.75

            	 	
              January
                2037

            	 
	
              I-45-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              814,118.75

            	 	
              January
                2037

            	 
	
              I-45-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              814,118.75

            	 	
              January
                2037

            	 
	
              I-46-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              777,396.25

            	 	
              January
                2037

            	 
	
              I-46-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              777,396.25

            	 	
              January
                2037

            	 
	
              I-47-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              753,991.25

            	 	
              January
                2037

            	 
	
              I-47-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              753,991.25

            	 	
              January
                2037

            	 
	
              I-48-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              732,963.75

            	 	
              January
                2037

            	 
	
              I-48-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              732,963.75

            	 	
              January
                2037

            	 
	
              I-49-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              709,252.50

            	 	
              January
                2037

            	 
	
              I-49-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              709,252.50

            	 	
              January
                2037

            	 
	
              I-50-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,838,346.25

            	 	
              January
                2037

            	 
	
              I-50-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              1,838,346.25

            	 	
              January
                2037

            	 
	
              I-51-A

            	 	
              Variable
                (2)

            	 	
              $

            	
              21,370,137.50

            	 	
              January
                2037

            	 
	
              I-51-B

            	 	
              Variable
                (2)

            	 	
              $

            	
              21,370,137.50

            	 	
              January
                2037

            	 
	
              P

            	 	
              Variable
                (2)

            	 	
              $

            	
              100.00

            	 	
              January
                2037

            	 

    

    ________________

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

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

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

     

    
      	
              Designation

            	
              Uncertificated
                REMIC 2

              Pass-Through
                Rate

            	
              Initial
                Uncertificated 

              Principal
                Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              LTAA

            	
              Variable(2)

            	
              $

            	
              818,172,462.80

            	
              January
                2037

            
	
              LTA1

            	
              Variable(2)

            	
              $

            	
              2,974,100.00

            	
              January
                2037

            
	
              LTA2

            	
              Variable(2)

            	
              $

            	
              1,418,920.00

            	
              January
                2037

            
	
              LTA3

            	
              Variable(2)

            	
              $

            	
              1,705,170.00

            	
              January
                2037

            
	
              LTA4

            	
              Variable(2)

            	
              $

            	
              601,640.00

            	
              January
                2037

            
	
              LTM1

            	
              Variable(2)

            	
              $

            	
              300,550.00

            	
              January
                2037

            
	
              LTM2

            	
              Variable(2)

            	
              $

            	
              262,980.00

            	
              January
                2037

            
	
              LTM3

            	
              Variable(2)

            	
              $

            	
              154,460.00

            	
              January
                2037

            
	
              LTM4

            	
              Variable(2)

            	
              $

            	
              150,280.00

            	
              January
                2037

            
	
              LTM5

            	
              Variable(2)

            	
              $

            	
              133,580.00

            	
              January
                2037

            
	
              LTM6

            	
              Variable(2)

            	
              $

            	
              125,230.00

            	
              January
                2037

            
	
              LTM7

            	
              Variable(2)

            	
              $

            	
              104,360.00

            	
              January
                2037

            
	
              LTM8

            	
              Variable(2)

            	
              $

            	
              62,620.00

            	
              January
                2037

            
	
              LTM9

            	
              Variable(2)

            	
              $

            	
              83,490.00

            	
              January
                2037

            
	
              LTM10

            	
              Variable(2)

            	
              $

            	
              104,320.00

            	
              January
                2037

            
	
              LTZZ

            	
              Variable(2)

            	
              $

            	
              8,515,697.20

            	
              January
                2037

            
	
              LTP

            	
              Variable(2)

            	
              $

            	
              100.00

            	
              January
                2037

            
	
              LTIO

            	
              Variable(2)

            	 	
              (3)

            	
              January
                2037

            

    

    ________________

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

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      REMIC
        3

       

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

       

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

       

      
        	
                Designation

              	
                Original
                  Class Certificate Principal Balance

              	
                Pass-Through
                  Rate

              	
                Latest
                  Possible Maturity Date(1)

              
	
                Class
                  A-1

              	
                $

              	
                297,410,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  A-2

              	
                $

              	
                141,892,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  A-3

              	
                $

              	
                170,517,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  A-4

              	
                $

              	
                60,164,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  M-1

              	
                $

              	
                30,055,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  M-2

              	
                $

              	
                26,298,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  M-3

              	
                $

              	
                15,446,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  M-4

              	
                $

              	
                15,028,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  M-5

              	
                $

              	
                13,358,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  M-6

              	
                $

              	
                12,523,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  M-7

              	
                $

              	
                10,436,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  M-8

              	
                $

              	
                6,262,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  M-9

              	
                $

              	
                8,349,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  M-10

              	
                $

              	
                10,432,000.00

              	
                Variable(2) 

              	
                January
                  2037

              
	
                Class
                  C Interest

              	
                $

              	
                16,699,860.00

              	
                Variable(3)

              	
                January
                  2037

              
	
                Class
                  P Interest

              	
                $

              	
                100.00

              	
                N/A(4)

              	
                January
                  2037

              
	
                Class
                  IO Interest

              	 	
                (5)

              	
                (6)

              	
                January
                  2037

              

      

      ________________

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

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

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

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

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

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

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      REMIC
        4

       

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

       

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

       

      
        	
                Designation

              	
                Original
                  Class Certificate Principal Balance

              	
                Pass-Through
                  Rate

              	
                Latest
                  Possible Maturity Date(1)

              
	
                Class
                  C Certificates

              	
                $
                  16,699,860.00 

              	
                Variable(2)

              	
                January
                  2037

              

      

      _______________

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

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      REMIC
        5

       

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

       

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

       

      
        	
                Designation

              	
                Original
                  Class Certificate Principal Balance

              	
                Pass-Through
                  Rate

              	
                Latest
                  Possible Maturity Date(1)

              
	
                Class
                  P

              	
                $100.00

              	
                Variable(2)

              	
                January
                  2037

              

      

      _______________

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

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

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      REMIC
        6

       

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

       

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

       

      
        	
                Designation

              	
                Original
                  Class Certificate

                Principal
                  Balance

              	
                Pass-Through
                  Rate

              	
                Latest
                  Possible Maturity Date(1)

              
	
                SWAP
                  IO

              	
                N/A

              	
                Variable(2)

              	
                January
                  2037

              

      

      ________________

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

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

       

       

      ARTICLE
        I

       

      DEFINITIONS

       

      	SECTION
              1.01  	
              Defined
                Terms.

            

       

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

       

      “10-K
        Filing Deadline” has the meaning set forth in Section
        4.05(a)(iv)(A).

       

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

       

      “Accepted
        Master Servicing Practices”: With respect to any Mortgage Loan, as applicable,
        either (x) those customary mortgage loan master servicing practices of prudent
        mortgage servicing institutions that master service mortgage loans of the
        same
        type and quality as such Mortgage Loan in the jurisdiction where the related
        Mortgaged Property is located, to the extent applicable to the Master Servicer
        (except in its capacity as successor to the Servicer), or (y) as provided
        in
        Section 3A.01 hereof, but in no event below the standard set forth in clause
        (x). 

       

      “Account”:
        Any of the Collection Account, Distribution Account, Net WAC Rate Carryover
        Reserve Account, Basis Risk Cap Collateral Account, Swap Collateral Account,
        Interest Rate Collateral Account, Cap Account or Swap Account.

       

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

       

      “Additional
        Disclosure Notification”: The meaning set forth in Section
        4.05(a)(ii).

       

      “Additional
        Form 10-D Disclosure”: The meaning set forth in Section
        4.05(a)(i.).

       

      “Additional
        Form 10-K Disclosure”: The meaning set forth in Section
        4.05(a)(iv).

       

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

       

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

       

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

       

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

       

      “Administration
        Fee”: The amount payable to the Trust Administrator on each Distribution Date
        pursuant to Section 8.05 as compensation for all services rendered by the
        Trust
        Administrator in the execution and administration of the trust created hereby
        and in the exercise and performance of any of the powers and duties of the
        Trust
        Administrator hereunder, which amount, with respect to the Mortgage Loans
        and
        REO Properties and for any calendar month, shall be equal to one-twelfth
        of the
        Administration Fee Rate (without regard to the words “per annum” in the
        definition thereof) multiplied by the Stated Principal Balance of the Mortgage
        Loans as of the first day of the related Due Period. The fee payable to the
        Trustee for all services rendered by it in the exercise and performance of
        any
        of its respective powers and duties hereunder will be paid by the Trust
        Administrator on an annual basis from its own funds in accordance with a
        separate agreement between the Trust Administrator and the Trustee.

       

      “Administration
        Fee Rate”: 0.0100% per annum. 

       

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

       

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

       

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

       

      “Advance
        Financing Person”: As defined in Section 3.29 hereof.

       

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

       

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

       

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

       

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

       

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

       

      “Assessment
        of Compliance”: As defined in Section 3.21. 

       

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

       

      “Assignment
        Agreement”: The Assignment and Recognition Agreement, dated the Closing Date,
        among the Seller, the Originator and the Depositor, pursuant to which certain
        of
        the Seller’s rights under the Master Agreement were assigned to the Depositor,
        substantially in the form attached hereto as Exhibit C.

       

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

       

      “Attestation
        Report”: As defined in Section 3.21.

       

      “Available
        Funds”: With respect to any Distribution Date, an amount equal to the excess of
        (i) the sum of (a) the aggregate of the related Monthly Payments received
        on the
        Mortgage Loans on or prior to the related Determination Date, (b) Net
        Liquidation Proceeds, Insurance Proceeds, Principal Prepayments, Subsequent
        Recoveries, proceeds from repurchases of and substitutions for such Mortgage
        Loans and other unscheduled recoveries of principal and interest in respect
        of
        the Mortgage Loans received during the related Prepayment Period, (c) the
        aggregate of any amounts received in respect of a related REO Property withdrawn
        from any REO Account and deposited in the Collection Account for such
        Distribution Date, (d) the aggregate of any amounts deposited in the Collection
        Account by the Servicer in respect of related Prepayment Interest Shortfalls
        for
        such Distribution Date, (e) the aggregate of any Advances made by the Servicer
        for such Distribution Date in respect of the Mortgage Loans, (f) the aggregate
        of any related advances made by the Trustee in respect of the Mortgage Loans
        for
        such Distribution Date pursuant to Section 7.02, (g) the amount of any
        Prepayment Charges collected by the Servicer in connection with the full
        or
        partial prepayment of any of the Mortgage Loans and any Servicer Prepayment
        Charge Payment Amount and (h) all income and gain realized from the investment
        of funds deposited in the Distribution Account during the Float Period, over
        (ii) the sum of (a) amounts reimbursable or payable to the Servicer pursuant
        to
        Section 3.11(a) or to the Master Servicer pursuant to Section 3A.09, amounts
        reimburseable or payable to the Credit Risk Manager and the PMI Provider,
        amounts reimburseable to the Trustee pursuant to Section 3.11(b) or the Swap
        Provider (including any Net Swap Payment and Swap Termination Payment owed
        to
        the Swap Provider, but excluding any Swap Termination Payment owed to the
        Swap
        Provider resulting from a Swap Provider Trigger Event), (b) Extraordinary
        Trust
        Fund Expenses reimbursable to the Trustee, the Servicer, the Master Servicer
        or
        the Trust Administrator pursuant to 3A.12 or the Trustee pursuant to Section
        3.11(b), (c) amounts deposited in the Collection Account or the Distribution
        Account pursuant to clauses (a) through (g) above, as the case may be, in
        error,
        (d) the amount of any Prepayment Charges collected by the Servicer in connection
        with the full or partial prepayment of any of the Mortgage Loans and any
        Servicer Prepayment Charge Payment Amount, (e) any indemnification payments
        or
        expense reimbursements made by the Trust Fund pursuant to Section 6.03 or
        Section 8.05, (f) any Net Swap Payment or Swap Termination Payment owed to
        the
        Swap Provider (other than any Swap Termination Payment owed to the Swap Provider
        resulting from a Swap Provider Trigger Event) and (g) without duplication,
        any
        amounts in respect of the items set forth in clauses (I)(a) and (I)(b) permitted
        hereunder to be retained by the Master Servicer or to be withdrawn by the
        Master
        Servicer from the Distribution Account pursuant to 3A.12.

       

      “Back-Up
        Certification”: The meaning set forth in Section 4.05(a)(iv).

       

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

       

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

       

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

       

      “Basic
        Principal Distribution Amount”: With respect to any Distribution Date, the
        excess of (i) the Principal Remittance Amount for such Distribution Date
        over
        (ii) the Overcollateralization Release Amount, if any, for such Distribution
        Date.

       

      “Basis
        Risk Cap Agreement”: The basis risk cap agreement, dated the Closing Date,
        between the Basis Risk Cap Provider and the Trust Administrator on behalf
        of the
        Trust, including any schedule, confirmations, credit support annex or other
        credit support document relating thereto, and attached hereto as Exhibit
        X.

       

      “Basis
        Risk Cap Amount”: The Basis Risk Cap Amount for any Class of the Floating Rate
        Certificates is equal to (i) the aggregate amount received by the Trust from
        the
        Basis Risk Cap Agreement multiplied by (ii) a fraction equal to (a) the
        Certificate Principal Balance of such Class immediately prior to the applicable
        Distribution Date divided by (b) the aggregate Certificate Principal Balance
        of
        the Floating Rate Certificates immediately prior to the applicable Distribution
        Date.

       

      “Basis
        Risk Cap Collateral Account”: The account or accounts created and maintained
        pursuant to Section 4.14. 

       

      “Basis
        Risk Cap Credit Support Annex”: The credit support annex, dated the Closing
        Date, between the Trust Administrator on behalf of the Trust and the Basis
        Risk
        Cap Provider, which is annexed to and forms a part of the Basis Risk Cap
        Agreement.

       

      “Basis
        Risk Cap Provider”: The cap provider under the Basis Risk Cap Agreement.
        Initially, the Basis Risk Cap Provider shall be The Bank of New
        York.

       

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

       

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

       

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

       

      “Cap
        Allocation Agreement”: The Cap Allocation Agreement, dated as of the Closing
        Date between the Trust Administrator and the Cap Trustee, a form of which
        is
        attached hereto as Exhibit G.

       

      “Cap
        Trustee”: The Trust Administrator, not in its individual capacity but solely in
        its capacity as Cap Trustee, and any successor thereto.

       

      “Certificate”:
        Any Regular Certificate or Residual Certificate.

       

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

       

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

       

      
        	
                Class

              	
                REMIC
                  2 Regular Interest

              	
                Certificate
                  Margin

              
	
                (1)
                  (%)

              	
                (2)
                  (%)

              
	
                A-1

              	
                LTA1

              	
                0.0800%

              	
                0.1600%

              
	
                A-2

              	
                LTA2

              	
                0.1100%

              	
                0.2200%

              
	
                A-3

              	
                LTA3

              	
                0.1600%

              	
                0.3200%

              
	
                A-4

              	
                LTA4

              	
                0.2400%

              	
                0.4800%

              
	
                M-1

              	
                LTM1

              	
                0.2300%

              	
                0.3450%

              
	
                M-2

              	
                LTM2

              	
                0.2700%

              	
                0.4050%

              
	
                M-3

              	
                LTM3

              	
                0.3200%

              	
                0.4800%

              
	
                M-4

              	
                LTM4

              	
                0.3800%

              	
                0.5700%

              
	
                M-5

              	
                LTM5

              	
                0.4000%

              	
                0.6000%

              
	
                M-6

              	
                LTM6

              	
                0.4500%

              	
                0.6750%

              
	
                M-7

              	
                LTM7

              	
                0.9000%

              	
                1.3500%

              
	
                M-8

              	
                LTM8

              	
                1.5000%

              	
                2.2500%

              
	
                M-9

              	
                LTM9

              	
                2.2500%

              	
                3.3750%

              
	
                M-10

              	
                LTM10

              	
                2.2500%

              	
                3.3750%

              

      

      __________

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

      (2) For
        each
        other Accrual Period.

      

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

       

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

       

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

       

      “Certification”:
        As defined in Section 4.05(b)(iii).

       

      “Certification
        Parties”: The meaning set forth in Section 4.05(a)(iv). 

       

      “Certifying
        Person”: The meaning set forth in Section 4.05(a)(iv).

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Class
        IO
        Distribution Amount”: As defined in Section 4.10 hereof. For purposes of
        clarity, the Class IO Distribution Amount for any Distribution Date shall
        equal
        the amount payable to the Trust Administrator on such Distribution Date in
        excess of the amount payable on the Class IO Interest on such Distribution
        Date,
        all as further provided in Section 4.10 hereof.

       

      “Class
        IO
        Interest”: An uncertificated interest in the Trust Fund evidencing a Regular
        Interest in REMIC 3.

       

      “Class
        M-1 Certificate”: Any one of the Class M-1 Certificates executed by the Trust
        Administrator, and authenticated and delivered by the Certificate Registrar,
        substantially in the form annexed hereto as Exhibit A-5, representing (i)
        a
        Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
        Carryover Amount and (iii) the obligation to pay the Class IO Distribution
        Amount.

       

      “Class
        M-1/M-2/M-3 Principal Distribution Amount: The excess of (x) the sum of (i)
        the
        aggregate Certificate Principal Balance of the Senior Certificates (after
        taking
        into account the distribution of the Senior Principal Distribution Amount
        on
        such Distribution Date) and (ii) the aggregate Certificate Principal Balance
        of
        the Class M-1 Certificates, the Class M-2 Certificates and the Class M-3
        Certificates immediately prior to such Distribution Date over (y) the lesser
        of
        (A) the product of (i) 77.70% and (ii) the Stated Principal Balance of the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, and unscheduled collections
        of
        principal received during the related Prepayment Period) minus the
        Overcollateralization Floor.

       

      “Class
        M-2 Certificate”: Any one of the Class M-2 Certificates executed by the Trust
        Administrator, and authenticated and delivered by the Certificate Registrar,
        substantially in the form annexed hereto as Exhibit A-6, representing (i)
        a
        Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
        Carryover Amount and (iii) the obligation to pay the Class IO Distribution
        Amount.

       

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

       

      “Class
        M-4 Certificate”: Any one of the Class M-4 Certificates executed by the Trust
        Administrator, and authenticated and delivered by the Certificate Registrar,
        substantially in the form annexed hereto as Exhibit A-8, representing (i)
        a
        Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
        Carryover Amount and (iii) the obligation to pay the Class IO Distribution
        Amount.

       

      “Class
        M-4 Principal Distribution Amount”: The excess of (x) the sum of (i) the
        aggregate Certificate Principal Balance of the Senior Certificates (after
        taking
        into account the distribution of the Senior Principal Distribution Amount
        on
        such Distribution Date), (ii) the
        aggregate Certificate Principal Balance of the Class M-1 Certificates, the
        Class
        M-2 Certificates and the Class M-3 Certificates (after taking into account
        the
        distribution of the Class M-1/M-2/M-3 Principal Distribution Amount on such
        Distribution Date)
        and
        (iii) the Certificate Principal Balance of the Class M-4 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 81.30% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, and unscheduled collections
        of
        principal received during the related Prepayment Period) minus the
        Overcollateralization Floor.

       

      “Class
        M-5 Certificate”: Any one of the Class M-5 Certificates executed by the Trust
        Administrator, and authenticated and delivered by the Certificate Registrar,
        substantially in the form annexed hereto as Exhibit A-9, representing (i)
        a
        Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
        Carryover Amount and (iii) the obligation to pay the Class IO Distribution
        Amount.

       

      “Class
        M-5 Principal Distribution Amount”: The excess of (x) the sum of (i) the
        aggregate Certificate Principal Balance of the Senior Certificates (after
        taking
        into account the distribution of the Senior Principal Distribution Amount
        on
        such Distribution Date), (ii) the aggregate Certificate Principal Balance
        of the
        Class M-1 Certificates, the Class M-2 Certificates and the Class M-3
        Certificates (after taking into account the distribution of the Class
        M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
        the
        Certificate Principal Balance of the Class M-4 Certificates (after taking
        into
        account the distribution of the Class M-4 Principal Distribution Amount on
        such
        Distribution Date) and (iv) the Certificate Principal Balance of the Class
        M-5
        Certificates immediately prior to such Distribution Date over (y) the lesser
        of
        (A) the product of (i) 84.50% and (ii) the aggregate Stated Principal Balance
        of
        the Mortgage Loans as of the last day of the related Due Period (after giving
        effect to scheduled payments of principal due during the related Due Period,
        to
        the extent received or advanced, and unscheduled collections of principal
        received during the related Prepayment Period) and (B) the aggregate Stated
        Principal Balance of the Mortgage Loans as of the last day of the related
        Due
        Period (after giving effect to scheduled payments of principal due during
        the
        related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) minus
        the Overcollateralization Floor.

       

      “Class
        M-6 Certificate”: Any one of the Class M-6 Certificates executed by the Trust
        Administrator, and authenticated and delivered by the Certificate Registrar,
        substantially in the form annexed hereto as Exhibit A-10, representing (i)
        a
        Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
        Carryover Amount and (iii) the obligation to pay the Class IO Distribution
        Amount.

       

      “Class
        M-6 Principal Distribution Amount”: The excess of (x) the sum of (i) the
        aggregate Certificate Principal Balance of the Senior Certificates (after
        taking
        into account the distribution of the Class A Principal Distribution Amount
        on
        such Distribution Date), (ii) the aggregate Certificate Principal Balance
        of the
        Class M-1 Certificates, the Class M-2 Certificates and the Class M-3
        Certificates (after taking into account the distribution of the Class
        M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
        the
        Certificate Principal Balance of the Class M-4 Certificates (after taking
        into
        account the distribution of the Class M-4 Principal Distribution Amount on
        such
        Distribution Date), (iv) the Certificate Principal Balance of the Class M-5
        Certificates (after taking into account the distribution of the Class M-5
        Principal Distribution Amount on such Distribution Date) and (v) the Certificate
        Principal Balance of the Class M-6 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 87.50% and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
        as
        of the last day of the related Due Period (after giving effect to scheduled
        payments of principal due during the related Due Period, to the extent received
        or advanced, and unscheduled collections of principal received during the
        related Prepayment Period) minus the Overcollateralization Floor.

       

      “Class
        M-7 Certificate”: Any one of the Class M-7 Certificates executed by the Trust
        Administrator, and authenticated and delivered by the Certificate Registrar,
        substantially in the form annexed hereto as Exhibit A-11, representing (i)
        a
        Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
        Carryover Amount and (iii) the obligation to pay the Class IO Distribution
        Amount.

       

      “Class
        M-7 Principal Distribution Amount”: The excess of (x) the sum of (i) the
        aggregate Certificate Principal Balance of the Senior Certificates (after
        taking
        into account the distribution of the Senior Principal Distribution Amount
        on
        such Distribution Date), (ii) the aggregate Certificate Principal Balance
        of the
        Class M-1 Certificates, the Class M-2 Certificates and the Class M-3
        Certificates (after taking into account the distribution of the Class
        M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
        the
        Certificate Principal Balance of the Class M-4 Certificates (after taking
        into
        account the distribution of the Class M-4 Principal Distribution Amount on
        such
        Distribution Date), (iv) the Certificate Principal Balance of the Class M-5
        Certificates (after taking into account the distribution of the Class M-5
        Principal Distribution Amount on such Distribution Date), (v) the Certificate
        Principal Balance of the Class M-6 Certificates (after taking into account
        the
        distribution of the Class M-6 Principal Distribution Amount on such Distribution
        Date) and (vi) the Certificate Principal Balance of the Class M-7 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 90.00% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, and unscheduled collections
        of
        principal received during the related Prepayment Period) minus the
        Overcollateralization Floor.

       

      “Class
        M-8 Certificate”: Any one of the Class M-8 Certificates executed by the Trust
        Administrator, and authenticated and delivered by the Certificate Registrar,
        substantially in the form annexed hereto as Exhibit A-12, representing (i)
        a
        Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
        Carryover Amount and (iii) the obligation to pay the Class IO Distribution
        Amount.

       

      “Class
        M-8 Principal Distribution Amount”: The excess of (x) the sum of (i) the
        aggregate Certificate Principal Balance of the Senior Certificates (after
        taking
        into account the distribution of the Senior Principal Distribution Amount
        on
        such Distribution Date), (ii) the aggregate Certificate Principal Balance
        of the
        Class M-1 Certificates, the Class M-2 Certificates and the Class M-3
        Certificates (after taking into account the distribution of the Class
        M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
        the
        Certificate Principal Balance of the Class M-4 Certificates (after taking
        into
        account the distribution of the Class M-4 Principal Distribution Amount on
        such
        Distribution Date), (iv) the Certificate Principal Balance of the Class M-5
        Certificates (after taking into account the distribution of the Class M-5
        Principal Distribution Amount on such Distribution Date), (v) the Certificate
        Principal Balance of the Class M-6 Certificates (after taking into account
        the
        distribution of the Class M-6 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
        (after taking into account the distribution of the Class M-7 Principal
        Distribution Amount on such Distribution Date) and (vii) the Certificate
        Principal Balance of the Class M-8 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 91.50% and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
        as
        of the last day of the related Due Period (after giving effect to scheduled
        payments of principal due during the related Due Period, to the extent received
        or advanced, and unscheduled collections of principal received during the
        related Prepayment Period) minus the Overcollateralization Floor.

       

      “Class
        M-9 Certificate”: Any one of the Class M-9 Certificates executed by the Trust
        Administrator, and authenticated and delivered by the Certificate Registrar,
        substantially in the form annexed hereto as Exhibit A-13, representing (i)
        a
        Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
        Carryover Amount and (iii) the obligation to pay the Class IO Distribution
        Amount.

       

      “Class
        M-9 Principal Distribution Amount”: The excess of (x) the sum of (i) the
        Certificate Principal Balance of the Senior Certificates (after taking into
        account the distribution of the Senior Principal Distribution Amount on such
        Distribution Date), (ii) the aggregate Certificate Principal Balance of the
        Class M-1 Certificates, the Class M-2 Certificates and the Class M-3
        Certificates (after taking into account the distribution of the Class
        M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
        the
        Certificate Principal Balance of the Class M-4 Certificates (after taking
        into
        account the distribution of the Class M-4 Principal Distribution Amount on
        such
        Distribution Date), (iv) the Certificate Principal Balance of the Class M-5
        Certificates (after taking into account the distribution of the Class M-5
        Principal Distribution Amount on such Distribution Date), (v) the Certificate
        Principal Balance of the Class M-6 Certificates (after taking into account
        the
        distribution of the Class M-6 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
        (after taking into account the distribution of the Class M-7 Principal
        Distribution Amount on such Distribution Date), (vii) the Certificate Principal
        Balance of the Class M-8 Certificates (after taking into account the
        distribution of the Class M-8 Principal Distribution Amount on such Distribution
        Date) and (viii) the Certificate Principal Balance of the Class M-9 Certificates
        immediately prior to such Distribution Date over (y) the lesser of (A) the
        product of (i) 93.50% and (ii) the aggregate Stated Principal Balance of
        the
        Mortgage Loans as of the last day of the related Due Period (after giving
        effect
        to scheduled payments of principal due during the related Due Period, to
        the
        extent received or advanced, and unscheduled collections of principal received
        during the related Prepayment Period) and (B) the aggregate Stated Principal
        Balance of the Mortgage Loans as of the last day of the related Due Period
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, and unscheduled collections
        of
        principal received during the related Prepayment Period) minus the
        Overcollateralization Floor.

       

      “Class
        M-10 Certificate”: Any one of the Class M-10 Certificates executed by the Trust
        Administrator, and authenticated and delivered by the Certificate Registrar,
        substantially in the form annexed hereto as Exhibit A-14, representing (i)
        a
        Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
        Carryover Amount and (iii) the obligation to pay the Class IO Distribution
        Amount.

       

      “Class
        M-10 Principal Distribution Amount”: The excess of (x) the sum of (i) the
        aggregate Certificate Principal Balance of the Senior Certificates (after
        taking
        into account the distribution of the Senior Principal Distribution Amount
        on
        such Distribution Date), (ii) the aggregate Certificate Principal Balance
        of the
        Class M-1 Certificates, the Class M-2 Certificates and the Class M-3
        Certificates (after taking into account the distribution of the Class
        M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
        the
        Certificate Principal Balance of the Class M-4 Certificates (after taking
        into
        account the distribution of the Class M-4 Principal Distribution Amount on
        such
        Distribution Date), (iv) the Certificate Principal Balance of the Class M-5
        Certificates (after taking into account the distribution of the Class M-5
        Principal Distribution Amount on such Distribution Date), (v) the Certificate
        Principal Balance of the Class M-6 Certificates (after taking into account
        the
        distribution of the Class M-6 Principal Distribution Amount on such Distribution
        Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
        (after taking into account the distribution of the Class M-7 Principal
        Distribution Amount on such Distribution Date), (vii) the Certificate Principal
        Balance of the Class M-8 Certificates (after taking into account the
        distribution of the Class M-8 Principal Distribution Amount on such Distribution
        Date), (viii) the Certificate Principal Balance of the Class M-9 Certificates
        (after taking into account the distribution of the Class M-9 Principal
        Distribution Amount on such Distribution Date) and (ix) the Certificate
        Principal Balance of the Class M-10 Certificates immediately prior to such
        Distribution Date over (y) the lesser of (A) the product of (i) 96.00% and
        (ii)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
        as
        of the last day of the related Due Period (after giving effect to scheduled
        payments of principal due during the related Due Period, to the extent received
        or advanced, and unscheduled collections of principal received during the
        related Prepayment Period) minus the Overcollateralization Floor.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Closing
        Date”: December 28, 2006.

       

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

       

      “Collection
        Account”: The account or accounts created and maintained by the Servicer
        pursuant to Section 3.10(a), which shall be entitled “Wells
        Fargo Bank, N.A., as Servicer for Deutsche Bank National Trust Company as
        Trustee, in trust for the registered Holders of Soundview
        Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2,” which
        must be an Eligible Account.

       

      “Commission”:
        The U.S. Securities and Exchange Commission.

       

      “Compensating
        Interest”: With respect to the Servicer and any voluntary Principal Prepayment
        in full, the amount in respect of Prepayment Interest Shortfalls required
        to be
        paid by the Servicer pursuant to Section 3.24 from its own funds without
        right
        of reimbursement. With respect to the Master Servicer, the amount in respect
        of
        Prepayment Interest Shortfalls required to be paid by the Master Servicer
        pursuant to Section 3A.10 from its own funds without right of reimbursement
        except as provided in Section 3A.10.

       

      “Corporate
        Trust Office”: The principal corporate trust office of the Trustee or the Trust
        Administrator, as the case may be, at which at any particular time its corporate
        trust business in connection with this Agreement shall be administered, which
        office at the date of the execution of this instrument is located at, (i)
        with
        respect to the Trustee, 1761 East St. Andrew Place, Santa Ana, California
        92705-4934, or at such other address as the Trustee may designate from time
        to
        time by notice to the Certificateholders, the Depositor, the Servicer, the
        Master Servicer, the Originator, and the Trust Administrator, or (ii) with
        respect to the Trust Administrator, (A) for Certificate transfer and surrender
        purposes, Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue,
        Minneapolis, Minnesota 55479, Attention: Corporate Trust Services—Soundview
        2006-EQ2 and (B) for all other purposes, Wells Fargo Bank, N.A., 9062 Old
        Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust
        Services—Soundview 2006-EQ2, or in each case, at such other address as the Trust
        Administrator may designate from time to time by notice to the
        Certificateholders, the Depositor, the Servicer, the Master Servicer, the
        Originator and the Trustee.

       

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

       

      
        	
                REMIC
                  2 Regular Interest

              	
                Regular
                  Certificate

              
	
                LTA1

              	
                Class
                  A-1

              
	
                LTA2

              	
                Class
                  A-2

              
	
                LTA3

              	
                Class
                  A-3

              
	
                LTA4

              	
                Class
                  A-4

              
	
                LTM1

              	
                Class
                  M-1

              
	
                LTM2

              	
                Class
                  M-2

              
	
                LTM3

              	
                Class
                  M-3

              
	
                LTM4

              	
                Class
                  M-4

              
	
                LTM5

              	
                Class
                  M-5

              
	
                LTM6

              	
                Class
                  M-6

              
	
                LTM7

              	
                Class
                  M-7

              
	
                LTM8

              	
                Class
                  M-8

              
	
                LTM9

              	
                Class
                  M-9

              
	
                LTM10

              	
                Class
                  M-10

              
	
                LTP

              	
                Class
                  P

              

      

      

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

       

      “Credit
        Risk Management Agreement”: The respective agreements between the Credit Risk
        Manager and the Servicer and/or Master Servicer regarding the loss mitigation
        and advisory services to be provided by the Credit Risk Manager.

       

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

       

      “Credit
        Risk Manager Fee”: The amount payable to the Credit Risk Manager on each
        Distribution Date as compensation for all services rendered by it in the
        exercise and performance of any of the powers and duties of the Credit Risk
        Manager under the Credit Risk Management Agreement and any other agreement
        pursuant to which the Credit Risk Manager is to perform any duties with respect
        to the Mortgage Loans, which amount shall equal one twelfth of the product
        of
        (i) the Credit Risk Manager Fee Rate (without regard to the words “per annum”)
        and (ii) the aggregate Stated Principal Balance of the Mortgage Loans and
        any
        related REO Properties as of the first day of the related Due
        Period.

       

      “Credit
        Risk Manager Fee Rate”: 0.0125% per annum.

       

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

       

      “Custodian”:
        Deutsche Bank National Trust Company, as custodian of the Mortgage Files,
        or any
        successor thereto with respect to all of the Mortgage Loans.

       

      “Cut-off
        Date”: December 1, 2006.

       

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

       

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

       

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

       

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

       

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

       

      “Delinquency
        Percentage”: For any Distribution Date, the percentage obtained by dividing (x)
        the aggregate Stated Principal Balance of Mortgage Loans that are Delinquent
        60
        days or more (including Mortgage Loans that are in foreclosure, that have
        been
        converted to REO Properties or that are in bankruptcy and are Delinquent
        60 days
        or more) in each case, as of the last day of the previous calendar month
        by (y)
        the aggregate Stated Principal Balance of the Mortgage Loans (in each case,
        after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, and unscheduled collections
        of
        principal received during the related Prepayment Period).

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Distribution
        Account”: The trust account or accounts created and maintained by the Trust
        Administrator pursuant to Section 3.10(b) which shall be titled “Distribution
        Account, Wells Fargo Bank, N.A. as Trust Administrator, in trust for the
        registered Certificateholders of Soundview Home Loan Trust 2006-EQ2,
        Asset-Backed Certificates, Series 2006-EQ2” and which must be an Eligible
        Account.

       

      “Distribution
        Date”: The 25th
        day of
        any calendar month, or if such 25th
        day is
        not a Business Day, the Business Day immediately following such 25th
        day,
        commencing in January 2007.

       

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

       

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

       

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

       

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

       

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

       

      “Estimated
        Swap Termination Payment”: As defined in the Interest Rate Swap Agreement.

       

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

       

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

       

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

       

      “Extraordinary
        Trust Fund Expense”: Any amounts reimbursable to the Master Servicer pursuant to
        Section 3A.03 or Section 6.03, to the Servicer, the Trustee or the Trust
        Administrator, or any director, officer, employee or agent of the Trustee
        or the
        Trust Administrator from the Trust Fund pursuant to Section 6.03, Section
        8.05
        or Section 10.01(c) and any amounts payable from the Distribution Account
        in
        respect of taxes pursuant to Section 10.01(g)(iii).

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Float
        Period”: With respect to any Distribution Date and amounts in the Distribution
        Account, the period commencing on the related Servicer Remittance Date and
        ending on such Distribution Date.

       

      “Float
        Period”: With
        respect to any Distribution Date and amounts in the Distribution
        Account, the period commencing on the Servicer Remittance Date and ending
        on such Distribution Date.

       

      “Floating
        Rate Certificates”: The Class A Certificates and the Mezzanine
        Certificates.

       

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

       

      “Form
        8-K
        Disclosure Information”: The meaning set forth in Section
        4.05(a)(iii).

       

      “Formula
        Rate”: For any Distribution Date and the Floating Rate Certificates, the lesser
        of (a) the sum of (i) LIBOR plus (ii) the related Certificate Margin and
        (b) the
        Maximum Cap Rate.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Interest
        Rate Cap Agreement”: The interest rate swap agreement, dated the Closing Date
        between the Cap Trustee and the Interest Rate Cap Provider, including any
        schedule, confirmations, credit support annex or other credit support document
        relating thereto, and attached hereto as Exhibit O.

       

      “Interest
        Rate Cap Collateral Account”: The account or accounts created and maintained
        pursuant to Section 4.14. 

       

      “Interest
        Rate Cap Credit Support Annex”: The credit support annex, dated the Closing
        Date, between the Cap Trustee on behalf of the Cap Trust and the Interest
        Rate
        Cap Provider, which is annexed to and forms a part of the Interest Rate Cap
        Agreement.

       

      “Interest
        Rate Cap Provider”: The cap provider under the Interest Rate Cap Agreement.
        Initially, the Interest Rate Cap Provider shall be The Bank of New
        York.

       

      “Interest
        Rate Swap Agreement”: The interest rate swap agreement, dated the Closing Date,
        between the Supplemental Interest Trust Trustee on behalf of the Cap Trust
        and
        the Swap Provider, including any schedule, confirmations, credit support
        annex
        or other credit support document relating thereto, and attached hereto as
        Exhibit Q.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Losses”:
        As defined in Section 9.03.

       

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

       

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

       

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

       

      “Master
        Agreement”: The Master Mortgage Loan Purchase and Interim Servicing Agreement,
        dated June 1, 2006, among EquiFirst Mortgage Corporation of Minnesota, the
        Originator and the Seller.

       

      “Master
        Consulting Agreement”: The master consulting agreement dated as of April 18,
        2005, by and between Greenwich Capital Markets, Inc. and the Credit Risk
        Manager.

       

      “Master
        Servicer”: As of the Closing Date, Wells Fargo Bank, N.A. and thereafter, its
        respective successors in interest who meet the qualifications of the Master
        Servicer under this Agreement or any successor appointed hereunder. The Master
        Servicer and the Trust Administrator shall at all times be the same
        Person.

       

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

       

      “Master
        Servicing Compensation”: The meaning specified in Section 3A.09.

       

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

       

      “Maximum
        Cap Rate”: For any Distribution Date with respect to the Floating Rate
        Certificates, a per annum rate equal to the product of (i) the sum of (x)
        the
        weighted average of the Adjusted Net Maximum Mortgage Rates of the Mortgage
        Loans, weighted on the basis of the outstanding Stated Principal Balances
        of the
        Mortgage Loans as of the first day of the calendar month preceding the month
        of
        such Distribution Date minus the Swap Expense Fee Rate and (y) an amount,
        expressed as a percentage, equal to a fraction, the numerator of which is
        equal
        to any Net Swap Payment made by the Swap Provider and the denominator of
        which
        is equal to the aggregate Stated Principal Balance of the Mortgage Loans,
        multiplied by 12 and (ii) a
        fraction, the numerator of which is 30 and the denominator of which is the
        actual number of days elapsed in the related Accrual Period.

       

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

       

      “Maximum
        Uncertificated Accrued Interest Deferral Amount”: With respect to any
        Distribution Date, the excess of (a) accrued interest at the Uncertificated
        REMIC 2 Pass-Through Rate applicable to REMIC 2 Regular Interest LTZZ for
        such
        Distribution Date on a balance equal to the Uncertificated Principal Balance
        of
        REMIC 2 Regular Interest LTZZ minus the REMIC 2 Overcollateralization Amount,
        in
        each case for such Distribution Date, over (b) the sum of the Uncertificated
        Accrued Interest on REMIC 2 Regular Interest LTA1, REMIC 2 Regular Interest
        LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest LTA4, REMIC
        2
        Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest
        LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC
        2
        Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest
        LTM8, REMIC 2 Regular Interest LTM9 and REMIC 2 Regular Interest LTM10 with
        the
        rate on each such REMIC 2 Regular Interest subject to a cap equal to the
        Pass-Through Rate for the related Corresponding Certificate for the purpose
        of
        this calculation; provided, however, that for this purpose, calculations
        of the
        Uncertificated REMIC 2 Pass-Through Rate and the related caps with respect
        to
        each such REMIC 2 Regular Interest (other than REMIC 2 Regular Interest LTZZ)
        shall be multiplied by a fraction, the numerator of which is the actual number
        of days elapsed in the related Accrual Period and the denominator of which
        is
        30.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      	(2)  	
              the
                Mortgage Loan identifying number;

            

       

      	(3)  	
              [reserved];

            

       

      	(4)  	
              the
                state and zip code of the Mortgaged
                Property;

            

       

      	(5)  	
              a
                code indicating whether the Mortgaged Property was represented by
                the
                borrower, at the time of origination, as being
                owner-occupied;

            

       

      	(6)  	
              the
                type of Residential Dwelling constituting the Mortgaged
                Property;

            

       

      	(7)  	
              the
                original months to maturity;

            

       

      	(8)  	
              the
                stated remaining months to maturity from the Cut-off Date based on
                the
                original amortization schedule;

            

       

      	(9)  	
              the
                Loan-to-Value Ratio at origination;

            

       

      	(10)  	
              the
                Mortgage Rate in effect immediately following the Cut-off
                Date;

            

       

      	(11)  	
              the
                date on which the first Monthly Payment was due on the Mortgage
                Loan;

            

       

      	(12)  	
              the
                stated maturity date;

            

       

      	(13)  	
              the
                amount of the Monthly Payment at
                origination;

            

       

      	(14)  	
              the
                amount of the Monthly Payment due on the first Due Date after the
                Cut-off
                Date;

            

       

      	(15)  	
              the
                last Due Date on which a Monthly Payment was actually applied to
                the
                unpaid Stated Principal Balance;

            

       

      	(16)  	
              the
                original principal amount of the Mortgage
                Loan;

            

       

      	(17)  	
              the
                Stated Principal Balance of the Mortgage Loan as of the Close of
                Business
                on the Cut-off Date;

            

       

      	(18)  	
              a
                code indicating the purpose of the Mortgage Loan (i.e., purchase
                financing, rate/term refinancing, cash-out
                refinancing);

            

       

      	(19)  	
              the
                Mortgage Rate at origination;

            

       

      	(20)  	
              a
                code indicating the documentation program (i.e., full documentation,
                limited income verification, no income verification, alternative
                income
                verification);

            

       

      	(21)  	
              the
                risk grade;

            

       

      	(22)  	
              the
                Value of the Mortgaged Property;

            

       

      	(23)  	
              the
                sale price of the Mortgaged Property, if
                applicable;

            

       

      	(24)  	
              the
                actual unpaid principal balance of the Mortgage Loan as of the Cut-off
                Date;

            

       

      	(25)  	
              the
                type and term of the related Prepayment
                Charge;

            

       

      	(26)  	
              with
                respect to any Adjustable-Rate Mortgage Loan, the rounding code,
                the
                Minimum Mortgage Rate, the Maximum Mortgage Rate, the Gross Margin,
                the
                next Adjustment Date and the Periodic Rate
                Cap;

            

       

      	(27)  	
              the
                program code;

            

       

      	(28)  	
              the
                lien priority; and

            

       

      	(29)  	
              the
                MIN, if applicable.

            

       

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

       

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

       

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

       

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

       

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

       

      “Mortgagor”:
        The obligor on a Mortgage Note.

       

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

       

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

       

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

       

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

       

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

       

      “Net
        WAC
        Rate”: With respect to the Floating Rate Certificates and any Distribution Date,
        a per annum rate equal to the product of (x) the weighted average of the
        Adjusted Net Mortgage Rates of the Mortgage Loans minus an amount, expressed
        as
        a per annum rate, equal to the product of (i) any Net Swap Payment and Swap
        Termination Payment (other than a Swap Termination Payment resulting from
        a Swap
        Provider Trigger Event) owed to the Swap Provider divided by the aggregate
        Stated Principal Balance of the Mortgage Loans and (ii) 12 and (y) a fraction,
        the numerator of which is 30 and the denominator of which is the actual number
        of days elapsed in the related Accrual Period. For federal income tax purposes,
        the equivalent of the foregoing shall be expressed as a per annum rate equal
        to
        the weighted average of the Uncertificated REMIC 2 Pass-Through Rates on
        each
        REMIC 2 Regular Interest (other than REMIC 2 Regular Interests LTIO), weighted
        on the basis of the Uncertificated Principal Balance of each such REMIC 2
        Regular Interest.

       

      “Net
        WAC
        Rate Carryover Amount”: With respect to the Floating Rate Certificates and any
        Distribution Date, the sum of (A) the positive excess of (i) the amount of
        interest accrued on such Class of Certificates on such Distribution Date
        calculated at the related Formula Rate over (ii) the amount of interest accrued
        on such Class of Certificates at the Net WAC Rate for such Distribution Date
        and
        (B) the Net WAC Rate Carryover Amount for the previous Distribution Date
        not
        previously paid, together with interest thereon at a rate equal to the related
        Formula Rate for the most recently ended Accrual Period.

       

      “Net
        WAC
        Rate Carryover Reserve Account”: The account established and maintained pursuant
        to Section 4.13.

       

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

       

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

       

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

       

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

       

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

       

      “Offered
        Certificates”: The Class A Certificates and the Mezzanine Certificates (other
        than the Class M-10 Certificates) offered to the public pursuant to the
        Prospectus Supplement.

       

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

       

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

       

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

       

      “Original
        Class Certificate Principal Balance”:
        With
        respect to the Floating Rate Certificates, the Class C Certificates, the
        Class C
        Interest, the Class IO Interest, REMIC 6 Regular Interest SWAP IO, the Class
        P
        Certificates and the Class P Interest, the corresponding amounts set forth
        opposite such Class above in the Preliminary Statement.

       

      “Originator”:
        EquiFirst Corporation, a North Carolina corporation, or its successor in
        interest.

       

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

       

      “Overcollateralization
        Floor”: $4,174,349.80.

       

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

       

      “Overcollateralization
        Target Amount”: With
        respect to any Distribution Date, (i) prior to the Stepdown Date, an amount
        equal to 2.00% of the aggregate Cut-off Date Principal Balance of the Mortgage
        Loans, (ii) on or after the Stepdown Date provided a Trigger Event is not
        in
        effect, the greater of (A) 4.00% of the aggregate Stated Principal Balance
        of
        the Mortgage Loans as of the last day of the related Due Period (after giving
        effect to scheduled payments of principal due during the related Due Period,
        to
        the extent received or advanced, and unscheduled collections of principal
        received during the related Prepayment Period) and (B) the
        Overcollateralization Floor and
        (iii) on or after the Stepdown Date if a Trigger Event is in effect, the
        Overcollateralization Target Amount for the immediately preceding Distribution
        Date.
        Notwithstanding the foregoing, on and after any Distribution Date following
        the
        reduction of the aggregate Certificate Principal Balance of the Floating
        Rate
        Certificates to zero, the Overcollateralization Target Amount shall be
        zero.

       

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

       

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

       

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

       

      With
        respect to the Class C Interest and any Distribution Date, a per annum rate
        equal to the percentage equivalent of a fraction, the numerator of which
        is (x)
        the sum of (i) 100% of the interest on REMIC 2 Regular Interest LTP and (ii)
        interest on the Uncertificated Balance of each REMIC 2 Regular Interest listed
        in clause (y) at a rate equal to the related Uncertificated REMIC 2 Pass-Through
        Rate minus the Marker Rate and the denominator of which is (y) the aggregate
        Uncertificated Principal Balance of REMIC 2 Regular Interests LTAA, LTA1,
        LTA2,
        LTA3, LTA4, LTM1, LTM2, LTM3, LTM4, LTM5, LTM6, LTM7, LTM8, LTM9,
        LTM10
        and
        LTMZZ.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “PMI
        Insurer”: Mortgage Guaranty Insurance Corporation, a Wisconsin stock insurance
        corporation, or its successor in interest.

       

      “PMI
        Insurer Fee”: The amount payable to the PMI Insurer on each Distribution Date
        pursuant to Section 4.01, which amount shall equal one-twelfth of the product
        of
        (i) the PMI Insurer Fee Rate, multiplied by (ii) the aggregate Stated Principal
        Balance of the PMI Mortgage Loans and any related REO Properties as of the
        first
        day of the related Due Period (after giving effect to scheduled payments
        of
        principal due during the Due Period relating to the previous Distribution
        Date,
        to the extent received or advanced) plus any applicable premium taxes on
        related
        PMI Mortgage Loans located in West Virginia and Kentucky.

       

      “PMI
        Insurer Fee Rate”: 1.2460%
        per
        annum with respect to any PMI Mortgage Loans.

       

      “PMI
        Mortgage Loans”: The list of Mortgage Loans insured by the PMI Insurer attached
        hereto as Schedule II.

       

      “PMI
        Policy”: The primary mortgage insurance policy with respect to the related PMI
        Mortgage Loans, including all endorsements thereto dated the Closing Date,
        issued by the PMI Insurer and the Terms Letter, dated December 28, 2006,
        among
        Mortgage Guaranty Insurance Corporation, the Servicer and the
        Trustee.

       

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

       

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

       

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

       

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

       

      (ii)  the
        Mortgage Loan identifying number;

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Principal
        Distribution Amount”: With respect to any Distribution Date, the sum of (i) the
        Basic Principal Distribution Amount for such Distribution Date and (ii) the
        Extra Principal Distribution Amount for such Distribution Date.

       

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

       

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

       

      “Prospectus
        Supplement”: That certain Prospectus Supplement dated August 24, 2006 relating
        to the public offering of the Offered Certificates.

       

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

       

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

       

      “Qualified
        Substitute Mortgage Loan”: With respect to the Seller, a mortgage loan
        substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement
        which must, on the date of such substitution, (i) have an outstanding Stated
        Principal Balance (or in the case of a substitution of more than one mortgage
        loan for a Deleted Mortgage Loan, an aggregate Stated Principal Balance),
        after
        application of all scheduled payments of principal and interest due during
        or
        prior to the month of substitution, not in excess of, and not more than 5%
        less
        than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan
        as
        of the Due Date in the calendar month during which the substitution occurs,
        (ii)
        have a Mortgage Rate not less than (and not more than one percentage point
        in
        excess of) the Mortgage Rate of the Deleted Mortgage Loan, (iii) if the
        Qualified Substitute Mortgage Loan is an Adjustable-Rate Mortgage Loan, have
        a
        Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted
        Mortgage Loan, (iv) if the Qualified Substitute Mortgage Loan is an
        Adjustable-Rate Mortgage Loan, have a Minimum Mortgage Rate not less than
        the
        Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if the Qualified
        Substitute Mortgage Loan is an Adjustable-Rate Mortgage Loan, have a Gross
        Margin equal to or greater than the Gross Margin of the Deleted Mortgage
        Loan,
        (vi) if the Qualified Substitute Mortgage Loan is an Adjustable-Rate Mortgage
        Loan, have a next Adjustment Date not more than two months later than the
        next
        Adjustment Date on the Deleted Mortgage Loan, (vii) have a remaining term
        to
        maturity not greater than (and not more than one year less than) that of
        the
        Deleted Mortgage Loan, (viii) be current as of the date of substitution,
        (ix)
        have a Loan-to-Value Ratio as of the date of substitution equal to or lower
        than
        the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (x)
        have a
        risk grading determined by the Originator at least equal to the risk grading
        assigned on the Deleted Mortgage Loan, (xi) have been underwritten or
        reunderwritten by the Originator in accordance with the same underwriting
        criteria and guidelines as the Deleted Mortgage Loan, (xii) be a first lien
        mortgage loan if the Deleted Mortgage Loan is a first lien mortgage loan
        (xiii)
        conform to each representation and warranty set forth in Section 3.01 of
        the
        Mortgage Loan Purchase Agreement or assigned to the Depositor pursuant to
        the
        Assignment Agreement applicable to the Deleted Mortgage Loan and (xiv) be
        covered by the PMI Policy if the Deleted Mortgage Loan was covered by the
        PMI
        Policy. In the event that one or more mortgage loans are substituted for
        one or
        more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall
        be
        determined on the basis of aggregate Stated Principal Balance, the Mortgage
        Rates described in clause (ii) hereof shall be satisfied for each such mortgage
        loan, the risk gradings described in clause (x) hereof shall be satisfied
        as to
        each such mortgage loan, the terms described in clause (vii) hereof shall
        be
        determined on the basis of weighted average remaining term to maturity (provided
        that no such mortgage loan may have a remaining term to maturity longer than
        the
        Deleted Mortgage Loan), the Loan-to-Value Ratios described in clause (ix)
        hereof
        shall be satisfied as to each such mortgage loan and, except to the extent
        otherwise provided in this sentence, the representations and warranties
        described in clause (xii) hereof must be satisfied as to each Qualified
        Substitute Mortgage Loan or in the aggregate, as the case may be. With respect
        to the Originator, a mortgage loan substituted for a Deleted Mortgage Loan
        pursuant to the terms of the Master Agreement which must, on the date of
        such
        substitution conform to the terms set forth in the Master
        Agreement.

       

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

       

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

       

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

       

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

       

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

       

      “Regular
        Certificate”: Any of the Floating Rate Certificates, Class C Certificates or
        Class P Certificates.

       

      “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 Commission
        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
        Commission, or as may be provided by the Commission or its staff from time
        to
        time. 

       

      “Relevant
        Servicing Criteria”: The Servicing Criteria applicable to the various parties,
        as set forth on Exhibit O attached hereto. For clarification purposes, multiple
        parties can have responsibility for the same Relevant Servicing
        Criteria.

       

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

       

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

       

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

       

      “REMIC
        1”: The segregated pool of assets subject hereto, constituting the primary
        trust
        created hereby and to be administered hereunder, with respect to which a
        REMIC
        election is to be made consisting of: (i) such Mortgage Loans as from time
        to
        time are subject to this Agreement, together with the Mortgage Files relating
        thereto, and together with all collections thereon and proceeds thereof,
        (ii)
        any REO Property, together with all collections thereon and proceeds thereof,
        (iii) the Trustee’s rights with respect to the Mortgage Loans under all
        insurance policies (including the PMI Policy), required to be maintained
        pursuant to this Agreement and any proceeds thereof, (iv) the Depositor’s rights
        under the Assignment Agreement (including any security interest created thereby)
        and (v) the Collection Account, the Distribution Account (subject to the
        last
        sentence of this definition) and any REO Account and such assets that are
        deposited therein from time to time and any investments thereof, together
        with
        any and all income, proceeds and payments with respect thereto. Notwithstanding
        the foregoing, however, a REMIC election will not be made with respect to
        the
        Net WAC Rate Carryover Reserve Account, the Basis Risk Cap Agreement, the
        Interest Rate Cap Agreement, the Cap Account, the Cap Allocation Agreement,
        any
        Servicer Prepayment Charge Payment Amounts, the Swap Account, the Supplemental
        Interest Trust or the Interest Rate Swap Agreement.

       

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

       

      “REMIC
        2”: The segregated pool of assets consisting of all of the REMIC 1 Regular
        Interests and conveyed in trust to the Trustee, for the benefit of REMIC
        3, as
        holder of the REMIC 2 Regular Interests, and the Class R Certificateholders,
        as
        Holders of the Class R-2 Interest, pursuant to Article II hereunder, and
        all
        amounts deposited therein, with respect to which a separate REMIC election
        is to
        be made.

       

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

       

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

       

      “REMIC
        2
        Overcollateralization Amount”: With respect to any date of determination, (i)
        1.00% of the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
        Interests (other than REMIC 2 Regular Interest LTP) minus (ii) the aggregate
        Uncertificated Principal Balance of REMIC 2 Regular Interest LTA1, REMIC
        2
        Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest
        LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC
        2
        Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
        LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC
        2
        Regular Interest LTM8, REMIC 2 Regular Interest LTM9 and REMIC 2 Regular
        Interest LTM10, in each case as of such date of determination.

       

      “REMIC
        2
        Principal Loss Allocation Amount”: With respect to any Distribution Date, an
        amount equal to the product of (i) the aggregate Stated Principal Balance
        of the
        Mortgage Loans and related REO Properties then outstanding and (ii) 1 minus
        a
        fraction, the numerator of which is two times the aggregate Uncertificated
        Principal Balance of REMIC 2 Regular Interest LTA1, REMIC 2 Regular Interest
        LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest LTA4, REMIC
        2
        Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest
        LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC
        2
        Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest
        LTM8, REMIC 2 Regular Interest LTM9 and REMIC 2 Regular Interest LTM10 and
        the
        denominator of which is the aggregate Uncertificated Principal Balance of
        REMIC
        2 Regular Interest LTA1, REMIC 2 Regular Interest LTA2, REMIC 2 Regular Interest
        LTA3, REMIC 2 Regular Interest LTA4, REMIC 2 Regular Interest LTM1, REMIC
        2
        Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest
        LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC
        2
        Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest
        LTM9, REMIC 2 Regular Interest LTM10 and REMIC 2 Regular Interest
        LTZZ.

       

      “REMIC
        2
        Regular Interests”: One of the separate non-certificated beneficial ownership
        interests in REMIC 2 issued hereunder and designated as a Regular Interest
        in
        REMIC 2. Each REMIC 2 Regular Interest shall accrue interest at the related
        Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and
        shall
        be entitled to distributions of principal, subject to the terms and conditions
        hereof, in an aggregate amount equal to its initial Uncertificated Principal
        Balance as set forth in the Preliminary Statement hereto. The following is
        a
        list of each of the REMIC 2 Regular Interests: REMIC 2 Regular Interest LTAA,
        REMIC 2 Regular Interest LTA1, REMIC 2 Regular Interest LTA2, REMIC 2 Regular
        Interest LTA3, REMIC 2 Regular Interest LTA4, REMIC 2 Regular Interest LTM1,
        REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
        Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
        REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
        Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC 2 Regular Interest LTZZ,
        REMIC 2 Regular Interest LTP and REMIC 2 Regular Interest LTIO.

       

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

       

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

       

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

       

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

       

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

       

      “REMIC
        Regular Interests”: The REMIC 1 Regular Interests, the REMIC 2 Regular
        Interests, the Class C Interest, the Class P Interest and the Class IO
        Interest.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Reportable
        Event”: The meaning set forth in Section 4.05(b)(ii).

       

      “Reporting
        Servicer”: The meaning set forth in Section 4.05(a)(iv)(A).

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Sarbanes-Oxley
        Act”: The Sarbanes-Oxley Act of 2002 and the rules and regulations of the
        Commission promulgated thereunder (including any interpretations thereof
        by the
        Commission’s staff).

       

      “Sarbanes-Oxley
        Certification”: A written certification signed by an officer of the Master
        Servicer that complies with (i) the Sarbanes-Oxley Act, and (ii) Exchange
        Act
        Rules 13a-14(d) and 15d-14(d), as in effect from time to time; provided that
        if,
        after the Closing Date (a) the Sarbanes-Oxley Act is amended, (b) the Rules
        referred to in clause (ii) are modified or superseded by any subsequent
        statement, rule or regulation of the Commission or any statement of a division
        thereof, or (c) any future releases, rules and regulations are published
        by the
        Commission from time to time pursuant to the Sarbanes-Oxley Act, which in
        any
        such case affects the form or substance of the required certification and
        results in the required certification being, in the reasonable judgment of
        the
        Master Servicer, materially more onerous that then form of the required
        certification as of the Closing Date, the Sarbanes-Oxley Certification shall
        be
        as agreed to by the Master Servicer and the Depositor following a negotiation
        in
        good faith to determine how to comply with any such new
        requirements. 

       

      “Securities
        Act”: The Securities Act of 1933, as amended, and the rules and regulations
        thereunder.

       

      “Seller”:
        Greenwich Capital Financial Products, Inc., a Delaware corporation, in its
        capacity as Seller under the Assignment Agreement.

       

      “Senior
        Certificate”: Any one of the Class A-1 Certificates, the Class A-2 Certificates,
        the Class A-3 Certificates or the Class A-4 Certificates.

       

      “Senior
        Principal Distribution Amount”: The excess of (x) the Certificate Principal
        Balance of the Senior Certificates immediately prior to such Distribution
        Date
        over (y) the lesser of (A) the product of (i) 60.50% and (ii) the aggregate
        Stated Principal Balance of the Mortgage Loans as of the last day of the
        related
        Due Period (after giving effect to scheduled payments of principal due during
        the related Due Period, to the extent received or advanced, and unscheduled
        collections of principal received during the related Prepayment Period) and
        (B)
        the aggregate Stated Principal Balance of the Mortgage Loans as of the last
        day
        of the related Due Period (after giving effect to scheduled payments of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) minus the related Overcollateralization Floor.

       

      “Servicer”:
        Ocwen Loan Servicing, LLC or any successor Servicer appointed as herein
        provided, in its capacity as a Servicer hereunder. 

       

      “Servicer
        Certification”: As defined in Section 4.05(b)(iii).

       

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

       

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

       

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

       

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

       

      “Servicing
        Advances”: All customary, reasonable and necessary “out of pocket” costs and
        expenses (including reasonable attorneys’ fees and expenses) incurred by a
        Servicer in the performance of its servicing obligations, including, but
        not
        limited to, the cost of (i) the preservation, restoration, inspection and
        protection of the Mortgaged Property, (ii) any enforcement or judicial
        proceedings, including foreclosures, (iii) obtaining any legal documentation
        required to be included in the Mortgage File and/or correcting any outstanding
        title issues (i.e. any lien or encumbrance on the Mortgaged Property that
        prevents the effective enforcement of the intended lien position) reasonably
        necessary for the related Servicer to perform its obligations under this
        Agreement, (iv) the management and liquidation of the REO Property, (v)
        compliance with the obligations under Sections 3.01, 3.09, 3.13, 3.14, 3.16,
        and
        3.23 and (vi) refunding to any Mortgagor such prepaid origination fees and/or
        finance charges that are subject to reimbursement upon a Principal Prepayment
        of
        the related Mortgage Loan to the extent such reimbursement is required by
        applicable law. Servicing Advances also include any reasonable “out-of-pocket”
costs and expenses (including legal fees) incurred by the related Servicer
        in
        connection with executing and recording instruments of satisfaction, deeds
        of
        reconveyance or Assignments of Mortgage in connection with any foreclosure
        in
        respect of any Mortgage Loan to the extent not recovered from the related
        Mortgagor or otherwise payable under this Agreement. The Servicer shall not
        be
        required to make any Servicing Advance that would be a Nonrecoverable
        Advance.

       

      “Servicing
        Criteria”: The criteria set forth in paragraph (d) of Item 1122 of Regulation
        AB, as such may be amended from time to time.

       

      “Servicing
        Fee”: With respect to each Mortgage Loan, the amount of the annual fee paid to
        the Servicer, which shall, for a period of one full month, be equal to
        one-twelfth of the product of (a) the Servicing Fee Rate (without regard
        to the
        words "per annum") and (b) the outstanding principal balance of such Mortgage
        Loan. Such fee shall be payable monthly, computed on the basis of the same
        principal amount and period respecting which any related interest payment
        on a
        Mortgage Loan is received. The obligation for payment of the Servicing Fee
        is
        limited to, and the Servicing Fee is payable solely from, the interest portion
        (including recoveries with respect to interest from Liquidation Proceeds)
        of
        such Monthly Payment collected by the Servicer, or as otherwise provided
        under
        Section 3.11.

       

      “Servicing
        Fee Rate”: 0.500% per annum.

       

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

       

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

       

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

       

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

       

      “Stepdown
        Date”: The earlier to occur of (i) the Distribution Date following the
        Distribution Date on which the aggregate Certificate Principal Balance of
        the
        Senior Certificates has been reduced to zero and (ii) the later to occur
        of (x)
        the Distribution Date occurring in January 2010 and (y) the first Distribution
        Date on which the Credit Enhancement Percentage (calculated for this purpose
        only after taking into account payments of principal on the Mortgage Loans
        but
        prior to distribution of the Principal Distribution Amount to the Certificates
        then entitled to distributions of principal on such Distribution Date) is
        equal
        to or greater than 39.50%.

       

      “Subcontractor”:
        Any vendor, subcontractor or other Person that is not responsible for the
        overall servicing of Mortgage Loans but performs one or more discrete functions
        identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans
        under
        the direction or authority of any Servicer (or a Sub-Servicer of any Servicer),
        the Master Servicer, the Trustee, the Custodian or the Trust
        Administrator.

       

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

       

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

       

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

       

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

       

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

       

      “Supplemental
        Interest Trust”: As defined in Section 4.10(a).

       

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

       

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

       

      “Swap
        Collateral Account”: The account or accounts created and maintained pursuant to
        Section 4.14. 

       

      “Swap
        Credit Support Annex”: The credit support annex, dated the Closing Date, between
        the Supplemental Interest Trust Trustee on behalf of the Supplement Interest
        Trust and the Interest Rate Swap Provider, which is annexed to and forms
        part of
        the Interest Rate Swap Agreement.

       

      “Swap
        Expense Fee Rate”: For any Distribution Date, is an amount expressed as a per
        annum rate, equal to the sum of (a) the product of (i) the Net Swap Payment
        made
        to the Swap Provider divided by the aggregate Principal Balance of the Mortgage
        Loans and (ii) 12 and (b) the product of (i) any Swap Termination Payment
        (other
        than a Swap Termination Payment resulting from a Swap Provider Trigger Event)
        made to the Swap Provider divided by the aggregate Principal Balance of the
        Mortgage Loans and (ii) 12.

       

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

       

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

       

      “Swap
        Provider”: The swap provider under the Interest Rate Swap Agreement. Initially,
        the swap provider shall be The Bank of New York.

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Transaction
        Addendum Soundview 2006-EQ2”: The transaction addendum dated as of December 28,
        2006, by and between Greenwich Capital Markets, Inc. and the Credit Risk
        Manager, and acknowledged by the Trustee, relating to the transaction
        contemplated by this Agreement.

       

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

       

      (i) the
        Delinquency Percentage exceeds the applicable percentages 40.51%
        of the Credit Enhancement Percentage
        for the
        prior Distribution Date:

       

      or

       

      (ii) the
        aggregate amount of Realized Losses incurred since the Cut-off Date through
        the
        last day of the related Due Period (reduced by the aggregate amount of
        Subsequent Recoveries received since the Cut-off Date through the last day
        of
        the related Due Period) divided by the aggregate Stated Principal Balance
        of the
        Mortgage Loans as of the Cut-off Date (the “Realized Loss Percentage”), exceeds
        the applicable percentages set forth below with respect to such Distribution
        Date:

       

      
        	
                Distribution
                  Date Occurring In

              	
                Percentage

              
	
                January
                  2009 through December 2009

              	
                1.50%
                  for the first month, plus an additional 1/12th
                  of 1.85% for each month thereafter.

              
	
                January
                  2010 through December 2010

              	
                3.35%
                  for the first month, plus an additional 1/12th
                  of 1.90% for each month thereafter.

              
	
                January
                  2011 through December 2011

              	
                5.25%
                  for the first month, plus an additional 1/12th
                  of 1.55% for each month thereafter.

              
	
                January
                  2012 through December 2012

              	
                6.80%
                  for the first month, plus an additional 1/12th
                  of 0.85% for each month thereafter.

              
	
                January
                  2013 through December 2013

              	
                7.65%
                  for the first month, plus an additional 1/12th
                  of 0.05% for each month thereafter.

              
	
                January
                  2014 and thereafter

              	
                7.70%

              

      

      

      “Trust”:
        Soundview Home Loan Trust 2006-EQ2, the trust created hereunder.

       

      “Trust
        Administrator”: Wells Fargo Bank, N.A. or any successor in interest, or any
        successor trust administrator appointed as herein provided.

       

      “Trust
        Fund”: All of the assets of the Trust, which is the trust created hereunder
        consisting of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC 6, any Servicer
        Prepayment Charge Payment Amounts, the Net WAC Rate Carryover Reserve Account,
        the Swap Account, the Supplemental Interest Trust, the Interest Rate Swap
        Agreement, the Basis Risk Cap Agreement, distributions made to the Trust
        Administrator by the Cap Trustee pursuant to the Interest Rate Cap Agreement,
        the Cap Allocation Agreement and the Cap Account.

       

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

       

      “Trustee
        Compensation”: Such compensation, if any, as set forth in the separate fee
        schedule between the Trustee and the Depositor, which compensation shall
        be
        payable to the Trustee on each Distribution Date pursuant to Section 8.05
        as
        compensation for all services rendered by it in the execution of the trust
        hereby created and in the exercise and performance of any of the powers and
        duties of the Trustee hereunder.

       

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

       

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

       

      
        	
                Distribution
                  Date

              	
                REMIC
                  1 Regular Interests

              
	
                1st
                  through 10th

              	
                I-1-A
                  through I-51-A

              
	
                11

              	
                I-2-A
                  through I-51-A

              
	
                12

              	
                I-3-A
                  through I-51-A

              
	
                13

              	
                I-4-A
                  through I-51-A

              
	
                14

              	
                I-5-A
                  through I-51-A

              
	
                15

              	
                I-6-A
                  through I-51-A

              
	
                16

              	
                I-7-A
                  through I-51-A

              
	
                17

              	
                I-8-A
                  through I-51-A

              
	
                18

              	
                I-9-A
                  through I-51-A

              
	
                19

              	
                I-10-A
                  through I-51-A

              
	
                20

              	
                I-11-A
                  through I-51-A

              
	
                21

              	
                I-12-A
                  through I-51-A

              
	
                22

              	
                I-13-A
                  through I-51-A

              
	
                23

              	
                I-14-A
                  through I-51-A

              
	
                24

              	
                I-15-A
                  through I-51-A

              
	
                25

              	
                I-16-A
                  through I-51-A

              
	
                26

              	
                I-17-A
                  through I-51-A

              
	
                27

              	
                I-18-A
                  through I-51-A

              
	
                28

              	
                I-19-A
                  through I-51-A

              
	
                29

              	
                I-20-A
                  through I-51-A

              
	
                30

              	
                I-21-A
                  through I-51-A

              
	
                31

              	
                I-22-A
                  through I-51-A

              
	
                32

              	
                I-23-A
                  through I-51-A

              
	
                33

              	
                I-24-A
                  through I-51-A

              
	
                34

              	
                I-25-A
                  through I-51-A

              
	
                35

              	
                I-26-A
                  through I-51-A

              
	
                36

              	
                I-27-A
                  through I-51-A

              
	
                37

              	
                I-28-A
                  through I-51-A

              
	
                38

              	
                I-29-A
                  through I-51-A

              
	
                39

              	
                I-30-A
                  through I-51-A

              
	
                40

              	
                I-31-A
                  through I-51-A

              
	
                41

              	
                I-32-A
                  through I-51-A

              
	
                42

              	
                I-33-A
                  through I-51-A

              
	
                43

              	
                I-34-A
                  through I-51-A

              
	
                44

              	
                I-35-A
                  through I-51-A

              
	
                45

              	
                I-36-A
                  through I-51-A

              
	
                46

              	
                I-37-A
                  through I-51-A

              
	
                47

              	
                I-38-A
                  through I-51-A

              
	
                48

              	
                I-39-A
                  through I-51-A

              
	
                49

              	
                I-40-A
                  through I-51-A

              
	
                50

              	
                I-41-A
                  through I-51-A

              
	
                51

              	
                I-42-A
                  through I-51-A

              
	
                52

              	
                I-43-A
                  through I-51-A

              
	
                53

              	
                I-44-A
                  through I-51-A

              
	
                54

              	
                I-45-A
                  through I-51-A

              
	
                55

              	
                I-46-A
                  through I-51-A

              
	
                56

              	
                I-47-A
                  through I-51-A

              
	
                57

              	
                I-48-A
                  through I-51-A

              
	
                58

              	
                I-49-A
                  through I-51-A

              
	
                59

              	
                I-50-A
                  and I-51-A

              
	
                60

              	
                I-51-A

              
	
                thereafter

              	
                $0.00

              

      

      

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

       

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

       

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

       

      “Uncertificated
        REMIC 1 Pass-Through Rate”: With respect to REMIC 1 Regular Interest I and REMIC
        1 Regular Interest P, a per annum rate equal to the weighted average of the
        Adjusted Net Mortgage Rates of the Mortgage Loans. With respect to each REMIC
        1
        Regular Interest ending with the designation “A”, a per annum rate equal to the
        weighted average of the Adjusted Net Mortgage Rates of the Mortgage Loans
        multiplied by 2, subject to a maximum rate of 10.700%. With respect to each
        REMIC 1 Regular Interest ending with the designation “B”, the greater of (x) a
        per annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted
        average of the Adjusted Net Mortgage Rates of the Mortgage Loans over (ii)
        10.700% and (y) 0.00%.

       

      “Uncertificated
        REMIC 2 Pass-Through Rate”:
        With
        respect to REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTA1,
        REMIC 2
        Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest
        LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC
        2
        Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
        LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC
        2
        Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
        LTM10, REMIC 2 Regular Interest LTZZ and REMIC 2 Regular Interest LTP,
a
        per
        annum rate (but not less than zero) equal to the weighted average of (v)
        with
        respect to REMIC 1 Regular Interest I and REMIC 1 Regular Interest P, the
        Uncertificated REMIC 1 Pass-Through Rates for such REMIC 1 Regular Interests
        for
        each such Distribution Date, (w) with respect to REMIC 1 Regular Interests
        ending with the designation “B”, the weighted average of the Uncertificated
        REMIC 1 Pass-Through Rates for such REMIC 1 Regular Interests, weighted on
        the
        basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interests
        for each such Distribution Date and (x) with respect to REMIC 1 Regular
        Interests ending with the designation “A”, for each Distribution Date listed
        below, the weighted average of the rates listed below for each such REMIC
        1
        Regular Interest listed below, weighted on the basis of the Uncertificated
        Principal Balance of each such REMIC 1 Regular Interest for each such
        Distribution Date:

       

      
        	
                Distribution
                  Date

              	
                REMIC
                  1 Regular Interest

              	
                Rate

              
	
                1st
                  through 9h 

              	
                I-1-A
                  through I-51-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                10

              	
                I-1-A
                  through I-51-A

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

              
	
                11

              	
                I-2-A
                  through I-51-A

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

              
	 	
                I-1-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                12

              	
                I-3-A
                  through I-51-A

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

              
	 	
                I-1-A
                  and I-2-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                13

              	
                I-4-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-3-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                14

              	
                I-5-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-4-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                15

              	
                I-6-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-5-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                16

              	
                I-7-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-6-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                17

              	
                I-8-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-7-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                18

              	
                I-9-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-8-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                19

              	
                I-10-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-9-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                20

              	
                I-11-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-10-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                21

              	
                I-12-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-11-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                22

              	
                I-13-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-12-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                23

              	
                I-14-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-13-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                24

              	
                I-15-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-14-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                25

              	
                I-16-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-15-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                26

              	
                I-17-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-16-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                27

              	
                I-18-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-17-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                28

              	
                I-19-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-18-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                29

              	
                I-20-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-19-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                30

              	
                I-21-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-20-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                31

              	
                I-22-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-21-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                32

              	
                I-23-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-22-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                33

              	
                I-24-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-23-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                34

              	
                I-25-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-24-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                35

              	
                I-26-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-25-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                36

              	
                I-27-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-26-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                37

              	
                I-28-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-27-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                38

              	
                I-29-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-28-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                39

              	
                I-30-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-29-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                40

              	
                I-31-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-30-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                41

              	
                I-32-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-31-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                42

              	
                I-33-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-32-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                43

              	
                I-34-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-33-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                44

              	
                I-35-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-34-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                45

              	
                I-36-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-35-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                46

              	
                I-37-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-36-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                47

              	
                I-38-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-37-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                48

              	
                I-39-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-38-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                49

              	
                I-40-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-39-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                50

              	
                I-41-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-40-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                51

              	
                I-42-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-41-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                52

              	
                I-43-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-42-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                53

              	
                I-44-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-43-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                54

              	
                I-45-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-44-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                55

              	
                I-46-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-45-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                56

              	
                I-47-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-46-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                57

              	
                I-48-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-47-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                58

              	
                I-49-A
                  through I-51-A

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

              
	 	
                I-1-A
                  through I-48-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                59

              	
                I-50-A
                  and I-51-A

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

              
	 	
                I-1-A
                  through I-49-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                60

              	
                I-51-A
                  

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

              
	 	
                I-1-A
                  through I-54-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                thereafter

              	
                I-1-A
                  through I-51-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              

      

      

      With
        respect to REMIC 2 Regular Interest LTIO, and (a) the first 5 Distribution
        Dates, the excess of (i) the weighted average of the Uncertificated REMIC
        1
        Pass-Through Rates for REMIC 1 Regular Interests ending with the designation
“A”
over (ii) the weighted average of the Uncertificated REMIC 1 Pass-Through
        Rates
        for REMIC 1 Regular Interests ending with the designation “A”, and (b) the sixth
        Distribution Date through the 60th
        Distribution Date, the excess of (i) the weighted average of the Uncertificated
        REMIC 1 Pass-Through Rates for REMIC 1 Regular Interests ending with the
        designation “A” over (ii) 2 multiplied by Swap LIBOR, and (c) thereafter 0.00%.

       

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

       

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

       

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

       

      “Value”:
        With respect to any Mortgaged Property, the lesser of (i) the value thereof
        as
        determined by an appraisal made for the originator of the Mortgage Loan at
        the
        time of origination of the Mortgage Loan by an appraiser who met the minimum
        requirements of Fannie Mae and Freddie Mac and (ii) the purchase price paid
        for
        the related Mortgaged Property by the Mortgagor with the proceeds of the
        Mortgage Loan.

       

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

       

      	SECTION
              1.02  	
              Accounting.

            

       

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

       

      	SECTION
              1.03  	
              Allocation
                of Certain Interest Shortfalls.

            

       

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

       

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

       

      For
        purposes of calculating the amount of Uncertificated Accrued Interest for
        the
        REMIC 2 Regular Interests for any Distribution Date, the aggregate amount
        of any
        Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
        incurred in respect of the Mortgage Loans for any Distribution Date shall
        be
        allocated among REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTA1,
        REMIC 2 Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular
        Interest LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2,
        REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular
        Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7,
        REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular
        Interest LTM10 and REMIC 2 Regular Interest LTZZ pro
        rata based
        on,
        and to the extent of, one month’s interest at the then applicable respective
        Uncertificated REMIC 2 Pass-Through Rate on the respective Uncertificated
        Principal Balance of each such REMIC 2 Regular Interest.

       

      	SECTION
              1.04  	
              Rights
                of the NIMS Insurer.

            

       

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

       

      ARTICLE
        II

       

      CONVEYANCE
        OF MORTGAGE LOANS;

      ORIGINAL
        ISSUANCE OF CERTIFICATES

       

      	SECTION
              2.01  	
              Conveyance
                of Mortgage Loans.

            

       

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

       

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

       

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

       

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

       

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

       

      (iv)  an
        original of any intervening assignment of Mortgage showing a complete chain
        of
        assignments (or to MERS if the Mortgage Loan is registered on the MERS® System
        and noting the presence of MIN);

       

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

       

      (vi)  the
        original PMI Policy; and

       

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

       

      The
        Depositor herewith also delivers to the Trustee an executed copy of the
        Assignment Agreement and the Master Agreement.

       

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

       

      Upon
        discovery or receipt of notice of any materially defective document in, or
        that
        a document is missing from, a Mortgage File, the Trustee (or the Custodian
        on
        behalf of the Trustee) shall enforce the obligations of the Originator under
        the
        Master Agreement to cure such defect or deliver such missing document to
        the
        Trustee (or the Custodian on behalf of the Trustee) within 90 days. If the
        Originator does not cure such defect or deliver such missing document within
        such time period, the Trustee shall use commercially reasonable efforts to
        enforce the obligations of the Originator to either repurchase or substitute
        for
        such Mortgage Loan in accordance with Section 2.03; provided, however, that
        the
        Trustee shall not be under any obligation to take any action pursuant to
        this
        paragraph unless directed by the Depositor and provided, further, the Depositor
        hereby agrees to assist the Trustee in enforcing any obligations of the
        Originator to repurchase or substitute for a Mortgage Loan which has breached
        a
        representation or warranty under the Assignment Agreement. In connection
        with
        the foregoing, it is understood that the Trustee shall have no duty to discover
        any such defects except in the course of performing its review of the Mortgage
        Files to the extent set forth herein.

       

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

       

      Notwithstanding
        the foregoing, for administrative convenience and facilitation of servicing
        and
        to reduce closing costs, the Assignments shall not be required to be submitted
        for recording (except with respect to any Mortgage Loan located in Maryland)
        unless the Trustee and the Depositor receive notice that such failure to
        record
        would result in a withdrawal or a downgrading by any Rating Agency of the
        rating
        on any Class of Certificates; provided, however, each Assignment, except
        with
        respect to any Mortgage Loan for which MERS is identified on the Mortgage,
        shall
        be submitted for recording in the manner described above, at no expense to
        the
        Trust Fund or Trustee, upon the earliest to occur of: (i) reasonable direction
        by the Holders of Certificates entitled to at least 25% of the Voting Rights,
        (ii) the occurrence of a Servicer Event of Termination, (iii) the occurrence
        of
        a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the
        occurrence of a servicing transfer as described in Section 7.02 hereof, (v)
        upon
        receipt of notice from the Servicer, the occurrence of a bankruptcy, insolvency
        or foreclosure relating to the Mortgagor under the related Mortgage, (vi)
        upon
        receipt of notice from the Servicer, any Mortgage Loan that is 90 days or
        more
        Delinquent and (vii) reasonable direction by the NIMS Insurer. In the event
        of
        (i) through (vii) set forth in the immediately preceding sentence, the Trustee
        shall enforce the obligations of the Originator to deliver such Assignments
        for
        recording as provided above, promptly and in any event within 30 days following
        receipt of notice by the Originator. Notwithstanding the foregoing, if the
        Originator fails to pay the cost of recording the Assignments, such expense
        will
        be paid by the Trustee and the Trustee shall be reimbursed for such expenses
        by
        the Trust. In the event an Assignment is not recorded, neither the Trustee
        nor
        the Servicer will have any liability for its failure to act on notices that
        were
        not received and would have been had such Assignment been recorded, except,
        in
        the case of the Trustee, with respect to Mortgage Loans that are subject
        to
        provisions (i) through (vi) set forth in this paragraph, if the Trustee shall
        have failed to timely request the Originator to cause such Assignments to
        be
        recorded.

       

      The
        Servicer shall forward to the Custodian original documents evidencing an
        assumption, modification, consolidation or extension of any Mortgage Loan
        entered into in accordance with this Agreement within two weeks of their
        execution; provided, however, that the Servicer shall provide the Custodian
        with
        a certified true copy of any such document submitted for recordation within
        two
        weeks of its execution, and shall provide the original of any document submitted
        for recordation or a copy of such document certified by the appropriate public
        recording office to be a true and complete copy of the original within 365
        days
        of its submission for recordation. In the event that the Servicer cannot
        provide
        a copy of such document certified by the public recording office within such
        365
        day period, the Servicer shall deliver to the Custodian, within such 365
        day
        period, an Officers’ Certificate of the Servicer which shall (A) identify the
        recorded document, (B) state that the recorded document has not been delivered
        to the Custodian due solely to a delay caused by the public recording office,
        (C) state the amount of time generally required by the applicable recording
        office to record and return a document submitted for recordation, if known
        and
        (D) specify the date the applicable recorded document is expected to be
        delivered to the Custodian, and, upon receipt of a copy of such document
        certified by the public recording office, the Servicer shall immediately
        deliver
        such document to the Custodian. In the event the appropriate public recording
        office will not certify as to the accuracy of such document, the Servicer
        shall
        deliver a copy of such document certified by an officer of the Servicer to
        be a
        true and complete copy of the original to the Custodian. The Depositor shall
        deliver or cause the Seller to deliver to the Servicer copies of all trailing
        documents required to be included in the servicing file at the same time
        the
        originals or certified copies thereof are delivered to the Trustee or Custodian,
        such documents including but not limited to the mortgagee policy of title
        insurance and any mortgage loan documents upon return from the recording
        office.
        The Servicer shall not be responsible for any custodian fees or other costs
        incurring in obtaining such documents and the Depositor shall cause the Servicer
        to be reimbursed for any such costs it may incur in connection with performing
        its obligations under this Agreement

       

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

       

      	SECTION
              2.02  	
              Acceptance
                by Trustee.

            

       

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

       

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

       

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

       

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

       

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

       

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

       

      The
        Trustee is hereby authorized and directed by the Depositor to execute and
        deliver the Transaction Addendum Soundview 2006-EQ2 to the Master Consulting
        Agreement with the Credit Risk Manager.

       

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

            

       

      (a)  Upon
        discovery or receipt of written notice from the Custodian of any materially
        defective document in, or that a document is missing from, a Mortgage File
        or of
        the breach by the Originator or the Seller, as applicable, of any
        representation, warranty or covenant under the Master Agreement or the
        Assignment Agreement, as applicable, in respect of any Mortgage Loan which
        materially adversely affects the value of such Mortgage Loan or the interest
        therein of the Certificateholders, the Trustee shall request that the Originator
        deliver such missing document or that the Originator or the Seller cure such
        defect or breach within 90 days from the date the Originator or the Seller
        was
        notified of such missing document, defect or breach, and if the Originator
        or
        the Seller does not deliver such missing document or cure such defect or
        breach
        in all material respects during such period, the Trustee shall enforce (in
        the
        manner set forth in Section 2.01) the Originator’s obligation under the Master
        Agreement or the Assignment Agreement or the Seller’s obligation under the
        Assignment Agreement and notify the Originator or the Seller, as applicable,
        of
        its obligation to repurchase such Mortgage Loan from the Trust Fund at the
        Purchase Price on or prior to the Determination Date following the expiration
        of
        such 90 day period (subject to Section 2.03(e)). The Purchase Price for the
        repurchased Mortgage Loan shall be remitted to the Servicer for deposit in
        the
        Collection Account, and the Trustee, (or the Custodian on behalf of the
        Trustee), upon receipt of written certification from the Servicer of such
        deposit, shall release to the Originator or the Seller, as applicable, the
        related Mortgage File and the Trustee shall execute and deliver such instruments
        of transfer or assignment, in each case without recourse, as the Originator
        or
        the Seller, as applicable, shall furnish to it and as shall be necessary
        to vest
        in the Originator or Seller, as applicable, any Mortgage Loan released pursuant
        hereto and the Trustee and the Custodian shall have no further responsibility
        with regard to such Mortgage File (it being understood that the Trustee shall
        have no responsibility for determining the sufficiency of such assignment
        for
        its intended purpose). In lieu of repurchasing any such Mortgage Loan as
        provided above, the Originator or the Seller, as applicable, may cause such
        Mortgage Loan to be removed from the Trust Fund (in which case it shall become
        a
        Deleted Mortgage Loan) and substitute one or more Qualified Substitute Mortgage
        Loans in the manner and subject to the limitations set forth in Section 2.03(d);
        provided, however, the Seller may not substitute for any Mortgage Loan which
        breaches a representation or warranty regarding abusive or predatory lending
        laws. In furtherance of the foregoing, if the Originator or the Seller, as
        applicable, is not a member of MERS and repurchases a Mortgage Loan which
        is
        registered on the MERS® System, the Originator or the Seller, as applicable, at
        its own expense and without any right of reimbursement, shall cause MERS
        to
        execute and deliver an assignment of the Mortgage in recordable form to transfer
        the Mortgage from MERS to the Originator or the Seller, as applicable, and
        shall
        cause such Mortgage to be removed from registration on the MERS® System in
        accordance with MERS’ rules and regulations. It is understood and agreed that
        the obligation of the Originator or the Seller, as applicable, to cure or
        to
        repurchase (or to substitute for) any Mortgage Loan as to which a document
        is
        missing, a material defect in a constituent document exists or as to which
        such
        a breach has occurred and is continuing shall constitute the sole remedy
        against
        the Originator or the Seller, as applicable, respecting such omission, defect
        or
        breach available to the Trustee on behalf of the
        Certificateholders.

       

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

       

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

       

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

       

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

       

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

       

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

       

      (e)  Upon
        discovery or receipt of written notice of a breach by the Seller of any
        representation, warranty or covenant made by the Seller under the Assignment
        Agreement in respect of any Mortgage Loan which materially adversely affects
        the
        value of such Mortgage Loan or the interest therein of the Certificateholders,
        and if either (i) such Mortgage Loan is not in breach of any representation,
        warranty or covenant of the Originator or (ii) the Originator has failed
        to
        remedy such representation, warranty or covenant with respect to such Mortgage
        Loan, then the Trustee shall enforce the obligation of the Seller to remedy
        such
        breach, to the extent provided in the Assignment Agreement, in the manner
        and
        within the time periods set forth in the Assignment Agreement.

       

      	SECTION
              2.04  	
              [Reserved].

            

       

      	SECTION
              2.05  	
              Representations,
                Warranties and Covenants of the Servicer and the Master
                Servicer.

            

       

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

       

      (i)  The
        Servicer is a limited liability company duly organized and validly existing
        under the laws of the State of Delaware and is duly authorized and qualified
        to
        transact any and all business contemplated by this Agreement to be conducted
        by
        the Servicer in any state in which a Mortgaged Property is located or is
        otherwise not required under applicable law to effect such qualification
        and, in
        any event, is in compliance with the doing business laws of any such State,
        to
        the extent necessary to ensure its ability to enforce each Mortgage Loan
        and to
        service the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (ii)  The
        Servicer has the full power and authority to conduct its business as presently
        conducted by it and to execute, deliver and perform, and to enter into and
        consummate, all transactions contemplated by this Agreement. The Servicer
        has
        duly authorized the execution, delivery and performance of this Agreement,
        has
        duly executed and delivered this Agreement, and this Agreement, assuming
        due
        authorization, execution and delivery by the other parties hereto, constitutes
        a
        legal, valid and binding obligation of the Servicer, enforceable against
        it in
        accordance with its terms except as the enforceability thereof may be limited
        by
        bankruptcy, insolvency, reorganization or similar laws affecting the enforcement
        of creditors’ rights generally and by general principles of equity;

       

      (iii)  The
        execution and delivery of this Agreement by the Servicer, the servicing of
        the
        Mortgage Loans by the Servicer hereunder, the consummation by the Servicer
        of
        any other of the transactions herein contemplated, and the fulfillment of or
        compliance with the terms hereof are in the ordinary course of business of
        the
        Servicer and will not (A) result in a breach of any term or provision of
        the
        certificate of formation or limited liability company agreement of the Servicer
        or (B) conflict with, result in a breach, violation or acceleration of, or
        result in a default under, the terms of any other material agreement or
        instrument to which the Servicer is a party or by which it may be bound,
        or any
        statute, order or regulation applicable to the Servicer of any court, regulatory
        body, administrative agency or governmental body having jurisdiction over
        the
        Servicer; and the Servicer is not a party to, bound by, or in breach or
        violation of any indenture or other agreement or instrument, or subject to
        or in
        violation of any statute, order or regulation of any court, regulatory body,
        administrative agency or governmental body having jurisdiction over it, which
        materially and adversely affects or, to the Servicer’s knowledge, would in the
        future materially and adversely affect, (x) the ability of the Servicer to
        perform its obligations under this Agreement or (y) the business, operations,
        financial condition, properties or assets of the Servicer taken as a
        whole;

       

      (iv)  The
        Servicer is a HUD approved servicer. No event has occurred, including but
        not
        limited to a change in insurance coverage, that would make the Servicer unable
        to comply with HUD eligibility requirements or that would require notification
        to HUD;

       

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

       

      (vi)  No
        information, certificate of an officer, statement furnished in writing or
        report
        delivered to the Trustee or the Trust Administrator by the Servicer in
        connection with the transactions contemplated hereby contains any untrue
        statement of a material fact (except to the extent that any such information,
        statement or report has been corrected or superseded in writing by the Servicer
        as of the Closing Date, it being understood (i) that the Servicer has delivered
        no certificate of an officer prior to the Closing Date and (ii) that any
        representations, warranties and indemnifications as to the accuracy and
        completeness of the Prospectus Supplement made by the Servicer in agreements
        and
        Officers’ Certificates delivered by the Servicer on the Closing Date in
        connection with the transactions contemplated by this Agreement shall be
        interpreted such that the information in the Prospectus Supplement provided
        by
        the Servicer is deemed to correct and/or supersede as of the Closing Date,
        within the meaning of this parenthetical, any information, statement or report
        delivered by the Servicer to the Trustee prior to the Closing Date that is
        inconsistent with the information in the Prospectus Supplement or that was
        omitted from such information, statement or report delivered prior to the
        Closing Date);

       

      (vii)  No
        litigation is pending against the Servicer that would materially and adversely
        affect the execution, delivery or enforceability of this Agreement or the
        ability of the Servicer to service the Mortgage Loans or to perform any of
        its
        other obligations hereunder in accordance with the terms hereof;

       

      (viii)  There
        are
        no actions or proceedings against, or investigations known to it of, the
        Servicer before any court, administrative or other tribunal (A) that might
        prohibit its entering into this Agreement, (B) seeking to prevent the
        consummation of the transactions contemplated by this Agreement or (C) that
        might prohibit or materially and adversely affect the performance by the
        Servicer of its obligations under, or validity or enforceability of, this
        Agreement;

       

      (ix)  No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Servicer
        of,
        or compliance by the Servicer with, this Agreement or the consummation by
        it of
        the transactions contemplated by this Agreement, except for such consents,
        approvals, authorizations or orders, if any, that have been obtained prior
        to
        the Closing Date;

       

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

       

      (xi)  With
        respect to each Mortgage Loan, the Servicer has fully and accurately furnished
        with respect to the period in which it serviced the Mortgage Loans, and will
        continue to fully and accurately furnish, complete information on the related
        borrower credit files to Equifax, Experian and Trans Union Credit Information
        Company, in accordance with the Fair Credit Reporting Act and its implementing
        regulations.

       

      It
        is understood and agreed that the representations, warranties and covenants
        set
        forth in this Section 2.05 shall survive delivery of the Mortgage Files to
        the
        Trustee or to the related Custodian on its behalf and shall inure to the
        benefit
        of the Trustee, the Trust Administrator, the Depositor and the
        Certificateholders. Upon discovery by any of the Depositor, either Servicer,
        the
        Trust Administrator or the Trustee of a breach of any of the foregoing
        representations, warranties and covenants which materially and adversely
        affects
        the value of any Mortgage Loan, Prepayment Charge or the interests therein
        of
        the Certificateholders, the party discovering such breach shall give prompt
        written notice (but in no event later than two Business Days following such
        discovery) to the related Servicer, the Trustee and the Trust Administrator.
        The
        foregoing shall not, however, limit any remedies available to the
        Certificateholders, the Depositor, the Trust Administrator or the Trustee
        on
        behalf of the Certificateholders, pursuant to the Master Agreements respecting
        a
        breach of the representations, warranties and covenants of the
        Originators.

       

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

       

      (i)  The
        Master Servicer is a national banking association duly formed, validly existing
        and in good standing under the laws of the United States of America and is
        duly
        authorized and qualified to transact any and all business contemplated by
        this
        Agreement to be conducted by the Master Servicer;

       

      (ii)  The
        Master Servicer has the full power and authority to conduct its business
        as
        presently conducted by it and to execute, deliver and perform, and to enter
        into
        and consummate, all transactions contemplated by this Agreement. The Master
        Servicer has duly authorized the execution, delivery and performance of this
        Agreement, has duly executed and delivered this Agreement, and this Agreement,
        assuming due authorization, execution and delivery by the Depositor and the
        Trustee, constitutes a legal, valid and binding obligation of the Master
        Servicer, enforceable against it in accordance with its terms except as the
        enforceability thereof may be limited by bankruptcy, insolvency, reorganization
        or similar laws affecting the enforcement of creditors’ rights generally and by
        general principles of equity;

       

      (iii)  The
        execution and delivery of this Agreement by the Master Servicer, the
        consummation by the Master Servicer of any other of the transactions herein
        contemplated, and the fulfillment of or compliance with the terms hereof
        are in
        the ordinary course of business of the Master Servicer and will not (A) result
        in a breach of any term or provision of charter and by-laws of the Master
        Servicer or (B) conflict with, result in a breach, violation or acceleration
        of,
        or result in a default under, the terms of any other material agreement or
        instrument to which the Master Servicer is a party or by which it may be
        bound,
        or any statute, order or regulation applicable to the Master Servicer of
        any
        court, regulatory body, administrative agency or governmental body having
        jurisdiction over the Master Servicer; and the Master Servicer is not a party
        to, bound by, or in breach or violation of any indenture or other agreement
        or
        instrument, or subject to or in violation of any statute, order or regulation
        of
        any court, regulatory body, administrative agency or governmental body having
        jurisdiction over it, which materially and adversely affects or, to the Master
        Servicer’s knowledge, would in the future materially and adversely affect, the
        ability of the Master Servicer to perform its obligations under this
        Agreement;

       

      (iv)  The
        Master Servicer or an Affiliate thereof is an approved seller/servicer for
        Fannie Mae or Freddie Mac in good standing and is a HUD approved mortgagee
        pursuant to Section 203 of the National Housing Act;

       

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

       

      (vi)  No
        litigation is pending against the Master Servicer that would materially and
        adversely affect the execution, delivery or enforceability of this Agreement
        or
        the ability of the Master Servicer to perform any of its other obligations
        hereunder in accordance with the terms hereof;

       

      (vii)  There
        are
        no actions or proceedings against, or investigations known to it of, the
        Master
        Servicer before any court, administrative or other tribunal (A) that might
        prohibit its entering into this Agreement, (B) seeking to prevent the
        consummation of the transactions contemplated by this Agreement or (C) that
        might prohibit or materially and adversely affect the performance by the
        Master
        Servicer of its obligations under, or validity or enforceability of, this
        Agreement; and

       

      (viii)  No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Master
        Servicer of, or compliance by the Master Servicer with, this Agreement or
        the
        consummation of the transactions contemplated by this Agreement, except for
        such
        consents, approvals, authorizations or orders, if any, that have been obtained
        prior to the Closing Date.

       

      It
        is
        understood and agreed that the representations, warranties and covenants
        set
        forth in this Section 2.05 shall survive delivery of the Mortgage Files to
        the
        Trust Administrator, the Trustee or the Custodian, as applicable and shall
        inure
        to the benefit of the Trustee, the Depositor and the Certificateholders.
        Upon
        discovery by any of the Depositor, the Servicer, the Master Servicer or the
        Trustee of a breach of any of the foregoing representations, warranties and
        covenants which materially and adversely affects the value of any Mortgage
        Loan
        or the interests therein of the Certificateholders, the party discovering
        such
        breach shall give prompt written notice (but in no event later than two Business
        Days following such discovery) to other parties to this Agreement.

       

      	SECTION
              2.06  	
              Representations
                and Warranties of the Depositor.

            

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      	SECTION
              2.07  	
              Issuance
                of Certificates.

            

       

      The
        Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
        to it of the Mortgage Files, subject to the provisions of Sections 2.01 and
        2.02, together with the assignment to it of all other assets included in
        the
        Trust Fund, receipt of which is hereby acknowledged. Concurrently with such
        assignment and delivery and in exchange therefor, the Trust Administrator,
        pursuant to the written request of the Depositor executed by an officer of
        the
        Depositor, has executed, authenticated and delivered to or upon the order
        of the
        Depositor, the Certificates in authorized denominations. The interests evidenced
        by the Certificates constitute the entire beneficial ownership interest in
        the
        Trust Fund.

       

      	SECTION
              2.08  	
              Authorization
                to Enter into Basis Risk Cap Agreement, Interest Rate Cap Agreement
                and
                 Interest Rate Swap Agreement.

            

       

      (a)  The
        Trust
        Administrator is hereby directed to execute and deliver the Basis Risk Cap
        Agreement on behalf of Party B (as defined therein) and to exercise the rights,
        perform the obligations, and make the representations of Party B thereunder,
        solely in its capacity as Trust Administrator on behalf of Party B (as defined
        therein) and not in its individual capacity. The Servicer, the Depositor
        and the
        Certificateholders (by acceptance of their Certificates) acknowledge and
        agree
        that (i) the Trust Administrator shall execute and deliver the Basis Risk
        Cap
        Agreement on behalf of Party B (as defined therein) and (ii) the Trust
        Administrator shall exercise the rights, perform the obligations, and make
        the
        representations of Party B thereunder, solely in its capacity as Trust
        Administrator on behalf of Party B as defined therein) and not in its individual
        capacity.

      

      (b)  The
        Trust
        Administrator, not in its individual capacity but solely in its separate
        capacity as Cap Trustee, is hereby directed to exercise the rights, perform
        the
        obligations, and make any representations to be exercised, performed, or
        made by
        the Cap Trustee, as described herein. The Cap Trustee is hereby directed
        to
        execute and deliver the Interest Rate Cap Agreement on behalf of Party B
        (as
        defined therein) and to exercise the rights, perform the obligations, and
        make
        the representations of Party B thereunder, solely in its capacity as Cap
        Trustee
        on behalf of Party B (as defined therein) and not in its individual capacity.
        The Servicer, the Depositor and the Certificateholders (by acceptance of
        their
        Certificates) acknowledge and agree that (i) the Cap Trustee shall execute
        and
        deliver the Interest Rate Cap Agreement on behalf of Party B (as defined
        therein), (ii) the Cap Trustee shall exercise the rights, perform the
        obligations, and make the representations of Party B thereunder, solely in
        its
        capacity as Cap Trustee on behalf of Party B (as defined therein) and not
        in its
        individual capacity and (iii) the Trust Administrator on the Cap Trustee’s
        behalf shall also be entitled to exercise the rights and obligated to perform
        the obligations of Party B under the Interest Rate Cap Agreement. Every
        provision of this Agreement relating to the conduct or affecting the liability
        of or affording protection to the Trust Administrator shall apply to the
        Cap
        Trustee’s execution of the Interest Rate Cap Agreement, and the performance of
        its duties and satisfaction of its obligations thereunder.

      

      (c)  The
        Trust
        Administrator, not in its individual capacity but solely in its separate
        capacity as Supplemental Interest Trust Trustee, is hereby directed to exercise
        the rights, perform the obligations, and make any representations to be
        exercised, performed, or made by the Supplemental Interest Trust Trustee,
        as
        described herein. The Supplemental Interest Trust Trustee is hereby directed
        to
        execute and deliver the Interest Rate Swap Agreement on behalf of Party B
        (as
        defined therein) and to exercise the rights, perform the obligations, and
        make
        the representations of Party B thereunder, solely in its capacity as
        Supplemental Interest Trust Trustee on behalf of Party B (as defined therein)
        and not in its individual capacity. The Servicer, the Depositor and the
        Certificateholders (by acceptance of their Certificates) acknowledge and
        agree
        that (i) the Supplemental Interest Trust Trustee shall execute and deliver
        the
        Interest Rate Swap Agreement on behalf of Party B (as defined therein), (ii)
        the
        Supplemental Interest Trust Trustee shall exercise the rights, perform the
        obligations, and make the representations of Party B thereunder, solely in
        its
        capacity as Supplemental Interest Trust Trustee on behalf of Party B (as
        defined
        therein) and not in its individual capacity and (iii) the Trust Administrator
        on
        the Supplemental Interest Trust Trustee’s behalf shall also be entitled to
        exercise the rights and obligated to perform the obligations of Party B under
        the Interest Rate Swap Agreement. Every provision of this Agreement relating
        to
        the conduct or affecting the liability of or affording protection to the
        Trust
        Administrator shall apply to the Supplemental Interest Trust Trustee’s execution
        of the Interest Rate Swap Agreement, and the performance of its duties and
        satisfaction of its obligations thereunder.

      

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

            

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      ARTICLE
        III

       

      ADMINISTRATION
        AND SERVICING

      OF
        THE
        MORTGAGE LOANS

       

      	SECTION
              3.01  	
              Servicer
                to Act as Servicer.

            

       

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

       

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

       

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

       

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

       

      (4)  the
        Servicer’s or any Sub-Servicer’s right to receive compensation for its services
        hereunder or with respect to any particular transaction.

       

      To
        the
        extent consistent with the foregoing servicing standard (the “Servicing
        Standard”), the Servicer (a) shall seek the timely and complete recovery of
        principal and interest on the Mortgage Notes and (b) may waive (or permit
        a
        Sub-Servicer to waive) a Prepayment Charge only under the following
        circumstances: (i) such waiver is standard and customary in servicing similar
        mortgage loans and such waiver relates to a default or a reasonably foreseeable
        default and would, in the reasonable judgment of the Servicer, maximize recovery
        of total proceeds taking into account the value of such Prepayment Charge
        and
        the related Mortgage Loan, (ii) the collection of such Prepayment Charge
        would
        be in violation of applicable laws or (iii) the amount of the Prepayment
        Charge
        set forth on the Prepayment Charge Schedule is not consistent with the related
        Mortgage Note or is otherwise unenforceable. If a Prepayment Charge is waived
        as
        permitted by meeting the standard described in clauses (ii) or (iii) above,
        then, as notified to the Trustee, the Trustee shall enforce the obligation
        of
        the Originator to pay the amount of such waived Prepayment Charge to the
        Servicer for deposit in the Collection Account for the benefit of the Holders
        of
        the Class P Certificates. If the Originator fails to pay the amount of such
        waived Prepayment Charge in accordance with its obligations under the Assignment
        Agreement or the Master Agreement, the Servicer shall notify the Trustee,
        and
        the Trustee and the Depositor shall consult on further actions to be taken
        against the Originator. Subject only to the above-described Servicing Standard
        and the terms of this Agreement and of the Mortgage Loans, the Servicer shall
        have full power and authority, acting alone or through Sub-Servicers as provided
        in Section 3.02, to do or cause to be done any and all things in connection
        with
        such servicing and administration which it may deem necessary or desirable.
        Without limiting the generality of the foregoing, the Servicer in its own
        name
        or in the name of a Sub-Servicer is hereby authorized and empowered by the
        Trustee when the Servicer believes it appropriate in its best judgment in
        accordance with the Servicing Standard, to execute and deliver, on behalf
        of the
        Certificateholders, the Trust Fund and the Trustee or any of them, any and
        all
        instruments of satisfaction or cancellation, or of partial or full release
        or
        discharge, and all other comparable instruments, with respect to the Mortgage
        Loans and the Mortgaged Properties and to institute foreclosure proceedings
        or
        obtain a deed-in-lieu of foreclosure so as to convert the ownership of such
        properties, and to hold or cause to be held title to such properties, on
        behalf
        of the Trustee and Certificateholders. The Servicer shall service and administer
        the Mortgage Loans in accordance with applicable state and federal law and
        shall
        provide to the Mortgagors any reports required to be provided to them thereby.
        The Servicer shall also comply in the performance of this Agreement with
        all
        reasonable rules and requirements of each insurer under any standard hazard
        insurance policy. Subject to Section 3.17, within five (5) days of the Closing
        Date, the Trustee shall execute, at the written request of the Servicer,
        and
        furnish to the Servicer and any Sub-Servicer any special or limited powers
        of
        attorney and other documents necessary or appropriate to enable the Servicer
        or
        any Sub-Servicer to carry out their servicing and administrative duties
        hereunder; provided, such limited powers of attorney or other documents shall
        be
        prepared by the Servicer and submitted to the Trustee for execution. The
        Trustee
        shall not be liable for the actions of the Servicer or any Sub-Servicers
        under
        such powers of attorney.

       

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

       

      Subject
        to Section 3.09 hereof, in accordance with the standards of the preceding
        paragraph, the Servicer, on escrowed accounts, shall advance or cause to
        be
        advanced funds as necessary for the purpose of effecting the payment of taxes
        and assessments on the Mortgaged Properties, which advances shall be Servicing
        Advances reimbursable in the first instance from related collections from
        the
        Mortgagors pursuant to Section 3.09, and further as provided in Section 3.11.
        Any cost incurred by the Servicer or by Sub-Servicers in effecting the payment
        of taxes and assessments on a Mortgaged Property shall not, for the purpose
        of
        calculating distributions to Certificateholders, be added to the unpaid Stated
        Principal Balance of the related Mortgage Loan, notwithstanding that the
        terms
        of such Mortgage Loan so permit; provided, however, that (subject to Section
        3.07) the Servicer may capitalize the amount of any Servicing Advances incurred
        pursuant to this Section 3.01 in connection with the modification of a Mortgage
        Loan.

       

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

       

      Notwithstanding
        anything in this Agreement to the contrary and notwithstanding its ability
        to do
        so pursuant to the terms of the related mortgage note, the Servicer shall
        not be
        required to enforce any provision in any mortgage note the enforcement of
        which
        would violate federal, state or local laws or ordinances designed to discourage
        predatory lending practices.

       

      The
        Servicer may delegate its responsibilities under this Agreement; provided,
        however, that no such delegation shall release the Servicer from the
        responsibilities or liabilities arising under this Agreement.

       

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

            

       

      (a)  The
        Servicer may enter into Sub-Servicing Agreements with Sub-Servicers, which
        may
        be Affiliates of the Servicer, for the performance of a substantial portion
        of
        the material servicing and administration of the Mortgage Loans; provided,
        however, such sub-servicing arrangement and the terms of the related
        Sub-Servicing Agreement must provide for the servicing of the Mortgage Loans
        in
        a manner consistent with the servicing arrangement contemplated hereunder.
        The
        Trustee is hereby authorized to acknowledge, at the request of the Servicer,
        any
        Sub-Servicing Agreement. No such acknowledgment shall be deemed to imply
        that
        the Trustee has consented to any such Sub-Servicing Agreement, has passed
        upon
        whether such Sub-Servicing Agreement meets the requirements applicable to
        Sub-Servicing Agreements set forth in this Agreement or has passed upon whether
        such Sub-Servicing Agreement is otherwise permitted under this
        Agreement.

       

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

       

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

       

      (c)  It
        shall
        not be necessary for the Servicer to seek the consent of the Depositor, the
        Master Servicer, the Trust Administrator or the Trustee for the utilization
        of
        any Subcontractor. The Servicer shall promptly, upon request, provide to
        the
        Depositor, the Master Servicer and the Trust Administrator a written description
        (in form and substance satisfactory to the Depositor, the Master Servicer
        and
        the Trust Administrator) of the role and function of each Subcontractor utilized
        by the Servicer or any Sub-Servicer, specifying (i) the identity of each
        such
        Subcontractor, (ii) which (if any) of such Subcontractors are “participating in
        the servicing function” within the meaning of Item 1122 of Regulation AB and
        (iii) which elements of the Relevant Servicing Criteria will be addressed
        in
        assessments of compliance provided by each Subcontractor. 

       

      (d)  As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Servicer shall cause any such Subcontractor used by the
        Servicer (or by any Sub-Servicer) for the benefit of the Depositor, the Master
        Servicer and the Trust Administrator to comply with the provisions of Section
        3.20, 3.21 and 4.05 of this Agreement to the same extent as if the Subcontractor
        were the Servicer. The Servicer shall be responsible for obtaining from each
        Subcontractor and delivering to the Depositor, the Master Servicer and the
        Trust
        Administrator any assessment of compliance and attestation required to be
        delivered by such Subcontractor under Section 3.21, in each case as and when
        required to be delivered.

       

      	SECTION
              3.03  	
              Successor
                Sub-Servicers.

            

       

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

       

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

       

      	SECTION
              3.04  	
              Liability
                of the Servicer.

            

       

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

       

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

            

       

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

       

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

            

       

      In
        the
        event the Servicer shall for any reason no longer be the Servicer (including
        by
        reason of the occurrence of a Servicer Event of Termination), the Master
        Servicer or, if the Master Servicer is the Servicer, the Trustee (or the
        successor servicer appointed pursuant to Section 7.02) (or
        another successor master servicer)
        shall
        thereupon assume all of the rights and obligations of the Servicer under
        each
        Sub-Servicing Agreement that the Servicer may have entered into, unless the
        Master Servicer or the Trustee (or successor servicer or master servicer),
        as
        applicable, elects to terminate any Sub-Servicing Agreement in accordance
        with
        its terms as provided in Section 3.03. Upon such assumption, the Master Servicer
        or the Trustee, as applicable (or the successor servicer appointed pursuant
        to
        Section 7.02 (or another successor master servicer) shall be deemed, subject
        to
        Section 3.03, to have assumed all of the Servicer’s interest therein and to have
        replaced the Servicer as a party to each Sub-Servicing Agreement to the same
        extent as if each Sub-Servicing Agreement had been assigned to the assuming
        party, except that (i) the Servicer shall not thereby be relieved of any
        liability or obligations under any Sub-Servicing Agreement and (ii) none
        of the
        Trust Administrator, its designee or any successor Servicer shall be deemed
        to
        have assumed any liability or obligation of the Servicer that arose before
        it
        ceased to be the Servicer.

       

      The
        Servicer at its expense shall, upon request of the Master Servicer, deliver
        to
        the assuming party all documents and records relating to each Sub-Servicing
        Agreement and the Mortgage Loans then being serviced and an accounting of
        amounts collected and held by or on behalf of it, and otherwise use its best
        efforts to effect the orderly and efficient transfer of the Sub-Servicing
        Agreements to the assuming party.

       

      	SECTION
              3.07  	
              Collection
                of Certain Mortgage Loan Payments.

            

       

      The
        Servicer shall make reasonable efforts, in accordance with the Servicing
        Standard, to collect all payments called for under the terms and provisions
        of
        the Mortgage Loans and the provisions of any applicable insurance policies
        provided to the Servicer. Consistent with the foregoing, the Servicer may
        in its
        discretion (i) waive any late payment charge or, if applicable, any penalty
        interest or any provisions of any Mortgage Loan requiring the related Mortgagor
        to submit to mandatory arbitration with respect to disputes arising thereunder,
        or (ii) extend the due dates for the Monthly Payments due on a Mortgage Note
        for
        a period of not greater than 180 days; provided, however, that any extension
        pursuant to clause (ii) above shall not affect the amortization schedule
        of any
        Mortgage Loan for purposes of any computation hereunder, except as provided
        below. In the event of any such arrangement pursuant to clause (ii) above,
        the
        Servicer shall make timely Advances on such Mortgage Loan during such extension
        pursuant to Section 4.04 and in accordance with the amortization schedule
        of
        such Mortgage Loan without modification thereof by reason of such arrangement.
        Notwithstanding the foregoing, in the event that any Mortgage Loan is in
        default
        or, in the judgment of the Servicer, such default is reasonably foreseeable,
        the
        Servicer, consistent with the standards set forth in Section 3.01, may also
        waive, modify or vary any term of such Mortgage Loan (including, but not
        limited
        to, modifications that would change the Mortgage Rate, forgive the payment
        of
        principal or interest or extend the final maturity date of such Mortgage
        Loan),
        accept payment from the related Mortgagor of an amount less than the Stated
        Principal Balance in final satisfaction of such Mortgage Loan, or consent
        to the
        postponement of strict compliance with any such term or otherwise grant
        indulgence to any Mortgagor (any and all such waivers, modifications, variances,
        forgiveness of principal or interest, postponements, or indulgences collectively
        referred to herein as “forbearance”); provided, however, the Servicer shall not
        modify any Mortgage Loan in a manner that would capitalize the amount of
        any
        unpaid Monthly Payments or tax or insurance payments advanced by the Servicer
        on
        the Mortgagor’s behalf unless the related Mortgagor shall have remitted an
        amount equal to a full Monthly Payment (or, in the case of any Mortgage Loan
        subject to a forbearance plan or bankruptcy plan, a full modified monthly
        payment under such plan) in each of the three calendar months immediately
        preceding the month of such modification. The Servicer’s analysis supporting any
        forbearance and the conclusion that any forbearance meets the standards of
        Section 3.01 shall be reflected in writing in the Mortgage File or the
        Servicer’s books and records.

       

      	SECTION
              3.08  	
              Sub-Servicing
                Accounts.

            

       

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

       

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

            

       

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

       

      	SECTION
              3.10  	
              Collection
                Account.

            

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (b)  Funds
        in
        the Collection Account may be invested in Permitted Investments in accordance
        with the provisions set forth in Section 3.12. The Servicer shall give written
        notice to the Trust Administrator and the Master Servicer of the location
        of the
        Collection Account maintained by it when established and prior to any change
        thereof. The Trust Administrator will then provide timely written notice
        to the
        Depositor and the Trustee.

       

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

       

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

       

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

       

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

       

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

       

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

       

      	SECTION
              3.11  	
              Withdrawals
                from the Collection Account.

            

       

      The
        Servicer shall, from time to time, make withdrawals from the Collection Account
        for any of the following purposes, without priority, or as described in Section
        4.03:

       

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

       

      (2)  subject
        to Section 3.16(d), to reimburse the Servicer for (a) any unreimbursed Advances
        to the extent of amounts received which represent Late Collections (net of
        the
        related Servicing Fees), Liquidation Proceeds and Insurance Proceeds on Mortgage
        Loans or REO Properties with respect to which such Advances were made in
        accordance with the provisions of Section 4.04; or (b) without limiting any
        right of withdrawal set forth in clause (vi) below, any unreimbursed Advances
        that, upon a Final Recovery Determination with respect to such Mortgage Loan,
        are Nonrecoverable Advances, but only to the extent that Late Collections
        (net
        of the related Servicing Fees), Liquidation Proceeds and Insurance Proceeds
        received with respect to such Mortgage Loan are insufficient to reimburse
        the
        Servicer for such unreimbursed Advances;

       

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

       

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

       

      (5)  to
        pay to
        the Servicer or the Seller, as the case may be, with respect to each Mortgage
        Loan that has previously been purchased or replaced pursuant to Section 2.03
        or
        Section 3.16(c) all amounts received thereon subsequent to the date of purchase
        or substitution, as the case may be;

       

      (6)  to
        reimburse the Servicer for any Advance or Servicing Advance previously made
        which the Servicer has determined to be a Nonrecoverable Advance or
        Nonrecoverable Servicing Advance in accordance with the provisions of Section
        4.03; 

       

      (7)  to
        reimburse the Servicer, the Master Servicer or the Depositor for expenses
        incurred by or reimbursable to the Servicer, the Master Servicer or the
        Depositor, as the case may be, pursuant to Section 6.03; 

       

      (8)  to
        reimburse the Servicer, the Trust Administrator, the Master Servicer or the
        Trustee, as the case may be, for expenses reasonably incurred in respect
        of the
        breach or defect giving rise to the purchase obligation under Section 2.03
        of
        this Agreement that were included in the Purchase Price of the Mortgage Loan,
        including any expenses arising out of the enforcement of the purchase
        obligation; 

       

      (9)  to
        reimburse the Servicer for any unpaid Servicing Fees to the extent not
        recoverable from Late Collections, Liquidation Proceeds or Insurance Proceeds
        received with respect to the related Mortgage Loan under Section 3.11
        (iii);

       

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

       

      (11)  to
        pay
        itself any Prepayment Interest Excess; and

       

      (12)  to
        clear
        and terminate the Collection Account pursuant to Section 9.01.

       

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

       

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

       

      	SECTION
              3.12  	
              Investment
                of Funds in the Collection Account.

            

       

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

       

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

       

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

       

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

       

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

       

      (d)  Upon
        receipt of written instructions from the majority Holder of the Class C
        Certificates or if the Class C Certificates have been pledged pursuant to
        an
        Indenture, the majority equity holder in such transaction (either such party,
        the “Class C Holder”), the Trustee shall invest the funds on deposit in the
        Distribution Account during the Float Period.  Such instructions from the
        Class C Holder shall remain in force until the Trustee receives written
        instructions from the Class C Holder to cease investing such funds during
        the
        Float Period. All income and gain realized from the investment of funds
        deposited in the Distribution Account during the Float Period shall
        be included in Available Funds on the next Distribution Date. The
        Class C Holder shall deposit in the Distribution Account, from its own funds,
        the amount of any loss of principal incurred in respect of any such Permitted
        Investment made with funds in the Distribution Account during the
        Float Period immediately upon notification of such loss. The Trustee may
        at its
        discretion, and without liability, hold the funds in the Distribution Account
        after the Float Period uninvested.

       

      	SECTION
              3.13  	
              [Reserved].

            

       

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

            

       

      The
        Servicer shall cause to be maintained for each Mortgage Loan hazard insurance
        with extended coverage on the Mortgaged Property in an amount which is at
        least
        equal to the lesser of the current principal balance of such Mortgage Loan
        and
        the amount necessary to fully compensate for any damage or loss to the
        improvements which are a part of such property on a replacement cost basis,
        in
        each case in an amount not less than such amount as is necessary to avoid
        the
        application of any coinsurance clause contained in the related hazard insurance
        policy. The Servicer shall also cause to be maintained hazard insurance with
        extended coverage on each REO Property in an amount which is at least equal
        to
        the lesser of (i) the maximum insurable value of the improvements which are
        a
        part of such property and (ii) the outstanding Principal Balance of the related
        Mortgage Loan at the time it became an REO Property. The Servicer will comply
        in
        the performance of this Agreement with all reasonable rules and requirements
        of
        each insurer under any such hazard policies. Any amounts to be collected
        by the
        Servicer under any such policies (other than amounts to be applied to the
        restoration or repair of the property subject to the related Mortgage or
        amounts
        to be released to the Mortgagor in accordance with the procedures that the
        Servicer would follow in servicing loans held for its own account, subject
        to
        the terms and conditions of the related Mortgage and Mortgage Note) shall
        be
        deposited in the Collection Account, subject to withdrawal pursuant to Section
        3.11, if received in respect of a Mortgage Loan, or in the REO Account, subject
        to withdrawal pursuant to Section 3.23, if received in respect of an REO
        Property. Any cost incurred by the Servicer in maintaining any such insurance
        shall not, for the purpose of calculating distributions to Certificateholders,
        be added to the unpaid principal balance of the related Mortgage Loan,
        notwithstanding that the terms of such Mortgage Loan so permit; provided,
        however, that the Servicer may capitalize the amount of any Servicing Advances
        incurred pursuant to this Section 3.14 in connection with the modification
        of a
        Mortgage Loan. It is understood and agreed that no earthquake or other
        additional insurance is to be required of any Mortgagor other than pursuant
        to
        such applicable laws and regulations as shall at any time be in force and
        as
        shall require such additional insurance. If the Mortgaged Property or REO
        Property is at any time in an area identified in the Federal Register by
        the
        Federal Emergency Management Agency as having special flood hazards and flood
        insurance has been made available, the Servicer will cause to be maintained
        a
        flood insurance policy in respect thereof. Such flood insurance shall be
        in an
        amount equal to the lesser of (i) the unpaid Principal Balance of the related
        Mortgage Loan and (ii) the maximum amount of such insurance available for
        the
        related Mortgaged Property under the national flood insurance program (assuming
        that the area in which such Mortgaged Property is located is participating
        in
        such program). If at any time during the term of the Mortgage Loan, the Servicer
        determines, in accordance with applicable law, that a Mortgaged Property
        is
        located in a special flood hazard area and is not covered by flood insurance
        or
        is covered in an amount less than the amount required by the Flood Disaster
        Protection Act of 1973, as amended, the Servicer shall notify the related
        Mortgagor that the Mortgagor must obtain such flood insurance coverage, and
        if
        said Mortgagor fails to obtain the required flood insurance coverage within
        forty-five (45) days after such notification, the Company shall immediately
        force place the required flood insurance on the Mortgagor’s behalf.

       

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

       

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

       

      The
        Servicer shall also cause each Sub-Servicer to maintain a policy of insurance
        covering errors and omissions and a fidelity bond which would meet such
        requirements and shall provide to the Master Servicer evidence of the
        authorization of the person signing any certification, statement, financial
        information and reports or such other information related to the Servicer
        or any
        Sub-Servicer or to the Servicer’s or such Sub-Servicer’s performance
        hereunder.

       

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

            

       

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

       

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

       

      	SECTION
              3.16  	
              Realization
                Upon Defaulted Mortgage Loans.

            

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      	SECTION
              3.17  	
              Trustee
                to Cooperate; Release of Mortgage Files.

            

       

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

       

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

       

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

       

      	SECTION
              3.18  	
              Servicing
                Compensation.

            

       

      As
        compensation for its activities hereunder, the Servicer shall be entitled
        to the
        Servicing Fee with respect to each Mortgage Loan payable solely from payments
        of
        interest in respect of such Mortgage Loan, subject to Section 3.24. In addition,
        the Servicer shall be entitled to recover unpaid Servicing Fees out of Insurance
        Proceeds, Liquidation Proceeds or condemnation proceeds to the extent permitted
        by Section 3.11(iii) and out of amounts derived from the operation and sale
        of
        an REO Property to the extent permitted by Section 3.23. Except as provided
        in
        Section 3.29 or Section 6.04, the right to receive the Servicing Fee may
        not be
        transferred in whole or in part except in connection with the transfer of
        all of
        the Servicer’s responsibilities and obligations under this Agreement; provided,
        however, that the Servicer may pay from the Servicing Fee any amounts due
        to a
        Sub-Servicer pursuant to a Sub-Servicing Agreement entered into under Section
        3.02.

       

      Additional
        servicing compensation in the form of assumption fees, late payment charges,
        insufficient funds charges, ancillary income or otherwise (other than Prepayment
        Charges) shall be retained by the Servicer only to the extent such fees or
        charges are received by the Servicer. The Servicer shall also be entitled
        pursuant to Section 3.11(iv) to withdraw from the Collection Account and
        pursuant to Section 3.23(b) to withdraw from any REO Account, as additional
        servicing compensation, interest or other income earned on deposits therein,
        subject to Section 3.12 and Section 3.24. The Servicer shall also be entitled
        to
        receive Prepayment Interest Excess pursuant to Section 3.10 and Section 3.11
        as
        additional servicing compensation. The Servicer shall be required to pay
        all
        expenses incurred by it in connection with its servicing activities hereunder
        (including premiums for the insurance required by Section 3.14, to the extent
        such premiums are not paid by the related Mortgagors or by a Sub-Servicer,
        and
        servicing compensation of each Sub-Servicer) and shall not be entitled to
        reimbursement therefor except as specifically provided herein.

       

      	SECTION
              3.19  	
              Reports;
                Collection Account Statements.

            

       

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

       

      	SECTION
              3.20  	
              Statement
                as to Compliance.

            

       

      On
        or
        before March 15th
        of each
        calendar year (with no cure period), commencing in 2007, the Servicer shall
        deliver or otherwise make available to the Trust Administrator and
        the
        Master Servicer
        a
        statement of compliance addressed to the Master Servicer and the Depositor
        and
        signed by an authorized officer of the Servicer, to the effect that (a) a
        review
        of the Servicer’s activities during the immediately preceding calendar year (or
        applicable portion thereof) and of its performance under this Agreement during
        such period has been made under such officer’s supervision, and (b) to the best
        of such officers’ knowledge, based on such review, the Servicer has fulfilled
        all of its obligations under this Agreement in all material respects throughout
        such calendar year (or applicable portion thereof) or, if there has been
        a
        failure to fulfill any such obligation in any material respect, specifically
        identifying each such failure known to such officer and the nature and the
        status thereof. 

       

      The
        Servicer shall deliver, or cause to be delivered, a similar Annual Statement
        of
        Compliance by any Sub-Servicer, Subcontractor or other Person engaged by
        it and
        satisfying any of the criteria set forth in Item 1108(a)(i), (ii) or (iii),
        to
        which the Servicer has delegated any servicing responsibilities with respect
        to
        the Mortgage Loans, to the Trust Administrator as described above as and
        when
        required with respect to the Servicer.

       

      Each
        of
        the Master Servicer and Trust Administrator shall deliver, or cause to be
        delivered, a similar Annual Statement of Compliance by any Sub-Servicer,
        Subcontractor or other Person engaged by it and satisfying any of the criteria
        set forth in Item 1108(a)(i), (ii) or (iii), to which the Master Servicer
        has
        delegated any servicing responsibilities with respect to the Mortgage Loans,
        to
        the Trust Administrator as described above as and when required with respect
        to
        the Master Servicer.

       

      Each
        of
        the Master Servicer and the Trust Administrator shall also provide an Annual
        Statement of Compliance, as and when provided above.

       

      Each
        of
        the Servicer, the Master Servicer and the Trust Administrator (each, an
“Indemnifying Party”) shall indemnify and hold harmless the Depositor, the
        Master Servicer, the Servicer, the Trust Administrator and their officers,
        directors and Affiliates, as applicable, from and against any actual losses,
        damages, penalties, fines, forfeitures, reasonable and necessary legal fees
        and
        related costs, judgments and other costs and expenses that such Person may
        sustain based upon a breach of the obligations of such Indemnifying Party
        under
        this Section 3.20.

       

      	SECTION
              3.21  	
              Assessments
                of Compliance and Attestation Reports.

            

       

      (A) On
        or
        before March 15th
        of each
        calendar year (with no cure period), commencing in 2007, the Servicer
        shall:

       

      (i)  deliver
        to the Trust Administrator and the Master Servicer a report (in form and
        substance reasonably satisfactory to the Depositor, the Master Servicer and
        the
        Trust Administrator) regarding the Servicer’s assessment of compliance with the
        Relevant 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 addressed to the Master Servicer and
        the
        Depositor and signed by an authorized officer of the Servicer and shall address
        each of the Relevant Servicing Criteria specified substantially on Exhibit
        S
        hereto (or those Servicing Criteria otherwise mutually agreed to by the
        Depositor, the Master Servicer and the Servicer in response to evolving
        interpretations of Regulation AB;

       

      (ii)  deliver
        to the Trust Administrator and the Master Servicer a report of a registered
        public accounting firm reasonably acceptable to the Master Servicer, the
        Depositor and the Trust Administrator that attests to, and reports on, the
        assessment of the compliance made by the Servicer and delivered pursuant
        to the
        .preceding paragraph. Such attestation shall be in accordance with Rules
        1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the
        Exchange Act;

       

      (iii)  cause
        each Sub-Servicer and each Subcontractor, determined by the Servicer pursuant
        to
        Section 4.24(b) to be “participating in the servicing function” within the
        meaning of Item 1122 of Regulation AB, to deliver to the Trust Administrator,
        the Master Servicer and the Depositor an assessment of compliance and
        accountants’ attestation as and when provided in paragraphs (i) and (ii) of this
        Section 3.21; and

       

      (iv)  pursuant
        to Section 4.05(a)(iv), deliver, and cause each Sub-Servicer and each
        Subcontractor, determined by the Servicer pursuant to Section 4.24(b) to
        be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, to deliver to the Master Servicer a certification substantially
        in the form attached hereto as Exhibit N-2.

       

      Each
        assessment of compliance provided by a Sub-Servicer pursuant to Section
        3.21(iii) shall address each of the Relevant Servicing Criteria applicable
        to
        the Servicer in Exhibit S. An assessment of compliance provided by a
        Subcontractor pursuant to Section 3.21(iii) need not address any elements
        of the
        Relevant Servicing Criteria other than those specified by the Servicer pursuant
        to Section 3.02.

       

      The
        Servicer acknowledges that the Master Servicer may rely on the certification
        provided by the Servicer pursuant clause (iv) above in signing the Certification
        and filing such with the Commission. Neither the Master Servicer nor the
        Depositor will request delivery of a certification under clause (iv) above
        unless the Depositor is required under the Exchange Act to file an annual
        report
        on Form 10-K with respect to an issuing entity whose asset pool includes
        Mortgage Loans.

       

      Each
        of
        the Master Servicer, the Trust Administrator and each Custodian shall also
        provide, and each such party and the Trustee shall cause any Sub-servicer
        or
        Subcontractor engaged by it to provide an Assessment of Compliance and
        Attestation Report, as and when provided above, which shall at a minimum
        address
        each of the Servicing Criteria specified on Exhibit O hereto which are indicated
        as applicable to each such party. Notwithstanding the foregoing, as to any
        trustee, an Assessment of Compliance is not required to be delivered unless
        it
        is required as part of Form 10-K with respect to the Trust Fund.

       

      Each
        of
        the Servicer, the Master Servicer, the Trustee (in its capacity as Custodian)
        and the Trust Administrator shall indemnify and hold harmless the Depositor,
        the
        Master Servicer, the Servicer and the Trust Administrator and their officers,
        directors and Affiliates from and against any actual losses, damages, penalties,
        fines, forfeitures, reasonable and necessary legal fees and related costs,
        judgments and other costs and expenses that such Person may sustain based
        upon a
        breach of the obligations of such Indemnifying Party under this Section
        3.21.

       

      
        	 	
                (B)

              	
                Remedies
                  Regarding Statements as to Compliance, Assessments of Compliance
                  and
                  Attestation Reports.

              

      

       

      Any
        failure by the Servicer, any Sub-Servicer or any Subcontractor to deliver
        any
        information, report, certification or accountants’ letter when and as required
        under Section 3.20 or Section 3.21, including (except as provided below)
        any
        failure by the Servicer to identify any Subcontractor “participating in the
        servicing function” within the meaning of Item 1122 of Regulation AB, shall
        constitute a Servicer Event of Termination, and the Trustee may (at the
        direction of the Depositor) terminate the rights and obligations of the Servicer
        under this Agreement without payment (notwithstanding anything in this Agreement
        to the contrary) of any compensation to the Servicer (other than the Servicer’s
        rights to reimbursement of unreimbursed Advances and Servicing Advances and
        accrued and unpaid Servicing Fees in the manner provided in this Agreement);
        provided that to the extent that any provision of this Agreement expressly
        provides for the survival of certain rights or obligations following termination
        of the Servicer as servicer, such provision shall be given effect.

       

      Neither
        the Trustee nor the Depositor shall be entitled to terminate the rights and
        obligations of the Servicer pursuant to this subparagraph (B)(i) if a failure
        of
        the Servicer to identify a Subcontractor “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB was attributable
        solely to the role or functions of such Subcontractor with respect to mortgage
        loans other than the Mortgage Loans. 

       

      	SECTION
              3.22  	
              Access
                to Certain Documentation.

            

       

      The
        Servicer shall provide to the Trustee, the Trust Administrator and the
        Depositor, at the request of the Office of the Controller of the Currency,
        the
        Office of Thrift Supervision, the FDIC and any other federal or state banking
        or
        insurance regulatory authority that may exercise authority over any
        Certificateholder, access to the documentation regarding the Mortgage Loans
        required by applicable laws and regulations. Such access shall be afforded
        without charge, but only upon reasonable request and during normal business
        hours at the offices of the Servicer designated by it. In addition, upon
        receipt
        of 5 days written notice, access to the documentation regarding the Mortgage
        Loans required by applicable laws and regulations will be provided to such
        Certificateholder, the Trustee, the Trust Administrator, the Master Servicer
        and
        to any Person identified to the Servicer as a prospective transferee of a
        Certificate subject to the execution of a confidentiality agreement in form
        and
        substance satisfactory to the Servicer, upon reasonable request during normal
        business hours at the offices of the Servicer designated by it at the expense
        of
        the Person requesting such access. Nothing in this Section 3.22 shall derogate
        from the obligation of any such party to observe any applicable law prohibiting
        disclosure of information regarding the Mortgagors and the failure of any
        such
        party to provide access as provided in this Section as a result of such
        obligation shall not constitute a breach of this Section 3.22. Nothing in
        this
        Section 3.22 shall require the Servicer to collect, create, collate or otherwise
        generate any information that it does not generate in its usual course of
        business. The Servicer shall not be required to make copies of or ship documents
        to any party unless provisions have been made for the reimbursement of the
        costs
        thereof which shall in no event be reimbursable by the Trustee.

       

      The
        Servicer agrees to fully furnish, in accordance with the Fair Credit Reporting
        Act and its implementing regulations, accurate and complete information
        (e.g.,
        favorable and unfavorable) on its borrower credit files to Equifax, Experian
        and
        Trans Union Credit Information Servicer, on a monthly basis.

       

      	SECTION
              3.23  	
              Title,
                Management and Disposition of REO
                Property.

            

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

            

       

      The
        Servicer shall deliver to the Trust Administrator for deposit into the
        Distribution Account on the Servicer Remittance Date from its own funds (or
        from
        a Sub-Servicer’s own funds received by the Servicer in respect of Compensating
        Interest) an amount equal to the lesser of (a) the amount, if any, by which
        the
        Prepayment Interest Shortfall for the related Prepayment Period exceeds the
        Prepayment Interest Excess for the related Prepayment Period, and (b) the
        amount
        of the Servicing Fee payable to the Servicer for such Distribution Date.
        The
        Servicer shall not be obligated to pay Compensating Interest with respect
        to
        Relief Act Interest Shortfalls.

       

      	SECTION
              3.25  	
              Obligations
                of the Servicer in Respect of Monthly Payments. 

            

       

      In
        the
        event that a shortfall in any collection on or liability with respect to
        the
        Mortgage Loans in the aggregate results from or is attributable to adjustments
        to Mortgage Rates, Monthly Payments or Stated Principal Balances that were
        made
        by the Servicer in a manner not consistent with the terms of the related
        Mortgage Note and this Agreement, the Servicer, upon discovery or receipt
        of
        notice thereof, immediately shall deposit in the Collection Account from
        its own
        funds the amount of any such shortfall and shall indemnify and hold harmless
        the
        Trust Fund, the Trustee, the Trust Administrator, the Depositor and any
        successor servicer in respect of any such liability. Such indemnities shall
        survive the termination or discharge of this Agreement. If amounts paid by
        the
        Servicer with respect to any Mortgage Loan pursuant to this Section 3.25
        are
        subsequently recovered from the related Mortgagor, the Servicer shall be
        permitted to reimburse itself for such amounts paid by it pursuant to this
        Section 3.25 from such recoveries. Notwithstanding the foregoing, this Section
        3.25 shall not limit the ability of the Servicer to seek recovery of any
        such
        amounts from the related Mortgagor under the terms of the related Mortgage
        Note,
        as permitted by law.

       

      	SECTION
              3.26  	
              [Reserved].

            

       

      	SECTION
              3.27  	
              PMI
                Policies; Claims Under the PMI Policies.

            

       

      Notwithstanding
        anything to the contrary elsewhere in this Agreement, the Servicer shall
        not
        take any action with respect to a PMI Mortgage Loan that could result in
        denial
        of coverage under the PMI Policy. The Servicer shall notify the PMI Insurer
        that
        the Trustee, on behalf of the Certificateholders, is the Insured, as that
        term
        is defined in the PMI Policy, of each PMI Mortgage Loan. The Servicer shall,
        on
        behalf of the Trust Administrator, prepare and file on a timely basis with
        the
        PMI Insurer, all claims which may be made under the PMI Policy with respect
        to
        the PMI Mortgage Loans. Copies of any such claims will be provided to the
        Trust
        Administrator as reasonably requested. Consistent with all rights and
        obligations hereunder, the Servicer shall take all actions required under
        the
        PMI Policy as a condition to the payment of any such claim. Any amount received
        from the PMI Insurer with respect to any such PMI Mortgage Loan shall be
        deposited by the Servicer into the Collection Account in accordance with
        Section
        3.10. The Trust Administrator shall withdraw from the Distribution Account
        on
        each Distribution Date and pay to the PMI Insurer the PMI Insurer Fee in
        accordance with this Agreement.

       

      	SECTION
              3.28  	
              Late
                Remittance.

            

       

      With
        respect to any remittance received by the Master
        Servicer after
        the
        day on which such payment was due, the Servicer shall pay to the Master Servicer
        interest on any such late payment at an annual rate equal to the Prime Rate,
        adjusted as of the date of each change, plus three percentage points, but
        in no
        event greater than the maximum amount permitted by applicable law. Such interest
        shall be deposited in the Distribution Account by the Servicer on the date
        such
        late payment is made and shall cover the period commencing with the day such
        payment was due and ending with the Business Day on which such payment is
        made,
        both inclusive. Such interest shall be remitted along with the distribution
        payable on the next succeeding Servicer Remittance Date. The payment by the
        Servicer of any such interest shall not be deemed an extension of time for
        payment or a waiver of any Servicer Event of Termination.

       

      	SECTION
              3.29  	
              Advance
                Facility.

            

       

      The
        Servicer is hereby authorized to enter into a financing or other facility
        (any
        such arrangement, an “Advance Facility”) under which (1) the Servicer sells,
        assigns or pledges to another Person (together with such Person’s successors and
        assigns, an “Advancing Person”) the Servicer’s rights under this Agreement to be
        reimbursed for any Advances or Servicing Advances and/or (2) an Advancing
        Person
        agrees to fund some or all Advances and/or Servicing Advances required to
        be
        made by the Servicer pursuant to this Agreement. The Servicer is hereby
        authorized to assign its rights to the Servicing Fee; it being understood
        that
        neither the Trust Fund nor any party hereto shall have a right or claim
        (including without limitation any right of offset) to the portion of the
        Servicing Fee so assigned. No consent of the Depositor, the Master Servicer,
        the
        Trustee, the Trust Administrator, the Certificateholders or any other party
        shall be required before the Servicer may enter into an Advance Facility.
        The
        Servicer shall notify each other party to this Agreement prior to or promptly
        after entering into or terminating any Advance Facility. Notwithstanding
        the
        existence of any Advance Facility under which an Advancing Person agrees
        to fund
        Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall
        remain obligated pursuant to this Agreement to make Advances and Servicing
        Advances pursuant to and as required by this Agreement. If the Servicer enters
        into an Advance Facility, and for so long as an Advancing Person remains
        entitled to receive reimbursement for any Advances including Nonrecoverable
        Advances (“Advance Reimbursement Amounts”) and/or Servicing Advances including
        Nonrecoverable Advances (“Servicing Advance Reimbursement Amounts” and together
        with Advance Reimbursement Amounts, “Reimbursement Amounts”) (in each case to
        the extent such type of Reimbursement Amount is included in the Advance
        Facility), as applicable, pursuant to this Agreement, then, the Servicer
        shall
        identify such Reimbursement Amounts consistent with the reimbursement rights
        set
        forth in Section 3.11(ii), (iii), (vi) and (vii) and remit such Reimbursement
        Amounts in accordance with Section 3.10(b) or otherwise in accordance with
        the
        documentation establishing the Advance Facility to such Advancing Person
        or to a
        trustee, agent or custodian (an “Advance Facility Trustee”) designated by such
        Advancing Person. Notwithstanding anything to the contrary herein, in no
        event
        shall Advance Reimbursement Amounts or Servicing Advance Reimbursement Amounts
        be included in the Available Funds or distributed to
        Certificateholders.

       

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

       

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

       

      Reimbursement
        Amounts distributed with respect to each Mortgage Loan shall be allocated
        to
        outstanding unreimbursed Advances or Servicing Advances (as the case may
        be)
        made with respect to that Mortgage Loan on a "first in, first out" (FIFO)
        basis.
        Such documentation shall also require the Servicer to provide to the related
        Advancing Person or Advance Facility Trustee loan by loan information with
        respect to each Reimbursement Amount distributed to such Advancing Person
        or
        Advance Facility Trustee, to enable the Advancing Person or Advance Facility
        Trustee to make the FIFO allocation of each Reimbursement Amount with respect
        to
        each Mortgage Loan. The Servicer shall remain entitled to be reimbursed for
        all
        Advances and Servicing Advances funded by the Servicer to the extent the
        related
        rights to be reimbursed therefor have not been sold, assigned or pledged
        to an
        Advancing Person.

       

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

       

      Any
        amendment to this Section 3.29 or to any other provision of this Agreement
        that
        may be necessary or appropriate to effect the terms of an Advance Facility
        as
        described generally in this Section 3.29, including amendments to add provisions
        relating to a successor servicer, may be entered into by the Trustee, the
        Trust
        Administrator, the Depositor, the Master Servicer and the Servicer without
        the
        consent of any Certificateholder, provided such amendment complies with Section
        11.01 hereof. All reasonable costs and expenses (including attorneys’ fees and
        expenses) of each party hereto of any such amendment shall be borne solely
        by
        the Servicer. Prior to entering into an Advance Facility, the Servicer shall
        notify the Advancing Person in writing that: (a) the Advances and/or Servicing
        Advances purchased, financed by and/or pledged to the Advancing Person are
        obligations owed to the Servicer on a non-recourse basis payable only from
        the
        cash flows and proceeds received under this Agreement for reimbursement of
        Advances and/or Servicing Advances only to the extent provided herein, and
        the
        Trustee, the Trust Administrator, the Master Servicer and the Trust are not
        otherwise obligated or liable to repay any Advances and/or Servicing Advances
        financed by the Advancing Person; (b) the Servicer will be responsible for
        remitting to the Advancing Person the applicable amounts collected by it
        as
        reimbursement for Advances and/or Servicing Advances funded by the Advancing
        Person, subject to the restrictions and priorities created in this Agreement;
        and (c) neither the Trustee nor the Trust Administrator shall have any
        responsibility to track or monitor the administration of the Advance Facility
        between the Servicer and the Advancing Person.

       

      This
        Section 3.29 may not be amended or otherwise modified without the prior written
        consent of the related Advancing Person.

       

      	SECTION
              3.30  	
              Solicitations.

            

       

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

       

      ARTICLE
        IIIA

       

      ADMINISTRATION
        AND SERVICING OF THE MORTGAGE LOANS

       

      	SECTION
              3A.01  	
              Master
                Servicer to Act as Master Servicer.

            

       

      The
        Master Servicer shall supervise, monitor and oversee the obligation of the
        Servicer to service and administer the Mortgage Loans in accordance with
        the
        terms of this Agreement and shall have full power and authority to do any
        and
        all things which it may deem necessary or desirable in connection with such
        master servicing and administration. In performing its obligations hereunder,
        the Master Servicer shall act in a manner consistent with Accepted Master
        Servicing Practices. Furthermore, the Master Servicer shall oversee and consult
        with the Servicer as necessary from time-to-time to carry out the Master
        Servicer’s obligations hereunder, shall receive, review and evaluate all
        reports, information and other data provided to the Master Servicer by the
        Servicer and shall cause the Servicer to perform and observe the covenants,
        obligations and conditions to be performed or observed by the Servicer under
        this Agreement. The Master Servicer shall independently monitor the Servicer’s
        servicing activities with respect to each Mortgage Loan, reconcile the results
        of such monitoring with such information provided in the previous sentence
        on a
        monthly basis and coordinate corrective adjustments to the Servicer’s and Master
        Servicer’s records, and based on such reconciled and corrected information, the
        Master Servicer shall provide such information to the Trust Administrator
        as
        shall be necessary in order for it to prepare the statements specified in
        Section 4.02, and prepare any other information and statements required to
        be
        forwarded by the Master Servicer hereunder. The Master Servicer shall reconcile
        the results of its Mortgage Loan monitoring with the actual remittances of
        the
        Servicer to the Distribution Account pursuant to Section 3A.11.

       

      The
        Trustee shall furnish the Servicer and the Master Servicer with any powers
        of
        attorney and other documents in form as provided to it necessary or appropriate
        to enable the Servicer and the Master Servicer to service and administer
        the
        Mortgage Loans and REO Properties.

       

      The
        Trustee and the Trust Administrator shall provide access to the records and
        documentation in possession of the Trustee or the Trust Administrator, as
        applicable, regarding the Mortgage Loans and REO Properties and the servicing
        thereof to the Certificateholders, the FDIC, and the supervisory agents and
        examiners of the FDIC, such access being afforded only upon reasonable prior
        written request and during normal business hours at the office of the Trustee
        or
        the Trust Administrator, as applicable; provided, however, that, unless
        otherwise required by law, neither the Trustee nor the Trust Administrator
        shall
        be required to provide access to such records and documentation if the provision
        thereof would violate the legal right to privacy of any Mortgagor. The Trustee
        and the Trust Administrator shall allow representatives of the above entities
        to
        photocopy any of the records and documentation and shall provide equipment
        for
        that purpose at a charge that covers the Trustee’s or Trust Administrator’s, as
        applicable, actual costs.

       

      The
        Trustee shall execute and deliver to the Servicer and the Master Servicer
        any
        court pleadings, requests for trustee’s sale or other documents necessary or
        desirable to (i) the foreclosure or trustee’s sale with respect to a Mortgaged
        Property; (ii) any legal action brought to obtain judgment against any Mortgagor
        on the Mortgage Note or Security Instrument; (iii) obtain a deficiency judgment
        against the Mortgagor; or (iv) enforce any other rights or remedies provided
        by
        the Mortgage Note or Mortgage or otherwise available at law or
        equity.

       

      	SECTION
              3A.02  	
              [Reserved].

            

       

      	SECTION
              3A.03  	
              Monitoring
                of Servicer.

            

       

      In
        the
        review of the Servicer’s activities, the Master Servicer may rely upon an
        Officers’ Certificate of the Servicer (or similar document signed by a Servicing
        Officer of the Servicer) with regard to the Servicer’s compliance with the terms
        of this Agreement. In the event that the Master Servicer, in its judgment,
        determines that the Servicer should be terminated in accordance with the
        terms
        hereof, or that a notice should be sent pursuant to the terms hereof with
        respect to the occurrence of an event that, unless cured, would constitute
        grounds for such termination, the Master Servicer shall notify the Depositor,
        the Trust Administrator and the Trustee thereof and the Master Servicer shall
        issue such notice or take such other action as it deems
        appropriate.

       

      The
        Master Servicer or (if the Master Servicer is the Servicer) the Trustee,
        for the
        benefit of the Certificateholders, shall enforce the obligations of the Servicer
        under this Agreement, and shall, in the event that it receives notice that
        the
        Servicer has failed to perform its obligations in accordance with this
        Agreement, subject to the preceding paragraph, terminate the rights and
        obligations of the Servicer hereunder in accordance with the provisions of
        Article VII and act as Servicer of the Mortgage Loans or appoint a successor
        servicer; provided, however, it is understood and acknowledged by the parties
        hereto that there will be a period of transition (not to exceed 90 days)
        before
        the actual servicing functions can be fully transferred to such successor
        servicer. Such enforcement, including, without limitation, the legal prosecution
        of claims and the pursuit of other appropriate remedies, shall be in such
        form
        and carried out to such an extent and at such time as the Master Servicer
        or
        Trustee (or such other successor master servicer), as applicable, in its
        good
        faith business judgment, would require were it the owner of the Mortgage
        Loans.
        The Master Servicer or the Trustee (or such other successor master servicer),
        as
        applicable, shall pay the costs of such enforcement at its own expense, provided
        that the Master Servicer or the Trustee (or such other successor master
        servicer), as applicable, shall not be required to prosecute or defend any
        legal
        action except to the extent that the Master Servicer or the Trustee (or such
        other successor master servicer), as applicable, shall have received reasonable
        indemnity for its costs and expenses in pursuing such action.

       

      To
        the
        extent that the costs and expenses of the Master Servicer or Trustee, as
        applicable, related to any termination of the Servicer, appointment of a
        successor servicer or the transfer and assumption of servicing by the Master
        Servicer or the Trustee, as applicable, with respect to this Agreement
        (including, without limitation, (i) all legal costs and expenses and all
        due
        diligence costs and expenses associated with an evaluation of the potential
        termination of the Servicer as a result of a Servicer Event of Termination
        and
        (ii) all costs and expenses associated with the complete transfer of servicing,
        including all servicing files and all servicing data and the completion,
        correction or manipulation of such servicing data as may be required by the
        successor servicer to correct any errors or insufficiencies in the servicing
        data or otherwise to enable the successor servicer to service the Mortgage
        Loans
        in accordance with this Agreement) are not fully and timely reimbursed by
        the
        terminated Servicer, the Master Servicer or the Trustee, as applicable, shall
        be
        entitled to reimbursement of such costs and expenses from the Distribution
        Account.

       

      The
        Master Servicer (or if the Master Servicer is the Servicer, the Trustee (or
        other successor master servicer)) shall, upon receipt from the Servicer,
        the
        Master Servicer or the Trust Administrator, of notice of any failure of the
        Servicer to comply with the remittance requirements and other obligations
        set
        forth in this Agreement, enforce such obligations after consultation with
        the
        Depositor.

       

      If
        the
        Master Servicer or the Trustee, as applicable, acts as Servicer, it will
        not
        assume liability for the representations and warranties of the Servicer that
        it
        replaces.

       

      	SECTION
              3A.04  	
              Fidelity
                Bond.

            

       

      The
        Master Servicer, at its expense, shall maintain in effect a blanket fidelity
        bond and an errors and omissions insurance policy, affording coverage with
        respect to all directors, officers, employees and other Persons acting on
        such
        Master Servicer’s behalf, and covering errors and omissions in the performance
        of the Master Servicer’s obligations hereunder. The errors and omissions
        insurance policy and the fidelity bond shall be in such form and amount
        generally acceptable for entities serving as Master Servicer.

       

      	SECTION
              3A.05  	
              Power
                to Act; Procedures.

            

       

      The
        Master Servicer shall master service the Mortgage Loans and shall have full
        power and authority, subject to the REMIC Provisions and the provisions of
        Article X hereof, to do any and all things that it may deem necessary or
        desirable in connection with the master servicing and administration of the
        Mortgage Loans, including but not limited to the power and authority (i)
        to
        execute and deliver, on behalf of the Certificateholders and the Trustee,
        customary consents or waivers and other instruments and documents, (ii) to
        consent to transfers of any Mortgaged Property and assumptions of the Mortgage
        Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
        Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
        of
        the ownership of the Mortgaged Property securing any Mortgage Loan, in each
        case, in accordance with the provisions of this Agreement; provided, however,
        that the Master Servicer shall not (and, consistent with its responsibilities
        under Article X, shall not permit any Servicer to) knowingly or intentionally
        take any action, or fail to take (or fail to cause to be taken) any action
        reasonably within its control and the scope of duties more specifically set
        forth herein, that, under the REMIC Provisions, if taken or not taken, as
        the
        case may be, would cause the Trust REMIC to fail to qualify as a REMIC or
        result
        in the imposition of a tax upon the Trust Fund (including but not limited
        to the
        tax on prohibited transactions as defined in Section 860F(a)(2) of the Code
        and
        the tax on contributions to a REMIC set forth in Section 860G(d) of the Code)
        unless the Master Servicer has received an Opinion of Counsel (but not at
        the
        expense of the Master Servicer) to the effect that the contemplated action
        would
        not cause any REMIC to fail to qualify as a REMIC or result in the imposition
        of
        a tax upon any REMIC. The Trustee shall furnish the Master Servicer or the
        Servicer, upon written request from a Servicing Officer, with any powers
        of
        attorney empowering the Master Servicer or the Servicer to execute and deliver
        instruments of satisfaction or cancellation, or of partial or full release
        or
        discharge, and to foreclose upon or otherwise liquidate Mortgaged Property,
        and
        to appeal, prosecute or defend in any court action relating to the Mortgage
        Loans or the Mortgaged Property, in accordance with this Agreement, and the
        Trustee shall execute and deliver such other documents, as the Master Servicer
        may request, to enable the Master Servicer to master service and administer
        the
        Mortgage Loans and carry out its duties hereunder, in each case in accordance
        with Accepted Master Servicing Practices (and the Trustee shall have no
        liability for misuse of any such powers of attorney by the Master Servicer
        or
        the Servicer). If the Master Servicer or the Trustee has been advised that
        it is
        likely that the laws of the state in which action is to be taken prohibit
        such
        action if taken in the name of the Trustee or that the Trustee would be
        adversely affected under the “doing business” or tax laws of such state if such
        action is taken in its name, the Master Servicer shall join with the Trustee
        in
        the appointment of a co

       

      	SECTION
              3A.06  	
              Due
                on Sale Clauses; Assumption Agreements.

            

       

      To
        the
        extent Mortgage Loans contain enforceable due-on-sale clauses, the Master
        Servicer shall cause the Servicer to enforce such clauses in accordance with
        this Agreement. If applicable law prohibits the enforcement of a due-on-sale
        clause or such clause is otherwise not enforced in accordance with this
        Agreement, and, as a consequence, a Mortgage Loan is assumed, the original
        Mortgagor may be released from liability in accordance with this
        Agreement.

       

      	SECTION
              3A.07  	
              [Reserved].

            

       

      	SECTION
              3A.08  	
              Documents,
                Records and Funds in Possession of Master Servicer to be Held for
                Trustee.

            

       

      The
        Master Servicer and the Servicer shall transmit to the Trustee (or the Custodian
        on behalf of the Trustee) such documents and instruments coming into the
        possession of the Master Servicer or the Servicer from time to time as are
        required by the terms hereof to be delivered to the Trustee, the Trust
        Administrator or the Custodian. Any funds received by the Master Servicer
        or by
        the Servicer in respect of any Mortgage Loan or which otherwise are collected
        by
        the Master Servicer or by the Servicer as Liquidation Proceeds or Insurance
        Proceeds in respect of any Mortgage Loan shall be held for the benefit of
        the
        Trustee and the Certificateholders subject to the Master Servicer’s right to
        retain or withdraw from the Distribution Account the Master Servicing
        Compensation and other amounts provided in this Agreement, and to the right
        of
        the Servicer to retain its Servicing Fee and other amounts as provided in
        this
        Agreement. The Master Servicer shall, and subject to Section 3.22 shall cause
        the Servicer to, provide access to information and documentation regarding
        the
        Mortgage Loans to the Trust Administrator, its agents and accountants at
        any
        time upon reasonable request and during normal business hours, and to
        Certificateholders that are savings and loan associations, banks or insurance
        companies, the Office of Thrift Supervision, the FDIC and the supervisory
        agents
        and examiners of such Office and Corporation or examiners of any other federal
        or state banking or insurance regulatory authority if so required by applicable
        regulations of the Office of Thrift Supervision or other regulatory authority,
        such access to be afforded without charge but only upon reasonable request
        in
        writing and during normal business hours at the offices of the Master Servicer
        designated by it. In fulfilling such a request the Master Servicer shall
        not be
        responsible for determining the sufficiency of such information.

       

      All
        Mortgage Files and funds collected or held by, or under the control of, the
        Master Servicer or the Servicer, in respect of any Mortgage Loans, whether
        from
        the collection of principal and interest payments or from Liquidation Proceeds
        or Insurance Proceeds, shall be held by the Servicer or the Master Servicer,
        as
        applicable, for and on behalf of the Trustee and the Certificateholders and
        shall be and remain the sole and exclusive property of the Trustee; provided,
        however, that the Master Servicer and the Servicer shall be entitled to setoff
        against, and deduct from, any such funds any amounts that are properly due
        and
        payable to the Master Servicer or the Servicer under this
        Agreement.

       

      	SECTION
              3A.09  	
              Compensation
                for the Master Servicer.

            

       

      The
        Master Servicer will be entitled to a portion of the Administration Fee and
        all
        income and gain realized from any investment of funds in the Distribution
        Account, pursuant to Section 3A.11 and Section 3A.12, for the performance
        of its
        activities hereunder (the “Master Servicing Compensation”). Servicing
        compensation in the form of assumption fees, if any, late payment charges,
        as
        collected, if any, or otherwise shall be retained by the Servicer in accordance
        with Section 3.18. The Master Servicer shall be required to pay all expenses
        incurred by it in connection with the performance of its duties hereunder
        and
        shall not be entitled to reimbursement therefor except as provided in this
        Agreement.

       

      	SECTION
              3A.10  	
              Obligations
                of the Master Servicer in Respect of Prepayment Interest
                Shortfalls.

            

       

      In
        the
        event of a Prepayment Interest Shortfall, the Master Servicer shall remit
        to the
        Trust Administrator, from its own funds and without right of reimbursement
        (except as described below), not later than the related Distribution Date,
        Compensating Interest in an amount equal to the lesser of (i) the aggregate
        amounts in respect of Compensating Interest required to be paid by the Servicer
        pursuant to Section 3.24 with respect to Prepayment Interest Shortfalls
        attributable to Principal Prepayments in full on the Mortgage Loans for the
        related Distribution Date and not so paid by the Servicer and (ii) the aggregate
        compensation payable to the Master Servicer for the related collection period
        under this Agreement. In the event the Master Servicer pays any amount in
        respect of such Compensating Interest prior to the time it shall have succeeded
        as successor servicer, the Master Servicer shall be subrogated to the Trust
        Fund’s right to receive such amount from the Servicer. In the event the Trust
        Fund receives from the Servicer all or any portion of amounts in respect
        of
        Compensating Interest required to be paid by the Servicer pursuant to Section
        3.24, not so paid by the Servicer when required, and paid by the Master Servicer
        pursuant to this Section 3A.10, then the Master Servicer may reimburse itself
        for the amount of Compensating Interest paid by the Master Servicer from
        such
        receipts by the Trust Fund.

       

      	SECTION
              3A.11  	
              Distribution
                Account. 

            

       

      On
        behalf
        of the Trust Fund, the Trust Administrator shall establish and maintain one
        or
        more accounts (such account or accounts, the “Distribution Account”), held in
        Trust for the benefit of the Trustee and the Certificateholders. The
        Distribution Account shall be an Eligible Account. The Master Servicer will
        deposit in the Distribution Account as identified by the Master Servicer
        and as
        received by the Master Servicer, the following amounts:

       

      (i)  Any
        amounts remitted to the Master Servicer by the Servicer from the Collection
        Account;

       

      (ii)  Any
        Advances received from the Servicer, or made by the Master Servicer or (if
        the
        Master Servicer is the Servicer) the Trustee (in each case in its capacity
        as
        successor servicer), and any payments of Compensating Interest received from
        the
        Servicer or made by the Master Servicer (unless, in the case of the Master
        Servicer, such amounts are deposited by the Master Servicer directly into
        the
        Distribution Account);

       

      (iii)  Any
        Insurance Proceeds or Net Liquidation Proceeds received by or on behalf of
        the
        Master Servicer or which were not deposited in the Collection
        Account;

       

      (iv)  Any
        amounts required to be deposited with respect to losses on investments of
        deposits in the Distribution Account; and

       

      (v)  Any
        other
        amounts received by or on behalf of the Master Servicer and required to be
        deposited in the Distribution Account pursuant to this Agreement.

       

      All
        amounts deposited to the Distribution Account shall be held by the Master
        Servicer in the name of the Trustee in Trust for the benefit of the
        Certificateholders in accordance with the terms and provisions of this
        Agreement. The requirements for crediting the Distribution Account shall
        be
        exclusive, it being understood and agreed that, without limiting the generality
        of the foregoing, payments in the nature of (A) late payment charges or
        assumption, tax service, statement account or payoff, substitution,
        satisfaction, release and other like fees and charges and (B) the items
        enumerated in Section 3A.12(a) (with respect the clearing and termination
        of the
        Distribution Account and with respect to amounts deposited in error), in
        Section
        3A.12(b) or in clauses (i), (ii), (iii) and (iv), (v) of Section 3A.12(c),
        need
        not be credited by the Master Servicer to the Distribution Account. In the
        event
        that the Master Servicer shall deposit or cause to be deposited to the
        Distribution Account any amount not required to be credited thereto, the
        Trustee
        or the Trust Administrator, upon receipt of a written request therefor signed
        by
        a Servicing Officer of the Master Servicer, shall promptly transfer such
        amount
        to the Master Servicer, any provision herein to the contrary
        notwithstanding.

       

      The
        Trust
        Administrator may direct any depository institution maintaining the Distribution
        Account to invest the funds on deposit in such account or to hold such funds
        uninvested. All investments pursuant to this Section 3A.11 shall be in one
        or
        more Permitted Investments bearing interest or sold at a discount, and maturing,
        unless payable on demand, (i) no later than the Business Day immediately
        preceding the date on which such funds are required to be withdrawn from
        such
        account pursuant to this Agreement, if a Person other than the Trust
        Administrator is the obligor thereon or if such investment is managed or
        advised
        by a Person other than the Trust Administrator or an Affiliate of the Trust
        Administrator, and (ii) no later than the date on which such funds are required
        to be withdrawn from such account pursuant to this Agreement, if the Trust
        Administrator is the obligor thereon or if such investment is managed or
        advised
        by the Trust Administrator or any Affiliate. All such Permitted Investments
        shall be held to maturity, unless payable on demand. Any investment of funds
        in
        the Distribution Account shall be made in the name of the Trustee, or in
        the
        name of a nominee of the Trust Administrator. The Trust Administrator shall
        be
        entitled to sole possession over each such investment, and any certificate
        or
        other instrument evidencing any such investment shall be delivered directly
        to
        the Trust Administrator or its agent, together with any document of transfer
        necessary to transfer title to such investment to the Trust Administrator
        or its
        nominee. In the event amounts on deposit in the Distribution Account are
        at any
        time invested in a Permitted Investment payable on demand, the Trust
        Administrator shall:

       

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

       

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

       

      All
        income and gain realized from the investment of funds deposited in the
        Distribution Account shall be for the benefit of the Master Servicer. The
        Trust
        Administrator shall deposit in the Distribution Account the amount of any
        loss
        of principal incurred in respect of any such Permitted Investment made with
        funds in such Account immediately upon realization of such loss.

       

      	SECTION
              3A.12  	
              Permitted
                Withdrawals and Transfers from the Distribution
                Account.

            

       

      (a)
        The
        Trust Administrator will, from time to time on demand of the Master Servicer,
        the Servicer or the Trustee, make or cause to be made such withdrawals or
        transfers from the Distribution Account pursuant to this Agreement. The Trust
        Administrator may clear and terminate the Distribution Account pursuant to
        Section 9.01 and remove amounts from time to time deposited in
        error.

       

      (b)
        On an
        ongoing basis, the Trust Administrator shall withdraw funds from the
        Distribution Account to pay (i) any Extraordinary Trust Fund Expenses including
        but not limited to amounts payable to the Servicer or the Depositor pursuant
        to
        Section 6.03(b) or Master Servicer pursuant to Section 6.03(c), and (ii)
        any
        amounts expressly payable to the Master Servicer as set forth in Section
        3A.09.

       

      (c)
        The
        Trust Administrator may withdraw from the Distribution Account any of the
        following amounts (in the case of any such amount payable or reimbursable
        to the
        Servicer, only to the extent the Servicer shall not have paid or reimbursed
        itself such amount prior to making any remittance to the Master Servicer
        pursuant to the terms of this Agreement):

       

      (i)  to
        reimburse the Master Servicer or (if the Master Servicer is the Servicer)
        the
        Trustee (to the extent either of them is obligated to do so as successor
        Servicer) for any Advance of its own funds, the right of the Master Servicer
        or
        the Trustee, as applicable, to reimbursement pursuant to this subclause (i)
        being limited to amounts received on a particular Mortgage Loan (including,
        for
        this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation
        Proceeds and Subsequent Recoveries) which represent late payments or recoveries
        of the principal of or interest on such Mortgage Loan respecting which such
        Advance was made;

       

      (ii)  to
        reimburse the Master Servicer from Insurance Proceeds, Liquidation Proceeds
        or
        Subsequent Recoveries relating to a particular Mortgage Loan for amounts
        expended by the Master Servicer in good faith in connection with the restoration
        of the related Mortgaged Property which was damaged by an Uninsured Cause
        or in
        connection with the liquidation of such Mortgage Loan;

       

      (iii)  to
        reimburse the Master Servicer from Insurance Proceeds relating to a particular
        Mortgage Loan for insured expenses incurred with respect to such Mortgage
        Loan
        and to reimburse the Master Servicer from Liquidation Proceeds and Subsequent
        Recoveries from a particular Mortgage Loan for Liquidation Expenses incurred
        with respect to such Mortgage Loan;

       

      (iv)  to
        reimburse the Master Servicer for advances of funds (other than Advances)
        made
        with respect to the Mortgage Loans, and the right to reimbursement pursuant
        to
        this subclause being limited to amounts received on the related Mortgage
        Loan
        (including, for this purpose, the Purchase Price therefor, Insurance Proceeds,
        Liquidation Proceeds and Subsequent Recoveries) which represent late recoveries
        of the payments for which such advances were made;

       

      (v)  to
        reimburse the Master Servicer or (if the Master Servicer is the Servicer)
        the
        Trustee (to the extent either of them is obligated to do so as successor
        Servicer) for any Advance or Servicing Advance, after a Realized Loss has
        been
        allocated with respect to the related Mortgage Loan if the Advance or Servicing
        Advance has not been reimbursed pursuant to clauses (i) through
        (iv);

       

      (vi)  to
        pay
        the Credit Risk Manager the Credit Risk Manager Fee;

       

      (vii)  to
        pay
        the PMI Insurer the PMI Insurance Fee;

       

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

       

      (ix)  to
        pay
        compensation to the Trust Administrator on each Distribution Date;

       

      (x)  to
        pay
        any amounts in respect of taxes pursuant to Section 10.01(g);

       

      (xi)  without
        duplication of the amount set forth in clause (iii) above, to pay any
        Extraordinary Trust Fund Expenses to the extent not paid by the Master Servicer
        from the Distribution Account;

       

      (xii)  without
        duplication of any of the foregoing, to reimburse or pay the Servicer any
        such
        amounts as are due thereto under this Agreement and have not been retained
        by or
        paid to the Servicer, to the extent provided in this Agreement and to refund
        to
        the Servicer any amount remitted by the Servicer to the Master Servicer in
        error;

       

      (xiii)  to
        pay to
        the Master Servicer, any interest or investment income earned on funds deposited
        in the Distribution Account;

       

      (xiv)  to
        withdraw any amount deposited in the Distribution Account in error;
        and

       

      (xv)  to
        clear
        and terminate the Distribution Account pursuant to Section 9.01.

       

      The
        Master Servicer shall keep and maintain separate accounting, on a Mortgage
        Loan
        by Mortgage Loan basis, for the purpose of accounting for any reimbursement
        from
        the Distribution Account pursuant to clauses (i) through (v) above or with
        respect to any such amounts which would have been covered by such clauses
        had
        the amounts not been retained by the Master Servicer without being deposited
        in
        the Distribution Account.

       

      On
        the
        Business Day prior to each Distribution Date, the Master Servicer or (if
        the
        Master Servicer is the Servicer) the Trustee (to the extent either of them
        is
        obligated to do so as successor Servicer) shall remit to the Trust Administrator
        for deposit in the Distribution Account any Advances required to be made
        and the
        Master Servicer shall deposit in the Distribution Account any Compensating
        Interest required to be paid, in either such case by the Master Servicer
        or the
        Trustee, as applicable, with respect to the Mortgage Loans.

       

      ARTICLE
        IV

       

      FLOW
        OF
        FUNDS

       

      	SECTION
              4.01  	
              Distributions.

            

       

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

       

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

       

      (ii)  sequentially,
        to the Holders of the Class M-1 Certificates, the Class M-2 Certificates,
        the
        Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
        the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
        Certificates, the Class M-9 Certificates and the Class M-10 Certificates,
        in
        that order, in an amount equal to the Monthly Interest Distributable Amount
        for
        each such Class.

       

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

       

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

       

      (ii)  sequentially,
        to the Holders of the Class M-1 Certificates, the Class M-2 Certificates,
        the
        Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
        the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
        Certificates, the Class M-9 Certificates and the Class M-10 Certificates,
        in
        that order, in each case, until the Certificate Principal Balances thereof
        have
        been reduced to zero.

       

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

       

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

       

      (iv)  sequentially,
        to the Holders of the Class M-1 Certificates, the Class M-2 Certificates
        and the
        Class M-3 Certificates, in that order, the Class M-1/M-2/M-3 Principal
        Distribution Amount until the Certificate Principal Balances thereof have
        been
        reduced to zero;

       

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

       

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

       

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

       

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

       

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

       

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

       

      (xi)  to
        the
        Holders of the Class M-10 Certificates, the Class M-10 Principal Distribution
        Amount until the Certificate Principal Balance thereof has been reduced to
        zero.

       

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

       

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

       

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

       

      (ii)  sequentially,
        to the Holders of the Class M-1 Certificates, the Class M-2 Certificates,
        the
        Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
        the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
        Certificates, the Class M-9 Certificates and the Class M-10 Certificates,
        in
        that order, first, up to the Unpaid Interest Shortfall Amount for each such
        Class and second, up to the Allocated Realized Loss Amount for each such
        Class;

       

      (iii)  to
        the
        Net WAC Rate Carryover Reserve Account, the aggregate of any Net WAC Rate
        Carryover Amounts for the Floating Rate Certificates which exceed the amounts
        received under the Basis Risk Cap Agreement, without taking into account
        amounts, if any, received
        by the Supplemental Interest Trust Trustee under the Interest Rate Swap
        Agreement or the Cap Trustee under the Interest Rate Cap Agreement;

       

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

       

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

       

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

       

      (vii)  any
        remaining amounts to the Holders of the Residual Certificates (in respect
        of the
        Class R-4 Interest).

       

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

       

      (i)  concurrently,
        to each Class of Senior Certificates, the related Basis Risk Cap Amount,
        from
        payments made under the Basis Risk Cap Agreement, in each case up to a maximum
        amount equal to the related Net WAC Rate Carryover Amount for such Distribution
        Date;

       

      (ii)  sequentially,
        the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3
        Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the
        Class
        M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates,
        the
        Class M-9 Certificates and the Class M-10 Certificates, in that order, the
        related Basis Risk Cap Amount, from payments made under the Basis Risk Cap
        Agreement, in each case up to a maximum amount equal to the related Net WAC
        Rate
        Carryover Amount for such Distribution Date;

       

      (iii)  concurrently,
        to each Class of Senior Certificates, the related Net WAC Rate Carryover
        Amount
        remaining undistributed pursuant to clause (i) above, on a pro
        rata
        basis
        based on such respective remaining Net WAC Rate Carryover Amounts;
        and

       

      (iv)  sequentially,
        to the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3
        Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the
        Class
        M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates,
        the
        Class M-9 Certificates and the Class M-10 Certificates, in that order, the
        related Net WAC Rate Carryover Amount remaining undistributed pursuant to
        clause
        (ii) above.

       

      (e)  On
        or
        before each Distribution Date, Net Swap Payments (whether payable to the
        Swap
        Provider or to the Supplemental Interest Trust Trustee), any Swap Termination
        Payment owed to the Swap Provider not resulting from a Swap Provider Trigger
        Event pursuant to the Interest Rate Swap Agreement and any Swap Termination
        Payments owed to the Supplemental Interest Trust Trustee will be deposited
        by
        the Supplemental Interest Trust Trustee into the Swap Account. On each
        Distribution Date, the Trust Administrator shall withdraw from amounts on
        deposit in the Swap Account (other than amounts representing Swap Termination
        Payments received by the Supplemental Interest Trust Trustee or Net Swap
        Payments received by the Supplemental Interest Trust Trustee) prior to any
        distribution to any Certificates as follows:

       

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

       

      (ii)  to
        the
        Swap Provider, any Swap Termination Payment owed to the Swap Provider not
        due to
        a Swap Provider Trigger Event pursuant to the Interest Rate Swap Agreement
        and
        to the extent not paid by the Trust Administrator (in its capacity as
        Supplemental Interest Trust Trustee) from any upfront payment received pursuant
        to any replacement interest rate swap agreement;

       

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

       

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

       

      (iv)  sequentially,
        to the Class M-1 Certificates,
        Class
        M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5
        Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8
        Certificates, Class M-9 Certificates and Class M-10 Certificates, in that
        order,
        the related Monthly Interest Distributable Amount and Unpaid Interest Shortfall
        Amount, to the extent remaining undistributed;

       

      (v)  to
        the
        Holders of the Class or Classes of Certificates then entitled to receive
        distributions in respect of principal, in an amount equal to any Extra Principal
        Distribution Amount, distributable to such Holders as part of the Principal
        Distribution Amount;

       

      (vi)  sequentially
        to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
        Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
        M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class
        M-10
        Certificates, in that order, in each case up to the related Allocated Realized
        Loss Amount related to such Certificates for such Distribution Date remaining
        undistributed;

       

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

       

      (viii)  sequentially,
        to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
        Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
        M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class
        M-10
        Certificates, in that order, the related Net WAC Rate Carryover Amount, to
        the
        extent remaining undistributed after distributions are made from the Net
        WAC
        Rate Carryover Reserve Account; and

       

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

       

      (f)  Notwithstanding
        any of the foregoing, the aggregate amount distributed under Section 4.01
        (f)
        (iii) above on such Distribution Date, when added to the cumulative amount
        distributed under Section 4.01 (f) (iii) above on all prior Distribution
        Dates,
        will not be permitted to exceed the cumulative amount of Realized Losses
        incurred on the Mortgage Loans since the Cut-off Date through the last day
        of
        the Prepayment Period (reduced by the aggregate amount of Subsequent Recoveries
        received since the Cut-off date through the last day of the Prepayment Period).
        Any amounts that would otherwise be distributable from the Supplemental Interest
        Trust on any Distribution Date under Section 4.01 (f) (iii) above, but for
        the
        foregoing proviso, will be retained in the Supplemental Interest Trust and
        will
        be included in amounts available for distribution from the Supplemental Interest
        Trust on the next succeeding Distribution Date, subject to the foregoing
        proviso
        in the case of amounts to be distributed under Section 4.01 (f) (iii)
        above.

       

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

       

      (i)  concurrently,
        to each Class of Class A Certificates, the related Monthly Interest
        Distributable Amount and Unpaid Interest Shortfall Amount remaining
        undistributed, on a pro
        rata
        basis
        based on such respective remaining Monthly Interest Distributable Amount
        and
        Unpaid Interest Shortfall Amount;

       

      (ii)  sequentially,
        to the Class M-1 Certificates,
        Class
        M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5
        Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8
        Certificates, Class M-9 Certificates and Class M-10 Certificates, in that
        order,
        the related Monthly Interest Distributable Amount and Unpaid Interest Shortfall
        Amount, to the extent remaining undistributed;

       

      (iii)  to
        the
        Holders of the Class or Classes of Certificates then entitled to receive
        distributions in respect of principal, in an amount equal to any Extra Principal
        Distribution Amount, distributable to such Holders as part of the Principal
        Distribution Amount;

       

      (iv)  sequentially
        to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
        Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
        M-7 Certificates, Class M-8 Certificates,
        Class
        M-9 Certificates and Class M-10 Certificates,, in
        that
        order, in each case up to the related Allocated Realized Loss Amount related
        to
        such Certificates for such Distribution Date remaining
        undistributed;

       

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

       

      (vi)  sequentially,
        to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
        Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
        M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class
        M-10
        Certificates,, in that order, the related Net WAC Rate Carryover Amount,
        to the
        extent remaining undistributed after distributions are made from the Net
        WAC
        Rate Carryover Reserve Account; and

       

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

       

      Notwithstanding
        any of the foregoing, the aggregate amount distributed under Section 4.01
        (f)
        (iii) above on such Distribution Date, when added to the cumulative amount
        distributed under Section 4.01 (f) (iii) above on all prior Distribution
        Dates,
        will not be permitted to exceed the cumulative amount of Realized Losses
        incurred on the Mortgage Loans since the Cut-off Date through the last day
        of
        the Prepayment Period (reduced by the aggregate amount of Subsequent Recoveries
        received since the Cut-off date through the last day of the Prepayment Period).
        Any amounts that would otherwise be distributable from the Supplemental Interest
        Trust on any Distribution Date under Section 4.01 (f) (iii) above, but for
        the
        foregoing proviso, will be retained in the Supplemental Interest Trust and
        will
        be included in amounts available for distribution from the Supplemental Interest
        Trust on the next succeeding Distribution Date, subject to the foregoing
        proviso
        in the case of amounts to be distributed under Section 4.01 (f) (iii)
        above.

       

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

       

      (i)  concurrently,
        to each Class of Class A Certificates, the related Monthly Interest
        Distributable Amount and Unpaid Interest Shortfall Amount remaining
        undistributed, on a pro
        rata
        basis
        based on such respective remaining Monthly Interest Distributable Amount
        and
        Unpaid Interest Shortfall Amount;

       

      (ii)  sequentially,
        to the Class M-1 Certificates,
        Class
        M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5
        Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8
        Certificates, Class M-9 Certificates and Class M-10 Certificates,, in that
        order, the related Monthly Interest Distributable Amount and Unpaid Interest
        Shortfall Amount, to the extent remaining undistributed;

       

      (iii)  to
        the
        Holders of the Class or Classes of Certificates then entitled to receive
        distributions in respect of principal, in an amount equal to any Extra Principal
        Distribution Amount, without taking into account amounts, if any, received
        under
        the Interest Rate Swap Agreement, distributable to such Holders as part of
        the
        Principal Distribution Amount;

       

      (iv)  sequentially
        to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
        Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
        M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class
        M-10
        Certificates,, in that order, in each case up to the related Allocated Realized
        Loss Amount related to such Certificates for such Distribution Date remaining
        undistributed;

       

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

       

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

       

      (vii)  any
        remaining amounts to the Sponsor or its designee, as set forth in the Cap
        Allocation Agreement.

       

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

       

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

       

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

       

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

       

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

       

      	SECTION
              4.02  	
              [Reserved].

            

       

      	SECTION
              4.03  	
              Statements.

            

       

      (a)  On
        each
        Distribution Date, based, as applicable, on information provided to the Trust
        Administrator by the Master Servicer (which in turn shall be based, as
        applicable, on information provided to the Master Servicer by the Servicer)
        the
        Trust Administrator shall prepare and make available to each Holder of the
        Regular Certificates, the Credit Risk Manager, the Servicer and the Rating
        Agencies, a statement as to the distributions made on such Distribution
        Date:

       

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

       

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

       

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

       

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

       

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

       

      (vi)  the
        Pool
        Balance at the Close of Business at the end of the related Due
        Period;

       

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

       

      (viii)  the
        number and aggregate unpaid Stated Principal Balance of Mortgage Loans (not
        including a Liquidated Mortgage Loan as of the end of the Prepayment Period)
        that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or
        foreclosure and REO Properties) using the OTS Method (as described below)
        (1) 30
        to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B) as to which
        foreclosure proceedings have been commenced and Delinquent (1) 30 to 59 days,
        (2) 60 to 89 days and (3) 90 or more days, (C) in bankruptcy and Delinquent
        (1)
        30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in each case as
        of the
        Close of Business on the last day of the calendar month preceding such
        Distribution Date and (D) REO Properties, as well as the aggregate principal
        balance of Mortgage Loans that were liquidated and the net proceeds resulting
        therefrom;

       

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

       

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

       

      (xi)  the
        aggregate amount of Realized Losses incurred during the related Prepayment
        Period, which will include the aggregate amount of Subsequent Recoveries
        received during the related Prepayment Period and the aggregate amount of
        Realized Losses incurred since the Closing Date, which will include the
        cumulative amount of Subsequent Recoveries received since the Closing
        Date;

       

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

       

      (xiii)  the
        Certificate Principal Balance of each Class of Floating Rate Certificates
        and
        the Class C Certificates, before and after giving effect to the distributions
        made on such Distribution Date;

       

      (xiv)  the
        Monthly Interest Distributable Amount in respect of the Floating Rate
        Certificates and the Class C Certificates for such Distribution Date and
        the
        Unpaid Interest Shortfall Amount, if any, with respect to the Floating Rate
        Certificates for such Distribution Date;

       

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

       

      (xvi)  the
        Credit Enhancement Percentage for such Distribution Date;

       

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

       

      (xviii)  whether
        the Stepdown Date or a Trigger Event has occurred, the Delinquency Percentage
        for such Distribution Date and the Realized Loss Percentage for such
        Distribution Date;

       

      (xix)  the
        total
        cashflows received and the general sources thereof (including amounts received
        from the Supplemental Interest Trust Trustee under the Interest Rate Swap
        Agreement, from the Cap Trustee under the Interest Rate Cap Agreement and
        under
        the Basis Risk Cap Agreement);

       

      (xx)  the
        respective Pass-Through Rates applicable to the Floating Rate Certificates
        and
        the Class C Certificates for such Distribution Date and the Pass-Through
        Rate
        applicable to the Floating Rate Certificates for the immediately succeeding
        Distribution Date;

       

      (xxi)  payments,
        if any, made under the Basis Risk Cap Agreement and the Interest Rate Cap
        Agreement and the amount distributed to the Floating Rate Certificates from
        such
        payments;

       

      (xxii)  the
        amount of any Net Swap Payments or Swap Termination Payments paid to the
        Swap
        Provider; 

       

      (xxiii)  the
        applicable Record Date, Accrual Period and any other applicable determination
        dates for calculating distributions for such Distribution Date; 

       

      (xxiv)  [reserved];

       

      (xxv)  to
        the
        extent provided by the Servicer (A) the amount of payments received from
        the
        Servicer related to claims under each PMI Policy during the related Prepayment
        Period (and the number of Mortgage Loans to which such payments related)
        and (B)
        the cumulative amount of payments received related to claims under each PMI
        Policy since the Closing Date (and the number of Mortgage Loans to which
        such
        payments related); and

       

      (xxvi)  to
        the
        extent provided by the Servicer (A) the dollar amount of claims made under
        each
        PMI Policy that were denied (as identified by the Servicer) during the
        Prepayment Period (and the number of Mortgage Loans to which such denials
        related) and (B) the dollar amount of the cumulative claims made under each
        PMI
        Policy that were denied since the Closing Date (and the number of Mortgage
        Loans
        to which such denials related).

       

      The
        Trust
        Administrator will make such statement (and, at its option, any additional
        files
        containing the same information in an alternative format) available each
        month
        to Certificateholders, the Master Servicer, the Servicer, the Depositor and
        the
        Rating Agencies via the Trust Administrator’s internet website. The Trust
        Administrator’s internet website shall initially be located at
“www.ctslink.com”. Assistance in using the website can be obtained by calling
        the Trust Administrator’s customer service desk at (301) 815-6600. Parties that
        are unable to use the above distribution options are entitled to have a paper
        copy mailed to them via first class mail by calling the customer service
        desk
        and indicating such. The Trust Administrator shall have the right to change
        the
        way such statements are distributed in order to make such distribution more
        convenient and/or more accessible to the above parties and the Trust
        Administrator shall provide timely and adequate notification to all above
        parties regarding any such changes. As a condition to access the Trust
        Administrator’s internet website, the Trust Administrator may require
        registration and the acceptance of a disclaimer. The Trust Administrator
        will
        not be liable for the dissemination of information in accordance with this
        Agreement. The Trust Administrator shall also be entitled to rely on but
        shall
        not be responsible for the content or accuracy of any information provided
        by
        third parties for purposes of preparing the distribution date statement and
        may
        affix thereto any disclaimer it deems appropriate in its reasonable discretion
        (without suggesting liability on the part of any other party
        thereto).

       

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

       

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

       

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

       

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

       

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

       

      	SECTION
              4.04  	
              Remittance
                Reports; Advances.

            

       

      (a)  Not
        later
        than the 17th
        day of
        each calendar month or if such 17th
        day is
        not a Business Day, the following Business Day, the Servicer shall furnish
        to
        the Master Servicer a monthly remittance advice (which together with any
        supplemental reports is known as the “Remittance Report”) in a format attached
        as Exhibit R-2 or in any other format as mutually agreed to between the Servicer
        and the Master Servicer, containing such information regarding the Mortgage
        Loans as is needed by the Master Servicer to perform its duties as set forth
        in
        Section 4.01 and 4.02 hereof. Such Remittance Report will also include a
        delinquency report substantially in the form set forth in Exhibit R-1 and
        a
        realized loss report substantially in the form set forth in Exhibit R-3 (or
        in
        either case, such other format as mutually agreed to between the Servicer
        and
        the Master Servicer). The Master Servicer shall not be responsible to recompute,
        recalculate or verify any information provided to it by the
        Servicer.

       

      (b)  The
        amount of Advances to be made by the Servicer for any Distribution Date shall
        equal, subject to Section 4.04(d), the sum of (i) the aggregate amount of
        Monthly Payments (net of the related Servicing Fee), due during the related
        Due
        Period in respect of the Mortgage Loans (other than with respect to any REO
        Property or second lien Mortgage Loan as described in clauses (ii) and (iii)
        below or a Balloon Mortgage Loan as described below), which Monthly Payments
        were delinquent on a contractual basis as of the Close of Business on the
        related Determination Date, (ii) with respect to each REO Property, which
        REO
        Property was acquired during or prior to the related Due Period and as to
        which
        REO Property an REO Disposition did not occur during the related Due Period,
        an
        amount equal to the excess, if any, of the REO Imputed Interest on such REO
        Property for the most recently ended calendar month, over the net income
        from
        such REO Property transferred to the Distribution Account pursuant to Section
        3.23 for distribution on such Distribution Date and (iii) with respect to
        each
        second lien Mortgage Loan, an amount equal to the interest portion of the
        related Monthly Payment (net of the related Servicing Fee). For purposes
        of the
        preceding sentence, the Monthly Payment on each Balloon Mortgage Loan with
        a
        delinquent Balloon Payment is equal to the assumed monthly payment that would
        have been due on the related Due Date based on the original principal
        amortization schedule for such Balloon Mortgage Loan and not the entire Balloon
        Payment. In addition, the Servicer shall not be required to advance any Relief
        Act Interest Shortfalls or to cover Prepayment Interest Shortfalls in excess
        of
        its obligations under Section 3.24.

      

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

      

       

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

       

      (d)  Notwithstanding
        anything herein to the contrary, no Advance or Servicing Advance shall be
        required to be made hereunder by the Servicer if such Advance or Servicing
        Advance would, if made, constitute a Nonrecoverable Advance. The determination
        by the Servicer that it has made a Nonrecoverable Advance or that any proposed
        Advance or Servicing Advance, if made, would constitute a Nonrecoverable
        Advance, shall be evidenced by a certification of a Servicing Officer delivered
        to the Trust Administrator (whereupon, upon receipt of such certification,
        the
        Trust Administrator shall forward a copy of such certification to the Depositor,
        the Trustee and the Credit Risk Manager). Notwithstanding the foregoing,
        if
        following the application of Liquidation Proceeds on any Mortgage Loan that
        was
        the subject of a Final Recovery Determination, any Servicing Advance with
        respect to such Mortgage Loan shall remain unreimbursed to the Servicer,
        then
        without limiting the provisions of Section 3.11(a), a certification of a
        Servicing Officer regarding such Nonrecoverable Servicing Advance shall not
        be
        required to be delivered by the Servicer to the Trust
        Administrator.

       

      	SECTION
              4.05  	
              Commission
                Reporting.

            

       

      (a)  (i)
        Using
        best efforts, within 10 days after each Distribution Date, and no later than
        15
        days after each Distribution Date (subject to permitted extensions under
        the
        Exchange Act), the Trust Administrator shall, in accordance with industry
        standards, prepare and file, on behalf of the Trust, with the Commission
        via the
        Electronic Data Gathering and Retrieval System (“EDGAR”), any Form 10-D required
        by the Exchange Act, in form and substance as required by the Exchange Act,
        signed by the Master Servicer, with a copy of the monthly statement to be
        furnished by the Trust Administrator to the Certificateholders for such
        Distribution Date. Any disclosure in addition to the monthly statement that
        is
        required to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall,
        be reported by the parties set forth on Exhibit T to the Depositor and the
        Trust
        Administrator and directed and approved by the Depositor pursuant to the
        following paragraph, and the Trust Administrator will have no duty or liability
        for any failure hereunder to determine or prepare any Additional Form 10-D
        Disclosure, except as set forth in the next paragraph.

       

      (ii) For
        so
        long as the Trust is subject to the reporting requirements of the Exchange
        Act,
        within 3 calendar days after the related Distribution Date, (i) the parties
        set
        forth in Exhibit T shall be required to provide, pursuant to Section 4.05(a)(v)
        below, to the Trust Administrator (by email at cts.sec.notifications@wellsfargo.com
        and by
        facsimile at 410-715-2380) and the Depositor, to the extent known, in
        EDGAR-compatible format, or in such other format as otherwise agreed upon
        by the
        Trust Administrator and such party, the form and substance of any Additional
        Form 10-D Disclosure, if applicable, together with an Additional Disclosure
        Notification in the form attached hereto as Exhibit P (an “Additional Disclosure
        Notification”) and (ii) the Depositor will approve, as to form and substance, or
        disapprove, as the case may be, the inclusion of the Additional Form 10-D
        Disclosure on Form 10-D. The Trust Administrator has no duty under this
        Agreement to monitor or enforce the performance by the parties listed on
        Exhibit
        T of their duties under this paragraph or proactively solicit or procure
        from
        such parties any Additional Form 10-D Disclosure information. The Depositor
        will
        be responsible for any reasonable fees and expenses assessed or incurred
        by the
        Trust Administrator in connection with including any Additional Form 10-D
        Disclosure on Form 10-D pursuant to this Section.

       

      After
        preparing the Form 10-D, the Trust Administrator shall, upon request, forward
        electronically a copy of the Form 10-D to the Depositor for review, only
        to the
        extent that the Form 10-D contains Additional Form 10-D Disclosure. Within
        two
        Business Days after receipt of such copy, but no later than the 7th calendar
        day
        (on a best efforts basis, and in no event later than the 12th calendar day)
        after the Distribution Date, the Depositor shall notify the Trust Administrator
        in writing (which may be furnished electronically) of any changes to or approval
        of such Form 10-D. In the absence of receipt of any written changes or approval,
        or if the Depositor does not request a copy of a Form 10-D, the Trust
        Administrator shall be entitled to assume that such Form 10-D is in final
        form
        and the Trust Administrator may proceed with the execution and filing of
        the
        Form 10-D. A duly authorized representative of the Master Servicer shall
        sign
        each Form 10-D. If a Form 10-D cannot be filed on time or if a previously
        filed
        Form 10-D needs to be amended, the Trust Administrator will follow the
        procedures set forth in Section 4.05(a)(vi). Promptly (but no later than
        1
        Business Day) after filing with the Commission, the Trust Administrator will
        make available on its internet website a final executed copy of each Form
        10-D
        filed by the Trust Administrator. The parties to this Agreement acknowledge
        that
        the performance by the Master Servicer and the Trust Administrator of its
        duties
        under Sections 4.05(a)(i), (ii) and (v) related to the timely preparation
        and
        filing of Form 10-D is contingent upon such parties strictly observing all
        applicable deadlines in the performance of their duties under such Sections.
        The
        Depositor acknowledges that the performance by the Master Servicer and the
        Trust
        Administrator of its duties under this Section 4.05(a)(ii) related to the
        timely
        preparation, execution and filing of Form 10-D is also contingent upon the
        Servicer, the Custodians and any Sub-Servicer or Subcontractor strictly
        observing deadlines no later than those set forth in this paragraph that
        are
        applicable to the parties to this Agreement in the delivery to the Trust
        Administrator of any necessary Additional Form 10-D Disclosure pursuant to
        the
        Custodial Agreement or any other applicable agreement. Neither the Master
        Servicer nor the Trust Administrator shall have any liability for any loss,
        expense, damage or claim arising out of or with respect to any failure to
        properly prepare, execute and/or timely file such Form 10-D and Form 10-K,
        where
        such failure results from the Trust Administrator’s inability or failure to
        receive, on a timely basis, any information from any other party hereto or
        any
        Custodian, Sub-Servicer or Subcontractor needed to prepare, arrange for
        execution or file such Form 10-D, not resulting from its own negligence,
        bad
        faith or willful misconduct.

       

      Form
        10-D
        requires the registrant to indicate (by checking “yes” or “no”) that it (1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports) and (2) has been subject to
        such
        filing requirements for the past 90 days. The Depositor hereby represents
        to the
        Trust Administrator that the Depositor has filed all such required reports
        during the preceding 12 months and that it has been subject to such filing
        requirements for the past 90 days. The Depositor shall notify the Trust
        Administrator in writing, no later than the fifth calendar day after the
        related
        Distribution Date with respect to filing of a report on Form 10-D, if the
        answer
        to either question should be “no.” The Trust Administrator shall be entitled to
        rely on such representations in preparing, executing and/or filing any such
        Form
        10-D.

       

      (iii) Within
        four (4) Business Days after the occurrence of an event requiring disclosure
        on
        Form 8-K (each such event, a “Reportable Event”), and if requested by the
        Depositor, the Trust Administrator shall prepare and file on behalf of the
        Trust
        a Form 8-K, as required by the Exchange Act, provided that the Depositor
        shall
        file the initial Form 8-K in connection with the issuance of the Certificates.
        Any disclosure or information related to a Reportable Event or that is otherwise
        required to be included on Form 8-K other than the initial Form 8-K (“Form 8-K
        Disclosure Information”) shall, be reported by the parties set forth on Exhibit
        T to the Depositor and the Trust Administrator and directed and approved
        by the
        Depositor, pursuant to the following paragraph, and the Trust Administrator
        will
        have no duty or liability for any failure hereunder to determine or prepare
        any
        Form 8-K Disclosure Information or any Form 8-K, except as set forth in the
        next
        paragraph.

       

      For
        so
        long as the Trust is subject to the Exchange Act reporting requirements,
        no
        later than the close of business (New York City Time) on the 2nd
        Business
        Day after the occurrence of a Reportable Event (i) the parties set forth
        in
        Exhibit T shall be required pursuant to Section 4.05(a)(v) below to provide
        to
        the Trust Administrator and the Depositor, to the extent known, in
        EDGAR-compatible format, or in such other format as otherwise agreed upon
        by the
        Trust Administrator and such party, the form and substance of any Form 8-K
        Disclosure Information, if applicable, together with an Additional Disclosure
        Notification and (ii) the Depositor will approve, as to form and substance,
        or
        disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
        Information on Form 8-K. The Depositor will be responsible for any reasonable
        fees and expenses assessed or incurred by the Trust Administrator in connection
        with including any Form 8-K Disclosure Information on Form 8-K pursuant to
        this
        Section.

       

      After
        preparing the Form 8-K, the Trust Administrator shall, upon request, forward
        electronically a copy of the Form 8-K to the Depositor for review. Promptly,
        but
        no later than the close of business on the third Business Day after the
        Reportable Event, the Depositor shall notify the Trust Administrator in writing
        (which may be furnished electronically) of any changes to or approval of
        such
        Form 8-K. In the absence of receipt of any written changes or approval, or
        if
        the Depositor does not request a copy of a Form 8-K, the Trust Administrator
        shall be entitled to assume that such Form 8-K is in final form and the Trust
        Administrator may proceed with the execution and filing of the Form 8-K.
        A duly
        authorized representative of the Master Servicer shall sign each Form 8-K.
        If a
        Form 8-K cannot be filed on time or if a previously filed Form 8-K needs
        to be
        amended, the Trust Administrator will follow the procedures set forth in
        Section
        4.05(a)(vi). Promptly (but no later than 1 Business Day) after filing with
        the
        Commission, the Trust Administrator will make available on its internet website
        a final executed copy of each Form 8-K filed by it. The parties to this
        Agreement acknowledge that the performance by the Master Servicer and the
        Trust
        Administrator of its duties under this Section 4.05(a)(iii) related to the
        timely preparation and filing of Form 8-K is contingent upon such parties
        strictly observing all applicable deadlines in the performance of their duties
        under this Section 4.05(a)(iii). The Depositor acknowledges that the performance
        by the Master Servicer and the Trust Administrator of its duties under this
        Section 4.05(a)(iii) related to the timely preparation, execution and filing
        of
        Form 10-D is also contingent upon the Servicer, the Custodians and any
        Sub-Servicer or Subcontractor strictly observing deadlines no later than
        those
        set forth in this paragraph that are applicable to the parties to this Agreement
        in the delivery to the Trust Administrator of any necessary Form 8-K Disclosure
        Information pursuant to the Custodial Agreement or any other applicable
        agreement. Neither the Master Servicer nor the Trust Administrator shall
        have
        any liability for any loss, expense, damage or claim arising out of or with
        respect to any failure to properly prepare, execute and/or timely file such
        Form
        8-K, where such failure results from the Trust Administrator’s inability or
        failure to receive, on a timely basis, any information from any other party
        hereto or any Custodian, Sub-servicer or Subcontractor needed to prepare,
        arrange for execution or file such Form 8-K, not resulting from its own
        negligence, bad faith or willful misconduct.

       

      (iv) (A)
        On or
        prior to 90 days after the end of each fiscal year of the Trust or such earlier
        date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it
        being understood that the fiscal year for the Trust ends on December
        31st
        of each
        year), commencing in March 2007, the Trust Administrator shall prepare and
        file
        on behalf of the Trust a Form 10-K, in form and substance as required by
        the
        Exchange Act. Each such Form 10-K shall include the following items, in each
        case to the extent they have been delivered to the Trust Administrator within
        the applicable time frames set forth in this Agreement and the Custodial
        Agreement, (i) an annual compliance statement for the Servicer, the Master
        Servicer, the Trust Administrator and any Sub-Servicer, Subcontractor or
        other
        Person engaged by such parties or the Trustee (together with the Custodian,
        each
        a “Reporting Servicer”), as described under Section 3.20 of this Agreement and
        the Custodial Agreement, provided, however, that the Trust Administrator,
        at its
        discretion, may omit from the Form 10-K any annual compliance statement that
        is
        not required to be filed with such Form 10-K for each Reporting Servicer
        pursuant to Regulation AB, (ii)(A) the annual reports on assessment of
        compliance with Servicing Criteria for each Reporting Servicer, as described
        under Section 3.21 of this Agreement and the Custodial Agreement, and (B)
        if the
        report on assessment of compliance with the Servicing Criteria identifies
        any
        material instance of noncompliance, disclosure identifying such instance
        of
        noncompliance, or if each reporting Servicer’s report on assessment of
        compliance with Servicing Criteria is not included as an exhibit to such
        Form
        10-K, disclosure that such report is not included and an explanation why
        such
        report is not included provided, however, that the Trust Administrator, at
        its
        discretion, may omit from the Form 10-K any assessment of compliance or
        attestation report described in clause (iii) below that is not required to
        be
        filed with such Form 10-K pursuant to Regulation AB, (iii)(A) the registered
        public accounting firm attestation report for each Reporting Servicer as
        described under Section 3.21 of this Agreement and the Custodial Agreement,
        and
        (B) if any registered public accounting firm attestation report described
        under
        Section 3.21 identifies any material instance of noncompliance, disclosure
        identifying such instance of noncompliance, or if any such registered public
        accounting firm attestation report is not included as an exhibit to such
        Form
        10-K, disclosure that such report is not included and an explanation why
        such
        report is not included, and (iv) a Sarbanes-Oxley Certification (“Sarbanes-Oxley
        Certification”) as described below. Any disclosure or information in addition to
        (i) through (iv) above that is required to be included on Form 10-K (“Additional
        Form 10-K Disclosure”) shall, be reported by the parties set forth on Exhibit T
        to the Depositor and the Trust Administrator and directed and approved by
        the
        Depositor pursuant to the following paragraph, and the Trust Administrator
        will
        have no duty or liability for any failure hereunder to determine or prepare
        any
        Additional Form 10-K Disclosure, except as set forth in the next
        paragraph.

       

      No
        later
        than March 15th
        of each
        year that the Trust is subject to the Exchange Act reporting requirements,
        commencing in 2007, (i) the parties set forth in Exhibit T shall be required
        to
        provide pursuant to Section 4.05(a)(v) below to the Depositor and to the
        Trust
        Administrator (by email at cts.sec.notifications@wellsfargo.com
        and by
        facsimile at 410-715-2380), to the extent known, in EDGAR-compatible format,
        or
        in such other format as otherwise agreed upon by the Trust Administrator
        and
        such party, the form and substance of any Additional Form 10-K Disclosure,
        if
        applicable, together with an Additional Disclosure Notification and (ii)
        the
        Depositor will approve, as to form and substance, or disapprove, as the case
        may
        be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. The
        Trust
        Administrator has no duty under this Agreement to monitor or enforce the
        performance by the parties listed on Exhibit T of their duties under this
        paragraph or proactively solicit or procure from such parties any Additional
        Form 10-K Disclosure information. The Depositor will be responsible for any
        reasonable fees and expenses assessed or incurred by the Trust Administrator
        in
        connection with including any Additional Form 10-K Disclosure on Form 10-K
        pursuant to this Section.

       

      After
        preparing the Form 10-K, the Trust Administrator shall forward, upon request,
        electronically a copy of the Form 10-K to the Depositor for review. Within
        three
        Business Days after receipt of such copy, but no later than March 25th, the
        Depositor shall notify the Trust Administrator in writing (which may be
        furnished electronically) of any changes to or approval of such Form 10-K.
        In
        the absence of receipt of any written changes or approval, or if the Depositor
        does not request a copy of a Form 10-K, the Trust Administrator shall be
        entitled to assume that such Form 10-K is in final form and the Trust
        Administrator may proceed with the execution and filing of the Form 10-K.
        A
        senior officer of the Master Servicer in charge of the master servicing function
        shall sign the Form 10-K. If a Form 10-K cannot be filed on time or if a
        previously filed Form 10-K needs to be amended, the Trust Administrator will
        follow the procedures set forth in Section 4.05(a)(vi). Promptly (but no
        later
        than 1 Business Day) after filing with the Commission, the Trust Administrator
        will make available on its internet website a final executed copy of each
        Form
        10-K filed by it. The parties to this Agreement acknowledge that the performance
        by the Master Servicer and the Trust Administrator of its duties under Section
        4.05(a)(iv) and Section 4.05(a) (v) related to the timely preparation, execution
        and filing of Form 10-K is contingent upon such parties strictly observing
        all
        applicable deadlines in the performance of their duties under such Sections,
        Section 3.20 and Section 3.21. The Depositor acknowledges that the performance
        by the Master Servicer and the Trust Administrator of its duties under this
        Section 4.05(a)(iv) related to the timely preparation, execution and filing
        of
        Form 10-K is also contingent upon the Servicer, the Custodians and any
        Sub-Servicer or Subcontractor strictly observing deadlines no later than
        those
        set forth in this paragraph that are applicable to the parties to this Agreement
        in the delivery to the Trust Administrator of any necessary Additional Form
        10-K
        Disclosure, any annual statement of compliance and any assessment of compliance
        and attestation pursuant to the related Custodial Agreement or any other
        applicable agreement. Neither the Master Servicer nor the Trust Administrator
        shall have any liability for any loss, expense, damage, claim arising out
        of or
        with respect to any failure to properly prepare, execute and/or timely file
        such
        Form 10-K, where such failure results from the Trust Administrator’s inability
        or failure to receive, on a timely basis, any information from any other
        party
        hereto or any Custodian, Sub-servicer or Subcontractor needed to prepare,
        arrange for execution or file such Form 10-K, not resulting from its own
        negligence, bad faith or willful misconduct.

       

      Form
        10-K
        requires the registrant to indicate (by checking “yes” or “no”) that it (1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports) and (2) has been subject to
        such
        filing requirements for the past 90 days. The Depositor hereby represents
        to the
        Trust Administrator that the Depositor has filed all such required reports
        during the preceding 12 months and that it has been subject to such filing
        requirements for the past 90 days. The Depositor shall notify the Trust
        Administrator in writing, no later than the 15th
        calendar
        day of March in any year in which the Trust is subject to the reporting
        requirements of the Exchange Act, if the answer to either question should
        be
“no.” The Trust Administrator shall be entitled to rely on such representations
        in preparing, executing and/or filing any such Form 10-K.

       

      Each
        Form
        10-K shall include a certification (the “Sarbanes-Oxley Certification”), exactly
        as set forth in Exhibit N-1 attached hereto, required to be included therewith
        pursuant to the Sarbanes-Oxley Act. Each of the Servicer, the Master Servicer
        and the Trust Administrator shall provide, and each such party and the Trustee
        shall cause any Sub-servicer or Subcontractor engaged by it to provide, to
        the
        Person who signs the Sarbanes-Oxley Certification (the “Certifying Person”), by
        March 1 of each year in which the Trust is subject to the reporting requirements
        of the Exchange Act, a certification (a “Back-Up Certification”), in the form
        attached hereto as Exhibit N-2, upon 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. A senior officer of the Master
        Servicer in charge of the master servicing function shall serve as the
        Certifying Person on behalf of the Trust. Such officer of the Certifying
        Person
        can be contacted by e-mail at cts.sec.notifications@wellsfargo.com or by
        facsimile at 410-715-2380. In the event that any such party or any Sub-servicer
        or Subcontractor engaged by such party is terminated or resigns pursuant
        to the
        terms of this Agreement, or any other applicable agreement, as the case may
        be,
        such party shall provide a Back-Up Certification to the Certifying Person
        pursuant to this Section 4.05(a)(iv) with respect to the period of time it
        was
        subject to this Agreement or any other applicable agreement, as the case
        may be.
        Notwithstanding the foregoing, (i) the Master Servicer and the Trust
        Administrator shall not be required to deliver a Back-Up Certification to
        each
        other if both are the same Person and the Master Servicer is the Certifying
        Person and (ii) the Master Servicer shall not be obligated to sign the
        Sarbanes-Oxley Certification in the event that it does not receive any Back-Up
        Certification required to be furnished to it pursuant to this section or
        any
        Servicing Agreement.

       

      (v) With
        respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
        or any Form 8-K Disclosure Information (collectively, the “Additional
        Disclosure”) relating to the Trust Fund, the Trust Administrator’s obligation to
        include such Additional Information in the applicable Exchange Act report
        is
        subject to receipt from the entity that is indicated in Exhibit T as the
        responsible party for providing that information, if other than the Trust
        Administrator, as and when required as described in Section 4.05(a)(ii) through
        (iv) above. Each of the Master Servicer, the Servicer, the Trust Administrator
        and Depositor hereby agree to notify and to provide, to the extent known,
        to the
        Trust Administrator and the Depositor, all Additional Disclosure relating
        to the
        Trust Fund, with respect to which such party is the responsible party for
        providing that information, as indicated in Exhibit P hereof. The Swap Provider
        will be obligated pursuant to the Swap Agreement to provide to the Trust
        Administrator any information that may be required to be included in any
        Form
        10-D, Form 8-K or Form 10-K. The Servicer shall be responsible for determining
        the pool concentration applicable to any Sub-Servicer or originator at any
        time,
        for purposes of disclosure as required by Items 1108 and 1110 of Regulation
        AB.

       

      (vi) On
        or
        prior to January 30 of the first year in which the Trust Administrator is
        able
        to do so under applicable law, the Trust Administrator shall prepare and
        file a
        Form 15 Suspension Notification relating to the automatic suspension of
        reporting in respect of the Trust under the Exchange Act. 

       

      In
        the
        event that the Trust Administrator is unable to timely file with the Commission
        all or any required portion of any Form 8-K, Form 10-D or Form 10-K required
        to
        be filed by this Agreement because required disclosure information was either
        not delivered to it or was delivered to it after the delivery deadlines set
        forth in this Agreement or for any other reason, the Trust Administrator
        will
        promptly notify electronically the Depositor. In the case of Form 10-D and
        Form
        10-K, the parties to this Agreement will cooperate to prepare and file a
        Form
        12b-25 and a Form 10-D/A and Form 10-K/A as applicable, pursuant to Rule
        12b-25
        of the Exchange Act. In the case of Form 8-K, the Trust Administrator will,
        upon
        receipt of all required Form 8-K Disclosure Information and upon the approval
        and direction of the Depositor, include such disclosure information on the
        next
        succeeding Form 10-D. In the event that any previously filed Form 8-K, Form
        10-D
        or Form 10-K needs to be amended, in connection with any Additional Form
        10-D
        Disclosure (other than, in the case of Form 10-D, for the purpose of restating
        any Monthly Statement), Additional Form 10-K Disclosure or Form 8-K Disclosure
        Information, the Trust Administrator will electronically notify the Depositor
        and such other parties to the transaction as are affected by such amendment,
        and
        such parties will cooperate to prepare any necessary Form 8-K/A, Form 10-D/A
        or
        Form 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K or Form
        10-D
        shall be signed by a duly authorized representative or senior officer in
        charge
        of master servicing, as applicable, of the Master Servicer. The parties to
        this
        Agreement acknowledge that the performance by the Master Servicer and the
        Trust
        Administrator of its duties under this Section 4.05(a)(vi) related to the
        timely
        preparation, execution and filing of Form 15, a Form 12b-25 or any amendment
        to
        Form 8-K, Form 10-D or Form 10-K is contingent upon each such party performing
        its duties under this Section. Neither the Master Servicer nor the Trust
        Administrator shall have any liability for any loss, expense, damage, claim
        arising out of or with respect to any failure to properly prepare, execute
        and/or timely file any such Form 15, Form 12b-25 or any amendments to Form
        8-K,
        Form 10-D or Form 10-K, where such failure results from the Trust
        Administrator’s inability or failure to receive, on a timely basis, any
        information from any other party hereto or any custodian, sub-servicer or
        subcontractor needed to prepare, arrange for execution or file such Form
        15,
        Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form 10-K, not resulting
        from its own negligence, bad faith or willful misconduct.

       

      The
        Depositor agrees to promptly furnish to the Trust Administrator, from time
        to
        time upon request, such further information, reports and financial statements
        within its control related to this Agreement and the Mortgage Loans as the
        Trust
        Administrator reasonably deems appropriate to prepare and file all necessary
        reports with the Commission. The Trust Administrator shall have no
        responsibility to file any items other than those specified in this Section
        4.05; provided, however, the Trust Administrator will cooperate with the
        Depositor in connection with any additional filings with respect to the Trust
        Fund as the Depositor deems necessary under the Exchange Act. Fees and expenses
        incurred by the Trust Administrator in connection with this Section 4.05
        shall
        not be reimbursable from the Trust Fund.

       

      (b)  (A)
        The
        Trust Administrator shall indemnify and hold harmless the Depositor and its
        officers, directors and affiliates from and against any losses, damages,
        penalties, fines, forfeitures, reasonable and necessary legal fees and related
        costs, judgments and other costs and expenses arising out of or based upon
        (i) a
        breach of the Trust Administrator’s obligations under this Section 4.05 or the
        Trust Administrator’s negligence, bad faith or willful misconduct in connection
        therewith or (ii) any material misstatement or omission in the Annual Statement
        of Compliance and the Assessment of Compliance delivered by the Trust
        Administrator pursuant to Section 3.20 and Section 3.21.

       

      (B) The
        Depositor shall indemnify and hold harmless the Trust Administrator and the
        Master Servicer and their respective officers, directors and affiliates from
        and
        against any losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments and other costs and expenses
        arising out of or based upon a breach of the obligations of the Depositor
        under
        this Section 4.05 or the Depositor’s negligence, bad faith or willful misconduct
        in connection therewith.

       

      (C) The
        Master Servicer shall indemnify and hold harmless the Trust Administrator
        and
        the Depositor and their respective officers, directors and affiliates from
        and
        against any losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments and other costs and expenses
        arising out of or based upon (i) a breach of the obligations of the Master
        Servicer under this Section 4.05 or the Master Servicer’s negligence, bad faith
        or willful misconduct in connection therewith or (ii) any material misstatement
        or omission in the Statement as to Compliance delivered by the Master Servicer
        pursuant to Section 3.20 or the Assessment of Compliance delivered by the
        Master
        Servicer pursuant to Section 3.21.

       

      (D) The
        Servicer shall indemnify and hold harmless the Master Servicer, Trust
        Administrator and the Depositor and their respective officers, directors
        and
        affiliates from and against any actual losses, damages, penalties, fines,
        forfeitures, reasonable and necessary legal fees and related costs, judgments
        and other costs and expenses arising out of or based upon (i) a breach of
        the
        obligations of the Servicer under Section 3.20, Section 3.21 or Section 4.05,
        including any failure by the Servicer (or any Sub-Servicer or any Subcontractor
        engaged by the Servicer), to provide any Back-Up Certification, annual statement
        of compliance, annual assessment of compliance with Servicing Criteria or
        attestation report, any information, data or materials required to be included
        in any Exchange Act report or any other information or material when and
        as
        required under Sections 3.20, 3.21 or 4.05, or the Servicer’s negligence, bad
        faith or willful misconduct in connection therewith and (ii) any
        material misstatement or omission contained in any information, disclosure,
        report, certification, data, accountants’ letter or other material provided
        under Sections 3.20, 3.21 and 4.05 to the Master Servicer or the Trust
        Administrator by or on behalf of the Servicer or on behalf of any Sub-Servicer
        or Subcontractor), including any material misstatement or material omission
        in
        (i) any Back-Up Certification, annual statement of compliance, annual assessment
        of compliance with Servicing Criteria or attestation report delivered by
        the
        Servicer, or by any Sub-Servicer or Subcontractor engaged by it, pursuant
        to
        this Agreement, or (ii) any Additional Form 10-D Disclosure, Additional Form
        10-K Disclosure or Form 8-K Disclosure Information provided by the
        Servicer.

       

      (E) The
        Trustee (and in its capacity as Custodian) shall indemnify and hold harmless
        the
        Master Servicer, Trust Administrator and the Depositor and their respective
        officers, directors and affiliates from and against any losses, damages,
        penalties, fines, forfeitures, reasonable and necessary legal fees and related
        costs, judgments and other costs and expenses arising out of or based upon
        (i) a
        breach of the obligations of the Trustee under Section 3.21 or Section 4.05,
        including any failure by the Trustee, to provide any annual assessment of
        compliance or attestation report, any information, data or materials required
        to
        be included in any Exchange Act report or any other information or material
        when
        and as required under Sections 3.21 or 4.05, or the Trustee’s negligence, bad
        faith or willful misconduct in connection therewith and (ii) any
        material misstatement or omission contained in any information, disclosure,
        report, certification, data, accountants’ letter or other material provided
        under Sections 3.20, 3.21 and 4.05 to the Master Servicer or the Trust
        Administrator by or on behalf of the Trustee,
        including any material misstatement or material omission in (i) any annual
        assessment of compliance or attestation report, or (ii) any Additional Form
        10-D
        Disclosure, Additional Form 10-K Disclosure or Form 8-K Disclosure Information
        provided by the Trustee.

       

      (F) If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless the Depositor, the Servicer, the Master Servicer, the Trustee or
        the
        Trust Administrator, as applicable, then the defaulting party, in connection
        with a breach of its respective obligations under this Section 4.05 or its
        respective negligence, bad faith or willful misconduct in connection therewith,
        agrees that it shall contribute to the amount paid or payable by the other
        parties as a result of the losses, claims, damages or liabilities of the
        other
        party in such proportion as is appropriate to reflect the relative fault
        and the
        relative benefit of the respective parties. This indemnification shall survive
        the termination of this Agreement or the termination of any party to this
        Agreement.

       

      (c)  Nothing
        shall be construed from the foregoing subsections (a) and (b) to require
        the
        Trust Administrator or any officer, director or Affiliate thereof to sign
        any
        Form 10-K or any certification contained therein. Furthermore, the inability
        of
        the Trust Administrator to file a Form 10-K as a result of the lack of required
        information as set forth in Section 4.05(a) or required signatures on such
        Form
        10-K or any certification contained therein shall not be regarded as a breach
        by
        the Trust Administrator of any obligation under this Agreement.

       

      (d)  Notwithstanding
        the provisions of Section 11.01, this Section 4.05 may be amended without
        the
        consent of the Certificateholders.

       

      (e)  Each
        of
        the parties agrees to provide to the Master Servicer and the Trust Administrator
        such additional information related to such party as the Master Servicer
        and the
        Trust Administrator may reasonably request, including evidence of the
        authorization of the person signing any certificate or statement, financial
        information and reports, and such other information related to such party
        or its
        performance hereunder.

       

      Any
        notice or notification required to be delivered by the Trust Administrator
        or
        Master Servicer to the Depositor pursuant to this 4.05, may be delivered
        via
        facsimile to the legal department at (203) 618-2132, with a copy delivered
        to
        the operations group at facsimile (203) 422-4646.

       

      	SECTION
              4.06  	
              [Reserved].

            

       

      	SECTION
              4.07  	
              [Reserved].

            

       

      	SECTION
              4.08  	
              Distributions
                on the REMIC Regular Interests.

            

       

      (a)  On
        each
        Distribution Date, the Trust Administrator shall cause in the following order
        of
        priority, the following amounts which shall be deemed to be distributed by
        REMIC
        1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from
        the
        Distribution Account and distributed to the holders of the Class R Certificates
        (in respect of the Class R-1 Interest), as the case may be:

       

      (1) to
        Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest
        I-1-A
        through I-51-B, on a pro
        rata
        basis,
        in an amount equal to (A) Uncertificated Accrued Interest for such REMIC
        1
        Regular Interests for such Distribution Date, plus (B) any amounts payable
        in
        respect thereof remaining unpaid from previous Distribution Dates;

       

      (2) to
        the
        extent of amounts remaining after the distributions made pursuant to clause
        (A)
        above, payments of principal shall be allocated as follows: first, to REMIC
        1
        Regular interests I-1-A through I-51-B starting with the lowest numerical
        denomination until the Uncertificated Principal Balance of each such REMIC
        1
        Regular Interest is reduced to zero, provided that, for REMIC 1 Regular
        Interests with the same numerical denomination, such payments of principal
        shall
        be allocated pro rata between such REMIC 1 Regular Interests, and second,
        to the
        extent of the Overcollateralization Release Amounts, to REMIC 1 Regular Interest
        I-51-B until the Uncertificated Principal Balance of such REMIC 1 Regular
        Interest is reduced to zero; and

       

      (3) to
        the
        Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100%
        of
        the amount paid in respect of Prepayment Charges and (B) on the Distribution
        Date immediately following the expiration of the latest Prepayment Charge
        as
        identified on the Prepayment Charge Schedule or any Distribution Date thereafter
        until $100 has been distributed pursuant to this clause.

       

      (b)  On
        each
        Distribution Date, the Trust Administrator shall cause in the following order
        of
        priority, the following amounts which shall be deemed to be distributed by
        REMIC
        2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from
        the
        Distribution Account and distributed to the holders of the Class R Certificates
        (in respect of the Class R-2 Interest), as the case may be:

       

      (1)  first,
        to
        the Holders of REMIC 2 Regular Interest LTIO, in an amount equal to (A)
        Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such
        Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
        from
        previous Distribution Dates;

       

      (2)  second,
        to the extent of Available Funds, to Holders of REMIC 2 Regular Interest
        LTAA,
        REMIC 2 Regular Interest LTA1, REMIC 2 Regular Interest LTA2, REMIC 2 Regular
        Interest LTA3, REMIC 2 Regular Interest LTA4, REMIC 2 Regular Interest LTM1,
        REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
        Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
        REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
        Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC 2 Regular Interest LTZZ
        and
        REMIC 2 Regular Interest LTP, on a pro
        rata
        basis,
        in an amount equal to (A) the Uncertificated Accrued Interest for such
        Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
        from
        previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest
        in respect of REMIC 2 Regular Interest LTZZ shall be reduced and deferred
        when
        the REMIC 2 Overcollateralization Amount is less than the REMIC 2
        Overcollateralization Target Amount, by the lesser of (x) the amount of such
        difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount
        and such amount will be payable to the Holders of REMIC 2 Regular Interest
        LTA1,
        REMIC 2 Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular
        Interest LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2,
        REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular
        Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7,
        REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9 and REMIC 2
        Regular
        Interest LTM10, in the same proportion as the Overcollateralization Deficiency
        Amount is allocated to the Corresponding Certificates and the Uncertificated
        Principal Balance of the REMIC 2 Regular Interest LTZZ shall be increased
        by
        such amount; and

       

      (3)  third,
        to
        the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder
        of
        the Available Funds for such Distribution Date after the distributions made
        pursuant to clause (i) above, allocated as follows:

       

      (a) 98.00%
        of
        such remainder to the Holders of REMIC 2 Regular Interest LTAA and REMIC
        2
        Regular Interest LTP, until the Uncertificated Principal Balance of such
        Uncertificated REMIC 2 Regular Interest is reduced to zero; provided, however,
        that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution
        Date immediately following the expiration of the latest Prepayment Charge
        as
        identified on the Prepayment Charge Schedule or any Distribution Date
        thereafter, at which point such amount shall be distributed to REMIC 2 Regular
        Interest LTP, until $100 has been distributed pursuant to this
        clause;

       

      (b) 2.00%
        of
        such remainder first, to the Holders of REMIC 2 Regular Interest LTA1, REMIC
        2
        Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest
        LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC
        2
        Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
        LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC
        2
        Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
        LTM10, of and in the same proportion as principal payments are allocated
        to the
        Corresponding Certificates, until the Uncertificated Principal Balances of
        such
        REMIC 2 Regular Interests are reduced to zero, and second, to the Holders
        of
        REMIC 2 Regular Interest LTZZ, until the Uncertificated Principal Balance
        of
        such REMIC 2 Regular Interest is reduced to zero; and

       

      (c) any
        remaining amount to the Holders of the Class R Certificates (in respect of
        the
        Class R-2 Interest).

       

      	SECTION
              4.09  	
              Allocation
                of Realized Losses.

            

       

      (a)  All
        Realized Losses on the Mortgage Loans allocated to any Regular Certificate
        shall
        be allocated by the Trust Administrator on each Distribution Date as follows:
        first, to Net Monthly Excess Cashflow; second, to
        Net
        Swap
        Payments received under the Interest Rate Swap Agreement; third, to amounts
        received under the Interest Rate Cap Agreement; fourth, to the Class C
        Certificates, until the Certificate Principal Balance thereof has been reduced
        to zero; fifth, to the Class M-10 Certificates, until the Certificate Principal
        Balance thereof has been reduced to zero; sixth, to the Class M-9 Certificates,
        until the Certificate Principal Balance thereof has been reduced to zero;
        seventh, to the Class M-8 Certificates, until the Certificate Principal Balance
        thereof has been reduced to zero; eighth, to the Class M-7 Certificates,
        until
        the Certificate Principal Balance thereof has been reduced to zero; ninth,
        to
        the Class M-6 Certificates, until the Certificate Principal Balance thereof
        has
        been reduced to zero; tenth, to the Class M-5 Certificates, until the
        Certificate Principal Balance thereof has been reduced to zero; eleventh,
        to the
        Class M-4 Certificates, until the Certificate Principal Balance thereof has
        been
        reduced to zero; twelfth, to the Class M-3 Certificates, until the Certificate
        Principal Balance thereof has been reduced to zero; thirteenth, to the Class
        M-2
        Certificates, until the Certificate Principal Balance thereof has been reduced
        to zero and fourteenth, to the Class M-1 Certificates, until the Certificate
        Principal Balance thereof has been reduced to zero. All Realized Losses to
        be
        allocated to the Certificate Principal Balances of all Classes on any
        Distribution Date shall be so allocated after the actual distributions to
        be
        made on such date as provided above. All references above to the Certificate
        Principal Balance of any Class of Certificates shall be to the Certificate
        Principal Balance of such Class immediately prior to the relevant Distribution
        Date, before reduction thereof by any Realized Losses, in each case to be
        allocated to such Class of Certificates, on such Distribution Date.

       

      Any
        allocation of Realized Losses to a Mezzanine Certificate on any Distribution
        Date shall be made by reducing the Certificate Principal Balance thereof
        by the
        amount so allocated; any allocation of Realized Losses to a Class C Certificates
        shall be made first by reducing the amount otherwise payable in respect thereof
        pursuant to Section 4.01(c)(v). No allocations of any Realized Losses shall
        be
        made to the Certificate Principal Balances of the Senior Certificates or
        the
        Class P Certificates.

       

      (b)  With
        respect to the REMIC 1 Regular Interests, all Realized Losses on the Mortgage
        Loans shall be allocated by the Trust Administrator on each Distribution
        Date,
        first to REMIC 1 Regular Interest I until the Uncertificated Principal Balance
        has been reduced to zero, and second, to REMIC 1 Regular Interest I-1-A through
        REMIC 1 Regular Interest I-51-B, starting with the lowest numerical denomination
        until such REMIC 1 Regular Interest has been reduced to zero, provided that,
        for
        REMIC 1 Regular Interests with the same numerical denomination, such Realized
        Losses shall be allocated pro
        rata
        between
        such REMIC 1 Regular Interests.

       

      (c)  All
        Realized Losses on the Mortgage Loans shall be deemed to have been allocated
        in
        the specified percentages, as follows: first, to Uncertificated Accrued Interest
        payable to the REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest
        LTZZ
        up to an aggregate amount equal to the REMIC 2 Interest Loss Allocation Amount,
        98% and 2%, respectively; second, to the Uncertificated Principal Balances
        of
        REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTZZ up to an
        aggregate amount equal to the REMIC 2 Principal Loss Allocation Amount, 98%
        and
        2%, respectively; third, to the Uncertificated Principal Balances of REMIC
        2
        Regular Interest LTAA, REMIC 2 Regular Interest LTM10 and REMIC 2 Regular
        Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
        Balance of REMIC 2 Regular Interest LTM10 has been reduced to zero; fourth,
        to
        the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC
        2
        Regular Interest LTM9 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
        Interest LTM9 has been reduced to zero; fifth, to the Uncertificated Principal
        Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM8
        and
        REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
        Uncertificated Principal Balance of REMIC 2 Regular Interest LTM8 has been
        reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC
        2
        Regular Interest LTAA, REMIC 2 Regular Interest LTM7 and REMIC 2 Regular
        Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
        Balance of REMIC 2 Regular Interest LTM7 has been reduced to zero; seventh,
        to
        the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC
        2
        Regular Interest LTM6 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
        Interest LTM6 has been reduced to zero; eighth, to the Uncertificated Principal
        Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM5
        and
        REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
        Uncertificated Principal Balance of REMIC 2 Regular Interest LTM5 has been
        reduced to zero; ninth, to the Uncertificated Principal Balances of REMIC
        2
        Regular Interest LTAA, REMIC 2 Regular Interest LTM4 and REMIC 2 Regular
        Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
        Balance of REMIC 2 Regular Interest LTM4 has been reduced to zero; tenth,
        to the
        Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC
        2
        Regular Interest LTM3 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
        Interest LTM3 has been reduced to zero; eleventh, to the Uncertificated
        Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest
        LTM2 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until
        the
        Uncertificated Principal Balance of REMIC 2 Regular Interest LTM2 has been
        reduced to zero and twelfth,
        to the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA,
        REMIC
        2 Regular Interest LTM1 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
        respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
        Interest LTM1 has been reduced to zero.

       

      	SECTION
              4.10  	
              Swap
                Account.

            

       

      (a)  On
        the
        Closing Date, there is hereby established a separate trust (the “Supplemental
        Interest Trust”), into which the Depositor shall deposit the Interest Rate Swap
        Agreement. The Supplemental Interest Trust shall be maintained by the
        Supplemental Interest Trust Trustee. No later than the Closing Date, the
        Supplemental Interest Trust Trustee shall establish and maintain a separate,
        segregated trust account to be held in the Supplemental Interest Trust, titled,
        “Swap
        Account, Wells Fargo Bank, N.A., as Supplemental Interest Trust Trustee,
        in
        trust for the registered Certificateholders of Soundview Home Loan Trust
        2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2.”
Such
        account shall be an Eligible Account and funds on deposit therein shall be
        held
        separate and apart from, and shall not be commingled with, any other moneys,
        including, without limitation, other moneys of the Trust Administrator held
        pursuant to this Agreement. Amounts therein shall be held
        uninvested.

       

      (b)  Prior
        to
        each Distribution Date, prior to any distribution to any Certificate, the
        Supplemental Interest Trust Trustee shall deposit into the Swap Account:
        (i) the
        amount of any Net Swap Payment or Swap Termination Payment (other than any
        Swap
        Termination Payment resulting from a Swap Provider Trigger Event) owed to
        the
        Swap Provider (after taking into account any upfront payment received from
        the
        counterparty to a replacement interest rate swap agreement) from funds collected
        and received with respect to the Mortgage Loans prior to the determination
        of
        Available Funds. For federal income tax purposes, any amounts paid to the
        Swap
        Provider on each Distribution Date shall first be deemed paid to the Swap
        Provider in respect of REMIC 6 Regular Interest SWAP IO to the extent of
        the
        amount distributable on REMIC 6 Regular Interest SWAP IO on such Distribution
        Date, and any remaining amount shall be deemed paid to the Swap Provider
        in
        respect of a Class IO Distribution Amount (as defined below).

       

      (c)  It
        is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Supplemental Interest Trust be disregarded
        as
        an entity separate from the Holder of the Class C Certificates unless and
        until
        the date when either (a) there is more than one Class C Certificateholder
        or (b)
        any Class of Certificates in addition to the Class C Certificates is
        recharacterized as an equity interest in the Supplemental Interest Trust
        for
        federal income tax purposes, in which case it is the intention of the parties
        hereto that, for federal and state income and state and local franchise tax
        purposes, the Supplemental Interest Trust be treated as a partnership, provided,
        that the Trust Administrator shall not be required to prepare and file
        partnership tax returns in respect of such partnership unless it receives
        additional reasonable compensation (not to exceed $10,000 per year) for the
        preparation of such filings, written notification recognizing the creation
        of a
        partnership agreement or comparable documentation evidencing the partnership,
        if
        any. The Supplemental Interest Trust will be an “outside reserve fund” within
        the meaning of Treasury Regulation Section 1.860G-2(h).

       

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

       

      (e)  The
        Trust
        Administrator shall treat the Holders of Certificates (other than the Class
        P,
        Class C, Class R and Class R-X Certificates) as having entered into a notional
        principal contract with respect to the Holders of the Class C Certificates.
        Pursuant to each such notional principal contract, all Holders of Certificates
        (other than the Class P, Class C, Class R and Class R-X Certificates) shall
        be
        treated as having agreed to pay, on each Distribution Date, to the Holder
        of the
        Class C Certificates an aggregate amount equal to the excess, if any, of
        (i) the
        amount payable on such Distribution Date on the REMIC 2 Regular Interest
        corresponding to such Class of Certificates over (ii) the amount payable
        on such
        Class of Certificates on such Distribution Date (such excess, a “Class
        IO
        Distribution Amount”). A Class IO Distribution Amount payable from interest
        collections shall be allocated pro
        rata
        among
        such Certificates based on the excess of (a) the amount of interest otherwise
        payable to such Certificates over (ii) the amount of interest payable to
        such
        Certificates at a per annum rate equal to the Net WAC Rate, and a Class IO
        Distribution Amount payable from principal collections shall be allocated
        to the
        most subordinate Class of Certificates with an outstanding principal balance
        to
        the extent of such balance. In addition, pursuant to such notional principal
        contract, the Holder of the Class C Certificates shall be treated as having
        agreed to pay Net WAC Rate Carryover Amounts to the Holders of the Certificates
        (other than the Class C, Class P, Class R and Class R-X Certificates) in
        accordance with the terms of this Agreement. Any payments to the Certificates
        from amounts deemed received in respect of this notional principal contract
        shall not be payments with respect to a Regular Interest in a REMIC within
        the
        meaning of Code Section 860G(a)(1). However, any payment from the Certificates
        (other than the Class C, Class P, Class R and Class R-X Certificates) of
        a Class
        IO Distribution Amount shall be treated for tax purposes as having been received
        by the Holders of such Certificates in respect of their interests in REMIC
        4 and
        as having been paid by such Holders pursuant to the notional principal contract.
        Thus, each Certificate (other than the Class P and Class R Certificates)
        shall
        be treated as representing not only ownership of Regular Interests in REMIC
        2,
        but also ownership of an interest in, and obligations with respect to, a
        notional principal contract.

       

      (f)  The
        Trust
        Administrator shall, at the direction of the Depositor, enforce all of its
        rights and exercise any remedies under the Swap Agreement. In the event the
        Swap
        Agreement is terminated as a result of the designation by either party thereto
        of an Early Termination Date (as defined therein), the Trust Administrator
        shall, at the direction of the Depositor, appoint a replacement counterparty
        to
        enter into a replacement swap agreement. The Trust Administrator shall have
        no
        responsibility with regard to the selection of a replacement swap provider
        or
        the negotiation of a replacement swap agreement. Any Swap Termination Payment
        received by the Trust Administrator shall be deposited in the Swap Account
        and
        shall be used to make any upfront payment required under a replacement swap
        agreement and any upfront payment received from the counterparty to a
        replacement swap agreement shall be used to pay any Swap Termination Payment
        owed to the Swap Provider.

       

      (g)  For
        federal tax return and information reporting, the right of the Holders of
        the
        Floating Rate Certificates to receive payments from the Supplemental Interest
        Trust in respect of any Net WAC Cap Carry Forward Amounts may have more than
        a
de
        minimis
        value.

       

      	SECTION
              4.11  	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments.

            

       

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

       

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

       

      	SECTION
              4.12  	
              Cap
                Account.

            

       

      (a)  No
        later
        than the Closing Date, the Trust Administrator shall establish and maintain
        with
        itself, a separate, segregated trust account titled, “Cap Account, Wells Fargo
        Bank, N.A., as Cap Trustee, in trust for the registered Certificateholders
        of
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2.”
Such account shall be an Eligible Account and amounts therein shall be held
        uninvested.

       

      (b)  On
        each
        Distribution Date, pursuant to the Cap Allocation Agreement, the Cap Trustee,
        prior to any distribution to any Certificate, shall deposit into the Cap
        Account
        amounts received pursuant to the Interest Rate Cap Agreement for distribution
        in
        accordance with Section 4.01(f) above.

       

      (c)  It
        is the intention of the parties hereto that, for federal and state income
        and
        state and local franchise tax purposes, the Cap Account be disregarded as
        an
        entity separate from the Holder of the Class C Certificates unless and until
        the
        date when either (a) there is more than one Class C Certificateholder or
        (b) any
        Class of Certificates in addition to the Class C Certificates is recharacterized
        as an equity interest in the Cap Account for federal income tax purposes,
        in
        which case it is the intention of the parties hereto that, for federal and
        state
        income and state and local franchise tax purposes, the Cap Account be treated
        as
        a partnership. The
        Cap
        Account will be an “outside reserve fund” within the meaning of Treasury
        Regulation Section 1.860G-2(h). Upon the termination of the Trust Fund, or
        the
        payment in full of the Class A Certificates and the Mezzanine Certificates,
        all
        amounts remaining on deposit in the Cap Account shall be released by the
        Trust
        Fund and distributed to the Class C Certificateholders or their designees.
        The
        Cap Account shall be part of the Trust Fund but not part of any Trust REMIC
        and
        any payments to the Holders of the Floating Rate Certificates of Net WAC
        Rate
        Carryover Amounts will not be payments with respect to a “regular interest” in a
        REMIC within the meaning of Code Section 860(G)(a)(1).

       

      (d)  By
        accepting a Class C Certificate, each Class C Certificateholder hereby agrees
        to
        direct the Trust Administrator, and the Trust Administrator is hereby directed,
        to deposit into the Cap Account the amounts described above on each Distribution
        Date.

       

      For
        federal income tax purposes, the right of the Floating Rate Certificates
        to
        receive payments from the Cap Account may have more than a de
        minimis
        value.

       

      	SECTION
              4.13  	
              Net
                WAC Rate Carryover Reserve Account.

            

       

      No
        later
        than the Closing Date, the Trust Administrator shall establish and maintain
        with
        itself a separate, segregated trust account titled, “Net WAC Rate Carryover
        Reserve Account, Deutsche Bank National Trust Company, as Trustee, in trust
        for
        registered Holders of Soundview Mortgage Loan Trust 2006-EQ2, Asset-Backed
        Certificates, Series 2006-EQ2.” All amounts deposited in the Net WAC Rate
        Carryover Reserve Account shall be distributed to the Holders of the Floating
        Rate Certificates in the manner set forth in Section 4.01(d).

       

      On
        each
        Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
        to the Floating Rate Certificates (after taking into account the remaining
        Initial Net WAC Rate Carryover Reserve Account Deposit), the Trust Administrator
        has been directed by the Class C Certificateholders to, and therefore will,
        deposit into the Net WAC Rate Carryover Reserve Account the amounts described
        in
        Section 4.01(c)(v), rather than distributing such amounts to the Class C
        Certificateholders. In addition, any payments received by the Trust
        Administrator under the Basis Risk Cap Agreement on each Distribution Date
        will
        be deposited into the Net WAC Rate Carryover Reserve Account. On each such
        Distribution Date, the Trust Administrator shall hold all such amounts for
        the
        benefit of the Holders of the Floating Rate Certificates, and will distribute
        such amounts to the Holders of the Floating Rate Certificates in the amounts
        and
        priorities set forth in Section 4.01(d).

       

      On
        each
        Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve
        Account (representing payments received by the Trust Administrator under
        the
        Basis Risk Cap Agreement) after the payment of any Net WAC Rate Carryover
        Amounts on the Floating Rate Certificates for such Distribution Date, shall
        be
        payable to the Trust Administrator as additional compensation. For so long
        as
        any Floating Rate Certificates are beneficially owned by the Depositor or
        any of
        its Affiliates, the Depositor shall refund or cause such Affiliate to refund
        any
        amounts paid to it under the Basis Risk Cap Agreement to the Trust Administrator
        who shall, pursuant to the terms of the Basis Risk Cap Agreement, return
        such
        amount to the counterparty thereunder.

       

      It
        is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
        be
        disregarded as an entity separate from the Holder of the Class C Certificates
        unless and until the date when either (a) there is more than one Class C
        Certificateholder or (b) any Class of Certificates in addition to the Class
        C
        Certificates is recharacterized as an equity interest in the Net WAC Rate
        Carryover Reserve Account for federal income tax purposes, in which case
        it is
        the intention of the parties hereto that, for federal and state income and
        state
        and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
        be
        treated as a partnership provided, that the Trust Administrator shall not
        be
        required to prepare and file partnership tax returns in respect of such
        partnership unless it receives additional reasonable compensation (not to
        exceed
        $10,000 per year) for the preparation of such filings, written notification
        recognizing the creation of a partnership agreement or comparable documentation
        evidencing the partnership, if any. All amounts deposited into the Net WAC
        Rate
        Carryover Reserve Account (other than amounts received under the Basis Risk
        Cap
        Agreement) shall be treated as amounts distributed by REMIC 4 to the Holder
        of
        the Class C Interest and by REMIC 4 to the Holder of the Class C Certificates.
        The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund”
within the meaning of Treasury Regulation Section 1.860G-2(h). Upon the
        termination of the Trust, or the payment in full of the Floating Rate
        Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover
        Reserve Account will be released by the Trust and distributed to the Holders
        of
        the Class C Certificates or their designee. The Net WAC Rate Carryover Reserve
        Account will be part of the Trust but not part of any REMIC and any payments
        to
        the Holders of the Floating Rate Certificates of Net WAC Rate Carryover Amounts
        will not be payments with respect to a “regular interest” in a REMIC within the
        meaning of Code Section 860(G)(a)(1).

       

      By
        accepting a Class C Certificate, each Class C Certificateholder hereby agrees
        to
        direct the Trust Administrator, and the Trust Administrator hereby is directed,
        to deposit into the Net WAC Rate Carryover Reserve Account the amounts described
        above on each Distribution Date as to which there is any Net WAC Rate Carryover
        Amount rather than distributing such amounts to the Class C Certificateholders.
        By accepting a Class C Certificate, each Class C Certificateholder further
        agrees that such direction is given for good and valuable consideration,
        the
        receipt and sufficiency of which is acknowledged by such
        acceptance.

       

      Amounts
        on deposit in the Net WAC Rate Carryover Reserve Account shall remain
        uninvested.

       

      For
        federal tax return and information reporting, the right of the Holders of
        the
        Floating Rate Certificates to receive payments from the Net WAC Rate Carryover
        Reserve Account in respect of any Net WAC Cap Carry Forward Amounts may have
        more than a de
        minimis
        value.

       

      	SECTION
              4.14  	
              Collateral
                Accounts

            

       

      (a)  The
        Trust
        Administrator is hereby directed to perform the obligations of the Custodian
        as
        defined under the Basis Risk Cap Credit Support Annex (the “Basis Risk Cap
        Custodian”). On or before the Closing Date, the Basis Risk Cap Custodian shall
        establish a Basis Risk Cap Collateral Account. The Basis Risk Cap Collateral
        Account shall be held in the name of the Basis Risk Cap Custodian in trust
        for
        the benefit of the Certificateholders. The Basis Risk Cap Collateral Account
        must be an Eligible Account and shall be titled “Basis Risk Cap Collateral
        Account, Wells Fargo Bank, N.A., as Basis Risk Cap Custodian for registered
        Certificateholders of Soundview Home Loan Trust 2006-EQ2, Asset-Backed
        Certificates, Series 2006-EQ2.”

       

      The
        Basis
        Risk Cap Custodian shall credit to Basis Risk Cap Collateral Account all
        collateral (whether in the form of cash or securities) posted by the Basis
        Risk
        Cap Provider to secure the obligations of the Basis Risk Cap Provider in
        accordance with the terms of the Basis Risk Cap Agreement. Except for investment
        earnings, the Basis Risk Cap Provider shall not have any legal, equitable
        or
        beneficial interest in the Basis Risk Cap Collateral Account other than in
        accordance with this Agreement, the Basis Risk Cap Agreement and applicable
        law.
        The Basis Risk Cap Custodian shall maintain and apply all collateral and
        earnings thereon on deposit in the Basis Risk Cap Collateral Account in
        accordance with Basis Risk Cap Credit Support Annex.

       

      Cash
        collateral posted by the Basis Risk Cap Provider in accordance with the Basis
        Risk Cap Credit Support Annex shall be invested at the direction of the Basis
        Risk Cap Provider in Permitted Investments in accordance with the requirements
        of the Basis Risk Cap Credit Support Annex. All amounts earned on amounts
        on
        deposit in the Basis Risk Cap Collateral Account (whether cash collateral
        or
        securities) shall be for the account of and taxable to the Basis Risk Cap
        Provider. If no investment direction is provided, such amounts shall remain
        uninvested.

       

      Upon
        the
        occurrence of an Event of Default, a Termination Event, or an Additional
        Termination Event (each as defined in the Basis Risk Cap Agreement), with
        respect to the Basis Risk Cap Provider or upon occurrence or designation
        of an
        Early Termination Date (as defined in the Basis Risk Cap Agreement) as a
        result
        of any such Event of Default, Termination Event, or Additional Termination
        Event
        with respect to the Basis Risk Cap Provider, and, in either such case, unless
        the Basis Risk Cap Provider has paid in full all of its Obligations (as defined
        in the Basis Risk Cap Credit Support Annex) that are then due, then any
        collateral posted by the Basis Risk Cap Provider in accordance with the Basis
        Risk Cap Credit Support Annex shall be applied to the payment of any Obligations
        due to Party B (as defined in the Basis Risk Cap Agreement) in accordance
        with
        the Basis Risk Cap Credit Support Annex. Any excess amounts held in such
        Basis
        Risk Cap Collateral Account after payment of all amounts owing to Party B
        under
        the Basis Risk Cap Agreement shall be withdrawn from the Basis Risk Cap
        Collateral Account and paid to the Basis Risk Cap Provider in accordance
        with
        the Basis Risk Cap Credit Support Annex.

       

      (b) The
        Trust
        Administrator (in its capacity as Cap Trustee) is hereby directed to perform
        the
        obligations of the Custodian as defined under the Interest Rate Cap Credit
        Support Annex (the “Interest Rate Cap Custodian”). On or before the Closing
        Date, the Interest Rate Cap Custodian shall establish a Interest Rate Cap
        Collateral Account. The Interest Rate Cap Collateral Account shall be held
        in
        the name of the Interest Rate Cap Custodian in trust for the benefit of the
        Certificateholders. The Interest Rate Cap Collateral Account must be an Eligible
        Account and shall be titled “Interest Rate Cap Collateral Account, Wells Fargo
        Bank, N.A., as Interest Rate Cap Custodian for registered Certificateholders
        of
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series
        2006-EQ2.”

       

      The
        Interest Rate Cap Custodian shall credit to Interest Rate Cap Collateral
        Account
        all collateral (whether in the form of cash or securities) posted by the
        Interest Rate Cap Provider to secure the obligations of the Interest Rate
        Cap
        Provider in accordance with the terms of the Interest Rate Cap Agreement.
        Except
        for investment earnings, the Interest Rate Cap Provider shall not have any
        legal, equitable or beneficial interest in the Interest Rate Cap Collateral
        Account other than in accordance with this Agreement, the Interest Rate Cap
        Agreement and applicable law. The Interest Rate Cap Custodian shall maintain
        and
        apply all collateral and earnings thereon on deposit in the Interest Rate
        Cap
        Collateral Account in accordance with Interest Rate Cap Credit Support
        Annex.

       

      Cash
        collateral posted by the Interest Rate Cap Provider in accordance with the
        Interest Rate Cap Credit Support Annex shall be invested at the direction
        of the
        Interest Rate Cap Provider in Permitted Investments in accordance with the
        requirements of the Interest Rate Cap Credit Support Annex. All amounts earned
        on amounts on deposit in the Interest Rate Cap Collateral Account (whether
        cash
        collateral or securities) shall be for the account of and taxable to the
        Interest Rate Cap Provider. If
        no
        investment direction is provided, such amounts shall remain
        uninvested.

       

      Upon
        the
        occurrence of an Event of Default, a Termination Event, or an Additional
        Termination Event (each as defined in the Interest Rate Cap Agreement), with
        respect to the Interest Rate Cap Provider or upon occurrence or designation
        of
        an Early Termination Date (as defined in the Interest Rate Cap Agreement)
        as a
        result of any such Event of Default, Termination Event, or Additional
        Termination Event with respect to the Interest Rate Cap Provider, and, in
        either
        such case, unless the Interest Rate Cap Provider has paid in full all of
        its
        Obligations (as defined in the Interest Rate Cap Credit Support Annex) that
        are
        then due, then any collateral posted by the Interest Rate Cap Provider in
        accordance with the Interest Rate Cap Credit Support Annex shall be applied
        to
        the payment of any Obligations due to Party B (as defined in the Interest
        Rate
        Cap Agreement) in accordance with the Interest Rate Cap Credit Support Annex.
        Any excess amounts held in such Interest Rate Cap Collateral Account after
        payment of all amounts owing to Party B under the Interest Rate Cap Agreement
        shall be withdrawn from the Interest Rate Cap Collateral Account and paid
        to the
        Interest Rate Cap Provider in accordance with the Interest Rate Cap Credit
        Support Annex.

       

      (c) The
        Trust
        Administrator (in its capacity as Supplemental Interest Trust Trustee) is
        hereby
        directed to perform the obligations of the Custodian as defined under the
        Swap
        Credit Support Annex (the “Swap Custodian”). On or before the Closing Date, the
        Swap Custodian shall establish a Swap Collateral Account. The Swap Collateral
        Account shall be held in the name of the Swap Custodian in trust for the
        benefit
        of the Certificateholders. The Swap Collateral Account must be an Eligible
        Account and shall be titled “Swap Collateral Account, Wells Fargo Bank, N.A., as
        Swap Custodian for registered Certificateholders of Soundview Home Loan Trust
        2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2.”

       

      The
        Swap
        Custodian shall credit to Swap Collateral Account all collateral (whether
        in the
        form of cash or securities) posted by the Swap Provider to secure the
        obligations of the Swap Provider in accordance with the terms of the Interest
        Rate Swap Agreement. Except for investment earnings, the Swap Provider shall
        not
        have any legal, equitable or beneficial interest in the Swap Collateral Account
        other than in accordance with this Agreement, the Interest Rate Swap Agreement
        and applicable law. The Swap Custodian shall maintain and apply all collateral
        and earnings thereon on deposit in the Swap Collateral Account in accordance
        with Swap Credit Support Annex.

       

      Cash
        collateral posted by the Swap Provider in accordance with the Swap Credit
        Support Annex shall be invested at the direction of the Swap Provider in
        Permitted Investments in accordance with the requirements of the Swap Credit
        Support Annex. All amounts earned on amounts on deposit in the Swap Collateral
        Account (whether cash collateral or securities) shall be for the account
        of and
        taxable to the Swap Provider. If no investment direction is provided, such
        amounts shall remain uninvested.

       

      Upon
        the
        occurrence of an Event of Default, a Termination Event, or an Additional
        Termination Event (each as defined in the Interest Rate Swap Agreement),
        a with
        respect to the Interest Rate Swap Provider or upon occurrence or designation
        of
        an Early Termination Date (as defined in the Interest Rate Swap Agreement)
        as a
        result of any such Event of Default, Termination Event, or Additional
        Termination Event with respect to the Interest Rate Swap Provider, and, in
        either such case, unless the Interest Rate Swap Provider has paid in full
        all of
        its Obligations (as defined in the Interest Rate Swap Credit Support Annex)
        that
        are then due, then any collateral posted by the Interest Rate Swap Provider
        in
        accordance with the Interest Rate Swap Credit Support Annex shall be applied
        to
        the payment of any Obligations due to Party B (as defined in the Interest
        Rate
        Swap Agreement) in accordance with the Interest Rate Swap Credit Support
        Annex.
        Any excess amounts held in such Swap Collateral Account after payment of
        all
        amounts owing to Party B under the Interest Rate Swap Agreement shall be
        withdrawn from the Swap Collateral Account and paid to the Swap Provider
        in
        accordance with the Swap Credit Support Annex.

       

      	SECTION
              4.15  	
              Rights
                and Obligations Under the Basis Risk Cap Agreement, the Interest
                Rate Cap
                Agreement and the Interest Rate Swap
                Agreement.

            

       

      (a)  In
        the
        event that the Basis Risk Cap Provider fails to perform any of its obligations
        under the Basis Risk Cap Agreement (including, without limitation, its
        obligation to make any payment or transfer collateral), or breaches any of
        its
        representations and warranties thereunder, or in the event that any Event
        of
        Default, Termination Event, or Additional Termination Event (each as defined
        in
        the Basis Risk Cap Agreement) occurs with respect to the Basis Risk Cap
        Agreement, the Trust Administrator shall, promptly following actual notice
        of
        such failure, breach or event, notify the Depositor and send any notices
        and
        make any demands, on behalf of the Trust, required to enforce the rights
        of the
        Trust under the Basis Risk Cap Agreement.

       

      In
        the
        event that the Basis Risk Cap Provider’s obligations are guaranteed by a third
        party under a guaranty relating to the Basis Risk Cap Agreement (such guaranty
        the “Guaranty” and such third party the “Guarantor”), then to the extent that
        the Basis Risk Cap Provider fails to make any payment by the close of business
        on the day it is required to make payment under the terms of the Basis Risk
        Cap
        Agreement, the Trust Administrator shall, promptly following actual notice
        of
        the Basis Risk Cap Provider’s failure to pay, demand that the Guarantor make any
        and all payments then required to be made by the Guarantor pursuant to such
        Guaranty; provided, that the Trust Administrator shall in no event be liable
        for
        any failure or delay in the performance by the Basis Risk Cap Provider or
        any
        Guarantor of its obligations hereunder or pursuant to the Basis Risk Cap
        Agreement and the Guaranty, nor for any special, indirect or consequential
        loss
        or damage of any kind whatsoever (including but not limited to lost profits)
        in
        connection therewith.

       

      Upon
        an
        early termination of the Basis Risk Cap Agreement other than in connection
        with
        the optional termination of the Trust, the Trust Administrator, at the direction
        of the Depositor, will use reasonable efforts to appoint a successor basis
        risk
        cap provider to enter into a new basis risk cap agreement on terms substantially
        similar to the Basis Risk Cap Agreement, with a successor basis risk cap
        provider meeting all applicable eligibility requirements. If the Trust
        Administrator receives a termination payment from the Basis Risk Cap Provider
        in
        connection with such early termination, the Trust Administrator (will apply
        such
        termination payment to any upfront payment required to appoint the successor
        basis risk cap provider. If the Trust Administrator is required to pay a
        termination payment to the Basis Risk Cap Provider in connection with such
        early
        termination, the Trust Administrator will apply any upfront payment received
        from the successor basis risk cap provider to pay such termination
        payment.

       

      If
        the
        Trust Administrator is unable to appoint a successor basis risk cap provider
        within 30 days of the early termination, then the Trust Administrator will
        deposit any termination payment received from the original Basis Risk Cap
        Provider into a separate, non-interest bearing reserve account and will,
        on each
        subsequent Distribution Date, withdraw from the amount then remaining on
        deposit
        in such reserve account, an amount equal to the payment, if any, that would
        have
        been paid to the Trust Administrator by the original Basis Risk Cap Provider
        calculated in accordance with the terms of the original Basis Risk Cap
        Agreement, and distribute such amount in accordance with the terms of Section
        4.01(d).

       

      Upon
        an
        early termination of the Basis Risk Cap Agreement in connection with the
        optional termination of the Trust, if the Trust Administrator receives a
        termination payment from the Basis Risk Cap Provider, such termination payment
        will be distributed in accordance with Section 4.01(d).

       

      (b)  In
        the
        event that the Interest Rate Cap Provider fails to perform any of its
        obligations under the Interest Rate Cap Agreement (including, without
        limitation, its obligation to make any payment or transfer collateral), or
        breaches any of its representations and warranties thereunder, or in the
        event
        that any Event of Default, Termination Event, or Additional Termination Event
        (each as defined in the Interest Rate Cap Agreement) occurs with respect
        to the
        Interest Rate Cap Agreement, the Trust Administrator (in its capacity as
        Cap
        Trustee) shall, promptly following actual notice of such failure, breach
        or
        event, notify the Depositor and send any notices and make any demands, on
        behalf
        of the Cap Trust, required to enforce the rights of the Cap Trust under the
        Interest Rate Cap Agreement.

       

      In
        the
        event that the Interest Rate Cap Provider’s obligations are guaranteed by a
        third party under a guaranty relating to the Interest Rate Cap Agreement
        (such
        guaranty the “Guaranty” and such third party the “Guarantor”), then to the
        extent that the Interest Rate Cap Provider fails to make any payment by the
        close of business on the day it is required to make payment under the terms
        of
        the Interest Rate Cap Agreement, the Trust Administrator (in its capacity
        as Cap
        Trustee) shall, promptly following actual notice of the Interest Rate Cap
        Provider’s failure to pay, demand that the Guarantor make any and all payments
        then required to be made by the Guarantor pursuant to such Guaranty; provided,
        that the Trust Administrator (in its capacity as Cap Trustee) shall in no
        event
        be liable for any failure or delay in the performance by the Interest Rate
        Cap
        Provider or any Guarantor of its obligations hereunder or pursuant to the
        Interest Rate Cap Agreement and the Guaranty, nor for any special, indirect
        or
        consequential loss or damage of any kind whatsoever (including but not limited
        to lost profits) in connection therewith.

       

      Upon
        an
        early termination of the Interest Rate Cap Agreement other than in connection
        with the optional termination of the Trust, the Trust Administrator (in its
        capacity as Cap Trustee), at the direction of the Depositor, will use reasonable
        efforts to appoint a successor interest rate cap provider to enter into a
        new
        interest rate cap agreement on terms substantially similar to the Interest
        Rate
        Cap Agreement, with a successor interest rate cap provider meeting all
        applicable eligibility requirements. If the Trust Administrator (in its capacity
        as Cap Trustee) receives a termination payment from the Interest Rate Cap
        Provider in connection with such early termination, the Trust Administrator
        (in
        its capacity as Cap Trustee) will apply such termination payment to any upfront
        payment required to appoint the successor interest rate cap provider. If
        the
        Trust Administrator (in its capacity as Cap Trustee) is required to pay a
        termination payment to the Interest Rate Cap Provider in connection with
        such
        early termination, the Trust Administrator (in its capacity as Cap Trustee)
        will
        apply any upfront payment received from the successor interest rate cap provider
        to pay such termination payment.

       

      If
        the
        Trust Administrator (in its capacity as Cap Trustee) is unable to appoint
        a
        successor interest rate cap provider within 30 days of the early termination,
        then the Trust Administrator (in its capacity as Cap Trustee) will deposit
        any
        termination payment received from the original Interest Rate Cap Provider
        into a
        separate, non-interest bearing reserve account and will, on each subsequent
        Distribution Date, withdraw from the amount then remaining on deposit in
        such
        reserve account an amount equal to the payment, if any, that would have been
        paid to the Trust Administrator (in its capacity as Cap Trustee) by the original
        Interest Rate Cap Provider calculated in accordance with the terms of the
        original Interest Rate Cap Agreement, and distribute such amount in accordance
        with the terms of Section 4.01(g).

       

      (c)  Upon
        an
        early termination of the Interest Rate Cap Agreement in connection with the
        optional termination of the Trust, if the Trust Administrator (in its capacity
        as Cap Trustee) receives a termination payment from the Interest Rate Cap
        Provider, such termination payment will be distributed in accordance with
        Section 4.01(g).

       

      (d)  In
        the
        event that the Swap Provider fails to perform any of its obligations under
        the
        Interest Rate Swap Agreement (including, without limitation, its obligation
        to
        make any payment or transfer collateral), or breaches any of its representations
        and warranties thereunder, or in the event that any Event of Default,
        Termination Event, or Additional Termination Event (each as defined in the
        Interest Rate Swap Agreement) occurs with respect to the Interest Rate Swap
        Agreement, the Trust Administrator (in its capacity as Supplemental Interest
        Trust Trustee) shall, promptly following actual notice of such failure, breach
        or event, notify the Depositor and send any notices and make any demands,
        on
        behalf of the Supplemental Interest Trust, required to enforce the rights
        of the
        Supplemental Interest Trust under the Interest Rate Swap Agreement.

       

      In
        the
        event that the Swap Provider’s obligations are guaranteed by a third party under
        a guaranty relating to the Interest Rate Swap Agreement (such guaranty the
        “Guaranty” and such third party the “Guarantor”), then to the extent that the
        Swap Provider fails to make any payment by the close of business on the day
        it
        is required to make payment under the terms of the Interest Rate Swap Agreement,
        the Trust Administrator (in its capacity as Supplemental Interest Trust Trustee)
        shall, promptly following actual notice of the Swap Provider’s failure to pay,
        demand that the Guarantor make any and all payments then required to be made
        by
        the Guarantor pursuant to such Guaranty; provided, that the Trust Administrator
        (in its capacity as Supplemental Interest Trust Trustee) shall in no event
        be
        liable for any failure or delay in the performance by the Swap Provider or
        any
        Guarantor of its obligations hereunder or pursuant to the Interest Rate Swap
        Agreement and the Guaranty, nor for any special, indirect or consequential
        loss
        or damage of any kind whatsoever (including but not limited to lost profits)
        in
        connection therewith.

       

      Upon
        an
        early termination of the Interest Rate Swap Agreement other than in connection
        with the optional termination of the Trust, the Trust Administrator (in its
        capacity as Supplemental Interest Trust Trustee), at the direction of the
        Depositor, will use reasonable efforts to appoint a successor swap provider
        to
        enter into a new interest rate swap agreement on terms substantially similar
        to
        the Interest Rate Swap Agreement, with a successor swap provider meeting
        all
        applicable eligibility requirements. If the Trust Administrator (in its capacity
        as Supplemental Interest Trust Trustee) receives a termination payment from
        the
        Swap Provider in connection with such early termination, the Trust Administrator
        (in its capacity as Supplemental Interest Trust Trustee) will apply such
        termination payment to any upfront payment required to appoint the successor
        swap provider. If the Trust Administrator (in its capacity as Supplemental
        Interest Trust Trustee) is required to pay a termination payment to the Swap
        Provider in connection with such early termination, the Trust Administrator
        (in
        its capacity as Supplemental Interest Trust Trustee) will apply any upfront
        payment received from the successor swap provider to pay such termination
        payment.

       

      If
        the
        Trust Administrator (in its capacity as Supplemental Interest Trust Trustee)
        is
        unable to appoint a successor swap provider within 30 days of the early
        termination, then the Trust Administrator (in its capacity as Supplemental
        Interest Trust Trustee) will deposit any termination payment received from
        the
        original Swap Provider into a separate, non-interest bearing reserve account
        and
        will, on each subsequent Distribution Date, withdraw from the amount then
        remaining on deposit in such reserve account an amount equal to the Net Swap
        Payment, if any, that would have been paid to the Trust Administrator (in
        its
        capacity as Supplemental Interest Trust Trustee) by the original Swap Provider
        calculated in accordance with the terms of the original Interest Rate Swap
        Agreement, and distribute such amount in accordance with the terms of Section
        4.01(f).

       

      Upon
        an
        early termination of the Interest Rate Swap Agreement in connection with
        the
        optional termination of the Trust, if the Trustee (in its capacity as
        Supplemental Interest Trust Trustee) receives a termination payment from
        the
        Swap Provider, such termination payment will be distributed in accordance
        with
        Section 4.01(f).

       

      ARTICLE
        V

       

       THE
        CERTIFICATES

       

      	SECTION
              5.02  	
              The
                Certificates.

            

       

      Each
        of
        the Floating Rate Certificates, the Class P Certificates, the Class C
        Certificates and the Residual Certificates shall be substantially in the
        forms
        annexed hereto as exhibits, and shall, on original issue, be executed,
        authenticated and delivered by the Trust Administrator to or upon the order
        of
        the Depositor concurrently with the sale and assignment to the Trust
        Administrator of the Trust Fund. The Floating Rate Certificates shall be
        initially evidenced by one or more Certificates representing a Percentage
        Interest with a minimum dollar denomination of $25,000 and integral dollar
        multiples of $1.00 in excess thereof; provided, that the Floating Rate
        Certificates must be purchased in minimum total investments of $100,000 per
        Class and that one Certificate of each such Class of Certificates may be
        in a
        different denomination so that the sum of the denominations of all outstanding
        Certificates of such Class shall equal the Certificate Principal Balance
        of such
        Class on the Closing Date. The Class C Certificates, the Class P Certificates
        and the Residual Certificates are issuable in any Percentage Interests;
        provided, however, that the sum of all such percentages for each such Class
        totals 100% and no more than ten Certificates of each Class may be issued
        and
        outstanding at any one time.

       

      The
        Certificates shall be executed on behalf of the Trust Administrator by manual
        or
        facsimile signature on behalf of the Trust Administrator by a Responsible
        Officer. Certificates bearing the manual or facsimile signatures of individuals
        who were, at the time when such signatures were affixed, authorized to sign
        on
        behalf of the Trust Administrator shall bind the Trust, notwithstanding that
        such individuals or any of them have ceased to be so authorized prior to
        the
        authentication and delivery of such Certificates or did not hold such offices
        at
        the date of such Certificate. No Certificate shall be entitled to any benefit
        under this Agreement or be valid for any purpose, unless such Certificate
        shall
        have been manually authenticated by the Trust Administrator substantially
        in the
        form provided for herein, and such authentication upon any Certificate shall
        be
        conclusive evidence, and the only evidence, that such Certificate has been
        duly
        authenticated and delivered hereunder. All Certificates shall be dated the
        date
        of their authentication. Subject to Section 5.02(c), the Floating Rate
        Certificates shall be Book-Entry Certificates. The other Classes of Certificates
        shall not be Book-Entry Certificates.

       

      	SECTION
              5.03  	
              Registration
                of Transfer and Exchange of Certificates.

            

       

      (a)  The
        Certificate Registrar shall cause to be kept at the Corporate Trust Office
        a
        Certificate Register in which, subject to such reasonable regulations as
        it may
        prescribe, the Certificate Registrar shall provide for the registration of
        Certificates and of transfers and exchanges of Certificates as herein provided.
        The Trust Administrator shall initially serve as Certificate Registrar for
        the
        purpose of registering Certificates and transfers and exchanges of Certificates
        as herein provided.

       

      Upon
        surrender for registration of transfer of any Certificate at any office or
        agency of the Certificate Registrar maintained for such purpose pursuant
        to the
        foregoing paragraph which office shall initially be the offices of the Trust
        Administrator’s agent located at Sixth Street and Marquette Avenue, Minneapolis,
        Minnesota 55479, Attention: Corporate Trust Services Soundview Homes Loan
        Trust
        2006-EQ2 and, in the case of a Residual Certificate, upon satisfaction of
        the
        conditions set forth below, the Trust Administrator on behalf of the Trust
        shall
        execute, authenticate and deliver, in the name of the designated transferee
        or
        transferees, one or more new Certificates of the same aggregate Percentage
        Interest.

       

      At
        the
        option of the Certificateholders, Certificates may be exchanged for other
        Certificates in authorized denominations and the same aggregate Percentage
        Interests, upon surrender of the Certificates to be exchanged at any such
        office
        or agency. Whenever any Certificates are so surrendered for exchange, the
        Trust
        Administrator shall execute on behalf of the Trust and authenticate and deliver
        the Certificates which the Certificateholder making the exchange is entitled
        to
        receive. Every Certificate presented or surrendered for registration of transfer
        or exchange shall (if so required by the Trust Administrator or the Certificate
        Registrar) be duly endorsed by, or be accompanied by a written instrument
        of
        transfer satisfactory to the Trust Administrator and the Certificate Registrar
        duly executed by, the Holder thereof or his attorney duly authorized in writing.
        In addition, (i) with respect to each Class R Certificate, the holder thereof
        may exchange, in the manner described above, such Class R Certificate for
        four
        separate certificates, each representing such holder’s respective Percentage
        Interest in the Class R-1 Interest, the Class R-2 Interest and the Class
        R-3
        Interest that was evidenced by the Class R Certificate being exchanged and
        (ii)
        with respect to each Class R-X Certificate, the holder thereof may exchange,
        in
        the manner described above, such Class R-X Certificate for three separate
        certificates, each representing such holder’s respective Percentage Interest in
        the Class R-4 Interest, the Class R-5 Interest and the Class R-6 Interest
        that
        was evidenced by the Class R-X Certificate being exchanged.

       

      (b)  Except
        as
        provided in paragraph (c) below, the Book-Entry Certificates shall at all
        times
        remain registered in the name of the Depository or its nominee and at all
        times:
        (i) registration of such Certificates may not be transferred by the Trust
        Administrator except to another Depository; (ii) the Depository shall maintain
        book-entry records with respect to the Certificate Owners and with respect
        to
        ownership and transfers of such Certificates; (iii) ownership and transfers
        of
        registration of such Certificates on the books of the Depository shall be
        governed by applicable rules established by the Depository; (iv) the Depository
        may collect its usual and customary fees, charges and expenses from its
        Depository Participants; (v) the Trustee, the Trust Administrator, the Master
        Servicer and the Depositor may for all purposes deal with the Depository
        as
        representative of the Certificate Owners of the Certificates for purposes
        of
        exercising the rights of Holders under this Agreement, and requests and
        directions for and votes of such representative shall not be deemed to be
        inconsistent if they are made with respect to different Certificate Owners;
        (vi)
        the Trust Administrator may rely and shall be fully protected in relying
        upon
        information furnished by the Depository with respect to its Depository
        Participants and furnished by the Depository Participants with respect to
        indirect participating firms and Persons shown on the books of such indirect
        participating firms as direct or indirect Certificate Owners; and (vii) the
        direct participants of the Depository shall have no rights under this Agreement
        under or with respect to any of the Certificates held on their behalf by
        the
        Depository, and the Depository may be treated by the Trust Administrator
        and its
        agents, employees, officers and directors as the absolute owner of the
        Certificates for all purposes whatsoever.

       

      All
        transfers by Certificate Owners of Book-Entry Certificates shall be made
        in
        accordance with the procedures established by the Depository Participant
        or
        brokerage firm representing such Certificate Owners. Each Depository Participant
        shall only transfer Book-Entry Certificates of Certificate Owners that it
        represents or of brokerage firms for which it acts as agent in accordance
        with
        the Depository’s normal procedures. The parties hereto are hereby authorized to
        execute a Letter of Representations with the Depository or take such other
        action as may be necessary or desirable to register a Book-Entry Certificate
        to
        the Depository. In the event of any conflict between the terms of any such
        Letter of Representation and this Agreement, the terms of this Agreement
        shall
        control.

       

      (c)  If
        (i)(x)
        the Depository or the Depositor advises the Trust Administrator in writing
        that
        the Depository is no longer willing or able to discharge properly its
        responsibilities as Depository and (y) the Trustee or the Depositor is unable
        to
        locate a qualified successor or (ii) after the occurrence of a Servicer Event
        of
        Termination or a Master Servicer Event of Termination, the Certificate Owners
        of
        the Book-Entry Certificates representing Percentage Interests of such Classes
        aggregating not less than 51% advise the Trust Administrator and Depository
        through the Financial Intermediaries and the Depository Participants in writing
        that the continuation of a book-entry system through the Depository to the
        exclusion of definitive, fully registered certificates (the “Definitive
        Certificates”) to Certificate Owners is no longer in the best interests of the
        Certificate Owners. Upon surrender to the Certificate Registrar of the
        Book-Entry Certificates by the Depository, accompanied by registration
        instructions from the Depository for registration, the Trust Administrator
        shall
        in the case of (i) and (ii) above, execute on behalf of the Trust and
        authenticate the Definitive Certificates. None of the Depositor, the Master
        Servicer, the Servicer, the Trustee or the Trust Administrator shall be liable
        for any delay in delivery of such instructions and may conclusively rely
        on, and
        shall be protected in relying on, such instructions. Upon the issuance of
        Definitive Certificates, the Trustee, the Trust Administrator, the Certificate
        Registrar, the Servicer, the Master Servicer, any Paying Agent and the Depositor
        shall recognize the Holders of the Definitive Certificates as Certificateholders
        hereunder.

       

      (d)  No
        transfer, sale, pledge or other disposition of any Class M-10 Certificate,
        Class
        C Certificate, Class P Certificate or Residual Certificate (the “Private
        Certificates”) shall be made unless such disposition is exempt from the
        registration requirements of the Securities Act of 1933, as amended (the
        “Securities Act”), and any applicable state securities laws or is made in
        accordance with the Securities Act and laws. In the event of any such transfer
        (other than in connection with (i) the initial transfer of any such Certificate
        by the Depositor to an Affiliate of the Depositor or, in the case of the
        Class
        R-X Certificates, the first transfer by an Affiliate of the Depositor or
        the
        first transfer by the initial transferee of an Affiliate of the Depositor,
        (ii)
        the transfer of any such Class C, Class P or Residual Certificate to the
        issuer
        under the Indenture or the indenture trustee under the Indenture or (iii)
        a
        transfer of any such Class C, Class P or Residual Certificate from the issuer
        under the Indenture or the indenture trustee under the Indenture to the
        Depositor or an Affiliate of the Depositor), (x) unless such transfer is
        made in
        reliance upon Rule 144A (as evidenced by the investment letter delivered
        to the
        Trust Administrator, in substantially the form attached hereto as Exhibit
        J)
        under the Securities Act, the Trust Administrator and the Depositor shall
        require a written Opinion of Counsel (which may be in-house counsel) acceptable
        to and in form and substance reasonably satisfactory to the Trust Administrator
        and the Depositor that such transfer may be made pursuant to an exemption,
        describing the applicable exemption and the basis therefor, from the Securities
        Act or is being made pursuant to the Securities Act, which Opinion of Counsel
        shall not be an expense of the Trust Administrator or the Depositor or (y)
        the
        Trust Administrator shall require the transferor to execute a transferor
        certificate (in substantially the form attached hereto as Exhibit L) and
        the
        transferee to execute an investment letter (in substantially the form attached
        hereto as Exhibit J) acceptable to and in form and substance reasonably
        satisfactory to the Depositor and the Trust Administrator certifying to the
        Depositor and the Trust Administrator the facts surrounding such transfer,
        which
        investment letter shall not be an expense of the Trust Administrator or the
        Depositor. The Holder of a Private Certificate desiring to effect such transfer
        shall, and does hereby agree to, indemnify the Trust Administrator and the
        Depositor against any liability that may result if the transfer is not so
        exempt
        or is not made in accordance with such federal and state laws.

       

      Notwithstanding
        the foregoing, in the event of any such transfer of any Ownership Interest
        in
        any Private Certificate that is a Book-Entry Certificate, except with respect
        to
        the initial transfer of any such Ownership Interest by the Depositor, such
        transfer shall be required to be made in reliance upon Rule 144A under the
        Securities Act, and the transferor will be deemed to have made each of the
        transferor representations and warranties set forth Exhibit L hereto in respect
        of such interest as if it was evidenced by a Definitive Certificate and the
        transferee will be deemed to have made each of the transferee representations
        and warranties set forth Exhibit J hereto in respect of such interest as
        if it
        was evidenced by a Definitive Certificate. The Certificate Owner of any such
        Ownership Interest in any such Book-Entry Certificate desiring to effect
        such
        transfer shall, and does hereby agree to, indemnify the Trust Administrator
        and
        the Depositor against any liability that may result if the transfer is not
        so
        exempt or is not made in accordance with such federal and state
        laws.

       

      Notwithstanding
        the foregoing, no certification or Opinion of Counsel described above in
        this
        Section 5.02(d) will be required in connection with the transfer, on the
        Closing
        Date, of any Residual Certificate by the Depositor to an “accredited investor”
within the meaning of Rule 501 of the Securities Act.

       

      No
        transfer of any Class C Certificate shall be made unless the transferee of
        such
        Class C Certificate provides to the Trust Administrator, the Swap Provider
        and
        the Interest Rate Cap Provider the appropriate tax certification form (i.e.,
        IRS
        Form W-9 or IRS Form W-8BEN, W-8IMY, or W-8ECI, as applicable (or
        any successor thereto))
        as a
        condition to such transfer and agrees to update
        such forms (i) upon expiration of any such form, (ii) as required under then
        applicable U.S. Treasury Regulations and (iii) promptly upon learning that
        any
        IRS Form W-9
        or
        IRS Form W-8BEN, W-8IMY, or W-8ECI, as applicable
        (or any successor thereto), has become obsolete or incorrect. In addition,
        no
        transfer of any Class C Certificate shall be made if such transfer would
        cause
        the Supplemental Interest Trust or the Cap Account to be beneficially owned
        by
        two or more persons for federal income tax purposes, or continue to be so
        treated, unless (a) each proposed transferee of such Class C Certificate
        complies with the foregoing conditions, (b) the proposed majority Holder
        of the
        Class C Certificates (or each Holder, if there is or would be no majority
        Holder) (A) provides, or causes to be provided, on behalf of the Supplemental
        Interest Trust and the Cap Account, if applicable, the appropriate tax
        certification form that would be required from the Supplemental Interest
        Trust
        or the Cap Account, as applicable, to eliminate any withholding or deduction
        for
        taxes from amounts payable by the Swap Provider or the Interest Rate Cap
        Provider, pursuant to the Interest Rate Swap Agreement or the Interest Rate
        Cap
        Agreement, to the Trust Administrator, the Swap Provider and the Interest
        Rate
        Cap Provider on behalf of the Supplemental Interest Trust or the Cap Account
        (i.e., IRS Form W-9 or IRS Form W-8BEN, W-8IMY or W-8ECI, as applicable (or
        any
        successor form thereto) as a condition to such transfer, together with any
        applicable attachments) and (B) agrees to update such form (x) upon expiration
        of any such form, (y) as required under then applicable U.S. Treasury
        regulations and (z) promptly upon learning that such form has become obsolete
        or
        incorrect. If, under applicable U.S. Treasury regulations, such tax
        certification form may only be signed by a trustee acting on behalf of the
        Supplemental Interest Trust or the Cap Account, then the Supplemental Interest
        Trust Trustee or the Trust Administrator, as applicable, shall sign such
        certification form if so requested by a Holder of the Class C
        Certificates.

       

      Upon
        receipt of any such tax certification form from a transferee of any Class
        C
        Certificate pursuant to the immediately preceding paragraph, the Trust
        Administrator shall provide a copy of any such tax certification form to
        the
        Swap Provider and the Interest Rate Cap Provider, upon its request, solely
        to
        the extent the Swap Provider or the Interest Rate Cap Provider has not received
        such IRS Form directly from the Holder of the Class C Certificates. Each
        Holder
        of a Class C Certificate by its purchase of such Certificate is deemed to
        consent to any such IRS Form being so forwarded. Upon the request of the
        Swap
        Provider or the Interest Rate Cap Provider, the Trust Administrator shall
        be
        required to forward any tax certification received by it to the Swap Provider
        or
        the Interest Rate Cap Provider at the last known address provided to it,
        and,
        subject to Section 8.01, shall not be liable for the receipt of such tax
        certification by the Swap Provider or the Interest Rate Cap Provider, nor
        any
        action taken or not taken by the Swap Provider or the Interest Rate Cap Provider
        with respect to such tax certification. Any purported sales or transfers
        of any
        Class C Certificate to a transferee which does not comply with the requirements
        of the preceding paragraph shall be deemed null and void under this Agreement.
        The Trust Administrator shall have no duty to take any action to correct
        any
        misstatement or omission in any tax certification provided to it by the Holder
        of the Class C Certificates and forwarded to the Swap Provider or the Interest
        Rate Cap Provider.

       

      No
        transfer of a Class C Certificate, Class P Certificate or Residual Certificate
        or any interest therein shall be made to any Plan, any Person acting, directly
        or indirectly, on behalf of any such Plan or any Person acquiring such
        Certificates with “Plan Assets” of a Plan within the meaning of the Department
        of Labor regulation promulgated at 29 C.F.R. § 2510.3-101 (“Plan Assets”), as
        certified by such transferee in the form of Exhibit M, unless the Trust
        Administrator is provided with an Opinion of Counsel for the benefit of the
        Trustee, the Trust Administrator, the Depositor, the Master Servicer and
        the
        Servicer and on which they may rely which establishes to the satisfaction
        of the
        Depositor, the Trust Administrator, the Servicer and the Master Servicer
        that
        the purchase of such Certificates is permissible under applicable law, will
        not
        constitute or result in any prohibited transaction under ERISA or Section
        4975
        of the Code and will not subject the Depositor, the Master Servicer, the
        Servicer, the Trust Administrator, the Trustee or the Trust Fund to any
        obligation or liability (including obligations or liabilities under ERISA
        or
        Section 4975 of the Code) in addition to those undertaken in this Agreement,
        which Opinion of Counsel shall not be an expense of the Depositor, the Master
        Servicer, the Servicer, the Trust Administrator, the Trustee or the Trust
        Fund.
        Neither a certification nor an Opinion of Counsel will be required in connection
        with (i) the initial transfer of any such Certificate by the Depositor to
        an
        Affiliate of the Depositor, (ii) the transfer of any such Class C Certificate,
        Class P Certificate or Residual Certificate to the issuer under the Indenture
        or
        the indenture trustee under the Indenture or (iii) a transfer of any such
        Class
        C Certificate, Class P Certificate or Residual Certificate from the issuer
        under
        the Indenture or the indenture trustee under the Indenture to the Depositor
        or
        an Affiliate of the Depositor (in which case, the Depositor or any Affiliate
        thereof shall have deemed to have represented that such Affiliate is not
        a Plan
        or a Person investing Plan Assets) and the Trust Administrator shall be entitled
        to conclusively rely upon a representation (which, upon the request of the
        Trust
        Administrator shall be a written representation) from the Depositor of the
        status of such transferee as an affiliate of the Depositor.

       

      For
        so
        long as the Supplemental Interest Trust is in existence, each beneficial
        owner
        of a Floating Rate Certificate or any interest therein, shall be deemed to
        have
        represented, by virtue of its acquisition or holding of the Floating Rate
        Certificate, or interest therein, that either (i) it is not a Plan or (ii)
        (A)
        it is an accredited investor within the meaning of Prohibited Transaction
        Exemption (“PTE”) 90-59, 55 Fed. Reg. 36724 (September 6, 1990), as amended by
        PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE 2000-58, 65 Fed. Reg.
        67765
        (November 13, 2000) and PTE 2002-41, 67 Fed. Reg. 54487 (August 22, 2002)
        (the
“Exemption”) and (B) the acquisition and holding of such Certificate and the
        separate right to receive payments from the Supplemental Interest Trust are
        eligible for the exemptive relief available under Prohibited Transaction
        Class
        Exemption (“PTCE”) 84-14, 91-38, 90-1, 95-60 or 96-23, in the case of a Floating
        Rate Certificate (other than a Class M-10 Certificate) or PTCE 95-60, in
        the
        case of a Class M-10 Certificate.

       

      Subsequent
        to the termination of the Supplemental Interest Trust, each Transferee of
        a
        Mezzanine Certificate will be deemed to have represented by virtue of its
        purchase or holding of such Certificate (or interest therein) that either
        (a)
        such Transferee is not a Plan or purchasing such Certificate with Plan Assets,
        (b) except in the case of a Class M-10 Certificate, it has acquired and is
        holding such Certificate in reliance on the Exemption and that it understands
        that there are certain conditions to the availability of the Exemption including
        that such Certificate must be rated, at the time of purchase, not lower than
        “BBB-” (or its equivalent) by a Rating Agency or (c) the following conditions
        are satisfied: (i) such Transferee is an insurance company, (ii) the source
        of
        funds used to purchase or hold such Certificate (or interest therein) is
        an
“insurance company general account” (as defined in PTCE 95-60), and (iii) the
        conditions set forth in Sections I and III of PTCE 95-60 have been
        satisfied.

       

      If
        any
        Certificate or any interest therein is acquired or held in violation of the
        provisions of the three preceding paragraphs, the next preceding permitted
        beneficial owner will be treated as the beneficial owner of that Certificate
        retroactive to the date of transfer to the purported beneficial owner. Any
        purported beneficial owner whose acquisition or holding of any such Certificate
        or interest therein was effected in violation of the provisions of the three
        preceding paragraphs shall indemnify and hold harmless the Depositor, the
        Master
        Servicer, the Servicer, the Trust Administrator, the Trustee and the Trust
        from
        and against any and all liabilities, claims, costs or expenses incurred by
        those
        parties as a result of that acquisition or holding.

       

      Each
        Person who has or who acquires any Ownership Interest in a Residual Certificate
        shall be deemed by the acceptance or acquisition of such Ownership Interest
        to
        have agreed to be bound by the following provisions and to have irrevocably
        appointed the Depositor or its designee as its attorney-in-fact to negotiate
        the
        terms of any mandatory sale under clause (v) below and to execute all
        instruments of transfer and to do all other things necessary in connection
        with
        any such sale, and the rights of each Person acquiring any Ownership Interest
        in
        a Residual Certificate are expressly subject to the following
        provisions:

       

      (i)  Each
        Person holding or acquiring any Ownership Interest in a Residual Certificate
        shall be a Permitted Transferee and shall promptly notify the Trust
        Administrator of any change or impending change in its status as a Permitted
        Transferee.

       

      (ii)  No
        Person
        shall acquire an Ownership Interest in a Residual Certificate unless such
        Ownership Interest is a pro
        rata
        undivided interest.

       

      (iii)  In
        connection with any proposed transfer of any Ownership Interest in a Residual
        Certificate, the Trust Administrator shall as a condition to registration
        of the
        transfer, require delivery to it, in form and substance satisfactory to it,
        of
        each of the following:

       

      
        	 	
                (A)

              	
                an
                  affidavit in the form of Exhibit K hereto from the proposed transferee
                  to
                  the effect that such transferee is a Permitted Transferee and that
                  it is
                  not acquiring its Ownership Interest in the Residual Certificate
                  that is
                  the subject of the proposed transfer as a nominee, trustee or agent
                  for
                  any Person who is not a Permitted Transferee;
                  and

              

      

       

      
        	 	
                (B)

              	
                a
                  covenant of the proposed transferee to the effect that the proposed
                  transferee agrees to be bound by and to abide by the transfer restrictions
                  applicable to the Residual
                  Certificates.

              

      

       

      (iv)  Any
        attempted or purported transfer of any Ownership Interest in a Residual
        Certificate in violation of the provisions of this Section shall be absolutely
        null and void and shall vest no rights in the purported transferee. If any
        purported transferee shall, in violation of the provisions of this Section,
        become a Holder of a Residual Certificate, then the prior Holder of such
        Residual Certificate that is a Permitted Transferee shall, upon discovery
        that
        the registration of transfer of such Residual Certificate was not in fact
        permitted by this Section, be restored to all rights as Holder thereof
        retroactive to the date of registration of transfer of such Residual
        Certificate. The Trust Administrator shall be under no liability to any Person
        for any registration of transfer of a Residual Certificate that is in fact
        not
        permitted by this Section or for making any distributions due on such Residual
        Certificate to the Holder thereof or taking any other action with respect
        to
        such Holder under the provisions of this Agreement so long as the Trust
        Administrator received the documents specified in clause (iii). The Trust
        Administrator shall be entitled to recover from any Holder of a Residual
        Certificate that was in fact not a Permitted Transferee at the time such
        distributions were made all distributions made on such Residual Certificate.
        Any
        such distributions so recovered by the Trust Administrator shall be distributed
        and delivered by the Trust Administrator to the prior Holder of such Residual
        Certificate that is a Permitted Transferee.

       

      (v)  If
        any
        Person other than a Permitted Transferee acquires any Ownership Interest
        in a
        Residual Certificate in violation of the restrictions in this Section, then
        the
        Trust Administrator shall have the right but not the obligation, without
        notice
        to the Holder of such Residual Certificate or any other Person having an
        Ownership Interest therein, to notify the Depositor to arrange for the sale
        of
        such Residual Certificate. The proceeds of such sale, net of commissions
        (which
        may include commissions payable to the Depositor or its affiliates in connection
        with such sale), expenses and taxes due, if any, will be remitted by the
        Trust
        Administrator to the previous Holder of such Residual Certificate that is
        a
        Permitted Transferee, except that in the event that the Trust Administrator
        determines that the Holder of such Residual Certificate may be liable for
        any
        amount due under this Section or any other provisions of this Agreement,
        the
        Trust Administrator may withhold a corresponding amount from such remittance
        as
        security for such claim. The terms and conditions of any sale under this
        clause
        (v) shall be determined in the sole discretion of the Trust Administrator
        and it
        shall not be liable to any Person having an Ownership Interest in a Residual
        Certificate as a result of its exercise of such discretion.

       

      (vi)  If
        any
        Person other than a Permitted Transferee acquires any Ownership Interest
        in a
        Residual Certificate in violation of the restrictions in this Section, then
        the
        Trust Administrator upon receipt of reasonable compensation will provide
        to the
        Internal Revenue Service, and to the persons specified in Sections 860E(e)(3)
        and (6) of the Code, information needed to compute the tax imposed under
        Section
        860E(e)(5) of the Code on transfers of residual interests to disqualified
        organizations.

       

      The
        foregoing provisions of this Section shall cease to apply to transfers occurring
        on or after the date on which there shall have been delivered to the Trust
        Administrator, in form and substance satisfactory to the Trust Administrator,
        (i) written notification from each Rating Agency that the removal of the
        restrictions on transfer set forth in this Section will not cause such Rating
        Agency to downgrade its rating of the Certificates and (ii) an Opinion of
        Counsel to the effect that such removal will not cause any REMIC created
        hereunder to fail to qualify as a REMIC.

       

      (e)  No
        service charge shall be made for any registration of transfer or exchange
        of
        Certificates of any Class, but the Certificate Registrar may require payment
        of
        a sum sufficient to cover any tax or governmental charge that may be imposed
        in
        connection with any transfer or exchange of Certificates.

       

      All
        Certificates surrendered for registration of transfer or exchange shall be
        canceled by the Certificate Registrar and disposed of pursuant to its standard
        procedures.

       

      	SECTION
              5.04  	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            

       

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

       

      	SECTION
              5.05  	
              Persons
                Deemed Owners.

            

       

      The
        Servicer, the Depositor, the Trustee, the Master Servicer, the Trust
        Administrator, the Certificate Registrar, any Paying Agent and any agent
        of the
        Servicer, the Depositor, the Master Servicer, the Trust Administrator, the
        Certificate Registrar or any Paying Agent may treat the Person, including
        a
        Depository, in whose name any Certificate is registered as the owner of such
        Certificate for the purpose of receiving distributions pursuant to Section
        4.01
        and for all other purposes whatsoever, and none of the Depositor, the Master
        Servicer, the Trust Administrator, the Trustee, the Certificate Registrar
        or any
        Paying Agent nor any agent of any of them shall be affected by notice to
        the
        contrary.

       

      	SECTION
              5.06  	
              Appointment
                of Paying Agent.

            

       

      (a)  The
        Paying Agent shall make distributions to Certificateholders from the
        Distribution Account pursuant to Section 4.01. The duties of the Paying Agent
        may include the obligation (i) to withdraw funds from the Collection Account
        pursuant to Section 3.11(a) and for the purpose of making the distributions
        referred to above and (ii) to distribute statements and provide information
        to
        Certificateholders as required hereunder. The Paying Agent hereunder shall
        at
        all times be an entity duly organized and validly existing under the laws
        of the
        United States of America or any state thereof, authorized under such laws
        to
        exercise corporate trust powers and subject to supervision or examination
        by
        federal or state authorities. The Paying Agent shall initially be the Trust
        Administrator. 

       

      ARTICLE
        VI

       

      THE
        MASTER SERVICER, THE SERVICER AND THE DEPOSITOR

       

      	SECTION
              6.01  	
              Liability
                of the Master Servicer, the Servicer and the
                Depositor.

            

       

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

       

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

            

       

      Any
        entity into which the Servicer, the Master Servicer or Depositor may be merged
        or consolidated, or any entity resulting from any merger, conversion or
        consolidation to which the Servicer the Master Servicer or the Depositor
        shall
        be a party, or any corporation succeeding to the business of the Servicer
        the
        Master Servicer or the Depositor, shall be the successor of the Servicer
        the
        Master Servicer or the Depositor, as the case may be, hereunder, without
        the
        execution or filing of any paper or any further act on the part of any of
        the
        parties hereto, anything herein to the contrary notwithstanding; provided,
        however, that the successor Servicer shall satisfy all the requirements of
        Section 7.02 with respect to the qualifications of a successor
        Servicer.

       

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

            

       

      Neither
        the Master Servicer, the Servicer or the Depositor nor any of the directors
        or
        officers or employees or agents of the Master Servicer, the Servicer or the
        Depositor shall be under any liability to the Trust or the Certificateholders
        for any action taken or for refraining from the taking of any action by the
        Master Servicer, the Servicer or the Depositor in good faith pursuant to
        this
        Agreement, or for errors in judgment; provided, however, that this provision
        shall not protect the Master Servicer, the Servicer, the Depositor or any
        such
        Person against any liability which would otherwise be imposed by reason of
        its
        willful misfeasance, bad faith or negligence in the performance of duties
        of the
        Master Servicer, the Servicer or the Depositor, as the case may be, or by
        reason
        of its reckless disregard of its obligations and duties of the Master Servicer,
        the Servicer or the Depositor, as the case may be, hereunder; provided, further,
        that this provision shall not be construed to entitle the Master Servicer
        and
        the Servicer to indemnity in the event that amounts advanced by the Master
        Servicer and the Servicer to retire any senior lien exceed Liquidation Proceeds
        (in excess of related liquidation expenses) realized with respect to the
        related
        Mortgage Loan. The Master Servicer and the Servicer and any director or officer
        or employee or agent of the Master Servicer and the Servicer may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        any Person respecting any matters arising hereunder. The Master Servicer
        and the
        Servicer and the Depositor, and any director or officer or employee or agent
        of
        the Master Servicer and the Servicer or the Depositor, shall be indemnified
        by
        the Trust and held harmless against (i) any loss, liability or expense incurred
        in connection with any legal action relating to this Agreement or the
        Certificates, other than any loss, liability or expense related to any specific
        Mortgage Loan or Mortgage Loans (except as any such loss, liability or expense
        shall be otherwise reimbursable pursuant to this Agreement) and any loss,
        liability or expense incurred by reason of its willful misfeasance, bad faith
        or
        negligence in the performance of duties hereunder or by reason of its reckless
        disregard of obligations and duties hereunder or (ii) any breach of a
        representation or warranty by either Originator regarding the Mortgage Loans.
        The Master Servicer, the Servicer or the Depositor may undertake any such
        action
        which it may deem necessary or desirable in respect of this Agreement, and
        the
        rights and duties of the parties hereto and the interests of the
        Certificateholders hereunder. In such event, the reasonable legal expenses
        and
        costs of such action and any liability resulting therefrom shall be expenses,
        costs and liabilities of the Trust and the Depositor, the Master Servicer,
        or
        the Servicer shall be entitled to be reimbursed therefor from the Collection
        Account as and to the extent provided in Section 3.11, any such right of
        reimbursement being prior to the rights of the Certificateholders to receive
        any
        amount in the Collection Account. The Master Servicer’s and the Servicer’s right
        to indemnity or reimbursement pursuant to this Section shall survive any
        resignation or termination of the Master Servicer and the Servicer pursuant
        to
        Section 6.04 or 7.01 with respect to any losses, expenses, costs or liabilities
        arising prior to such resignation or termination (or arising from events
        that
        occurred prior to such resignation or termination). This paragraph shall
        apply
        to the Master Servicer and the Servicer solely in their capacity as Master
        Servicer and Servicer hereunder and in no other capacities.

       

      	SECTION
              6.04  	
              Limitation
                on Resignation of the Servicer; Assignment of Master
                Servicing.

            

       

      The
        Servicer shall not resign from the obligations and duties hereby imposed
        on it
        except upon determination that its duties hereunder are no longer permissible
        under applicable law. Any such determination pursuant to the preceding sentence
        permitting the resignation of the Servicer shall be evidenced by an Opinion
        of
        Counsel to such effect obtained at the expense of the Servicer and delivered
        to
        the Trustee, the Trust Administrator and the Master Servicer. No resignation
        of
        the Servicer shall become effective until the Master Servicer or (if the
        Master
        Servicer is the Servicer) the Trustee or a successor servicer shall have
        assumed
        the Servicer’s responsibilities, duties, liabilities (other than those
        liabilities arising prior to the appointment of such successor) and obligations
        under this Agreement.

       

      Except
        as
        expressly provided herein, the Servicer shall not assign or transfer any
        of its
        rights, benefits or privileges hereunder to any other Person, or delegate
        to or
        subcontract with, or authorize or appoint any other Person to perform any
        of the
        duties, covenants or obligations to be performed by the Servicer hereunder.
        The
        foregoing prohibition on assignment shall not prohibit the Servicer from
        designating a Sub-Servicer as payee of any indemnification amount payable
        to the
        Servicer hereunder; provided, however, no Sub-Servicer shall be a third-party
        beneficiary hereunder and the parties hereto shall not be required to recognize
        any Subservicer as an indemnitee under this Agreement.

       

      The
        Master Servicer may sell, assign or delegate its rights, duties and obligations
        as Master Servicer under this Agreement in their entirety; provided, however,
        that: (i) the purchaser or transferee accepting such sale, assignment and
        delegation (a) shall be a Person qualified to service mortgage loans for
        Fannie
        Mae or Freddie Mac; (b) shall have a net worth of not less than $50,000,000
        (unless otherwise approved by each Rating Agency pursuant to clause (ii)
        below);
        (c) shall be reasonably satisfactory to the Trustee (as evidenced in a writing
        signed by the Trustee); and (d) shall execute and deliver to the Trustee
        an
        agreement, in form and substance reasonably satisfactory to the Trustee,
        which
        contains an assumption by such Person of the due and punctual performance
        and
        observance of each covenant and condition to be performed or observed by
        it as
        master servicer under this Agreement from and after the effective date of
        such
        assumption agreement; (ii) each Rating Agency shall be given prior written
        notice of the identity of the proposed successor to the Master Servicer and
        shall confirm in writing to the Master Servicer and the Trustee that any
        such
        sale, assignment or delegation would not result in a withdrawal or a downgrading
        of the rating on any Class of Certificates in effect immediately prior to
        such
        sale, assignment or delegation; and (iii) the Master Servicer shall deliver
        to
        the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
        that all conditions precedent to such action under this Agreement have been
        fulfilled and such action is permitted by and complies with the terms of
        this
        Agreement. No such sale, assignment or delegation shall affect any liability
        of
        the Master Servicer arising prior to the effective date thereof.

       

      	SECTION
              6.05  	
              Successor
                Master Servicer.

            

       

      In
        connection with the appointment of any successor Master Servicer or the
        assumption of the duties of the Master Servicer, the Depositor or the Trustee
        may make such arrangements for the compensation of such successor Master
        Servicer out of payments on the Mortgage Loans as the Depositor or the Trustee
        and such successor Master Servicer shall agree. If the successor Master Servicer
        does not agree that such market value is a fair price, such successor Master
        Servicer shall obtain two quotations of market value from third parties actively
        engaged in the master servicing of single-family mortgage loans. Notwithstanding
        the foregoing, the compensation payable to a successor Master Servicer may
        not
        exceed the compensation which the Master Servicer would have been entitled
        to
        retain if the Master Servicer had continued to act as Master Servicer
        hereunder.

       

      	SECTION
              6.06  	
              Delegation
                of Duties.

            

       

      In
        the
        ordinary course of business, the Servicer at any time may delegate any of
        its
        duties hereunder to any Person, including any of its Affiliates, who agrees
        to
        conduct such duties in accordance with standards comparable to those set
        forth
        in Section 3.01. Such delegation shall not relieve the Servicer of its
        liabilities and responsibilities with respect to such duties and shall not
        constitute a resignation within the meaning of Section 6.04. Except as provided
        in Section 3.02, no such delegation is permitted that results in the delegee
        subservicing any Mortgage Loans.

       

      	SECTION
              6.07  	
              [Reserved].

            

       

      	SECTION
              6.08  	
              Inspection.

            

       

      The
        Servicer, in its capacity as Servicer, shall afford the Depositor, the Master
        Servicer, the Trust Administrator and the Trustee, upon reasonable notice,
        during normal business hours, access to all records maintained by the Servicer
        in respect of its rights and obligations hereunder and access to officers
        of the
        Servicer responsible for such obligations.

       

      	SECTION
              6.09  	
              Duties
                of the Credit Risk Manager.

            

       

      The
        Certificateholders, by their purchase and acceptance of the Certificates,
        appoint Clayton Fixed Income Services Inc., formerly known as The Murrayhill
        Company, as Credit Risk Manager. For and on behalf of the Depositor, the
        Credit
        Risk Manager will provide reports and recommendations concerning certain
        delinquent and defaulted Mortgage Loans, and as to the collection of any
        Prepayment Charges with respect to the Mortgage Loans. Such reports and
        recommendations will be based upon information provided pursuant to Credit
        Risk
        Management Agreement to the Credit Risk Manager by the Servicer and/or Master
        Servicer. The Credit Risk Manager shall look solely to the Servicer and/or
        Master Servicer for all information and data (including loss and delinquency
        information and data) and loan level information and data relating to the
        servicing of the Mortgage Loans and the Trustee and the Trust Administrator
        shall not have any obligation to provide any such information to the Credit
        Risk
        Manager and shall not otherwise have any responsibility under the Credit
        Risk
        Management Agreement.

       

      On
        or
        about the 15th calendar day of each month, the Credit Risk Manager shall
        have
        prepared and shall make available to the Depositor, the Trust Administrator,
        the
        Swap Provider and each Certificateholder, the following reports:

       

      (i)  Watchlist
        Report: A listing of individual Mortgage Loans that are of concern to the
        Credit
        Risk Manager. Each Watchlist Report shall contain a listing of Mortgage Loans
        in
        any delinquency status, including current and paid-off loans, and may contain
        the comments of the Credit Risk Manager in its sole discretion. The Watchlist
        Report shall be presented in substantially the same format attached hereto
        as
        Exhibit R-4;

       

      (ii)  Loss
        Severity Report: A compilation and summary of all losses, indicating the
        loan
        loss severity for each Mortgage Pool. Each Loss Severity Report shall include
        detail of all losses reported by the Servicer as Realized Losses, except
        those
        for which the Servicer has not provided detail adequate for reporting purposes.
        The Loss Severity Report shall be presented in substantially the same format
        attached hereto as Exhibit R-5;

       

      (iii)  Mortgage
        Insurance Claims Report: A summary of mortgage insurance claims submitted
        to the
        PMI Insurer by the Servicer, claim payment and denial information, and penalties
        assessed by the PMI Insurer. The Mortgage Insurance Claims Report shall be
        presented in substantially the same format attached hereto as Exhibit
        R-6;

       

      (iv)  Prepayment
        Report: A summary of Prepayment Charges assessed or waived by the Servicer.
        The
        Prepayment Report shall be presented in substantially the same format attached
        hereto as Exhibit R-7; and

       

      (v)  Analytics
        Report: Analytics Reports shall include statistical and/or graphical portrayals
        of (a) the delinquency trend, over time, of the Mortgage Loans; (b) the constant
        prepayment rate “CPR” experience of the Mortgage Loans; and (c) the Standard
        Default Assumption experience of the Mortgage Loans. The Analytics Report
        shall
        be presented in substantially the same format attached hereto as Exhibit
        R-8.

       

      The
        Credit Risk Manager shall make such reports and any additional information
        reasonably requested by the Depositor available each month to
        Certificateholders, the Trustee and the Rating Agencies via the Credit Risk
        Manager’s internet website. The Credit Risk Manager’s internet website shall
        initially be located at https://reports.clayton.com. The user name for access
        to
        the website shall be the Certificateholder’s e-mail address and the password
        shall be “Soundview 2006-EQ2.” The Trustee, the Trust Administrator and the
        Master Servicer shall not have any obligation to review such reports or
        otherwise monitor or supervise the activities of the Credit Risk
        Manager.

       

      The
        Credit Risk Manager has not and shall not engage any Subcontractor without
        (a)
        giving notice to the Sponsor, the Servicer and the Depositor and (b) requiring
        any such Subcontractor to provide to the Credit Risk Manager an assessment
        report as provided for in Section 3.21 above and an attestation report as
        provided in Section 3.21 above, which reports the Credit Risk Manager shall
        include in its assessment and attestation reports.

       

      	SECTION
              6.10  	
              Limitation
                Upon Liability of the Credit Risk
                Manager.

            

       

      Neither
        the Credit Risk Manager, nor any of its directors, officers, employees, or
        agents shall be under any liability to the Trustee, the Certificateholders,
        the
        Trust Administrator, the Servicer and/or the Master Servicer or the Depositor
        for any action taken or for refraining from the taking of any action made
        in
        good faith pursuant to this Agreement, in reliance upon information provided
        by
        the Servicer and/or the Master Servicer under the Credit Risk Management
        Agreement, or for errors in judgment; provided, however, that this provision
        shall not protect the Credit Risk Manager or any such person against liability
        that would otherwise be imposed by reason of willful malfeasance or bad faith
        in
        its performance of its duties. The Credit Risk Manager and any director,
        officer, employee, or agent of the Credit Risk Manager may rely in good faith
        on
        any document of any kind prima
        facie
        properly executed and submitted by any Person respecting any matters arising
        hereunder, and may rely in good faith upon the accuracy of information furnished
        by the Servicer and/or the Master Servicer pursuant to the Credit Risk
        Management Agreement in the performance of its duties thereunder and
        hereunder.

       

      	SECTION
              6.11  	
              Removal
                of the Credit Risk Manager.

            

       

      The
        Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
        holding not less than 66 2/3% of the Voting Rights in the Trust Fund, in
        the
        exercise of its or their sole discretion. The Certificateholders shall provide
        written notice of the Credit Risk Manager’s removal to the Trust Administrator.
        Upon receipt of such notice, the Trust Administrator shall provide written
        notice to the Credit Risk Manager of its removal, which shall be effective
        upon
        receipt of such notice by the Credit Risk Manager. 

       

      ARTICLE
        VII

       

      DEFAULT

       

      	SECTION
              7.01  	
              Master
                Servicer Events of Termination and Servicer Events of
                Termination.

            

       

      (a)  If
        any
        one of the following events (“Servicer Events of Termination”) shall occur and
        be continuing:

       

      (i)  The
        failure by the Servicer to make any Advance; or (B) any other failure by
        the
        Servicer to deposit in the Collection Account or Distribution Account any
        deposit required to be made under the terms of this Agreement which continues
        unremedied for a period of one Business Day after the date upon which written
        notice (which shall also be provided via facsimile at the number listed in
        Section 11.05 of this Agreement) of such failure shall have been given to
        the
        Servicer by the Trust Administrator or to the Servicer and the Trust
        Administrator by any Holders of a Regular Certificate evidencing at least
        25% of
        the Voting Rights; or

       

      (ii)  The
        failure by the Servicer to make any required Servicing Advance which failure
        continues unremedied for a period of 30 days, or the failure by the Servicer
        duly to observe or perform, in any material respect, any other covenants,
        obligations or agreements of the Servicer as set forth in this Agreement,
        which
        failure continues unremedied for a period of 30 days (or if such failure
        or
        breach cannot be remedied within 30 days, then such remedy shall have commenced
        within 30 days and diligently pursued thereafter; provided, however, that
        in no
        event shall such failure or breach be allowed to exist for a period of greater
        than 90 days), after the date (A) on which written notice of such failure,
        requiring the same to be remedied, shall have been given to the Servicer
        by the
        Trust Administrator or to the Trust Administrator by any Holders of a Regular
        Certificate evidencing at least 25% of the Voting Rights or (B) of actual
        knowledge of such failure by a Servicing Officer of the Servicer;
        or

       

      (iii)  The
        entry
        against the Servicer of a decree or order by a court or agency or supervisory
        authority having jurisdiction in the premises for the appointment of a trustee,
        conservator, receiver or liquidator in any insolvency, conservatorship,
        receivership, readjustment of debt, marshalling of assets and liabilities
        or
        similar proceedings, or for the winding up or liquidation of its affairs,
        and
        the continuance of any such decree or order unstayed and in effect for a
        period
        of 60 days; 

       

      (iv)  The
        Servicer shall voluntarily go into liquidation, consent to the appointment
        of a
        conservator or receiver or liquidator or similar person in any insolvency,
        readjustment of debt, marshalling of assets and liabilities or similar
        proceedings of or relating to the Servicer or of or relating to all or
        substantially all of its property; or a decree or order of a court or agency
        or
        supervisory authority having jurisdiction in the premises for the appointment
        of
        a conservator, receiver, liquidator or similar person in any insolvency,
        readjustment of debt, marshalling of assets and liabilities or similar
        proceedings, or for the winding-up or liquidation of its affairs, shall have
        been entered against the Servicer and such decree or order shall have remained
        in force undischarged, unbonded or unstayed for a period of 60 days; or the
        Servicer shall admit in writing its inability to pay its debts generally
        as they
        become due, file a petition to take advantage of any applicable insolvency
        or
        reorganization statute, make an assignment for the benefit of its creditors
        or
        voluntarily suspend payment of its obligations; or

       

      (v)  A
        withdrawal or downgrade of the servicer rating of the Servicer by Moody’s to
“SQ3-” or lower;

       

      then,
        and
        in each and every such case, so long as a Servicer Event of Termination shall
        not have been remedied within the applicable grace period, (x) with respect
        solely to clause (i)(A) above, if such Advance is not made by 5:00 P.M.,
        New
        York time, on the Business Day immediately following the Servicer Remittance
        Date (provided the Trust Administrator shall give the Servicer notice of
        such
        failure to advance by 5:00 P.M. New York time on the Servicer Remittance
        Date),
        the Trust Administrator shall terminate all of the rights and obligations
        of the
        Servicer under this Agreement, to the extent permitted by law, and in and
        to the
        Mortgage Loans and the proceeds thereof and the Master Servicer or the Trustee
        (as
        successor master servicer and servicer),
        or a
        successor servicer appointed in accordance with Section 7.02, shall make
        such
        Advance in accordance with Section 4.04 and assume, pursuant to Section 7.02,
        the duties of a successor Servicer and (y) in the case of (i)(B), (ii), (iii),
        (iv) and (v) above, the Trust Administrator shall, at the direction of the
        Holders of each Class of Regular Certificates evidencing Percentage Interests
        aggregating not less than 51%, by notice then given in writing to the Servicer
        (and to the Trust Administrator if given by Holders of Certificates), terminate
        all of the rights and obligations of the Servicer as servicer under this
        Agreement. Any such notice to the Servicer shall also be given to each Rating
        Agency, the Depositor and the Servicer. On or after the receipt by the Servicer
        (and by the Trustee if such notice is given by the Holders) of such written
        notice, all authority and power of the Servicer under this Agreement, whether
        with respect to the Certificates or the Mortgage Loans or otherwise, shall
        pass
        to and be vested in the Trustee pursuant to and under this Section; and,
        without
        limitation, and the Master Servicer and the Trustee are hereby authorized
        and
        empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact
        or otherwise, any and all documents and other instruments, and to do or
        accomplish all other acts or things necessary or appropriate to effect the
        purposes of such notice of termination, whether to complete the transfer
        and
        endorsement of each Mortgage Loan and related documents or otherwise. The
        Servicer agrees to cooperate with the Master Servicer and the Trustee (or
        the
        applicable successor servicer) in effecting the termination of the
        responsibilities and rights of the Servicer hereunder, including, without
        limitation, the delivery to the Master Servicer and the Trustee (as successor
        master servicer and servicer) of all documents and records requested by it
        to
        enable it to assume the Servicer’s functions under this Agreement within ten
        Business Days subsequent to such notice, the transfer within one Business
        Day
        subsequent to such notice to the Trustee (or the applicable successor Servicer)
        for the administration by it of all cash amounts that shall at the time be
        held
        by the Servicer and to be deposited by it in the Collection Account, the
        Distribution Account, any REO Account or any Servicing Account or that have
        been
        deposited by the Servicer in such accounts or thereafter serviced by the
        Servicer with respect to the Mortgage Loans or any REO Property received
        by the
        Servicer (provided, however, that the Servicer shall continue to be entitled
        to
        receive all amounts accrued or owing to it under this Agreement on or prior
        to
        the date of such termination, whether in respect of Advances, Servicing
        Advances, accrued Servicing Fees or otherwise, and shall continue to be entitled
        to the benefits of Section 6.03, notwithstanding any such termination, with
        respect to events occurring prior to such termination). All reasonable costs
        and
        expenses (including attorneys’ fees) incurred in connection with transferring
        the Mortgage Files to the successor Servicer and amending this Agreement
        to
        reflect such succession as Servicer pursuant to this Section shall be paid
        by
        the predecessor Servicer (or if the predecessor Servicer is the Trustee,
        the
        initial Servicer) upon presentation of reasonable documentation of such costs
        and expenses and to the extent not paid by the Servicer, by the Trust.

       

      (b)  “Master
        Servicer Event of Termination,” wherever used herein, means any one of the
        following events:

       

      (1)  the
        Master Servicer fails to cause to be deposited in the Distribution Account
        any
        amount so required to be deposited pursuant to this Agreement (other than
        an
        Advance), and such failure continues unremedied for a period of three Business
        Days after the date upon which written notice of such failure, requiring
        the
        same to be remedied, shall have been given to the Master Servicer;
        or

       

      (2)  the
        Master Servicer fails to observe or perform in any material respect any other
        material covenants and agreements set forth in this Agreement to be performed
        by
        it, which covenants and agreements materially affect the rights of
        Certificateholders, and such failure continues unremedied for a period of
        60
        days after the date on which written notice of such failure, properly requiring
        the same to be remedied, shall have been given to the Master Servicer by
        the
        Trustee or to the Master Servicer and the Trustee by the Holders of Certificates
        evidencing not less than 25% of the Voting Rights; or

       

      (3)  there
        is
        entered against the Master Servicer a decree or order by a court or agency
        or
        supervisory authority having jurisdiction in the premises for the appointment
        of
        a conservator, receiver or liquidator in any insolvency, readjustment of
        debt,
        marshaling of assets and liabilities or similar proceedings, or for the winding
        up or liquidation of its affairs, and the continuance of any such decree
        or
        order is unstayed and in effect for a period of 60 consecutive days, or an
        involuntary case is commenced against the Master Servicer under any applicable
        insolvency or reorganization statute and the petition is not dismissed within
        60
        days after the commencement of the case; or

       

      (4)  the
        Master Servicer consents to the appointment of a conservator or receiver
        or
        liquidator in any insolvency, readjustment of debt, marshaling of assets
        and
        liabilities or similar proceedings of or relating to the Master Servicer
        or
        substantially all of its property; or the Master Servicer admits in writing
        its
        inability to pay its debts generally as they become due, files a petition
        to
        take advantage of any applicable insolvency or reorganization statute, makes
        an
        assignment for the benefit of its creditors, or voluntarily suspends payment
        of
        its obligations; or

       

      (5)  the
        Master Servicer assigns or delegates its duties or rights under this Agreement
        in contravention of the provisions permitting such assignment or delegation
        under Section 6.05; or

       

      (6)  any
        failure of the Master Servicer to make any Advance (other than a Nonrecoverable
        Advance) required to be made from its own funds pursuant to Section 4.03 by
        5:00 p.m. New York time on the Business Day prior to the applicable Distribution
        Date.

       

      In
        each
        and every such case, so long as such Master Servicer Event of Termination
        with
        respect to the Master Servicer shall not have been remedied, either the Trustee
        or the Holders of Certificates evidencing not less than 51% of the Voting
        Rights, by notice in writing to the Depositor, the Master Servicer (and to
        the
        Trustee if given by such Certificateholders), with a copy to the Rating
        Agencies, may terminate all of the rights and obligations (but not the
        liabilities) of the Master Servicer under this Agreement and in and to the
        Mortgage Loans and/or the REO Property master serviced by the Master Servicer
        and the proceeds thereof. Upon the receipt by the Master Servicer of the
        written
        notice, all authority and power of the Master Servicer under this Agreement,
        whether with respect to the Certificates, the Mortgage Loans, REO Property
        or
        under any other related agreements (but only to the extent that such other
        agreements relate to the Mortgage Loans or related REO Property) shall, subject
        to Section 7.03, automatically and without further action pass to and be
        vested in the Trustee(as successor master servicer and servicer) pursuant
        to
        this Section 7.01(b); and, without limitation, the Trustee (as successor
        master servicer and servicer) is hereby authorized and empowered to execute
        and
        deliver, on behalf of the Master Servicer as attorney-in-fact or otherwise,
        any
        and all documents and other instruments and to do or accomplish all other
        acts
        or things necessary or appropriate to effect the purposes of such notice
        of
        termination, whether to complete the transfer and endorsement or assignment
        of
        the Mortgage Loans and related documents, or otherwise. The Master Servicer
        agrees to cooperate with the Trustee in effecting the termination of the
        Master
        Servicer’s rights and obligations hereunder, including, without limitation, the
        transfer to the Trustee of (i) the property and amounts which are then or
        should
        be part of the Trust Fund or which thereafter become part of the Trust Fund;
        and
        (ii) originals or copies of all documents of the Master Servicer reasonably
        requested by the Trustee to enable it to assume the Master Servicer’s duties
        thereunder. In addition to any other amounts which are then, or, notwithstanding
        the termination of its activities under this Agreement, may become payable
        to
        the Master Servicer under this Agreement, the Master Servicer shall be entitled
        to receive, out of any amount received on account of a Mortgage Loan or related
        REO Property, that portion of such payments which it would have received
        as
        reimbursement under this Agreement if notice of termination had not been
        given.
        The termination of the rights and obligations of the Master Servicer shall
        not
        affect any obligations incurred by the Master Servicer prior to such
        termination.

       

      Notwithstanding
        the foregoing, if a Master Servicer Event of Termination described in clause
        (v)
        of this Section 7.01(b) shall occur, the Trustee shall, by notice in
        writing to the Master Servicer, which may be delivered by telecopy, immediately
        terminate all of the rights and obligations of the Master Servicer thereafter
        arising under this Agreement, but without prejudice to any rights it may
        have as
        a Certificateholder or to reimbursement of Advances and other advances of
        its
        own funds, and the Trustee shall (as successor master servicer) act as provided
        in Section 7.03 to carry out the duties of the Master Servicer, including
        the obligation to make any Advance the nonpayment of which was a Master Servicer
        Event of Termination described in clause (vi) of this Section 7.01(b). Any
        such action taken by the Trustee or the Trust Administrator must be prior
        to the
        distribution on the relevant Distribution Date. 

       

      	SECTION
              7.02  	
              Master
                Servicer or Trustee to Act; Appointment of Successor
                Servicer.

            

       

      (a)  Within
        90
        days of the time the Servicer (and the Trustee, if notice is sent by the
        Holders) receives a notice of termination pursuant to Section 7.01 or 6.04,
        the
        Master Servicer or (if the Master Servicer is the Servicer) the Trustee (or
        such
        other successor Servicer as is approved in accordance with this Agreement)
        shall
        be the successor in all respects to the Servicer in its capacity as servicer
        under this Agreement and the transactions set forth or provided for herein
        and
        shall be subject to all the responsibilities, duties and liabilities relating
        thereto placed on the Servicer by the terms and provisions hereof arising
        on and
        after its succession. Notwithstanding the foregoing, the parties hereto agree
        that the Master Servicer or the Trustee, in its capacity as successor Servicer,
        immediately will assume all of the obligations of the Servicer to make advances.
        Notwithstanding the foregoing, the Master Servicer or the Trustee, in its
        capacity as successor Servicer, shall not be responsible for the lack of
        information and/or documents that it cannot obtain through reasonable efforts.
        As compensation therefor, the Master Servicer or the Trustee (or such other
        successor Servicer) shall be entitled to such compensation as the Servicer
        would
        have been entitled to hereunder if no such notice of termination had been
        given.
        Notwithstanding the above, (i) if the Master Servicer or the Trustee is
        unwilling to act as successor Servicer or (ii) if the Master Servicer or
        the
        Trustee is legally unable so to act, the Master Servicer or Trustee shall
        appoint or petition a court of competent jurisdiction to appoint, any
        established housing and home finance institution, bank or other mortgage
        loan or
        home equity loan servicer having a net worth of not less than $50,000,000
        as the
        successor to the Servicer hereunder in the assumption of all or any part
        of the
        responsibilities, duties or liabilities of the Servicer hereunder; provided,
        that the appointment of any such successor Servicer will not result in the
        qualification, reduction or withdrawal of the ratings assigned to the
        Certificates by the Rating Agencies as evidenced by a letter to such effect
        from
        the Rating Agencies. Pending appointment of a successor to the Servicer
        hereunder, the Master Servicer or the Trustee shall act in such capacity
        as
        hereinabove provided. In connection with such appointment and assumption,
        the
        successor shall be entitled to receive compensation out of payments on Mortgage
        Loans in an amount equal to the compensation which the Servicer would otherwise
        have received pursuant to Section 3.18 (or such other compensation as the
        Master
        Servicer or the Trustee and such successor shall agree, not to exceed the
        Servicing Fee). The appointment of a successor Servicer shall not affect
        any
        liability of the predecessor Servicer which may have arisen under this Agreement
        prior to its termination as Servicer to pay any deductible under an insurance
        policy pursuant to Section 3.14 or to reimburse the Master Servicer or Trustee
        pursuant to Section 3.06), nor shall any successor Servicer be liable for
        any
        acts or omissions of the predecessor Servicer or for any breach by such Servicer
        of any of its representations or warranties contained herein or in any related
        document or agreement. The Master Servicer or the Trustee and such successor
        shall take such action, consistent with this Agreement, as shall be necessary
        to
        effectuate any such succession. All Servicing Transfer Costs shall be paid
        by
        the predecessor Servicer upon presentation of reasonable documentation of
        such
        costs, and if such predecessor Servicer defaults in its obligation to pay
        such
        costs, such costs shall be paid by the successor Servicer, the Master Servicer
        or the Trustee (in which case the successor Servicer, the Master Servicer
        or the
        Trustee, as applicable, shall be entitled to reimbursement therefor from
        the
        assets of the Trust).

       

      (b)  Any
        successor to the Servicer, including the Master Servicer or the Trustee,
        shall
        during the term of its service as servicer continue to service and administer
        the Mortgage Loans for the benefit of Certificateholders, and maintain in
        force
        a policy or policies of insurance covering errors and omissions in the
        performance of its obligations as Servicer hereunder and a fidelity bond
        in
        respect of its officers, employees and agents to the same extent as the Servicer
        is so required pursuant to Section 3.14.

       

      (c)  In
        connection with the resignation, removal or expiration of the term of the
        Servicer hereunder, or in connection with the resignation or removal of any
        successor to the Servicer (or any other successor to the Servicer appointed
        hereunder) acting as successor Servicer hereunder, either (i) the successor
        Servicer, (or any other successor to the Servicer appointed hereunder) acting
        as
        successor Servicer hereunder, shall represent and warrant that it is a member
        of
        MERS in good standing and shall agree to comply in all material respects
        with
        the rules and procedures of MERS in connection with the servicing of the
        Mortgage Loans that are registered with MERS, in which case the predecessor
        Servicer shall cooperate with the successor Servicer in causing MERS to revise
        its records to reflect the transfer of servicing to the successor Servicer
        as
        necessary under MERS’ rules and regulations or (ii) the predecessor Servicer
        shall cooperate with the successor Servicer in causing MERS to execute and
        deliver an assignment of Mortgage in recordable form to transfer the Mortgage
        from MERS to the Master Servicer or the Trustee and to execute and deliver
        such
        other notices, documents and other instruments as may be necessary or desirable
        to effect a transfer of such Mortgage Loan or servicing of such Mortgage
        Loan on
        the MERS® System to the successor Servicer. The predecessor Servicer shall file
        or cause to be filed any such assignment in the appropriate recording office.
        The predecessor Servicer shall bear any and all fees of MERS, costs of preparing
        any assignments of Mortgage, and fees and costs of filing any assignments
        of
        Mortgage that may be required under this paragraph. 

       

      	SECTION
              7.03  	
              Trustee
                to Act; Appointment of Successor Master
                Servicer.

            

       

      (a)  Upon
        the
        receipt by the Master Servicer of a notice of termination pursuant to
        Section 7.01(b) or an Opinion of Counsel rendered by Independent counsel
        pursuant to Section 6.05(b) to the effect that the Master Servicer is
        legally unable to act or to delegate its duties to a Person which is legally
        able to act, the Trustee shall automatically become the successor in all
        respects to the Master Servicer in its capacity under this Agreement and
        the
        transactions set forth or provided for herein and shall thereafter be subject
        to
        all the responsibilities, duties, liabilities and limitations on liabilities
        relating thereto placed on the Master Servicer by the terms and provisions
        hereof; provided, however, that the Trustee (i) shall have no obligation
        whatsoever with respect to any liability (other than Advances deemed recoverable
        and not previously made) incurred by the Master Servicer at or prior to the
        time
        of termination and (ii) shall not be obligated to perform any obligation
        of the
        Master Servicer under Section 3.20 or 3.21 with respect to any period of
        time
        during which the Trustee was not the Master Servicer. As compensation therefor,
        but subject to Section 6.05, the Trustee shall be entitled to compensation
        which the Master Servicer would have been entitled to retain if the Master
        Servicer had continued to act hereunder, except for those amounts due the
        Master
        Servicer as reimbursement permitted under this Agreement for advances previously
        made or expenses previously incurred. Notwithstanding the above, the Trustee
        may, if it shall be unwilling so to act, or shall, if it is legally unable
        so to
        act, appoint or petition a court of competent jurisdiction to appoint, any
        established housing and home finance institution which is a Fannie Mae- or
        Freddie Mac-approved servicer, and with respect to a successor to the Master
        Servicer only, having a net worth of not less than $10,000,000, as the successor
        to the Master Servicer hereunder in the assumption of all or any part of
        the
        responsibilities, duties or liabilities of the Master Servicer hereunder;
        provided, that the Depositor shall obtain consent and a letter or other evidence
        each Rating Agency that the ratings, if any, on each of the Certificates
        will
        not be lowered as a result of the selection of the successor to the Master
        Servicer. Pending appointment of a successor to the Master Servicer hereunder,
        the Trustee shall act in such capacity as hereinabove provided. In connection
        with such appointment and assumption, the Trustee may make such arrangements
        for
        the compensation of such successor out of payments on the Mortgage Loans
        as it
        and such successor shall agree; provided, however, that the provisions of
        Section 6.05 shall apply, the compensation shall not be in excess of that
        which the Master Servicer would have been entitled to if the Master Servicer
        had
        continued to act hereunder, and that such successor shall undertake and assume
        the obligations of the Trustee to pay compensation to any third Person acting
        as
        an agent or independent contractor in the performance of master servicing
        responsibilities hereunder. The Trustee and such successor shall take such
        action, consistent with this Agreement, as shall be necessary to effectuate
        any
        such succession.

       

      If
        the
        Master Servicer and the Trust Administrator are the same entity, then at
        any
        time the Master Servicer resigns or is removed as Master Servicer, the Trust
        Administrator shall also be removed hereunder. All reasonable Master Servicing
        Transfer Costs shall be paid by the predecessor Master Servicer (or, if the
        Trustee is the predecessor master servicer, the Trust Fund) upon presentation
        of
        reasonable documentation of such costs, and if such predecessor Master Servicer
        defaults in its obligation to pay such costs, such costs shall be paid by
        the
        successor Master Servicer or the Trustee (in which case the successor Master
        Servicer or the Trustee, as applicable, shall be entitled to reimbursement
        therefor from the assets of the Trust Fund).

       

      If
        the
        Trustee shall succeed to any duties of the Master Servicer respecting the
        Mortgage Loans as provided herein, it shall do so in a separate capacity
        and not
        in its capacity as Trustee and, accordingly, the provisions of Article VIII
        shall be inapplicable to the Trustee in its duties as the successor to the
        Master Servicer in the master servicing of the Mortgage Loans (although such
        provisions shall continue to apply to the Trustee in its capacity as Trustee);
        the provisions of Article VI, however, shall apply to it in its capacity
        as
        successor Master Servicer.

       

      	SECTION
              7.04  	
              Waiver
                of Defaults.

            

       

      The
        Majority Certificateholders may, on behalf of all Certificateholders, waive
        any
        events permitting removal of the Servicer as servicer pursuant to this Article
        VII, provided, however, that the Majority Certificateholders may not waive
        a
        default in making a required distribution on a Certificate without the consent
        of the Holder of such Certificate. Upon any waiver of a past default, such
        default shall cease to exist and any Master Servicer Event of Termination
        arising therefrom shall be deemed to have been remedied for every purpose
        of
        this Agreement. No such waiver shall extend to any subsequent or other default
        or impair any right consequent thereto except to the extent expressly so
        waived.
        Notice of any such waiver shall be given by the Trust Administrator or the
        Trustee, as applicable, to the Rating Agencies.

       

      	SECTION
              7.05  	
              Notification
                to Certificateholders.

            

       

      (a)  Upon
        any
        termination or appointment of a successor to the Servicer or the Master Servicer
        pursuant to this Article VII or Section 6.04, the Trust Administrator, or
        in the
        event of the termination of the Master Servicer, the Trustee (or such other
        trust administrator) shall give prompt written notice thereof to the
        Certificateholders at their respective addresses appearing in the Certificate
        Register and each Rating Agency.

       

      (b)  No
        later
        than 60 days after the occurrence of any event which constitutes or which,
        with
        notice or a lapse of time or both, would constitute a Servicer Event of
        Termination or a Master Servicer Event of Termination for five Business Days
        after a Responsible Officer of the Trust Administrator (in the case of a
        Servicer Event of Termination) or the Trustee (in the case of a Master Servicer
        Event of Termination) becomes aware of the occurrence of such an event, the
        Trust Administrator or Trustee, as applicable, shall transmit by mail to
        the
        Credit Risk Manager and all Certificateholders notice of such occurrence
        unless
        such default, Servicer Event of Termination or Master Servicer Event of
        Termination shall have been waived or cured.

       

      	SECTION
              7.06  	
              Survivability
                of Servicer and Master Servicer
                Liabilities.

            

       

      Notwithstanding
        anything herein to the contrary, upon termination of the Servicer or the
        Master
        Servicer hereunder, any liabilities of the Servicer or the Master Servicer,
        as
        applicable, which accrued prior to such termination shall survive such
        termination.

       

      ARTICLE
        VIII

       

      THE
        TRUSTEE AND THE TRUST ADMINISTRATOR

       

      	SECTION
              8.01  	
              Duties
                of Trustee and Trust Administrator.

            

       

      The
        Trustee and the Trust Administrator, prior to the occurrence of a Servicer
        Event
        of Termination or Master Servicer Event of Termination and after the curing
        of
        all Servicer Events of Termination or Master Servicer Events of Termination
        which may have occurred, undertakes to perform such duties and only such
        duties
        as are specifically set forth in this Agreement. If a Servicer Event of
        Termination or Master Servicer Event of Termination has occurred (which has
        not
        been cured) of which a Responsible Officer has knowledge, each of the Trustee
        and the Trust Administrator shall exercise such of the rights and powers
        vested
        in it by this Agreement, and use the same degree of care and skill in their
        exercise, as a prudent man would exercise or use under the circumstances
        in the
        conduct of his own affairs.

       

      Each
        of
        the Trustee and the Trust Administrator, upon receipt of all resolutions,
        certificates, statements, opinions, reports, documents, orders or other
        instruments furnished to it which are specifically required to be furnished
        pursuant to any provision of this Agreement, shall examine them to determine
        whether they conform to the requirements of this Agreement; provided, however,
        that neither the Trustee nor the Trust Administrator will be responsible
        for the
        accuracy or content of any such resolutions, certificates, statements, opinions,
        reports, documents or other instruments. If any such instrument is found
        not to
        conform to the requirements of this Agreement in a material manner the Trustee
        or the Trust Administrator, as applicable, shall take such action as it deems
        appropriate to have the instrument corrected, and if the instrument is not
        corrected to the Trustee’s or the Trust Administrator’s satisfaction, the
        Trustee or the Trust Administrator, as applicable, will provide notice thereof
        to the Certificateholders.

       

      No
        provision of this Agreement shall be construed to relieve the Trustee or
        the
        Trust Administrator from liability for its own negligent action, its own
        negligent failure to act or its own misconduct; provided, however,
        that:

       

      (i)  prior
        to
        the occurrence of a Servicer Event of Termination or Master Servicer Event
        of
        Termination, and after the curing of all such Servicer Events of Termination
        or
        Master Servicer Events of Termination which may have occurred, the duties
        and
        obligations of the Trustee and the Trust Administrator shall be determined
        solely by the express provisions of this Agreement, the Trustee and the Trust
        Administrator 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
        or the Trust Administrator and, in the absence of bad faith on the part of
        the
        Trustee or the Trust Administrator, as applicable, the Trustee or the Trust
        Administrator, as applicable, 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 or the Trust Administrator,
        as
        the case may be, and conforming to the requirements of this
        Agreement;

       

      (ii)  neither
        the Trustee nor the Trust Administrator shall be personally liable for an
        error
        of judgment made in good faith by a Responsible Officer of the Trustee or
        the
        Trust Administrator, as applicable, unless it shall be proved that the Trustee
        or the Trust Administrator, as the case may be, was negligent in ascertaining
        the pertinent facts; 

       

      (iii)  neither
        the Trustee nor the Trust Administrator shall be personally liable with respect
        to any action taken, suffered or omitted to be taken by it in good faith
        in
        accordance with the direction of the Majority Certificateholders relating
        to the
        time, method and place of conducting any proceeding for any remedy available
        to
        the Trustee or the Trust Administrator, as applicable, or exercising or omitting
        to exercise any trust or power conferred upon the Trustee, under this Agreement;
        and

       

      (iv)  the
        Trustee shall not be charged with knowledge of any failure by the Servicer
        to
        comply with the obligations of the Servicer referred to in clauses (i) and
        (ii)
        of Section 7.01(a) or of the existence of any Servicer Event of Termination
        unless a Responsible Officer of the Trustee at the Corporate Trust Office
        obtains actual knowledge of such failure or the Trustee receives written
        notice
        of such failure from the Depositor, the Servicer or the Majority
        Certificateholders.

       

      Neither
        the Trustee nor the Trust Administrator shall be required to expend or risk
        its
        own funds or otherwise incur financial liability in the performance of any
        of
        its duties hereunder, or in the exercise of any of its rights or powers,
        if
        there is reasonable ground for believing that the repayment of such funds
        or
        adequate indemnity against such risk or liability is not reasonably assured
        to
        it, and none of the provisions contained in this Agreement shall in any event
        require the Trustee to perform, or be responsible for the manner of performance
        of, any of the obligations of the Master Servicer under this Agreement, except
        during such time, if any, as the Trustee shall be the successor to, and be
        vested with the rights, duties, powers and privileges of, the Master Servicer
        in
        accordance with the terms of this Agreement.

       

      	SECTION
              8.02  	
              Certain
                Matters Affecting the Trustee and the Trust
                Administrator.

            

       

      (a)  Except
        as
        otherwise provided in Section 8.01:

       

      (i)  either
        the Trustee or the Trust Administrator may request and rely upon, and shall
        be
        protected in acting or refraining from acting upon, any resolution, Officers’
Certificate, certificate of auditors or any other certificate, statement,
        instrument, opinion, report, notice, request, consent, order, appraisal,
        bond or
        other paper or document reasonably believed by it to be genuine and to have
        been
        signed or presented by the proper party or parties, and the manner of obtaining
        consents and of evidencing the authorization of the execution thereof by
        Certificateholders shall be subject to such reasonable regulations as the
        Trustee or the Trust Administrator may prescribe;

       

      (ii)  either
        the Trustee or the Trust Administrator may consult with counsel and any Opinion
        of Counsel shall be full and complete authorization and protection in respect
        of
        any action taken or suffered or omitted by it hereunder in good faith and
        in
        accordance with such Opinion of Counsel;

       

      (iii)  neither
        the Trustee nor the Trust Administrator shall be under any obligation to
        exercise any of the rights or powers vested in it by this Agreement, or to
        institute, conduct or defend any litigation hereunder or in relation hereto,
        at
        the request, order or direction of any of the Certificateholders, pursuant
        to
        the provisions of this Agreement, unless such Certificateholders, shall have
        offered to the Trustee or the Trust Administrator, as applicable, reasonable
        security or indemnity against the costs, expenses and liabilities which may
        be
        incurred therein or thereby; the right of the Trustee or the Trust Administrator
        to perform any discretionary act enumerated in this Agreement shall not be
        construed as a duty, and neither the Trustee nor the Trust Administrator
        shall
        be answerable for other than its negligence or willful misconduct in the
        performance of any such act;

       

      (iv)  neither
        the Trustee nor the Trust Administrator shall be personally liable for any
        action taken, suffered or omitted by it in good faith and believed by it
        to be
        authorized or within the discretion or rights or powers conferred upon it
        by
        this Agreement;

       

      (v)  prior
        to
        the occurrence of a Servicer Event of Termination or Master Servicer Event
        of
        Termination and after the curing of all Servicer Events of Termination or
        Master
        Servicer Events of Termination which may have occurred, neither the Trustee
        nor
        the Trust Administrator shall be bound to make any investigation into the
        facts
        or matters stated in any resolution, certificate, statement, instrument,
        opinion, report, notice, request, consent, order, approval, bond or other
        paper
        or documents, unless requested in writing to do so by the Majority
        Certificateholder; provided, however, that if the payment within a reasonable
        time to the Trustee or the Trust Administrator, as applicable, 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 or the Trust Administrator,
        as
        applicable, not reasonably assured to the Trustee or the Trust Administrator,
        as
        applicable, by the security afforded to it by the terms of this Agreement,
        the
        Trustee or the Trust Administrator, as applicable, may require reasonable
        indemnity against such cost, expense or liability as a condition to such
        proceeding. The reasonable expense of every such examination shall be paid
        by
        the Servicer or, if paid by the Trustee or the Trust Administrator, as
        applicable, shall be reimbursed by the Servicer upon demand and, if not
        reimbursed by the Servicer, shall be reimbursed by the Trust. Nothing in
        this
        clause (v) shall derogate from the obligation of the Servicer to observe
        any
        applicable law prohibiting disclosure of information regarding the
        Mortgagors;

       

      (vi)  the
        Trustee or the Trust Administrator shall not be accountable, shall have no
        liability and make no representation as to any acts or omissions hereunder
        of
        the Servicer until such time as the Trustee may be required to act as Servicer
        pursuant to Section 7.02 and thereupon only for the acts or omissions of
        the
        Trustee as successor Servicer;

       

      (vii)  the
        Trustee or the Trust Administrator may execute any of the trusts or powers
        hereunder or perform any duties hereunder either directly or by or through
        agents or attorneys, custodians or nominees;

       

      (viii)  the
        right
        of the Trustee or the Trust Administrator to perform any discretionary act
        enumerated in this Agreement shall not be construed as a duty, and the Trustee
        shall not be answerable for other than its negligence or willful misconduct
        in
        the performance of such act; 

       

      (ix)  neither
        the Trustee nor the Trust Administrator shall be personally liable for any
        loss
        resulting from the investment of funds held in the Collection Account or
        the REO
        Account made at the direction of the Servicer pursuant to Section 3.12;

       

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

       

      (xi)  the
        Depositor hereby directs the Trustee to execute and deliver the PMI Policy
        on
        behalf of the Trust Fund in the form presented to it by the Depositor. Every
        provision of this Agreement relating to the conduct or affecting the liability
        of or affording protection to the Trustee shall apply to the Trustee’s execution
        of the PMI Policy, and the performance of its duties and satisfaction of
        its
        obligations thereunder

       

      In
        order
        to comply with laws, rules, regulations and executive orders in effect from
        time
        to time applicable to banking institutions, including those relating to the
        funding of terrorist activities and money laundering (“Applicable Law”), the
        Trustee is required to obtain, verify and record certain information relating
        to
        individuals and entities which maintain a business relationship with the
        Trustee. Accordingly, each of the parties agrees to provide to the Trustee
        upon
        its request from time to time such identifying information and documentation
        as
        may be available for such party in order to enable the Trustee to comply
        with
        Applicable Law.

       

      	SECTION
              8.03  	
              Trustee
                and Trust Administrator Not Liable for Certificates or Mortgage
                Loans.

            

       

      The
        recitals contained herein and in the Certificates (other than, with respect
        to
        the Trust Administrator, the authentication of the Trust Administrator on
        the
        Certificates) shall be taken as the statements of the Depositor, and neither
        the
        Trustee nor the Trust Administrator assumes responsibility for the correctness
        of the same. Neither the Trustee nor the Trust Administrator makes any
        representations as to the validity or sufficiency of this Agreement or of
        the
        Certificates (other than, with respect to the Trust Administrator, the signature
        and authentication of the Trust Administrator on the Certificates) or of
        any
        Mortgage Loan or related document or MERS or the MERS® System other than, with
        respect to the Trust Administrator, the Trust Administrator’s execution and
        authentication of the Certificates. Neither the Trustee nor the Trust
        Administrator shall be accountable for the use or application by the Servicer,
        or for the use or application of any funds paid to the Servicer in respect
        of
        the Mortgage Loans or deposited in or withdrawn from the Collection Account
        by
        the Servicer. The Trustee and the Trust Administrator shall at no time have
        any
        responsibility or liability for or with respect to the legality, validity
        and
        enforceability of any Mortgage or any Mortgage Loan, or the perfection and
        priority of any Mortgage or the maintenance of any such perfection and priority,
        or for or with respect to the sufficiency of the Trust or its ability to
        generate the payments to be distributed to Certificateholders under this
        Agreement, including, without limitation: the existence, condition and ownership
        of any Mortgaged Property; the existence and enforceability of any hazard
        insurance thereon (other than if the Trustee shall assume the duties of the
        Servicer pursuant to Section 7.02); the validity of the assignment of any
        Mortgage Loan to the Trustee or of any intervening assignment; the completeness
        of any Mortgage Loan; the performance or enforcement of any Mortgage Loan
        (other
        than if the Trustee shall assume the duties of the Servicer pursuant to Section
        7.02); the compliance by the Depositor, the Originator, the Seller or the
        Servicer with any warranty or representation made under this Agreement or
        in any
        related document or the accuracy of any such warranty or representation prior
        to
        the Trustee’s receipt of notice or other discovery of any non-compliance
        therewith or any breach thereof; any investment of monies by or at the direction
        of the Servicer or any loss resulting therefrom, it being understood that
        the
        Trust Administrator shall remain responsible for any Trust property that
        it may
        hold in its individual capacity; the acts or omissions of any of the Servicer
        (other than if the Trust Administrator shall assume the duties of the Servicer
        pursuant to Section 7.02), any Sub-Servicer or any Mortgagor; any action
        of the
        Servicer (other than if the Trustee shall assume the duties of the Servicer
        pursuant to Section 7.02), or any Sub-Servicer taken in the name of the Trust
        Administrator; the failure of a Servicer or any Sub-Servicer to act or perform
        any duties required of it as agent of the Trust Administrator hereunder;
        or any
        action by the Trust Administrator taken at the instruction of the Servicer
        (other than if the Trustee shall assume the duties of the Servicer pursuant
        to
        Section 7.02); provided, however, that the foregoing shall not relieve the
        Trustee of its obligation to perform its duties under this Agreement, including,
        without limitation, the Trustee’s duty to review the Mortgage Files pursuant to
        Section 2.01. Neither the Trust Administrator nor the Trustee shall have
        responsibility for filing any financing or continuation statement in any
        public
        office at any time or to otherwise perfect or maintain the perfection of
        any
        security interest or lien granted to it hereunder (unless the Trustee shall
        have
        become the successor Servicer).

       

      	SECTION
              8.04  	
              Trustee
                and Trust Administrator May Own
                Certificates.

            

       

      The
        Trustee and the Trust Administrator in its individual or any other capacity
        may
        become the owner or pledgee of Certificates with the same rights as it would
        have if it were not Trustee or Trust Administrator may transact any banking
        and
        trust business with the Originator, the Servicer, the Depositor or their
        Affiliates.

       

      	SECTION
              8.05  	
              Trust
                Administrator and Trustee Compensation and
                Expenses.

            

       

      (a)  The
        Trustee will be paid by the Master Servicer pursuant to a side letter between
        each other. 

       

      (b)  The
        Trustee, the Trust Administrator or any director, officer, employee or agent
        of
        any of them, shall be indemnified by the Trust Fund and held harmless against
        any loss, liability or expense (not including expenses and disbursements
        incurred or made by the Trustee or the Trust Administrator, including the
        compensation and the expenses and disbursements of its agents and counsel,
        in
        the ordinary course of the Trustee’s or the Trust Administrator’s performance in
        accordance with the provisions of this Agreement) incurred by the Trustee
        or by
        the Trust Administrator arising out of or in connection with the acceptance
        or
        administration of the obligations and duties of the Trustee or the Trust
        Administrator under this Agreement, other than any loss, liability or expense
        (i) resulting from a breach of the Servicer’s or the Master Servicer’s
        obligations and duties under this Agreement for which the Trustee or the
        Trust
        Administrator, as applicable, is indemnified under Section 8.05(b) or (ii)
        any
        loss, liability or expense incurred by reason of willful misfeasance, bad
        faith
        or negligence of the Trustee or of the Trust Administrator, as applicable,
        in
        the performance of its duties hereunder or by reason of the Trustee’s or the
        Trust Administrator’s, as applicable, reckless disregard of obligations and
        duties hereunder or as a result of a breach of the Trustee’s or the Trust
        Administrator’s, as applicable, obligations under Article X hereof. Any amounts
        payable to the Trustee, the Trust Administrator or any director, officer,
        employee or agent of the Trustee or the Trust Administrator, in respect of
        the
        indemnification provided by this Section 8.05, or pursuant to any other right
        of
        reimbursement from the Trust Fund that the Trustee, the Trust Administrator
        or
        any director, officer, employee or agent of the Trustee or the Trust
        Administrator, may have hereunder in its capacity as such, may be withdrawn
        by
        the Trust Administrator from the Distribution Account at any time. The foregoing
        indemnity shall survive the resignation or removal of the Trustee or the
        Trust
        Administrator.

       

      	SECTION
              8.06  	
              Eligibility
                Requirements for Trustee and Trust
                Administrator.

            

       

      Each
        of
        the Trustee and the Trust Administrator hereunder shall at all times be an
        entity duly organized and validly existing under the laws of the United States
        of America or any state thereof, authorized under such laws to exercise
        corporate trust powers, having a combined capital and surplus of at least
        $50,000,000 and subject to supervision or examination by federal or state
        authority. If such entity publishes reports of condition at least annually,
        pursuant to law or to the requirements of the aforesaid supervising or examining
        authority, then for the purposes of this Section 8.06, the combined capital
        and
        surplus of such entity shall be deemed to be its combined capital and surplus
        as
        set forth in its most recent report of condition so published. The principal
        offices of each of the Trustee and the Trust Administrator (other than the
        initial Trustee and initial Trust Administrator) shall be in a state with
        respect to which an Opinion of Counsel has been delivered to such Trustee
        or
        Trust Administrator, as applicable, at the time such Trustee or Trust
        Administrator, as applicable, is appointed Trustee or Trust Administrator,
        as
        applicable, to the effect that the Trust will not be a taxable entity under
        the
        laws of such state. In case at any time the Trustee or the Trust Administrator
        shall cease to be eligible in accordance with the provisions of this Section
        8.06, the Trustee or the Trust Administrator, as applicable, shall resign
        immediately in the manner and with the effect specified in Section
        8.07.

       

      	SECTION
              8.07  	
              Resignation
                or Removal of Trustee or Trust
                Administrator.

            

       

      The
        Trustee or the Trust Administrator may at any time resign and be discharged
        from
        the trusts hereby created by giving written notice thereof to the Depositor,
        the
        Servicer, the Master Servicer, each Rating Agency and, if the Trustee is
        resigning, to the Trust Administrator, or, if the Trust Administrator is
        resigning, to the Trustee. Upon receiving such notice of resignation, the
        Depositor shall promptly appoint a successor Trustee or Trust Administrator,
        (which may be the same Person in the event both the Trustee and the Trust
        Administrator resign or are removed) by written instrument, in duplicate,
        one
        copy of which instrument shall be delivered to the resigning Trustee or Trust
        Administrator, as applicable, and one copy to the successor Trustee or Trust
        Administrator. If no successor Trustee or Trust Administrator, as applicable,
        shall have been so appointed and having accepted appointment within 30 days
        after the giving of such notice of resignation, the resigning Trustee or
        Trust
        Administrator may petition any court of competent jurisdiction for the
        appointment of a successor Trustee or Trust Administrator, as
        applicable.

       

      If
        the
        Trust Administrator and the Master Servicer are the same entity, then at
        any
        time the Trust Administrator resigns or is removed as Trust Administrator,
        the
        Master Servicer shall also be removed hereunder. 

       

      If
        at any
        time the Trustee or the Trust Administrator shall cease to be eligible in
        accordance with the provisions of Section 8.06 and shall fail to resign after
        written request therefor by the Depositor (or in the case of the Trust
        Administrator, the Trustee), or if at any time the Trustee or the Trust
        Administrator shall be legally unable to act, or shall be adjudged bankrupt
        or
        insolvent, or a receiver of the Trustee or the Trust Administrator or of
        its
        property shall be appointed, or any public officer shall take charge or control
        of the Trustee or the Trust Administrator or of its property or affairs for
        the
        purpose of rehabilitation, conservation or liquidation, then the Depositor,
        the
        Servicer or the Master Servicer may remove the Trustee or the Trust
        Administrator, as applicable. If the Depositor, the Servicer or the Master
        Servicer removes the Trustee or the Trust Administrator under the authority
        of
        the immediately preceding sentence, the Depositor shall promptly appoint
        a
        successor Trustee or Trust Administrator, as applicable, by written instrument,
        in duplicate, one copy of which instrument shall be delivered to the Trustee
        or
        Trust Administrator so removed and one copy to the successor Trustee or Trust
        Administrator.

       

      The
        Majority Certificateholders may at any time remove the Trustee or Trust
        Administrator by written instrument or instruments delivered to the Servicer,
        the Master Servicer, the Depositor, the Trust Administrator and the Trustee;
        the
        Depositor shall thereupon use its best efforts to appoint a successor trustee
        in
        accordance with this Section.

       

      Any
        resignation or removal of the Trustee or Trust Administrator and appointment
        of
        a successor Trustee or Trust Administrator pursuant to any of the provisions
        of
        this Section 8.07 shall not become effective until acceptance of appointment
        by
        the successor trustee as provided in Section 8.08.

       

      Notwithstanding
        anything to the contrary contained herein, the Master Servicer and the Trust
        Administrator shall at all times be the same Person.

       

      	SECTION
              8.08  	
              Successor
                Trustee.

            

       

      Any
        successor Trustee or Trust Administrator appointed as provided in Section
        8.07
        shall execute, acknowledge and deliver to the Depositor, the Servicer, the
        Master Servicer and to its predecessor Trustee or Trust Administrator an
        instrument accepting such appointment hereunder, and thereupon the resignation
        or removal of the predecessor Trustee or Trust Administrator shall become
        effective, and such successor Trustee or Trust Administrator, without any
        further act, deed or conveyance, shall become fully vested with all the rights,
        powers, duties and obligations of its predecessor hereunder, with like effect
        as
        if originally named as Trustee or Trust Administrator. The Depositor, the
        Master
        Servicer, the Servicer and the predecessor Trustee or Trust Administrator
        shall
        execute and deliver such instruments and do such other things as may reasonably
        be required for fully and certainly vesting and confirming in the successor
        Trustee Trust Administrator all such rights, powers, duties and
        obligations.

       

      No
        successor Trustee or Trust Administrator shall accept appointment as provided
        in
        this Section 8.08 unless at the time of such acceptance such successor Trustee
        or Trust Administrator shall be eligible under the provisions of Section
        8.06
        and the appointment of such successor Trustee or Trust Administrator shall
        not
        result in a downgrading of the Regular Certificates by any Rating Agency,
        as
        evidenced by a letter from each Rating Agency.

       

      Upon
        acceptance of appointment by a successor Trustee or Trust Administrator as
        provided in this Section 8.08, the successor Trustee or Trust Administrator
        shall mail notice of the appointment of a successor Trustee or Trust
        Administrator hereunder to all Holders of Certificates at their addresses
        as
        shown in the Certificate Register and to each Rating Agency.

       

      Any
        Person appointed as successor Trust Administrator pursuant to this Agreement
        shall also be required to serve as successor supplemental interest trust
        trustee
        under the Interest Rate Swap Agreement and
        as
        successor cap trustee under the Interest Rate Cap Agreement.

       

      	SECTION
              8.09  	
              Merger
                or Consolidation of Trustee or Trust
                Administrator.

            

       

      Any
        entity into which the Trustee or the Trust Administrator may be merged or
        converted or with which it may be consolidated, or any entity resulting from
        any
        merger, conversion or consolidation to which the Trustee or the Trust
        Administrator shall be a party, or any entity succeeding to the business
        of the
        Trustee or Trust Administrator, shall be the successor of the Trustee or
        the
        Trust Administrator hereunder, as applicable, provided such entity shall
        be
        eligible under the provisions of Section 8.06 and 8.08, without the execution
        or
        filing of any paper or any further act on the part of any of the parties
        hereto,
        anything herein to the contrary notwithstanding.

       

      	SECTION
              8.10  	
              Appointment
                of Co-Trustee or Separate Trustee.

            

       

      Notwithstanding
        any other provisions of this Agreement, at any time, for the purpose of meeting
        any legal requirements of any jurisdiction in which any part of the Trust
        or any
        Mortgaged Property may at the time be located, the Depositor and the Trustee
        acting jointly shall have the power and shall execute and deliver all
        instruments to appoint one or more Persons approved by the Trustee to act
        as
        co-Trustee or co-Trustees, jointly with the Trustee, or separate trustee
        or
        separate Trustees, of all or any part of the Trust, and to vest in such Person
        or Persons, in such capacity and for the benefit of the Certificateholders,
        such
        title to the Trust, or any part thereof, and, subject to the other provisions
        of
        this Section 8.10, such powers, duties, obligations, rights and trusts as
        the
        Servicer and the Trustee may consider necessary or desirable. Any such
        co-trustee or separate trustee shall be subject to the written approval of
        the
        Servicer. If the Servicer shall not have joined in such appointment within
        15
        days after the receipt by it of a request so to do, or in the case a Servicer
        Event of Termination shall have occurred and be continuing, the Trustee alone
        shall have the power to make such appointment. No co-Trustee or separate
        trustee
        hereunder shall be required to meet the terms of eligibility as a successor
        trustee under Section 8.06, and no notice to Certificateholders of the
        appointment of any co-trustee or separate trustee shall be required under
        Section 8.08. The Servicer shall be responsible for the fees of any co-trustee
        or separate trustee appointed hereunder.

       

      Every
        separate trustee and co-trustee shall, to the extent permitted by law, be
        appointed and act subject to the following provisions and
        conditions:

       

      (i)  all
        rights, powers, duties and obligations conferred or imposed upon the Trustee
        shall be conferred or imposed upon and exercised or performed by the Trustee
        and
        such separate trustee or co-Trustee jointly (it being understood that such
        separate trustee or co-trustee is not authorized to act separately without
        the
        Trustee joining in such act), except to the extent that under any law of
        any
        jurisdiction in which any particular act or acts are to be performed (whether
        as
        Trustee hereunder or as successor to the Master Servicer hereunder), the
        Trustee
        shall be incompetent or unqualified to perform such act or acts, in which
        event
        such rights, powers, duties and obligations (including the holding of title
        to
        the Trust or any portion thereof in any such jurisdiction) shall be exercised
        and performed singly by such separate trustee or co-Trustee, but solely at
        the
        direction of the Trustee;

       

      (ii)  no
        trustee hereunder shall be held personally liable by reason of any act or
        omission of any other trustee hereunder; and

       

      (iii)  the
        Servicer and the Trustee, acting jointly, may at any time accept the resignation
        of or remove any separate trustee or co-trustee except that following the
        occurrence of a Servicer Event of Termination, the Trustee acting alone may
        accept the resignation or remove any separate trustee or
        co-trustee.

       

      Any
        notice, request or other writing given to the Trustee shall be deemed to
        have
        been given to each of the then separate trustees and co-Trustees, as effectively
        as if given to each of them. Every instrument appointing any separate trustee
        or
        co-Trustee shall refer to this Agreement and the conditions of this Article
        VIII. Each separate trustee and co-Trustee, upon its acceptance of the trusts
        conferred, shall be vested with the estates or property specified in its
        instrument of appointment, either jointly with the Trustee or separately,
        as may
        be provided therein, subject to all the provisions of this Agreement,
        specifically including every provision of this Agreement relating to the
        conduct
        of, affecting the liability of, or affording protection to, the Trustee.
        Every
        such instrument shall be filed with the Trustee and a copy thereof given
        to the
        Depositor and the Servicer.

       

      Any
        separate trustee or co-Trustee may, at any time, constitute the Trustee,
        its
        agent or attorney-in-fact, with full power and authority, to the extent not
        prohibited by law, to do any lawful act under or in respect of this Agreement
        on
        its behalf and in its name. If any separate trustee or co-Trustee shall die,
        become incapable of acting, resign or be removed, all of its estates,
        properties, rights, remedies and trusts shall vest in and be exercised by
        the
        Trustee, to the extent permitted by law, without the appointment of a new
        or
        successor Trustee.

       

      	SECTION
              8.11  	
              Limitation
                of Liability.

            

       

      The
        Certificates are executed by the Trust Administrator, not in its individual
        capacity but solely as Trust Administrator of the Trust, in the exercise
        of the
        powers and authority conferred and vested in it by this Agreement. Each of
        the
        undertakings and agreements made on the part of the Trust Administrator in
        the
        Certificates is made and intended not as a personal undertaking or agreement
        by
        the Trust Administrator but is made and intended for the purpose of binding
        only
        the Trust.

       

      	SECTION
              8.12  	
              Trustee
                May Enforce Claims Without Possession of
                Certificates.

            

       

      (a)  All
        rights of action and claims under this Agreement or the Certificates may
        be
        prosecuted and enforced by the Trustee without the possession of any of the
        Certificates or the production thereof in any proceeding relating thereto,
        and
        such proceeding instituted by the Trustee shall be brought in its own name
        or in
        its capacity as Trustee for the benefit of all Holders of such Certificates,
        subject to the provisions of this Agreement. Any recovery of judgment shall,
        after provision for the payment of the reasonable compensation, expenses,
        disbursement and advances of the Trustee, its agents and counsel, be for
        the
        ratable benefit of the Certificateholders in respect of which such judgment
        has
        been recovered.

       

      (b)  The
        Trustee shall afford the Seller, the Depositor, the Servicer and each
        Certificateholder upon reasonable prior notice during normal business hours,
        access to all records maintained by the Trustee in respect of its duties
        hereunder and access to officers of the Trustee responsible for performing
        such
        duties. Upon request, the Trustee shall furnish the Depositor, the Servicer
        and
        any requesting Certificateholder with its most recent financial statements.
        The
        Trustee shall cooperate fully with the Seller, the Servicer, the Depositor
        and
        such Certificateholder and shall make available to the Seller, the Servicer,
        the
        Depositor and such Certificateholder for review and copying such books,
        documents or records as may be requested with respect to the Trustee’s duties
        hereunder. The Seller, the Depositor, the Servicer and the Certificateholders
        shall not have any responsibility or liability for any action or failure
        to act
        by the Trustee and are not obligated to supervise the performance of the
        Trustee
        under this Agreement or otherwise.

       

      	SECTION
              8.13  	
              Suits
                for Enforcement.

            

       

      In
        case a
        Servicer Event of Termination or other default by the Servicer or the Depositor
        hereunder shall occur and be continuing, the Trustee, shall, at the direction
        of
        the Majority Certificateholders, or may, proceed to protect and enforce its
        rights and the rights of the Certificateholders under this Agreement by a
        suit,
        action or proceeding in equity or at law or otherwise, whether for the specific
        performance of any covenant or agreement contained in this Agreement or in
        aid
        of the execution of any power granted in this Agreement or for the enforcement
        of any other legal, equitable or other remedy, as the Trustee, being advised
        by
        counsel, and subject to the foregoing, shall deem most effectual to protect
        and
        enforce any of the rights of the Trustee and the
        Certificateholders.

       

      	SECTION
              8.14  	
              Waiver
                of Bond Requirement.

            

       

      The
        Trustee shall be relieved of, and each Certificateholder hereby waives, any
        requirement of any jurisdiction in which the Trust, or any part thereof,
        may be
        located that the Trustee post a bond or other surety with any court, agency
        or
        body whatsoever.

       

      	SECTION
              8.15  	
              Waiver
                of Inventory, Accounting and Appraisal
                Requirement.

            

       

      The
        Trustee shall be relieved of, and each Certificateholder hereby waives, any
        requirement of any jurisdiction in which the Trust, or any part thereof,
        may be
        located that the Trustee file any inventory, accounting or appraisal of the
        Trust with any court, agency or body at any time or in any manner
        whatsoever.

       

      ARTICLE
        IX

       

      REMIC
        ADMINISTRATION

       

      	SECTION
              9.01  	
              REMIC
                Administration.

            

       

      (a)  REMIC
        elections as set forth in the Preliminary Statement shall be made by the
        Trustee
        on Form 1066 or other appropriate federal tax or information return for the
        taxable year ending on the last day of the calendar year in which the
        Certificates are issued. The regular interests and residual interest in each
        REMIC shall be as designated in the Preliminary Statement.

       

      (b)  The
        Closing Date is hereby designated as the “Startup Day” of each REMIC within the
        meaning of section 860G(a)(9) of the Code.

       

      (c)  The
        Trust
        Administrator shall pay any and all expenses relating to any tax audit of
        any
        REMIC (including, but not limited to, any professional fees or any
        administrative or judicial proceedings with respect to any Trust REMIC that
        involve the Internal Revenue Service or state tax authorities), including
        the
        expense of obtaining any tax related Opinion of Counsel. The Trust Administrator
        shall be entitled to reimbursement of expenses incurred pursuant to this
        Section
        9.01(c) to the extent provided in Section 8.05.

       

      (d)  The
        Trust
        Administrator shall prepare, sign and file, all of the REMICs’ federal and state
        tax and information returns (including Form 8811) as the direct representative
        each REMIC created hereunder. The expenses of preparing and filing such returns
        shall be borne by the Trust Administrator.

       

      (e)  The
        Holder of the Class R Certificate at any time holding the largest Percentage
        Interest thereof shall be the “tax matters person” as defined in the REMIC
        Provisions (the related “Tax Matters Person”) with respect to REMIC
        1,
        REMIC
        2
        and
        REMIC 3 and shall act as Tax Matters Person for each such REMIC. The Holder
        of
        the Class R-X Certificate at any time holding the largest Percentage Interest
        thereof shall be the Tax Matters Person with respect to REMIC 4,
        REMIC
5
        and
        REMIC 6, and shall act as Tax Matters Person for each such REMIC. The Trust
        Administrator, as agent for the Tax Matters Person, shall perform on behalf
        of
        each REMIC all reporting and other tax compliance duties that are the
        responsibility of such REMIC under the Code, the REMIC Provisions, or other
        compliance guidance issued by the Internal Revenue Service or any state or
        local
        taxing authority. Among its other duties, if required by the Code, the REMIC
        Provisions, or other such guidance, the Trust Administrator, as agent for
        the
        Tax Matters Person, shall provide (i) to the Treasury or other governmental
        authority such information as is necessary for the application of any tax
        relating to the transfer of a Residual Certificate to any disqualified person
        or
        organization upon reasonable additional compensation and (ii) to the
        Certificateholders such information or reports as are required by the Code
        or
        REMIC Provisions. The Trust Administrator, as agent for the Tax Matters Person,
        shall represent each REMIC in any administrative or judicial proceedings
        relating to an examination or audit by any governmental taxing authority,
        request an administrative adjustment as to any taxable year of any REMIC,
        enter
        into settlement agreements with any government taxing agency, extend any
        statute
        of limitations relating to any item of any REMIC and otherwise act on behalf
        of
        any REMIC in relation to any tax matter involving the Trust.

       

      (f)  The
        Trust
        Administrator, the Master Servicer, the Servicer and the Holders of Certificates
        shall take any action or cause any REMIC to take any action necessary to
        create
        or maintain the status of each REMIC as a REMIC under the REMIC Provisions
        and
        shall assist each other as necessary to create or maintain such status. None
        of
        the Trustee, the Trust Administrator, the Servicer or the Holder of any Residual
        Certificate shall take any action, cause any REMIC created hereunder to take
        any
        action or fail to take (or fail to cause to be taken) any action that, under
        the
        REMIC Provisions, if taken or not taken, as the case may be, could (i) endanger
        the status of such REMIC as a REMIC or (ii) result in the imposition of a
        tax
        upon such REMIC (including but not limited to the tax on prohibited transactions
        as defined in Code Section 860F(a)(2) and the tax on prohibited contributions
        set forth on Section 860G(d) of the Code) (either such event, an “Adverse REMIC
        Event”) unless the Trustee, the Trust Administrator and the Servicer have
        received an Opinion of Counsel, (at the expense of the party seeking to take
        such action) to the effect that the contemplated action will not endanger
        such
        status or result in the imposition of such a tax. In addition, prior to taking
        any action with respect to any REMIC created hereunder or the assets therein,
        or
        causing such REMIC to take any action, which is not expressly permitted under
        the terms of this Agreement, any Holder of a Residual Certificate will consult
        with the Trustee, the Trust Administrator and the Servicer, or their respective
        designees, in writing, with respect to whether such action could cause an
        Adverse REMIC Event to occur with respect to any REMIC, and no such Person
        shall
        take any such action or cause any REMIC to take any such action as to which
        the
        Trustee, the Trust Administrator or the Master Servicer has advised it in
        writing that an Adverse REMIC Event could occur.

       

      (g)  Each
        Holder of a Residual Certificate shall pay when due any and all taxes imposed
        on
        each REMIC created hereunder by federal or state governmental authorities.
        To
        the extent that such Trust taxes are not paid by a Residual Certificateholder,
        the Trust Administrator shall pay any remaining REMIC taxes out of current
        or
        future amounts otherwise distributable to the Holder of the Residual Certificate
        in the REMICs or, if no such amounts are available, out of other amounts
        held in
        the Distribution Account, and shall reduce amounts otherwise payable to Holders
        of regular interests in the related REMIC. Subject to the foregoing, in the
        event that a REMIC incurs a state or local tax, including franchise taxes,
        as a
        result of a determination that such REMIC is domiciled in the State of
        California for state tax purposes by virtue of the location of the Servicer,
        the
        Servicer agrees to pay on behalf of such REMIC when due, any and all state
        and
        local taxes imposed as a result of such a determination, in the event that
        the
        Holder of the related Residual Certificate fails to pay such taxes, if any,
        when
        imposed.

       

      (h)  The
        Trust
        Administrator, as agent for the Tax Matters Person, shall, for federal income
        tax purposes, maintain books and records with respect to each REMIC created
        hereunder on a calendar year and on an accrual basis.

       

      (i)  No
        additional contributions of assets shall be made to any REMIC created hereunder,
        except as expressly provided in this Agreement with respect to eligible
        substitute mortgage loans.

       

      (j)  None
        of
        the Trustee, the Trust Administrator, the Servicer or the Master Servicer
        shall
        enter into any arrangement by which any REMIC created hereunder will receive
        a
        fee or other compensation for services.

       

      (k)  [Reserved].

       

      (l)  The
        Trust
        Administrator will apply for an Employee Identification Number from the Internal
        Revenue Service via a Form SS-4 or other acceptable method for all tax entities
        and shall complete the Form 8811.

       

      	SECTION
              9.02  	
              Prohibited
                Transactions and Activities.

            

       

      None
        of
        the Depositor, the Servicer , the Master Servicer, the Trust Administrator
        or
        the Trustee shall sell, dispose of, or substitute for any of the Mortgage
        Loans,
        except in a disposition pursuant to (i) the foreclosure of a Mortgage Loan,
        (ii)
        the bankruptcy of the Trust Fund, (iii) the termination of any REMIC created
        hereunder pursuant to Article X of this Agreement, (iv) a substitution pursuant
        to Article II of this Agreement or (v) a repurchase of Mortgage Loans pursuant
        to Article II of this Agreement, nor acquire any assets for any REMIC, nor
        sell
        or dispose of any investments in the Distribution Account for gain, nor accept
        any contributions to either REMIC after the Closing Date, unless it has received
        an Opinion of Counsel (at the expense of the party causing such sale,
        disposition, or substitution) that such disposition, acquisition, substitution,
        or acceptance will not (a) affect adversely the status of any REMIC created
        hereunder as a REMIC or of the interests therein other than the Residual
        Certificates as the regular interests therein, (b) affect the distribution
        of
        interest or principal on the Certificates, (c) result in the encumbrance
        of the
        assets transferred or assigned to the Trust Fund (except pursuant to the
        provisions of this Agreement) or (d) cause any REMIC created hereunder to
        be
        subject to a tax on prohibited transactions or prohibited contributions pursuant
        to the REMIC Provisions.

       

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

            

       

      (a)  In
        the
        event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
        or incurs federal, state or local taxes as a result of a prohibited transaction
        or prohibited contribution under the REMIC Provisions due to the negligent
        performance by the Servicer of its duties and obligations set forth herein,
        the
        Servicer shall indemnify the Trustee, the Master Servicer, the Servicer,
        the
        Trust Administrator and the Trust Fund against any and all losses, claims,
        damages, liabilities or expenses (“Losses”) resulting from such negligence;
        provided, however, that the Servicer shall not be liable for any such Losses
        attributable to the action or inaction of the Master Servicer, the Trustee,
        the
        Trust Administrator, the Depositor or the Holder of such Residual Certificate,
        as applicable, nor for any such Losses resulting from misinformation provided
        by
        the Holder of such Residual Certificate on which the Servicer has relied.
        The
        foregoing shall not be deemed to limit or restrict the rights and remedies
        of
        the Holder of such Residual Certificate now or hereafter existing at law
        or in
        equity. Notwithstanding the foregoing, however, in no event shall the Servicer
        have any liability (1) for any action or omission that is taken in accordance
        with and in compliance with the express terms of, or which is expressly
        permitted by the terms of, this Agreement, (2) for any Losses other than
        arising
        out of a negligent performance by the Servicer of its duties and obligations
        set
        forth herein, and (3) for any special or consequential damages to
        Certificateholders (in addition to payment of principal and interest on the
        Certificates). 

       

      (b)  In
        the
        event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
        or incurs federal, state or local taxes as a result of a prohibited transaction
        or prohibited contribution under the REMIC Provisions due to the negligent
        performance by the Trust Administrator of its duties and obligations set
        forth
        herein, the Trust Administrator shall indemnify the Trust Fund against any
        and
        all Losses resulting from such negligence; provided, however, that the Trust
        Administrator shall not be liable for any such Losses attributable to the
        action
        or inaction of the Servicer, the Depositor or the Holder of such Residual
        Certificate, as applicable, nor for any such Losses resulting from
        misinformation provided by the Holder of such Residual Certificate on which
        the
        Trust Administrator has relied. The foregoing shall not be deemed to limit
        or
        restrict the rights and remedies of the Holder of such Residual Certificate
        now
        or hereafter existing at law or in equity. Notwithstanding the foregoing,
        however, in no event shall the Trust Administrator have any liability (1)
        for
        any action or omission that is taken in accordance with and in compliance
        with
        the express terms of, or which is expressly permitted by the terms of, this
        Agreement, (2) for any Losses other than arising out of a negligent performance
        by the Trust Administrator of its duties and obligations set forth herein,
        and
        (3) for any special or consequential damages to Certificateholders (in addition
        to payment of principal and interest on the Certificates).

       

      ARTICLE
        X

       

      TERMINATION

       

      	SECTION
              10.01  	
              Termination.

            

       

      (a)  The
        respective obligations and responsibilities of the Servicer, the Depositor,
        the
        Master Servicer, the Trust Administrator and the Trustee created hereby (other
        than the obligation of the Trust
        Administrator to
        make
        certain payments to Certificateholders after the final Distribution Date
        and the
        obligation of the Servicer to send certain notices as hereinafter set forth)
        shall terminate upon notice to the Trust Administrator upon the earliest
        of (i)
        the Distribution Date on which the Certificate Principal Balances of the
        Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Terminator of the Mortgage Loans as described below and (iv) the
        Distribution Date in January 2037. Notwithstanding the foregoing, in no event
        shall the trust created hereby continue beyond the expiration of 21 years
        from
        the death of the last survivor of the descendants of Joseph P. Kennedy, the
        late
        ambassador of the United States to the Court of St. James’s, living on the date
        hereof.

       

      The
        Servicer (in such context, the “Terminator”), may, at its option, terminate this
        Agreement on any date on which the aggregate Stated Principal Balance of
        the
        Mortgage Loans (after giving effect to scheduled payments of principal due
        during the related Due Period, to the extent received or advanced, and
        unscheduled collections of principal received during the related Prepayment
        Period) on such date is equal to or less than 10% of the aggregate Stated
        Principal Balance of the Mortgage Loans as of the Cut-off Date by purchasing,
        on
        the next succeeding Distribution Date, all of the outstanding Mortgage Loans
        and
        REO Properties at a price equal to the greater of (i) the Stated Principal
        Balance of the Mortgage Loans (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) and the appraised value of the REO Properties and (ii) fair market
        value
        of the Mortgage Loans and REO Properties (as determined and as agreed upon
        as of
        the close of business on the third Business Day next preceding the date upon
        which notice of any such termination is furnished to the related
        Certificateholders pursuant to Section 10.01(c) by (x) the Terminator, (y)
        the
        Holders of a majority in Percentage Interest in the Class C Certificates
        and (z)
        if the Floating Rate Certificates will not receive all amounts owed to it
        as a
        result of the termination, the Trust Administrator, provided that if this
        clause
        (z) applies to such determination, such determination shall be based solely
        upon
        an appraisal obtained as provided in the last sentence of this paragraph),
        plus
        accrued and unpaid interest thereon at the weighted average of the Mortgage
        Rates through the end of the Due Period preceding the final Distribution
        Date
        plus unreimbursed Servicing Advances, Advances, any unpaid Servicing Fees
        allocable to such Mortgage Loans and REO Properties and any accrued and unpaid
        Net WAC Rate Carryover Amounts and any Swap Termination Payment payable to
        the
        Swap Provider (the “Termination Price”); provided, however, such option may only
        be exercised if the Termination Price is sufficient to result in the payment
        of
        all interest accrued on, as well as amounts necessary to retire the principal
        balance of, each class of notes issued pursuant to the Indenture. In addition,
        to the extent that the Servicer has not exercised such option, the Master
        Servicer may, at its option, terminate this Agreement on any date on which
        the
        aggregate Stated Principal Balance of the Mortgage Loans (after giving effect
        to
        scheduled payments of principal due during the related Due Period, to the
        extent
        received or advanced, and unscheduled collections of principal received during
        the related Prepayment Period) on such date is equal to or less than 5% of
        the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date
        by purchasing, on the next succeeding Distribution Date, all of the outstanding
        Mortgage Loans and REO Properties at a price equal to the Termination Price.
        If
        the determination of the fair market value of the Mortgage Loans and REO
        Properties shall be required to be made and agreed upon by the Terminator,
        the
        Holders of a majority in Percentage Interest in the Class C Certificates
        and the
        Trust Administrator as provided in (ii) above, such determination shall be
        based
        on an appraisal of the value of the Mortgage Loans and REO Properties conducted
        by an independent appraiser mutually agreed upon by the Terminator, the Holders
        of a majority in Percentage Interest in the Class C Certificates and the
        Trust
        Administrator in their reasonable discretion, and (A) such appraisal shall
        be
        obtained at no expense to the Trustee and (B) the Trust Administrator may
        conclusively rely on, and shall be protected in relying on, such
        appraisal.

       

      By
        acceptance of a Residual Certificate, the Holders of the Residual Certificates
        agree, in connection with any termination hereunder, to assign and transfer
        any
        amounts in excess of par, and to the extent received in respect of such
        termination, to pay any such amounts to the Holders of the Class C
        Certificates.

       

      (b)  In
        connection with any termination pursuant to this Section 10.01: 

       

      (1)  At
        least
        twenty (20) days prior to the latest date on which notice of such optional
        termination is required to be mailed to the Certificateholders, the Terminator
        shall notify in writing (which may be done in electronic format), the Trust
        Administrator, the Master Servicer, the Swap Provider and the Trustee of
        the
        final Distribution Date on which the Terminator intends to terminate the
        Trust
        Fund;

       

      (2)  No
        later
        than 4:00 pm (New York City time) four (4) Business Days prior to the final
        Distribution Date specified in the notices required pursuant to Section 10.01,
        the Swap Provider shall notify in writing (in accordance with the applicable
        provisions of the Interest Rate Swap Agreement) (which may be done in electronic
        format) and by phone, the Terminator, the Trust Administrator, the Master
        Servicer and the Trustee of the amount of the Estimated Swap Termination
        Payment; and

       

      (3)  Three
        (3)
        Business Days prior to the final Distribution Date specified in the notices
        required pursuant to Sections 10.01, (x) the Terminator shall, no
        later than 1:00 pm (New
        York
        City time) on such day, deliver to the Trust Administrator and the Trust
        Administrator shall deposit funds in the Distribution Account in an amount
        equal
        to the sum of the Termination Price (which shall be based on the Estimated
        Swap
        Termination Payment), and (y) if the Trust Administrator shall have received
        an
        Officer’s Certificate stating that all of the requirements for Optional
        Termination have been met, including without limitation the deposit required
        pursuant to the immediately preceding clause (x) as well as the requirements
        specified in Section 10.01, then the Trust Administrator shall, on the same
        Business Day, provide written notice (which may be done in electronic format)
        to
        the Terminator and the Swap Provider (in accordance with the applicable
        provision of the Interest Rate Swap Agreement) confirming (a) its receipt
        of the
        Termination Price (which shall be based on the Estimated Swap Termination
        Payment), and (b) that all other requirements specified in Section 10.01
        have
        been met (the “Optional Termination Notice”). Upon the delivery of the Optional
        Termination Notice by the Trust Administrator pursuant to the preceding
        sentence, (i) the optional termination shall become irrevocable, (ii) the
        notice
        to Certificateholders of such optional termination provided pursuant to Section
        10.01 shall become unrescindable, (iii) the Swap Provider shall determine
        the
        Swap Termination Payment in accordance with the Interest Rate Swap Agreement
        (which shall not exceed the Estimated Swap Termination Payment), and (iv)
        the
        Swap Provider shall provide to the Trust Administrator written notice of
        the
        amount of the Swap Termination Payment not later than two (2) Business Days
        prior to the final Distribution Date specified in the notices required pursuant
        to Sections 10.01.

       

      Upon
        a
        termination pursuant to this Section 10.01, the Trustee shall assign to the
        Terminator each of the representations and warranties made by the Originator
        and
        the Seller pursuant to the Master Agreement and the Assignment Agreement,
        without recourse, representation or warranty.

       

      In
        connection with any such purchase pursuant to this Section 10.01, the Terminator
        shall deposit in the Distribution Account all amounts then on deposit in
        the
        Collection Account, which deposit shall be deemed to have occurred immediately
        preceding such purchase.

       

      Any
        such
        purchase shall be accomplished by deposit into the Distribution Account on
        the
        Determination Date before such Distribution Date of the Termination
        Price.

       

      (b)  Notice
        of
        any termination, specifying the Distribution Date (which shall be a date
        that
        would otherwise be a Distribution Date) upon which the Certificateholders
        may
        surrender their Certificates to the Trust Administrator for payment of the
        final
        distribution and cancellation, shall be given promptly by the Trust
        Administrator upon the Trust Administrator receiving notice of such date
        from
        the Terminator, by letter to the Certificateholders mailed not earlier than
        the
        15th
        day and
        not later than the 25th
        day of
        the month next preceding the month of such final distribution specifying
        (1) the
        Distribution Date upon which final distribution of the Certificates will
        be made
        upon presentation and surrender of such Certificates at the office or agency
        of
        the Trust Administrator therein designated, (2) the amount of any such final
        distribution and (3) that the Record Date otherwise applicable to such
        Distribution Date is not applicable, distributions being made only upon
        presentation and surrender of the Certificates at the office or agency of
        the
        Trust Administrator therein specified.

       

      (c)  Upon
        presentation and surrender of the Certificates, the Trust Administrator shall
        cause to be distributed to the Holders of the Certificates on the Distribution
        Date for such final distribution, in proportion to the Percentage Interests
        of
        their respective Class and to the extent that funds are available for such
        purpose, an amount equal to the amount required to be distributed to such
        Holders in accordance with the provisions of Section 4.01 for such Distribution
        Date. By acceptance of the Residual Certificates, the Holders of the Residual
        Certificates agree, in connection with any termination hereunder, to assign
        and
        transfer any amounts in excess of the par value of the Mortgage Loans, and
        to
        the extent received in respect of such termination, to pay any such amounts
        to
        the Holders of the Class C Certificates.

       

      (d)  In
        the
        event that all Certificateholders shall not surrender their Certificates
        for
        final payment and cancellation on or before such final Distribution Date,
        the
        Trust Administrator shall promptly following such date cause all funds in
        the
        Distribution Account not distributed in final distribution to Certificateholders
        to be withdrawn therefrom and credited to the remaining Certificateholders
        by
        depositing such funds in a separate Servicing Account for the benefit of
        such
        Certificateholders, and the Servicer (if the Servicer has exercised its right
        to
        purchase the Mortgage Loans) or the Trust Administrator (in any other case)
        shall give a second written notice to the remaining Certificateholders, to
        surrender their Certificates for cancellation and receive the final distribution
        with respect thereto. If within nine months after the second notice all the
        Certificates shall not have been surrendered for cancellation, the Residual
        Certificateholders shall be entitled to all unclaimed funds and other assets
        which remain subject hereto, and the Trust Administrator upon transfer of
        such
        funds shall be discharged of any responsibility for such funds, and the
        Certificateholders shall look to the Residual Certificateholders for
        payment.

       

      	SECTION
              10.02  	
              Additional
                Termination Requirements.

            

       

      (a)  In
        the
        event that the Terminator exercises its purchase option as provided in Section
        10.01, each REMIC shall be terminated in accordance with the following
        additional requirements, unless the Trust Administrator shall have been
        furnished with an Opinion of Counsel to the effect that the failure of the
        Trust
        to comply with the requirements of this Section will not (i) result in the
        imposition of taxes on “prohibited transactions” of the Trust as defined in
        Section 860F of the Code or (ii) cause any REMIC constituting part of the
        Trust
        Fund to fail to qualify as a REMIC at any time that any Certificates are
        outstanding:

       

      (i)  Within
        90
        days prior to the final Distribution Date, the Terminator shall adopt and
        the
        Trust Administrator shall sign a plan of complete liquidation of each REMIC
        created hereunder meeting the requirements of a “Qualified Liquidation” under
        Section 860F of the Code and any regulations thereunder; and

       

      (ii)  At
        or
        after the time of adoption of such a plan of complete liquidation and at
        or
        prior to the final Distribution Date, the Trust Administrator shall sell
        all of
        the assets of the Trust Fund to the Terminator for cash pursuant to the terms
        of
        the plan of complete liquidation.

       

      (b)  By
        their
        acceptance of Certificates, the Holders thereof hereby agree to appoint the
        Trust Administrator as their attorney in fact to: (i) adopt such a plan of
        complete liquidation (and the Certificateholders hereby appoint the Trust
        Administrator as their attorney in fact to sign such plan) as appropriate
        and
        (ii) to take such other action in connection therewith as may be reasonably
        required to carry out such plan of complete liquidation all in accordance
        with
        the terms hereof.

       

      ARTICLE
        XI

       

      MISCELLANEOUS
        PROVISIONS

       

      	SECTION
              11.01  	
              Amendment.

            

       

      This
        Agreement may be amended from time to time by the Depositor, the Servicer,
        the
        Master Servicer, the Trust Administrator and the Trustee; and without the
        consent of the Certificateholders (i) to cure any ambiguity, (ii) to correct
        or
        supplement any provisions herein which may be defective or inconsistent with
        any
        other provisions herein or (iii) to make any other provisions with respect
        to
        matters or questions arising under this Agreement which shall not be
        inconsistent with the provisions of this Agreement; provided that such action
        shall not as evidenced by either (a) an Opinion of Counsel delivered to the
        Servicer, the Master Servicer, the Trustee and the Trust Administrator or
        (b)
        written or electronic notice to the Depositor, the Servicer, the Master
        Servicer, the Trustee and the Trust Administrator from each Rating Agency
        that
        such action will not result in the reduction or withdrawal of the rating
        of any
        outstanding Class of Certificates with respect to which it is a Rating Agency,
        adversely affect in any material respect the interests of any Certificateholder.
        No amendment shall be deemed to adversely affect in any material respect
        the
        interests of any Certificateholder who shall have consented thereto, and
        no
        Opinion of Counsel or Rating Agency confirmation shall be required to address
        the effect of any such amendment on any such consenting
        Certificateholder.

       

      In
        addition, this Agreement may be amended from time to time by the Depositor,
        the
        Servicer, the Master Servicer, the Trust Administrator and the Trustee with
        the
        consent of the Majority Certificateholders for the purpose of adding any
        provisions to or changing in any manner or eliminating any of the provisions
        of
        this Agreement or of modifying in any manner the rights of the Swap Provider
        or
        the Holders of Certificates; provided, however, that no such amendment or
        waiver
        shall (x) reduce in any manner the amount of, or delay the timing of, payments
        on the Certificates or distributions which are required to be made on any
        Certificate without the consent of the Holder of such Certificate, (y) adversely
        affect in any material respect the interests of the Swap Provider or the
        Holders
        of any Class of Certificates (as evidenced by either (i) an Opinion of Counsel
        delivered to the Trustee or (ii) written notice to the Depositor, the Servicer,
        the Master Servicer and the Trustee from each Rating Agency that such action
        will not result in the reduction or withdrawal of the rating of any outstanding
        Class of Certificates with respect to which it is a Rating Agency) in a manner
        other than as described in clause (x) above, without the consent of the Holders
        of Certificates of such Class evidencing at least a 66% Percentage Interest
        in
        such Class, or (z) reduce the percentage of Voting Rights required by clause
        (y)
        above without the consent of the Holders of all Certificates of such Class
        then
        outstanding. Upon approval of an amendment, a copy of such amendment shall
        be
        sent to the Rating Agencies.

       

      Notwithstanding
        any provision of this Agreement to the contrary, the Trustee and the Trust
        Administrator shall not consent to any amendment to this Agreement unless
        it
        shall have first received an Opinion of Counsel, delivered by (and at the
        expense of) the Person seeking such Amendment, to the effect that such amendment
        will not result in the imposition of a tax on any REMIC created hereunder
        constituting part of the Trust Fund pursuant to the REMIC Provisions or cause
        any REMIC created hereunder constituting part of the Trust to fail to qualify
        as
        a REMIC at any time that any Certificates are outstanding and that the amendment
        is being made in accordance with the terms hereof.

       

      Notwithstanding
        any of the other provisions of this Section 11.01, none of the parties to
        this
        Agreement shall enter into any amendment to this Agreement that could reasonably
        be expected to have a material adverse effect on the interests of the Swap
        Provider hereunder (excluding, for the avoidance of doubt, any amendment
        to this
        Agreement that is entered into solely for the purpose of appointing a successor
        servicer or trustee) without the prior written consent of the Swap Provider,
        which consent shall not be unreasonably withheld, conditioned or
        delayed.

       

      Promptly
        after the execution of any such amendment the Trust Administrator shall furnish,
        at the expense of the Person that requested the amendment if such Person
        is the
        Servicer (but in no event at the expense of the Trustee or the Trust
        Administrator), otherwise at the expense of the Trust, a copy of such amendment
        and the Opinion of Counsel referred to in the immediately preceding paragraph
        to
        the Servicer and each Rating Agency.

       

      It
        shall
        not be necessary for the consent of Certificateholders under this Section
        11.01
        to approve the particular form of any proposed amendment; instead it shall
        be
        sufficient if such consent shall approve the substance thereof. The manner
        of
        obtaining such consents and of evidencing the authorization of the execution
        thereof by Certificateholders shall be subject to such reasonable regulations
        as
        the Trust Administrator may prescribe.

       

      The
        Trustee and the Trust Administrator may, but neither shall be obligated to,
        enter into any amendment pursuant to this Section 11.01 that affects its
        rights,
        duties and immunities under this Agreement or otherwise.

       

      	SECTION
              11.02  	
              Recordation
                of Agreement; Counterparts.

            

       

      To
        the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any or all of the properties subject
        to
        the Mortgages are situated, and in any other appropriate public recording
        office
        or elsewhere, such recordation to be effected by the Servicer at the expense
        of
        the Trust, but only upon direction of the Certificateholders accompanied
        by an
        Opinion of Counsel to the effect that such recordation materially and
        beneficially affects the interests of the Certificateholders.

       

      For
        the
        purpose of facilitating the recordation of this Agreement as herein provided
        and
        for other purposes, this Agreement may be executed simultaneously in any
        number
        of counterparts, each of which counterparts shall be deemed to be an original,
        and such counterparts shall together constitute but one and the same
        instrument.

       

      	SECTION
              11.03  	
              Limitation
                on Rights of Certificateholders.

            

       

      The
        death
        or incapacity of any Certificateholder shall not (i) operate to terminate
        this
        Agreement or the Trust, (ii) entitle such Certificateholder’s legal
        representatives or heirs to claim an accounting or to take any action or
        proceeding in any court for a partition or winding up of the Trust, or (iii)
        otherwise affect the rights, obligations and liabilities of the parties hereto
        or any of them.

       

      Except
        as
        expressly provided for herein, no Certificateholder shall have any right
        to vote
        or in any manner otherwise control the operation and management of the Trust,
        or
        the obligations of the parties hereto, nor shall anything herein set forth
        or
        contained in the terms of the Certificates be construed so as to constitute
        the
        Certificateholders from time to time as partners or members of an association;
        nor shall any Certificateholder be under any liability to any third person
        by
        reason of any action taken by the parties to this Agreement pursuant to any
        provision hereof.

       

      No
        Certificateholder shall have any right by virtue of any provision of this
        Agreement to institute any suit, action or proceeding in equity or at law
        upon
        or under or with respect to this Agreement, unless such Holder previously
        shall
        have given to the Trustee a written notice of default and of the continuance
        thereof, as hereinbefore provided, and unless also the Holders of Certificates
        entitled to at least 25% of the Voting Rights shall have made written request
        upon the Trustee to institute such action, suit or proceeding in its own
        name as
        Trustee hereunder and shall have offered to the Trustee such reasonable
        indemnity as it may require against the costs, expenses and liabilities to
        be
        incurred therein or thereby, and the Trustee for 15 days after its receipt
        of
        such notice, request and offer of indemnity, shall have neglected or refused
        to
        institute any such action, suit or proceeding. It is understood and intended,
        and expressly covenanted by each Certificateholder with every other
        Certificateholder and the Trustee, that no one or more Holders of Certificates
        shall have any right in any manner whatever by virtue of any provision of
        this
        Agreement to affect, disturb or prejudice the rights of the Holders of any
        other
        of such Certificates, or to obtain or seek to obtain priority over or preference
        to any other such Holder, which priority or preference is not otherwise provided
        for herein, or to enforce any right under this Agreement, except in the manner
        herein provided and for the equal, ratable and common benefit of all
        Certificateholders. For the protection and enforcement of the provisions
        of this
        Section 11.03 each and every Certificateholder and the Trustee shall be entitled
        to such relief as can be given either at law or in equity.

       

      	SECTION
              11.04  	
              Governing
                Law; Jurisdiction.

            

       

      This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, and the obligations, rights and remedies of the parties hereunder shall
        be
        determined in accordance with such laws. With respect to any claim arising
        out
        of this Agreement, each party irrevocably submits to the exclusive jurisdiction
        of the courts of the State of New York and the United States District Court
        located in the Borough of Manhattan in The City of New York, and each party
        irrevocably waives any objection which it may have at any time to the laying
        of
        venue of any suit, action or proceeding arising out of or relating hereto
        brought in any such courts, irrevocably waives any claim that any such suit,
        action or proceeding brought in any such court has been brought in any
        inconvenient forum and further irrevocably waives the right to object, with
        respect to such claim, suit, action or proceeding brought in any such court,
        that such court does not have jurisdiction over such party, provided that
        service of process has been made by any lawful means.

       

      	SECTION
              11.05  	
              Notices.

            

       

      All
        directions, demands and notices hereunder shall be in writing and shall be
        deemed to have been duly given if personally delivered at or mailed by first
        class mail, postage prepaid, by facsimile or by express delivery service,
        to (a)
        in the case of Ocwen as Servicer, Ocwen Loan Servicing, LLC, 1675 Palm Beach
        Lakes Boulevard, Suite 10A, West Palm Beach, Florida 33401, Attention: Secretary
        (telecopy number: (561) 682-8177), or such other address or telecopy number
        as
        may hereafter be furnished to the Depositor, the Master Servicer, the Trust
        Administrator and the Trustee in writing, (b) ) in the case of the Trustee,
        Deutsche Bank National Trust Company, 1761 East St. Andrew Place, Santa Ana,
        California 92705-4934, Attention: Trust Admin—GC06E2 (telecopy number: (714)
        247-6329), or such other address or telecopy number as may hereafter be
        furnished to the Depositor, the Servicer, the Trust Administrator and the
        Master
        Servicer in writing by the Trustee, or such other address or telecopy number
        as
        may hereafter be furnished to the Master Servicer and the Depositor in writing
        by the Trustee, (c) in the case of the Credit Risk Manager, 1700 Lincoln
        Street,
        Suite 1600, Denver, Colorado 80203, Attention: General Counsel, or such other
        address or telecopy number as may hereafter be furnished to the Depositor,
        the
        Servicer, the Trust Administrator and the Master Servicer, (d) in the case
        of
        the Master Servicer or the Trust Administrator, Wells Fargo Bank, N.A., P.O.
        Box
        98, Columbia, Maryland 21046, Attention: Soundview 2006-3 (telecopy number
        (410)
        715-2380), with a copy to Wells Fargo Bank, N.A., 9062 Old Annapolis Road,
        Columbia, Maryland 21045, Attention: Soundview 2006-3 (telecopy number (410)
        715-2380), and for certificate transfer purposes, with a copy to Wells Fargo
        Bank, N.A., Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479,
        Attention: Soundview 2006-EQ2, or such other address or telecopy number as
        may
        hereafter be furnished to the Servicer, the Trustee and the Depositor in
        writing
        by the Master Servicer and (e) in the case of the Depositor, Financial Asset
        Securities Corp., 600 Steamboat Road, Greenwich, Connecticut 06830, Attention:
        Legal, or such other address or telecopy number as may hereafter be furnished
        to
        the Servicer, the Master Servicer, the Trust Administrator and the Trustee
        in
        writing by the Depositor. Any notice required or permitted to be mailed to
        a
        Certificateholder shall be given by first class mail, postage prepaid, at
        the
        address of such Holder as shown in the Certificate Register. Notice of the
        Servicer Event of Termination shall be given by telecopy and by certified
        mail.
        Any notice so mailed within the time prescribed in this Agreement shall be
        conclusively presumed to have duly been given when mailed, whether or not
        the
        Certificateholder receives such notice. A copy of any notice required to
        be
        telecopied hereunder shall also be mailed to the appropriate party in the
        manner
        set forth above.

       

      	SECTION
              11.06  	
              Severability
                of Provisions.

            

       

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

       

      	SECTION
              11.07  	
              Article
                and Section References.

            

       

      All
        article and section references used in this Agreement, unless otherwise
        provided, are to articles and sections in this Agreement.

       

      	SECTION
              11.08  	
              Notice
                to the Rating Agencies.

            

       

      (a)  Each
        of
        the Trustee, the Trust Administrator, the Master Servicer and the Servicer
        shall
        be obligated to use its best reasonable efforts promptly to provide notice
        to
        the Rating Agencies with respect to each of the following of which a Responsible
        Officer of the Trust Administrator, the Master Servicer or the Servicer,
        as the
        case may be, has actual knowledge:

       

      (i)  any
        material change or amendment to this Agreement;

       

      (ii)  the
        occurrence of any Servicer Event of Termination or Master Servicer Event
        of
        Termination that has not been cured or waived;

       

      (iii)  the
        resignation or termination of Master Servicer, the Trust Administrator or
        the
        Trustee;

       

      (iv)  the
        final
        payment to Holders of the Certificates of any Class;

       

      (v)  any
        change in the location of any Account; and

       

      (vi)  if
        the
        Trustee is acting as successor Servicer pursuant to Section 7.02 hereof,
        any
        event that would result in the inability of the Trustee to make
        Advances.

       

      (b)  In
        addition, the Trust Administrator shall promptly make available to each Rating
        Agency copies of each Statement to Certificateholders described in Section
        4.03
        hereof and copies of the following:

       

      (i)  each
        annual statement as to compliance described in Section 3.20 hereof;

       

      (ii)  each
        Attestation Report described in Section 3.21 hereof; and

       

      (i)  each
        notice delivered pursuant to Section 7.01(a) hereof which relates to the
        fact
        that the Servicer has not made an Advance.

       

      Any
        such
        notice pursuant to this Section 11.08 shall be in writing and shall be deemed
        to
        have been duly given if personally delivered or mailed by first class mail,
        postage prepaid, or by express delivery service to (i) Moody’s Investors
        Service, Inc., 99 Church Street, New York, New York 10007 and (ii) Standard
        & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., 55
        Water Street, 41st
        Floor,
        New York, New York 10041, Attention: Residential Mortgage Surveillance
        Group.

       

      	SECTION
              11.09  	
              Further
                Assurances.

            

       

      Notwithstanding
        any other provision of this Agreement, neither the Regular Certificateholders
        nor the Trustee shall have any obligation to consent to any amendment or
        modification of this Agreement unless they have been provided reasonable
        security or indemnity against their out-of-pocket expenses (including reasonable
        attorneys’ fees) to be incurred in connection therewith.

       

      	SECTION
              11.10  	
              Benefits
                of Agreement.

            

       

      Each
        of
        the Swap Provider and the Cap Provider shall be an express third party
        beneficiary of this Agreement as if a party hereto to the extent of Swap
        Provider's and Cap Provider's rights, respectively, as are explicitly specified
        herein.

       

      Other
        than as set forth above, nothing in this Agreement or in the Certificates,
        expressed or implied, shall give to any Person, other than the
        Certificateholders and the parties hereto and their successors hereunder,
        any
        benefit or any legal or equitable right, remedy or claim under this
        Agreement.

       

      	SECTION
              11.11  	
              Acts
                of Certificateholders.

            

       

      (a)  Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action provided by this Agreement to be given or taken by the Certificateholders
        may be embodied in and evidenced by one or more instruments of substantially
        similar tenor signed by such Certificateholders in person or by agent duly
        appointed in writing, and such action shall become effective when such
        instrument or instruments are delivered to the Trustee and the Servicer.
        Such
        instrument or instruments (and the action embodied therein and evidenced
        thereby) are herein sometimes referred to as the “act” of the Certificateholders
        signing such instrument or instruments. Proof of execution of any such
        instrument or of a writing appointing any such agent shall be sufficient
        for any
        purpose of this Agreement and conclusive in favor of the Trustee and the
        Trust,
        if made in the manner provided in this Section 11.11.

       

      (b)  The
        fact
        and date of the execution by any Person of any such instrument or writing
        may be
        proved by the affidavit of a witness of such execution or by the certificate
        of
        a notary public or other officer authorized by law to take acknowledgments
        of
        deeds, certifying that the individual signing such instrument or writing
        acknowledged to him the execution thereof. Whenever such execution is by
        a
        signer acting in a capacity other than his or her individual capacity, such
        certificate or affidavit shall also constitute sufficient proof of his
        authority.

       

      (c)  Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action by any Certificateholder shall bind every future Holder of such
        Certificate and the Holder of every Certificate issued upon the registration
        of
        transfer thereof or in exchange therefor or in lieu thereof, in respect of
        anything done, omitted or suffered to be done by the Trustee or the Trust
        in
        reliance thereon, whether or not notation of such action is made upon such
        Certificate.

       

      	SECTION
              11.12  	
              Intention
                of the Parties and Interpretation.

            

       

      Each
        of
        the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
        and  4.05 of this Agreement is to facilitate compliance by
        the Depositor with the provisions of Regulation AB promulgated by the SEC
        under the 1934 Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be amended
        from time to time and subject to clarification and interpretive advice as
        may be
        issued by the staff of the SEC from time to time. Therefore, each of the
        parties
        agrees that (a) the obligations of the parties hereunder shall be interpreted
        in
        such a manner as to accomplish that purpose, (b) the parties’ obligations
        hereunder will be supplemented and modified as necessary to be consistent
        with
        any such amendments, interpretive advice or guidance, convention or consensus
        among active participants in the asset-backed securities markets, advice
        of
        counsel, or otherwise in respect of the requirements of Regulation AB, (c)
        the
        parties shall comply, with requests made by the Depositor for delivery of
        additional or different information as the Depositor may determine in good
        faith is necessary to comply with the provisions of Regulation AB, and (d)
        no
        amendment of this Agreement shall be required to effect any such changes
        in the
        parties’ obligations as are necessary to accommodate evolving interpretations of
        the provisions of Regulation AB.

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      
        	 	 	 	 	 	 	 	
                FINANCIAL
                  ASSET SECURITIES CORP.,

                as
                  Depositor

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	/s/
                Matt Miles 
	 	 	 	 	 	 	 	
                Name:

              	Matt
                Miles 
	 	 	 	 	 	 	 	
                Title:

              	Vice
                President 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                OCWEN
                  LOAN SERVICING, LLC, as Servicer

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	/s/
                Scott W. Anderson 
	 	 	 	 	 	 	 	
                Name:

              	Scott
                W. Anderson 
	 	 	 	 	 	 	 	
                Title:

              	Authorized
                Representative 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Master Servicer and Trust Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	/s/
                Graham M. Oglesby 
	 	 	 	 	 	 	 	
                Name:

              	Graham
                M. Oblesby 
	 	 	 	 	 	 	 	
                Title:

              	Assistant
                Vice President 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                DEUTSCHE
                  BANK NATIONAL TRUST

                COMPANY,
                  as Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	/s/
                Melissa Wilman 
	 	 	 	 	 	 	 	
                Name:

              	Melissa
                Wilman 
	 	 	 	 	 	 	 	
                Title:

              	Vice
                President 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	/s/
                Ronaldo Reyes 
	 	 	 	 	 	 	 	
                Name:

              	Ronaldo
                Reyes 
	 	 	 	 	 	 	 	
                Title:

              	Vice
                President 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      For
        purposes of Sections 6.09, 6.10 and 6.11:

      CLAYTON
        FIXED INCOME SERVICES INC.

      

      
        	
                 

                By:

              	/s/
                Kevin J. Kanouff 
	
                Name:

              	Kevin
                J. Kanouff 
	
                Title:

              	President
                and General Counsel 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                STATE
                  OF CONNECTICUT

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF FAIRFIELD

              	
                )

              	 

      

      

      On
        the
        _____ day of December 2006 before me, a notary public in and for said State,
        personally appeared _________________________ known to me to be
        _______________________ of Financial Asset Securities Corp., a Delaware
        corporation that executed the within instrument, and also known to me to
        be the
        person who executed it on behalf of said corporation, and acknowledged to
        me
        that such corporation executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

      On
        the
        _____ day of, December 2006 before me, a notary public in and for said State,
        personally appeared ____________________________ known to me to be a
        ___________________________ of Ocwen Loan Servicing, LLC, a Delaware limited
        liability company that executed the within instrument, and also known to
        me to
        be the person who executed it on behalf of said company, and acknowledged
        to me
        that such corporation executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

      On
        the
        _____ day of, December 2006 before me, a notary public in and for said State,
        personally appeared ____________________________ known to me to be a
        ___________________________ of Wells Fargo Bank, N.A., a national banking
        association that executed the within instrument, and also known to me to
        be the
        person who executed it on behalf of said corporation, and acknowledged to
        me
        that such corporation executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

      On
        the
        ____ day of December 2006 before me, a notary public in and for said State,
        personally appeared _________________________, known to me to be a(n)
        _______________________ and _________________________, known to me to be
        a(n)
        _______________________of Deutsche Bank National Trust Company, a national
        banking association that executed the within instrument, and also known to
        me to
        be the person who executed it on behalf of said association, and acknowledged
        to
        me that such corporation executed the within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

    

      EXHIBIT
        A-1

       

      FORM
        OF
        CLASS A-1 CERTIFICATES

       

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY PERSON ACQUIRING
        A
        CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 5.02(D)
        OF THE POOLING AND SERVICING AGREEMENT.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $297,410,000.00

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $297,410,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611X
                  AA 2

              
	
                Class

              	
                :

              	
                A-1

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        A-1

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class A-1 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class A-1 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class A-1 Certificate (obtained by dividing the Denomination
        of this Class A-1 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class A-1 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        A-1
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any person acquiring
        a
        Certificate shall be deemed to have made the representations in Section 5.02(d)
        of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class A-1 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class A-1 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells
                  Fargo Bank, N.A., 

                as
                  Trust Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class A-1Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      EXHIBIT
        A-2

       

      FORM
        OF
        CLASS A-2 CERTIFICATES

       

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY PERSON ACQUIRING
        A
        CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 5.02(D)
        OF THE POOLING AND SERVICING AGREEMENT.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $141,892,000.00

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $141,892,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611X
                  AB 0

              
	
                Class

              	
                :

              	
                A-2

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        A-2

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class A-2 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class A-2 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class A-2 Certificate (obtained by dividing the Denomination
        of this Class A-2 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class A-2 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        A-2
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any person acquiring
        a
        Certificate shall be deemed to have made the representations in Section 5.02(d)
        of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class A-2 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class A-2 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class A-2Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      EXHIBIT
        A-3

       

      FORM
        OF
        CLASS A-3 CERTIFICATES

       

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY PERSON ACQUIRING
        A
        CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 5.02(D)
        OF THE POOLING AND SERVICING AGREEMENT.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $170,517,000.00

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $170,517,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611X
                  AC 8

              
	
                Class

              	
                :

              	
                A-3

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        A-3

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class A-3 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class A-3 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class A-3 Certificate (obtained by dividing the Denomination
        of this Class A-3 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class A-3 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        A-3
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any person acquiring
        a
        Certificate shall be deemed to have made the representations in Section 5.02(d)
        of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class A-3 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class A-3 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class A-3Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      EXHIBIT
        A-4

       

      FORM
        OF
        CLASS A-4 CERTIFICATES

       

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

       

      PRIOR
        TO
        THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY PERSON ACQUIRING
        A
        CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 5.02(D)
        OF THE POOLING AND SERVICING AGREEMENT.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $60,164,000.00

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $60,164,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611X
                  AD 6

              
	
                Class

              	
                :

              	
                A-4

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        A-4

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class A-4 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class A-4 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class A-4 Certificate (obtained by dividing the Denomination
        of this Class A-4 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class A-4 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        A-4
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      Prior
        to
        the termination of the Supplemental Interest Trust, any person acquiring
        a
        Certificate shall be deemed to have made the representations in Section 5.02(d)
        of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class A-4 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class A-4 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class A-4 Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      EXHIBIT
        A-5

       

      FORM
        OF
        CLASS M-1 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $30,055,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $30,055,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611X
                  AE 4

              
	
                Class

              	
                :

              	
                M-1

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        M-1

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-1 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-1 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-1 Certificate (obtained by dividing the Denomination
        of this Class M-1 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class M-1 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        M-1
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-1 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-1 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-1 Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

       

      
        	 

      

      

       

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      

      

      EXHIBIT
        A-6

       

      FORM
        OF
        CLASS M-2 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND CLASS M-1 CERTIFICATES
        TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $26,298,000.00

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $26,298,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable
                  

              
	
                CUSIP

              	
                :

              	
                83611X
                  AF 1

              
	
                Class

              	
                :

              	
                M-2

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        M-2

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-2 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-2 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-2 Certificate (obtained by dividing the Denomination
        of this Class M-2 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class M-2 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        M-2
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-2 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-2 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-2 Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      EXHIBIT
        A-7

       

      FORM
        OF
        CLASS M-3 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES
        AND THE CLASS M-2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
        SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $15,446,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $15,446,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable
                  

              
	
                CUSIP

              	
                :

              	
                83611X
                  AG 9

              
	
                Class

              	
                :

              	
                M-3

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        M-3

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-3 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-3 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-3 Certificate (obtained by dividing the Denomination
        of this Class M-3 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class M-3 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        M-3
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-3 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-3 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-3 Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

       

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      EXHIBIT
        A-8

       

      FORM
        OF
        CLASS M-4 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, AND THE CLASS M-3 CERTIFICATES TO THE EXTENT
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $15,028,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $15,028,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611X
                  AH 7

              
	
                Class

              	
                :

              	
                M-4

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        M-4

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-4 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-4 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-4 Certificate (obtained by dividing the Denomination
        of this Class M-4 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class M-4 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        M-4
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-4 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-4 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-4 Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

       

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      EXHIBIT
        A-9

       

      FORM
        OF
        CLASS M-5 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND THE CLASS M-4
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $13,358,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $13,358,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611X
                  AJ 3

              
	
                Class

              	
                :

              	
                M-5

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        M-5

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-5 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-5 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-5 Certificate (obtained by dividing the Denomination
        of this Class M-5 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class M-5 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        M-5
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-5 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-5 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [REVERSE
        OF CLASS M-5 CERTIFICATE]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

       

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      EXHIBIT
        A-10

       

      FORM
        OF
        CLASS M-6 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4
        CERTIFICATES AND THE CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $12,523,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $12,523,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable
                  

              
	
                CUSIP

              	
                :

              	
                83611X
                  AK 0

              
	
                Class

              	
                :

              	
                M-6

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        M-6

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-6 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-6 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-6 Certificate (obtained by dividing the Denomination
        of this Class M-6 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class M-6 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        M-6
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-6 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-6 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-6 Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

       

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      EXHIBIT
        A-11

       

      FORM
        OF
        CLASS M-7 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4
        CERTIFICATES, THE CLASS M-5 CERTIFICATES AND THE CLASS M-6 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $10,436,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $10,436,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611X
                  AL 8

              
	
                Class

              	
                :

              	
                M-7

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        M-7

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-7 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-7 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-7 Certificate (obtained by dividing the Denomination
        of this Class M-7 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class M-7 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        M-7
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-7 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-7 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-7 Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

       

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      

      EXHIBIT
        A-12

       

      FORM
        OF
        CLASS M-8 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4
        CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES AND
        THE
        CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $6,262,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $6,262,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable
                  

              
	
                CUSIP

              	
                :

              	
                83611X
                  AM 6

              
	
                Class

              	
                :

              	
                M-8

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        M-8

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-8 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-8 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-8 Certificate (obtained by dividing the Denomination
        of this Class M-8 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class M-8 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        M-8
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-8 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-8 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-8 Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

                 

              

      

       

       

      Dated:_________________

       

       

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      EXHIBIT
        A-13

       

      FORM
        OF
        CLASS M-9 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4
        CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE
        CLASS
        M-7 CERTIFICATES AND THE M-8 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
        POOLING
        AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $8,349,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $8,349,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

              
	
                CUSIP

              	
                :

              	
                83611X
                  AN 4

              
	
                Class

              	
                :

              	
                M-9

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        M-9

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-9 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-9 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-9 Certificate (obtained by dividing the Denomination
        of this Class M-9 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class M-9 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        M-9
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-9 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-9 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-9 Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

       

      
        
          

        

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      EXHIBIT
        A-14

       

      FORM
        OF
        CLASS M-10 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR
        CERTIFICATES, CLASS M-1 CERTIFICATES, CLASS M-2 CERTIFICATES, CLASS M-3
        CERTIFICATES, CLASS M-4 CERTIFICATES, CLASS M-5 CERTIFICATES, CLASS M-6
        CERTIFICATES, CLASS M-7 CERTIFICATES, CLASS M-8 CERTIFICATES AND CLASS M-9
        CERTIFICATES,
        TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $10,432,000.00

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $10,432,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable
                  

              
	
                CUSIP

              	
                :

              	
                83611X
                  AP 9

              
	
                Class

              	
                :

              	
                M-10

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                January
                  2037

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        M-10

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-10 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-10 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-10 Certificate (obtained by dividing the Denomination
        of this Class M-10 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of December 1, 2006 (the “Agreement”) among the Depositor,
        Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A.
        as master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Class M-10 Certificate is issued under and is subject to the terms, provisions
        and conditions of the Agreement, to which Agreement the Holder of this Class
        M-10 Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable sate securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act, and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. The Holder hereof desiring to effect such transfer shall, and does
        hereby agree to indemnify the Trustee and the Depositor against any liability
        that may result if the transfer is not so exempt or is not made in accordance
        with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-10 Certificate set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class M-10 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-10 Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

       

      EXHIBIT
        A-15

       

      FORM
        OF
        CLASS C CERTIFICATES

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND THE MEZZANINE
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Notional Amount

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $
                  16,699,859.51

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $
                  16,699,859.51

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                CUSIP

              	
                :

              	
                83611X
                  AT 1

              
	
                Class

              	
                :

              	
                C

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        C

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class C Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class C Certificate does not evidence
        an obligation of, or an interest in, and is not guaranteed by the Depositor,
        the
        Servicer, the Master Servicer, the Trust Administrator or the Trustee referred
        to below or any of their respective affiliates.

       

      This
        certifies that Greenwich Capital Financial Products, Inc. is the registered
        owner of the Percentage Interest evidenced by this Class C Certificate (obtained
        by dividing the Denomination of this Class C Certificate by the Original
        Class
        Certificate Principal Balance) in certain distributions with respect to a
        Trust
        consisting primarily of the Mortgage Loans deposited by Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of December 1, 2006 (the “Agreement”) among the
        Depositor, Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo
        Bank, N.A. as master servicer and trust administrator (the “Master Servicer” and
“Trust Administrator”), and Deutsche Bank National Trust Company, a national
        banking association, as trustee (the “Trustee”). To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Class C Certificate is issued under and is subject to the
        terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Class C Certificate by virtue of the acceptance hereof assents and by
        which
        such Holder is bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trust Administrator and the Depositor in writing the facts
        surrounding the transfer. In the event that such a transfer is not to be
        made
        pursuant to Rule 144A of the Act, there shall be delivered to the Trust
        Administrator and the Depositor of an Opinion of Counsel that such transfer
        may
        be made pursuant to an exemption from the Act, which Opinion of Counsel shall
        not be obtained at the expense of the Trustee, the Servicer, the Master
        Servicer, the Trust Administrator or the Depositor; or there shall be delivered
        to the Trust Administrator and the Depositor a transferor certificate by
        the
        transferor and an investment letter shall be executed by the transferee.
        The
        Holder hereof desiring to effect such transfer shall, and does hereby agree
        to,
        indemnify the Trust Administrator and the Depositor against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

      

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class C Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class C Certificate shall not be entitled to any benefit under the Agreement
        or
        be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class C Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      EXHIBIT
        A-16

       

      FORM
        OF
        CLASS P CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

              	
                :

              	
                $100.00

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

              	
                $100.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                CUSIP

              	
                :

              	
                83611X
                  AS 3

              
	
                Class

              	
                :

              	
                P

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        P

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class P Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class P Certificate does not evidence
        an obligation of, or an interest in, and is not guaranteed by the Depositor,
        the
        Servicer, the Master Servicer, the Trust Administrator or the Trustee referred
        to below or any of their respective affiliates.

       

      This
        certifies that Greenwich Capital Financial Products, Inc. is the registered
        owner of the Percentage Interest evidenced by this Class P Certificate (obtained
        by dividing the Denomination of this Class P Certificate by the Original
        Class
        Certificate Principal Balance) in certain distributions with respect to a
        Trust
        consisting primarily of the Mortgage Loans deposited by Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of December 1, 2006 (the “Agreement”) among the
        Depositor, Ocwen Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo
        Bank, N.A. as master servicer and trust administrator (the “Master Servicer” and
“Trust Administrator”), and Deutsche Bank National Trust Company, a national
        banking association, as trustee (the “Trustee”). To the extent not defined
        herein, the capitalized terms used herein have the meanings assigned in the
        Agreement. This Class P Certificate is issued under and is subject to the
        terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Class P Certificate by virtue of the acceptance hereof assents and by
        which
        such Holder is bound.

       

      This
        Certificate does not have a pass-through rate and will be entitled to
        distributions only to the extent set forth in the Agreement.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trust Administrator and the Depositor in writing the facts
        surrounding the transfer. In the event that such a transfer is not to be
        made
        pursuant to Rule 144A of the Act, there shall be delivered to the Trust
        Administrator and the Depositor of an Opinion of Counsel that such transfer
        may
        be made pursuant to an exemption from the Act, which Opinion of Counsel shall
        not be obtained at the expense of the Trustee, the Servicer, the Master
        Servicer, the Trust Administrator or the Depositor; or there shall be delivered
        to the Trust Administrator and the Depositor a transferor certificate by
        the
        transferor and an investment letter shall be executed by the transferee.
        The
        Holder hereof desiring to effect such transfer shall, and does hereby agree
        to,
        indemnify the Trust Administrator and the Depositor against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class P Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class P Certificate shall not be entitled to any benefit under the Agreement
        or
        be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class P Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      EXHIBIT
        A-17

       

      FORM
        OF
        CLASS R CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE TRUST ADMINISTRATOR A TRANSFER AFFIDAVIT IN
        ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Percentage
                  Interest

              	
                :

              	
                100%

              
	
                CUSIP

              	
                :

              	
                83611X
                  AQ 7

              
	
                Class

              	
                :

              	
                R

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        R

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator or the Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that Greenwich Capital Markets, Inc. is the registered owner of
        the
        Percentage Interest evidenced by this Certificate specified above in the
        interest represented by all Certificates of the Class to which this Certificate
        belongs in a Trust consisting primarily of the Mortgage Loans deposited by
        Financial Asset Securities Corp. (the “Depositor”). The Trust was created
        pursuant to a Pooling and Servicing Agreement dated as of December 1, 2006
        (the
“Agreement”) among the Depositor, Ocwen Loan Servicing, LLC as servicer (the
“Servicer”), Wells Fargo Bank, N.A. as master servicer and trust administrator
        (the “Master Servicer” and “Trust Administrator”), and Deutsche Bank National
        Trust Company, a national banking association, as trustee (the “Trustee”). To
        the extent not defined herein, the capitalized terms used herein have the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        Office or the office or agency maintained by the Trust
        Administrator.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trust Administrator and the Depositor in writing the facts
        surrounding the transfer. In the event that such a transfer is not to be
        made
        pursuant to Rule 144A of the Act, there shall be delivered to the Trust
        Administrator and the Depositor of an Opinion of Counsel that such transfer
        may
        be made pursuant to an exemption from the Act, which Opinion of Counsel shall
        not be obtained at the expense of the Trustee, the Servicer, the Master
        Servicer, the Trust Administrator or the Depositor; or there shall be delivered
        to the Trust Administrator and the Depositor a transferor certificate by
        the
        transferor and an investment letter shall be executed by the transferee.
        The
        Holder hereof desiring to effect such transfer shall, and does hereby agree
        to,
        indemnify the Trust Administrator and the Depositor against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions of the Agreement, including but not limited to the restrictions
        that (i) each person holding or acquiring any Ownership Interest in this
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest in
        this
        Certificate may be transferred without delivery to the Trust Administrator
        of
        (a) a transfer affidavit of the proposed transferee and (b) a transfer
        certificate of the transferor, each of such documents to be in the form
        described in the Agreement, (iii) each person holding or acquiring any Ownership
        Interest in this Certificate must agree to require a transfer affidavit and
        to
        deliver a transfer certificate to the Trust Administrator as required pursuant
        to the Agreement, (iv) each person holding or acquiring an Ownership Interest
        in
        this Certificate must agree not to transfer an Ownership Interest in this
        Certificate if it has actual knowledge that the proposed transferee is not
        a
        Permitted Transferee and (v) any attempted or purported transfer of any
        Ownership Interest in this Certificate in violation of such restrictions
        will be
        absolutely null and void and will vest no rights in the purported transferee.
        Pursuant to the Agreement, The Trust Administrator will provide the Internal
        Revenue Service and any pertinent persons with the information needed to
        compute
        the tax imposed under the applicable tax laws on transfers of residual interests
        to disqualified organizations, if any person other than a Permitted Transferee
        acquires an Ownership Interest on a Class R Certificate in violation of the
        restrictions mentioned above.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized officer of
        the
        Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class R Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2 Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

       

      

      EXHIBIT
        A-18

       

      FORM
        OF
        CLASS R-X CERTIFICATES

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS R-X CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE TRUST ADMINISTRATOR A TRANSFER AFFIDAVIT IN
        ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	
                Cut-off
                  Date

              	
                :

              	
                December
                  1, 2006

              
	
                First
                  Distribution Date

              	
                :

              	
                January
                  25, 2007

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

              
	
                CUSIP

              	
                :

              	
                83611X
                  AR 5

              
	
                Class

              	
                :

              	
                R-X

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      Series
        2006-EQ2

      CLASS
        R-X

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of first
        and
        second lien, fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator or the Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that Greenwich Capital Markets, Inc. is the registered owner of
        the
        Percentage Interest evidenced by this Certificate specified above in the
        interest represented by all Certificates of the Class to which this Certificate
        belongs in a Trust consisting primarily of the Mortgage Loans deposited by
        Financial Asset Securities Corp. (the “Depositor”). The Trust was created
        pursuant to a Pooling and Servicing Agreement dated as of December 1, 2006
        (the
“Agreement”) among the Depositor, Ocwen Loan Servicing, LLC as servicer (the
“Servicer”), Wells Fargo Bank, N.A. as master servicer and trust administrator
        (the “Master Servicer” and “Trust Administrator”), and Deutsche Bank National
        Trust Company, a national banking association, as trustee (the “Trustee”). To
        the extent not defined herein, the capitalized terms used herein have the
        meanings assigned in the Agreement. This Certificate is issued under and
        is
        subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        Office or the office or agency maintained by the Trust
        Administrator.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trust Administrator and the Depositor in writing the facts
        surrounding the transfer. In the event that such a transfer is not to be
        made
        pursuant to Rule 144A of the Act, there shall be delivered to the Trust
        Administrator and the Depositor of an Opinion of Counsel that such transfer
        may
        be made pursuant to an exemption from the Act, which Opinion of Counsel shall
        not be obtained at the expense of the Trustee, the Servicer, the Master
        Servicer, the Trust Administrator or the Depositor; or there shall be delivered
        to the Trust Administrator and the Depositor a transferor certificate by
        the
        transferor and an investment letter shall be executed by the transferee.
        The
        Holder hereof desiring to effect such transfer shall, and does hereby agree
        to,
        indemnify the Trust Administrator and the Depositor against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions of the Agreement, including but not limited to the restrictions
        that (i) each person holding or acquiring any Ownership Interest in this
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest in
        this
        Certificate may be transferred without delivery to the Trust Administrator
        of
        (a) a transfer affidavit of the proposed transferee and (b) a transfer
        certificate of the transferor, each of such documents to be in the form
        described in the Agreement, (iii) each person holding or acquiring any Ownership
        Interest in this Certificate must agree to require a transfer affidavit and
        to
        deliver a transfer certificate to the Trust Administrator as required pursuant
        to the Agreement, (iv) each person holding or acquiring an Ownership Interest
        in
        this Certificate must agree not to transfer an Ownership Interest in this
        Certificate if it has actual knowledge that the proposed transferee is not
        a
        Permitted Transferee and (v) any attempted or purported transfer of any
        Ownership Interest in this Certificate in violation of such restrictions
        will be
        absolutely null and void and will vest no rights in the purported transferee.
        Pursuant to the Agreement, the Trust Administrator will provide the Internal
        Revenue Service and any pertinent persons with the information needed to
        compute
        the tax imposed under the applicable tax laws on transfers of residual interests
        to disqualified organizations, if any person other than a Permitted Transferee
        acquires an Ownership Interest on a Class R-X Certificate in violation of
        the
        restrictions mentioned above.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized officer of
        the
        Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        December __, 2006

       

      
        	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-EQ2

                 

              
	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust
                  Administrator

                 

              
	
                By:

              	 

      

      

      
        	
                 

                 

                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 
	 	
                Authorized
                  Signatory of Wells Fargo Bank, N.A., as Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class R-X Certificate]

       

      Soundview
        Home Loan Trust 2006-EQ2

      Asset-Backed
        Certificates,

      SERIES
        2006-EQ2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series 2006-EQ2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator 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 Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the aggregate Stated Principal
        Balance of the Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
        in whole, from the Trust the Mortgage Loans at a purchase price determined
        as
        provided in the Agreement. In the event that no such optional termination
        occurs, the obligations and responsibilities created by the Agreement will
        terminate upon notice to the Trust Administrator upon the earliest of (i)
        the
        Distribution Date on which the Certificate Principal Balances of the Regular
        Certificates have been reduced to zero, (ii) the final payment or other
        liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
        by the Servicer of the Mortgage Loans as described in the Agreement and (iv)
        the
        Distribution Date in January 2037.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

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

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                Account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                Assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

       

      EXHIBIT
        B

       

      [RESERVED]

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
        C

       

      FORM
        OF
        ASSIGNMENT AND RECOGNITION AGREEMENT

       

       

      

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated December 28, 2006, (“Agreement”)
          among
          Greenwich Capital Financial Products, Inc. (“Assignor”),
          Financial Asset Securities Corp. (“Assignee”)
          and
          EquiFirst Corporation (the “Company”):

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

        Assignment
          and Conveyance

         

        1.  The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          all of the right, title and interest of the Assignor, as purchaser, in,
          to and
          under (a) those certain Mortgage Loans listed as being originated by the
          Company
          on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) that certain Master Mortgage Loan Purchase and Interim Servicing Agreement
          dated as of June 1, 2006, as amended (the “Purchase
          Agreement”),
          among
          EquiFirst Mortgage Corporation of Minnesota as seller, the Company as seller
          and
          interim servicer and the Assignor, as purchaser (the “Purchaser”),
          solely insofar as the Purchase Agreement relates to the Mortgage
          Loans.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

         

        Recognition
          of the Company

         

        2.  From
          and
          after the date hereof, the Company shall and does hereby recognize that
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          Soundview Home Loan Trust 2006-EQ2 (the “Trust”)
          created pursuant to a Pooling and Servicing Agreement, dated as of December
          1,
          2006 (the “Pooling
          Agreement”),
          among
          the Assignee, Saxon Mortgage Services, Inc. as servicer (the “Servicer”)
          and
          Deutsche Bank National Trust Company as trustee (including its successors
          in
          interest and any successor trustees under the Pooling Agreement, the
“Trustee”).
          The
          Company hereby acknowledges and agrees that from and after the date hereof
          (i) the Trust will be the owner of the Mortgage Loans, (ii) the
          Company shall look solely to the Trust for performance of any obligations
          of the
          Assignor insofar as they relate to the enforcement of the representations,
          warranties and covenants with respect to the Mortgage Loans, (iii) the
          Trust (including the Trustee and the Servicer acting on the Trust’s behalf)
          shall have all the rights and remedies available to the Assignor, insofar
          as
          they relate to the Mortgage Loans, under the Purchase Agreement, including,
          without limitation, the enforcement of the document delivery requirements
          and
          remedies with respect to breaches of representations and warranties set
          forth in
          the Purchase Agreement, and shall be entitled to enforce all of the obligations
          of the Company thereunder insofar as they relate to the Mortgage Loans,
          and
          (iv) all references to the Purchaser (insofar as they relate to the rights,
          title and interest and, with respect to obligations of the Purchaser, only
          insofar as they relate to the enforcement of the representations, warranties
          and
          covenants of the Company) or the Custodian under the Purchase Agreement
          insofar
          as they relate to the Mortgage Loans, shall be deemed to refer to the Trust
          (including the Trustee and the Servicer acting on the Trust’s behalf). Neither
          the Company nor the Assignor shall amend or agree to amend, modify, waiver,
          or
          otherwise alter any of the terms or provisions of the Purchase Agreement
          which
          amendment, modification, waiver or other alteration would in any way affect
          the
          Mortgage Loans or the Company’s performance under the Purchase Agreement with
          respect to the Mortgage Loans without the prior written consent of the
          Trustee.

         

        Representations
          and Warranties of the Company

         

        3.  The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that:

         

        (a) The
          Company is duly organized, validly existing and in good standing under
          the laws
          of the jurisdiction of its incorporation;

         

        (b)
           The
          Company has full power and authority to execute, deliver and perform its
          obligations under this Agreement and has full power and authority to perform
          its
          obligations under the Purchase Agreement. The execution by the Company
          of this
          Agreement is in the ordinary course of the Company’s business and will not
          conflict with, or result in a breach of, any of the terms, conditions or
          provisions of the Company’s charter or bylaws or any legal restriction, or any
          material agreement or instrument to which the Company is now a party or
          by which
          it is bound, or result in the violation of any law, rule, regulation, order,
          judgment or decree to which the Company or its property is subject. The
          execution, delivery and performance by the Company of this Agreement have
          been
          duly authorized by all necessary corporate action on part of the Company.
          This
          Agreement has been duly executed and delivered by the Company, and, upon
          the due
          authorization, execution and delivery by the Assignor and the Assignee,
          will
          constitute the valid and legally binding obligation of the Company, enforceable
          against the Company in accordance with its terms except as enforceability
          may be
          limited by bankruptcy, reorganization, insolvency, moratorium or other
          similar
          laws now or hereafter in effect relating to creditors’ rights generally, and by
          general principles of equity regardless of whether enforceability is considered
          in a proceeding in equity or at law;

         

        (c)
           No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          the Company in connection with the execution, delivery or performance by
          the
          Company of this Agreement; and

         

        (d)
           There
          is
          no action, suit, proceeding or investigation pending or threatened against
          the
          Company, before any court, administrative agency or other tribunal, which
          would
          draw into question the validity of this Agreement or the Purchase Agreement,
          or
          which, either in any one instance or in the aggregate, would result in
          any
          material adverse change in the ability of the Company to perform its obligations
          under this Agreement or the Purchase Agreement, and the Company is
          solvent.

         

        4.  Pursuant
          to Section 12 of the Purchase Agreement, the Company hereby represents and
          warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that the
          representations and warranties set forth in Sections 7.01 of the Purchase
          Agreement, are true and correct as of the date hereof as if such representations
          and warranties were made on the date hereof, and that the representations
          and
          warranties set forth in Section 7.02 of the Purchase Agreement (attached
          hereto
          as Schedule I) are true and correct as of related Servicing Transfer Date
          (as
          defined in the Purchase Agreement), except that the representation and
          warranty
          set forth in Section 7.02(i) shall, for purposes of this Agreement, relate
          to the Mortgage Loan Schedule attached hereto.

         

        In
          the
          event that (i) the first Monthly Payment on any Mortgage Loan due subsequent
          to
          the related Closing Date (as defined in the Purchase Agreement) is not
          made
          within forty-five (45) days of the date on which such Monthly Payment was
          due
          (each such Mortgage Loan, an “EPD Mortgage Loan”) and (ii) either (A) such EPD
          Mortgage Loan becomes ninety (90) or more days delinquent at any time prior
          to
          the EPD Expiration Date (as defined below) or (B) such EPD Mortgage Loan
          is
          thirty (30) or more days delinquent on the business day immediately prior
          to the
          EPD Expiration Date, then such Mortgage Loan will be repurchased by the
          Company
          at the Repurchase Price (as defined in the Purchase Agreement). Notwithstanding
          the foregoing, the Company’s obligation to repurchase any such Mortgage Loan
          pursuant to this paragraph shall expire 165 days following the related
          Servicing
          Transfer Date (as defined in the Purchase Agreement) (the “EPD Expiration
          Date”).

        

        Notwithstanding
          the foregoing set forth in the immediately preceding paragraph,
          the Assignor specifically reserves and does not assign to the Assignee
          any and all right, title and interest in, to and under the right to receive
          as
          part of the repurchase price for any such Mortgage Loan covered by the
          preceding paragraph the excess of the Repurchase Price over 100%
          multiplied by the unpaid Stated Principal Balance of such Mortgage
          Loan.

        

        5.  The
          Assignor hereby makes the following representations, warranties and covenants
          as
          of the date hereof:

         

        (a) To
          the
          best of the Assignor’s knowledge, nothing has occurred in the period of time
          from the related Servicing Transfer Date (as defined in the Purchase Agreement)
          to the date hereof which would cause such representation and warranties
          referred
          to in Section 4 herein to be untrue in any material respect as of the date
          hereof;

         

        (b) Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive and/or usury lending laws;

         

        (c) None
          of
          the mortgage loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws; and

         

        (d) No
          Mortgage Loan is a high cost loan or a covered loan, as applicable (as
          such
          terms are defined in the then current Standard & Poor’s LEVELS Glossary,
          Appendix E).

         

        Remedies
          for Breach of Representations and Warranties

         

        6.  The
          Company hereby acknowledges and agrees that the remedies available to the
          Assignor, the Assignee and the Trust (including the Trustee and the Servicer
          acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Company set forth in Sections
          3 and 4
          hereof shall be as set forth in Subsection 7.03 of the Purchase Agreement
          as if they were set forth herein (including without limitation the repurchase
          and indemnity obligations set forth therein).

         

        Miscellaneous

         

        7.  This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws.

         

        8.  No
          term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced, with the prior written consent of
          the
          Trustee.

         

        9.  This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee and the Servicer
          acting
          on the Trust’s behalf). Any entity into which Assignor, Assignee or Company may
          be merged or consolidated shall, without the requirement for any further
          writing, be deemed Assignor, Assignee or Company, respectively,
          hereunder.

         

        10.  Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        11.  This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument.

         

        12.  In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control.

         

        13.  Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

        [SIGNATURE
          PAGE FOLLOWS]

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        
          	 	 	 	 	 	 	 	
                  GREENWICH
                    CAPITAL FINANCIAL PRODUCTS, INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        
          	 	 	 	 	 	 	 	
                  FINANCIAL
                    ASSET SECURITIES CORP.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        
          	 	 	 	 	 	 	 	
                  EQUIFIRST
                    CORPORATION

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

        

        MORTGAGE
          LOAN SCHEDULE

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          I

        

        Capitalized
          terms used in this Schedule I but not defined in this Agreement shall have
          the
          meanings given to such terms in the Purchase Agreement.

        

        (i)  The
          information set forth in the related Mortgage Loan Schedule is complete,
          true
          and correct;

         

        (ii)  The
          Mortgage Loan is in compliance with all requirements set forth in the related
          Confirmation, and the characteristics of the related Mortgage Loan Package
          as
          set forth in the related Confirmation are true and correct; provided, however,
          that in the event of any conflict between the terms of any Confirmation
          and this
          Agreement, the terms of this Agreement shall control;

         

        (iii)  The
          Seller has not advanced funds, or induced, solicited or knowingly received
          any
          advance of funds from a party other than the owner of the related Mortgaged
          Property, directly or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage; no Mortgage Loan is thirty (30) or more days
          delinquent as of the Closing Date and there has been no delinquency, exclusive
          of any period of grace, in any payment by the Mortgagor thereunder since
          the
          origination of the Mortgage Loan;

         

        (iv)  There
          are
          no delinquent taxes, water charges, sewer rents, assessments, insurance
          premiums, leasehold payments, including assessments payable in future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

        (v)  The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, recorded in the
          applicable public recording office if necessary to maintain the lien priority
          of
          the Mortgage, and which have been delivered to the Custodian; the substance
          of
          any such waiver, alteration or modification has been approved by the title
          insurer, to the extent required by the related policy, and is reflected
          on the
          related Mortgage Loan Schedule. No instrument of waiver, alteration or
          modification has been executed, and no Mortgagor has been released, in
          whole or
          in part, except in connection with an assumption agreement approved by
          the
          title
          insurer, to the extent required by the policy, and which assumption agreement
          has been delivered to the Custodian and the terms of which are reflected
          in the
          related Mortgage Loan Schedule;

         

        (vi)  The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto.
          Each
          Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
          enforceable and collectible under applicable federal, state and local
          law;

         

        (vii)  All
          buildings upon the Mortgaged Property are insured by an insurer acceptable
          to
          prudent lenders in the secondary mortgage market against loss by fire,
          hazards
          of extended coverage and such other hazards as are customary in the area
          where
          the Mortgaged Property is located, in an amount that is at least equal
          to the
          lesser of (i) the amount necessary to fully compensate for any damage or
          loss to
          the improvements which are a part of such property on a replacement cost
          basis
          or (ii) the outstanding principal balance of the Mortgage Loan plus with
          respect
          to any second lien Mortgage Loan, the outstanding principal balance of
          the
          related first lien mortgage loan (including any cumulative related Negative
          Amortization), in each case in an amount not less than such amount as is
          necessary to prevent the Mortgagor and/or the Mortgagee from becoming a
          co-insurer. If the Mortgaged Property is in an area identified on a Flood
          Hazard
          Map or Flood Insurance Rate Map issued by the Federal Emergency Management
          Agency as having special flood hazards (and such flood insurance has been
          made
          available) a flood insurance policy meeting the requirements of the current
          guidelines of the Federal Insurance Administration is in effect which policy
          conforms to the requirements of prudent lenders in the secondary mortgage
          market. The Mortgage obligates the Mortgagor thereunder to maintain all
          such
          insurance at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to
          do so, authorizes the holder of the Mortgage to maintain such insurance
          at
          Mortgagor’s cost and expense and to seek reimbursement therefor from the
          Mortgagor;

         

        (viii)  Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth in lending, real estate settlement procedures,
          predatory and abusive lending, fair lending, consumer credit protection,
          equal
          credit opportunity, fair housing or disclosure laws applicable to the
          origination and servicing of mortgage loans of a type similar to the Mortgage
          Loans and applicable to any prepayment penalty associated with the Mortgage
          Loans at origination have been complied with;

         

        (ix)  The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release;

         

        (x)  The
          Mortgage (including any Negative Amortization which may arise thereunder)
          is a
          valid, existing and enforceable (A) first lien and first priority security
          interest with respect to each Mortgage Loan which is indicated by the Seller
          to
          be a first lien (as reflected on the Mortgage Loan Schedule), or (B) second
          lien
          and second priority security interest with respect to each Mortgage Loan
          which
          is indicated by the Seller to be a second lien (as reflected on the Mortgage
          Loan Schedule), in either case, on the Mortgaged Property, including all
          improvements on the Mortgaged Property subject only to (a) the lien of
          current
          real property taxes and assessments not yet due and payable, (b) covenants,
          conditions and restrictions, rights of way, easements and other matters
          of the
          public record as of the date of recording being acceptable to mortgage
          lending
          institutions generally and specifically referred to in the lender's title
          insurance policy delivered to the originator of the Mortgage Loan and which
          do
          not adversely affect the Appraised Value of the Mortgaged Property, (c)
          with
          respect to each Mortgage Loan which is indicated by the Seller to be a
          second
          lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a first
          lien on
          the Mortgaged Property; and (d) other matters to which like properties
          are
          commonly subject which do not materially interfere with the benefits of
          the
          security intended to be provided by the Mortgage or the use, enjoyment,
          value or
          marketability of the related Mortgaged Property. Any security agreement,
          chattel
          mortgage or equivalent document related to and delivered in connection
          with the
          Mortgage Loan establishes and creates a valid, existing and enforceable
          first or
          second lien and first or second priority security interest (in each case,
          as
          indicated on the Mortgage Loan Schedule) on the property described therein
          and
          the Seller has full right to sell and assign the same to the Purchaser.
          The
          Mortgaged Property was not, as of the date of origination of the Mortgage
          Loan,
          subject to a mortgage, deed of trust, deed to secure debt or other security
          instrument creating a lien subordinate to the lien of the Mortgage;

         

        (xi)  The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms;

         

        (xii)  All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person;

         

        (xiii)  The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        (xiv)  The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage and has full right to transfer and sell the Mortgage Loan
          to
          the Purchaser free and clear of any encumbrance, equity, lien, pledge,
          charge,
          claim or security interest;

         

        (xv)  All
          parties which have had any interest in the Mortgage Loan, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) in compliance with any and all applicable
          “doing business” and licensing requirements of the laws of the state wherein the
          Mortgaged Property is located;

         

        (xvi)  The
          Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s
          title insurance policy (which, in the case of an Adjustable Rate Mortgage
          Loan
          has an adjustable rate mortgage endorsement in the form of ALTA 6.0 or
          6.1)
          acceptable to prudent lenders in the secondary mortgage market, issued
          by a
          title insurer acceptable to prudent lenders in the secondary mortgage market
          and
          qualified to do business in the jurisdiction where the Mortgaged Property
          is
          located, insuring (subject to the exceptions contained in (x)(a) and (b),
          and
          with respect to any second lien Mortgage Loan (c), above) the Seller, its
          successors and assigns as to the first or second (as indicated on the related
          Mortgage Loan Schedule) priority lien of the Mortgage in the original principal
          amount of the Mortgage Loan (including, if the Mortgage Loan provides for
          Negative Amortization, the maximum amount of Negative Amortization in accordance
          with the Mortgage) and, with respect to any Adjustable Rate Mortgage Loan,
          against any loss by reason of the invalidity or unenforceability of the
          lien
          resulting from the provisions of the Mortgage providing for adjustment
          in the
          Mortgage Interest Rate, Monthly Payment and Negative Amortization provisions
          of
          the Mortgage Note. Additionally, such lender's title insurance policy
          affirmatively insures ingress and egress to and from the Mortgaged Property,
          and
          against encroachments by or upon the Mortgaged Property or any interest
          therein.
          The Seller is the sole insured of such lender's title insurance policy,
          and such
          lender’s title insurance policy is in full force and effect and will be in full
          force and effect upon the consummation of the transactions contemplated
          by this
          Agreement. No claims have been made under such lender's title insurance
          policy,
          and no prior holder of the related Mortgage, including the Seller, has
          done, by
          act or omission, anything which would impair the coverage of such lender's
          title
          insurance policy;

         

        (xvii)  There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration, and the Seller has
          not
          waived any default, breach, violation or event of acceleration. With respect
          to
          each second lien Mortgage Loan (i) the first lien mortgage loan is in full
          force
          and effect, (ii) to the best of Seller’s knowledge, there is no default, breach,
          violation or event of acceleration existing under such first lien mortgage
          or
          the related mortgage note, (iii) no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration thereunder, (iv) either
          (A)
          the first lien mortgage contains a provision which allows or (B) applicable
          law
          requires, the mortgagee under the second lien Mortgage Loan to receive
          notice
          of, and affords such mortgagee an opportunity to cure any default by payment
          in
          full or otherwise under the first lien mortgage, (v) the related first
          lien does
          not provide for or permit negative amortization under such first lien Mortgage
          Loan, and (vi) either no consent for the Mortgage Loan is required by the
          holder
          of the first lien or such consent has been obtained and is contained in
          the
          Mortgage File;

         

        (xviii)  There
          are
          no mechanics' or similar liens or claims which have been filed for work,
          labor
          or material (and no rights are outstanding that under law could give rise
          to
          such lien) affecting the related Mortgaged Property which are or may be
          liens
          prior to, or equal or coordinate with, the lien of the related
          Mortgage;

         

        (xix)  All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property;

         

        (xx)  The
          Mortgage Loan was originated by the Seller or by a savings and loan association,
          a savings bank, a commercial bank or similar banking institution which
          is
          supervised and examined by a federal or state authority, or by a mortgagee
          approved as such by the Secretary of HUD;

         

        (xxi)  
          Principal payments on the Mortgage Loan commenced no more than sixty (60)
          days
          after the proceeds of the Mortgage Loan were disbursed. The Mortgage Loan
          bears
          interest at the Mortgage Interest Rate. With respect to each Mortgage Loan
          which
          is not a Negative Amortization Loan, the Mortgage Note is payable on the
          Due
          Date of each month in Monthly Payments, which, in the case of a Fixed Rate
          Mortgage Loan, are sufficient to fully amortize the original principal
          balance
          over the original term thereof (other than with respect to a Mortgage Loan
          identified on the related Mortgage Loan Schedule as an interest-only Mortgage
          Loan during the interest-only period or a Mortgage Loan which is identified
          on
          the related Mortgage Loan Schedule as a Balloon Mortgage Loan) and to pay
          interest at the related Mortgage Interest Rate, and, in the case of an
          Adjustable Rate Mortgage Loan, are changed on each Adjustment Date, and
          in any
          case, are sufficient to fully amortize the original principal balance over
          the
          original term thereof (other than with respect to a Mortgage Loan identified
          on
          the related Mortgage Loan Schedule as an interest-only Mortgage Loan during
          the
          interest-only period or a Mortgage Loan which is identified on the related
          Mortgage Loan Schedule as a Balloon Mortgage Loan) and to pay interest
          at the
          related Mortgage Interest Rate. With respect to each Negative Amortization
          Mortgage Loan, the related Mortgage Note requires a Monthly Payment which
          is
          sufficient during the period following each Payment Adjustment Date, to
          fully
          amortize the outstanding principal balance as of the first day of such
          period
          (including any Negative Amortization) over the then remaining term of such
          Mortgage Note and to pay interest at the related Mortgage Interest Rate;
          provided, that the Monthly Payment shall not increase to an amount that
          exceeds
          107.5% of the amount of the Monthly Payment that was due immediately prior
          to
          the Payment Adjustment Date. With respect to each Mortgage Loan identified
          on
          the Mortgage Loan Schedule as an interest-only Mortgage Loan, the interest-only
          period shall not exceed ten (10) years (or such other period specified
          on the
          Mortgage Loan Schedule) and following the expiration of such interest-only
          period, the remaining Monthly Payments shall be sufficient to fully amortize
          the
          original principal balance over the remaining term of the Mortgage Loan
          and to
          pay interest at the related Mortgage Interest Rate. With respect to each
          Balloon
          Mortgage Loan, the Mortgage Note requires a monthly payment which is sufficient
          to fully amortize the original principal balance over the original term
          thereof
          and to pay interest at the related Mortgage Interest Rate and requires
          a final
          Monthly Payment substantially greater than the preceding monthly payment
          which
          is sufficient to repay the remaining unpaid principal balance of the Balloon
          Mortgage Loan at the Due Date of such monthly payment. The Index for each
          Adjustable Rate Mortgage Loan is as set forth on the Mortgage Loan Schedule.
          No
          Mortgage Loan is a Convertible Mortgage Loan. No Balloon Mortgage Loan
          has an
          original stated maturity of less than seven (7) years;

         

        (xxii)  The
          origination, servicing and collection practices used with respect to each
          Mortgage Note and Mortgage including, without limitation, the establishment,
          maintenance and servicing of the Escrow Accounts and Escrow Payments, if
          any,
          since origination, have been in all respects legal, proper, prudent and
          customary in the mortgage origination and servicing industry. The Mortgage
          Loan
          has been serviced by the Seller and any predecessor servicer in accordance
          with
          the terms of the Mortgage Note and Accepted Servicing Practices. With respect
          to
          escrow deposits and Escrow Payments, if any, all such payments are in the
          possession of, or under the control of, the Seller and there exist no
          deficiencies in connection therewith for which customary arrangements for
          repayment thereof have not been made. No escrow deposits or Escrow Payments
          or
          other charges or payments due the Seller have been capitalized under any
          Mortgage or the related Mortgage Note and no such escrow deposits or Escrow
          Payments are being held by the Seller for any work on a Mortgaged Property
          which
          has not been completed;

         

        (xxiii)  The
          Mortgaged Property is free of damage and waste and there is no proceeding
          pending for the total or partial condemnation thereof;

         

        (xxiv)  The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee's sale, and (b) otherwise by judicial foreclosure.
          The
          Mortgaged Property has not been subject to any bankruptcy proceeding or
          foreclosure proceeding and the Mortgagor has not filed for protection under
          applicable bankruptcy laws. There is no homestead or other exemption available
          to the Mortgagor which would interfere with the right to sell the Mortgaged
          Property at a trustee's sale or the right to foreclose the Mortgage. The
          Mortgagor has not notified the Seller and the Seller has no knowledge of
          any
          relief requested or allowed to the Mortgagor under the Servicemembers’ Civil
          Relief Act;

         

        (xxv)  The
          Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
          in
          effect at the time the Mortgage Loan was originated, with any exceptions
          thereto
          exercised in a prudent manner based on compensating factors; and the Mortgage
          Note and Mortgage are on forms that are substantially identical to the
          Uniform
          Single Family Notes and Security Instruments forms developed by Fannie
          Mae or
Freddie
          Mac;

         

        (xxvi)  The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (x) above;

         

        (xxvii)  The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          was
          acceptable to prudent lenders in the secondary mortgage market, was on
          appraisal
          form 1004 or form 2055 with an interior inspection and was made and signed,
          prior to the approval of the Mortgage Loan application, by a qualified
          appraiser, duly appointed by the Seller, who had no interest, direct or
          indirect
          in the Mortgaged Property or in any loan made on the security thereof,
          whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan
          and who met the minimum qualifications of prudent lenders in the secondary
          mortgage market. Each appraisal of the Mortgage Loan was made in accordance
          with
          the relevant provisions of the Financial Institutions Reform, Recovery,
          and
          Enforcement Act of 1989;

         

        (xxviii)  In
          the
          event the Mortgage constitutes a deed of trust, a trustee, duly qualified
          under
          applicable law to serve as such, has been properly designated and currently
          so
          serves and is named in the Mortgage, and no fees or expenses are or will
          become
          payable by the Purchaser to the trustee under the deed of trust, except
          in
          connection with a trustee's sale after default by the Mortgagor;

         

        (xxix)  No
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (a)
          paid or partially paid with funds deposited in any separate account established
          by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
          paid by
          any source other than the Mortgagor or (c) contains any other similar provisions
          which may constitute a “buydown” provision. The Mortgage Loan is not a graduated
          payment mortgage loan and the Mortgage Loan does not have a shared appreciation
          or other contingent interest feature;

         

        (xxx)  The
          Mortgagor has executed a statement to the effect that the Mortgagor has
          received
          all disclosure materials required by applicable law with respect to the
          making
          of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans,
          and
          adjustable rate mortgage loans in the case of Adjustable Rate Mortgage
          Loans and
          rescission materials with respect to Refinanced Mortgage Loans, and such
          statement is and will remain in the Mortgage File;

         

        (xxxi)  No
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property or (b) facilitating the trade-in or exchange of
          a
          Mortgaged Property;

         

        (xxxii)  The
          Seller has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
          standing that can reasonably be expected to cause the Mortgage Loan to
          be an
          unacceptable investment, cause the Mortgage Loan to become delinquent,
          or
          adversely affect the value of the Mortgage Loan;

         

        (xxxiii)  No
          Mortgage Loan had an LTV or a CLTV at origination in excess of 100%. No
          Mortgage
          Loan is subject to a lender paid primary mortgage insurance policy;

         

        (xxxiv)  The
          Mortgaged Property is lawfully occupied under applicable law; all inspections,
          licenses and certificates required to be made or issued with respect to
          all
          occupied portions of the Mortgaged Property and, with respect to the use
          and
          occupancy of the same, including but not limited to certificates of occupancy,
          have been made or obtained from the appropriate authorities;

         

        (xxxv)  No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of any person, including
          without limitation the Mortgagor, any appraiser, any builder or developer,
          or
          any other party involved in the origination of the Mortgage Loan or in
          the
          application of any insurance in relation to such Mortgage Loan;

         

        (xxxvi)  The
          Assignment of Mortgage, if any, is in recordable form, except for the name
          of
          the assignee which is blank, and is acceptable for recording under the
          laws of
          the jurisdiction in which the Mortgaged Property is located;

         

        (xxxvii)  Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having first or second (as indicated
          on
          the Mortgage Loan Schedule) lien priority by a title insurance policy,
          an
          endorsement to the policy insuring the mortgagee's consolidated interest
          or by
          other title evidence acceptable to Fannie Mae and Freddie
          Mac.
          The
          consolidated principal amount does not exceed the original principal amount
          of
          the Mortgage Loan plus any Negative Amortization;

         

        (xxxviii)  If
          the
          Residential Dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project meets the eligibility
          requirements of prudent lenders in the secondary mortgage market;

         

        (xxxix)  The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Seller in accordance with Seller’s underwriting
          guidelines;

         

        (xl)  Interest
          on each Mortgage Loan is calculated on the 30/360 basis;

         

        (xli)  The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
          Mortgagor, has received any notice of any violation or potential violation
          of
          such law;

         

        (xlii)  The
          Seller shall, at its own expense, cause each Mortgage Loan to be covered
          by a
          Tax Service Contract which is assignable to the Purchaser or its designee;
          provided however, that if the Seller fails to purchase such Tax Service
          Contract, the Seller shall be required to reimburse the Purchaser for all
          costs
          and expenses incurred by the Purchaser in connection with the purchase
          of any
          such Tax Service Contract;

         

        (xliii)  Each
          Mortgage Loan is covered by a Flood Zone Service Contract which is assignable
          to
          the Purchaser or its designee or, for each Mortgage Loan not covered by
          such
          Flood Zone Service Contract, the Seller agrees to purchase such Flood Zone
          Service Contract;

         

        (xliv)  No
          Mortgage Loan is (a) subject to the provisions of the Homeownership and
          Equity
          Protection Act of 1994 as amended (“HOEPA”), (b) a “high cost” mortgage loan,
“covered” mortgage loan, “high risk home” mortgage loan, or “predatory” mortgage
          loan or any other comparable term, no matter how defined under any federal,
          state or local law, (c) subject to any comparable federal, state or local
          statutes or regulations, or any other statute or regulation providing for
          heightened regulatory scrutiny or assignee liability to holders of such
          mortgage
          loans, or (d) a High Cost Loan or Covered Loan, as applicable (as such
          terms are
          defined in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix
          E);

         

        (xlv)  No
          predatory, abusive, or deceptive lending practices, including but not limited
          to, the extension of credit to a Mortgagor without regard for the Mortgagor’s
          ability to repay the Mortgage Loan and the extension of credit to a Mortgagor
          which has no apparent benefit to the Mortgagor, were employed in connection
          with
          the origination of the Mortgage Loan;

         

        (xlvi)  The
          debt-to-income ratio of the related Mortgagor was not greater than 60%
          at the
          origination of the related Mortgage Loan;

         

        (xlvii)  No
          Mortgagor was required to purchase any credit insurance product (e.g.,
          life,
          mortgage, disability, accident, unemployment or health insurance product)
          or
          debt cancellation agreement as a condition of obtaining the extension of
          credit.
          No Mortgagor obtained a prepaid single premium credit insurance policy
          (e.g.,
          life, mortgage, disability, accident, unemployment or health insurance
          product)
          or debt cancellation agreement in connection with the origination of the
          Mortgage Loan. No proceeds from any Mortgage Loan were used to purchase
          single
          premium credit insurance policies ) or debt cancellation agreements as
          part of
          the origination of, or as a condition to closing, such Mortgage
          Loan;

         

        (xlviii)  The
          Mortgage Loans were not selected from the outstanding one- to four-family
          mortgage loans in the Seller’s portfolio as to which the representations and
          warranties set forth in this Agreement could be made at the related Closing
          Date
          in a manner so as to affect adversely the interests of the
          Purchaser;

         

        (xlix)  The
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the Mortgage Loan in the event that
          the
          Mortgaged Property is sold or transferred without the prior written consent
          of
          the mortgagee thereunder;

         

        (l)  The
          Mortgage Loan complies with all applicable consumer credit statutes and
          regulations, including, without limitation, the respective Uniform Consumer
          Credit Code laws in effect in Alabama, Colorado, Idaho, Indiana, Iowa,
          Kansas,
          Maine, Oklahoma, South Carolina, Utah, West Virginia and Wyoming, has been
          originated by a properly licensed entity, and in all other respects, complies
          with all of the material requirements of any such applicable laws;

         

        (li)  The
          information set forth in the Mortgage Loan Schedule as to Prepayment Charges
          is
          complete, true and correct in all material respects and each Prepayment
          Charge
          is permissible, enforceable and collectable in accordance with its terms
          upon
          the Mortgagor’s full and voluntary principal payment under applicable
          law;

         

        (lii)  The
          Mortgage Loan was not prepaid in full prior to the Closing Date and the
          Seller
          has not received notification from a Mortgagor that a prepayment in full
          shall
          be made after the Closing Date;

         

        (liii)  No
          Mortgage Loan is secured by cooperative housing, commercial property or
          mixed
          use property;

         

        (liv)  Each
          Mortgage Loan is eligible for sale in the secondary market or for inclusion
          in a
          Securitization Transaction as required by the Rating Agencies in secondary
          mortgage market transactions;

         

        (lv)  Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a Prepayment Charge. With respect to any Mortgage Loan that
          contains
          a provision permitting imposition of a premium upon a prepayment prior
          to
          maturity: (a) the Mortgage Loan provides some benefit to the Mortgagor
          (e.g. a
          rate or fee reduction) in exchange for accepting such Prepayment Charge;
          (b) the
          Mortgage Loan’s originator requires third-party brokers to offer the Mortgagor,
          the option of obtaining a Mortgage Loan that did not require payment of
          such a
          Prepayment Charge; (c) the Prepayment Charge was adequately disclosed to
          the
          Mortgagor pursuant to applicable state and federal law; (d) the duration
          of the
          Prepayment Charge shall not exceed three (3) years from the date of the
          Mortgage
          Note; and (e) such Prepayment Charge shall not be imposed in any instance
          where
          the Mortgage Loan is accelerated or paid off in connection with the workout
          of a
          delinquent Mortgage or due to the Mortgagor’s default, notwithstanding that the
          terms of the Mortgage Loan or state or federal law might permit the imposition
          of such Prepayment Charge;

         

        (lvi)  The
          Seller has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the Bank Secrecy Act, as amended
          by
          the USA Patriot Act of 2001 (collectively, the “Anti-Money Laundering Laws”);
          the Seller has established an anti-money laundering compliance program
          as
          required by the Anti-Money Laundering Laws, has conducted the requisite
          due
          diligence in connection with the origination of each Mortgage Loan for
          purposes
          of the Anti-Money Laundering Laws, including with respect to the legitimacy
          of
          the applicable Mortgagor and the origin of the assets used by the said
          Mortgagor
          to purchase the Mortgaged Property, and maintains, and will maintain, sufficient
          information to identify and verify the identification of the applicable
          Mortgagor for purposes of the Anti-Money Laundering Laws. No Mortgage Loan
          is
          subject to nullification pursuant to Executive Order 13224 (the “Executive
          Order”) or the regulations promulgated by the Office of Foreign Assets Control
          of the United States Department of the Treasury (the “OFAC Regulations”) or in
          violation of the Executive Order or the OFAC Regulations, and no Mortgagor
          is
          subject to the provisions of such Executive Order or the OFAC Regulations
          nor
          listed as a “specially designated national or blocked person” for purposes of
          the OFAC Regulations;

         

        (lvii)  The
          Mortgagor was not encouraged or required to select a mortgage loan product
          offered by the Mortgage Loan’s originator which is a higher cost product
          designed for less creditworthy borrowers, taking into account such facts
          as,
          without limitation, the Mortgage Loan’s requirements and the Mortgagor’s credit
          history, income, assets and liabilities;

         

        (lviii)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          did not rely on the extent of the Mortgagor’s equity in the collateral as the
          principal determining factor in approving such extension of credit. The
          methodology employed objective criteria that related such facts as, without
          limitation, the Mortgagor’s credit history, income, assets or liabilities, to
          the proposed mortgage payment and, based on such methodology, the Mortgage
          Loan’s originator made a reasonable determination that at the time of
          origination the Mortgagor had the ability to make timely payments on the
          Mortgage Loan;

         

        (lix)  [Reserved]

         

        (lx)  All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          related Mortgagor in accordance with applicable state and federal laws
          and
          regulations. No related Mortgagor was charged broker and lender fees (whether
          or
          not financed) in an amount greater than (a) $1,000 or (b) 8% of the principal
          amount of such Mortgage Loan, whichever is greater. All points, fees and
          charges
          (including finance charges) and whether or not financed, assessed, collected
          or
          to be collected in connection with the origination and servicing of each
          Mortgage Loan were disclosed in writing to the related Mortgagor in accordance
          with applicable state and federal laws and regulations;

         

        (lxi)  Reserved;

         

        (lxii)  With
          respect to any Mortgage Loan which is secured by manufactured housing,
          if such
          Mortgage Loans are permitted hereunder, such Mortgage Loan satisfies the
          requirements for inclusion in residential mortgage backed securities
          transactions rated by Standard & Poor's Ratings Services and such
          manufactured housing will be the principal residence of the Mortgagor upon
          the
          origination of the Mortgage Loan. With respect to any second lien Mortgage
          Loan,
          such lien is on a one- to four-family residence that is (or will be) the
          principal residence of the Mortgagor upon the origination of the second
          lien
          Mortgage Loan;

         

        (lxiii)  Each
          Mortgage Loan constitutes a “qualified mortgage” under
          Section 860G(a)(3)(A) of the Code and Treasury Regulation
          Section 1.860G-2(a)(1);

         

        (lxiv)  No
          Mortgage Loan is secured by real property or secured by a manufactured
          home
          located in the state of Georgia unless (x) such Mortgage Loan was originated
          prior to October 1, 2002 or after March 6, 2003, or (y) the property securing
          the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the
          Mortgagor’s principal dwelling. No Mortgage Loan is a “High Cost Home Loan” as
          defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”). Each
          Mortgage Loan that is a “Home Loan” under the Georgia Act complies with all
          applicable provisions of the Georgia Act. No Mortgage Loan secured by owner
          occupied real property or an owner occupied manufactured home located in
          the
          State of Georgia was originated (or modified) on or after October 1, 2002
          through and including March 6, 2003;

         

        (lxv)  No
          Mortgage Loan is a “High-Cost” loan as defined under the New York Banking Law
          Section 6-1, effective as of April 1, 2003;

         

        (lxvi)  No
          Mortgage Loan (a) is secured by property located in the State of New York;
          (b)
          had an unpaid principal balance at origination of $300,000 or less, and
          (c) has
          an application date on or after April 1, 2003, the terms of which Mortgage
          Loan
          equal or exceed either the APR or the points and fees threshold for “high-cost
          home loans”, as defined in Section 6-1 of the New York State Banking
          Law;

         

        (lxvii)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
          Protection Act effective July 16, 2003 (Act 1340 or 2003);

         

        (lxviii)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
          loan statute effective June 24, 2003 (Ky. Rev. Stat.
          Section 360.100);

         

        (lxix)  No
          Mortgage Loan secured by property located in the State of Nevada is a “home
          loan” as defined in the Nevada Assembly Bill No. 284;

         

        (lxx)  No
          Mortgage Loan is a “manufactured housing loan” or “home improvement home loan”
pursuant to the New Jersey Home Ownership Act. No Mortgage Loan is a “High-Cost
          Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the
          New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22
          et
          seq.);

         

        (lxxi)  No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity protection Act;

         

        (lxxii)  No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
          Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
          seq.);

         

        (lxxiii)  No
          Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
          Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
          seq.);

         

        (lxxiv)  No
          Loan
          that is secured by property located within the State of Maine meets the
          definition of a (i) “high-rate, high-fee” mortgage loan under Article VIII,
          Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home Loan” as
          defined under the Maine House Bill 383 L.D. 494, effective as of September
          13,
          2003;

         

        (lxxv)  With
          respect to any Loan for which a mortgage loan application was submitted
          by the
          Mortgagor after April 1, 2004, no such Loan secured by Mortgaged Property
          in the
          State of Illinois which has a Loan Interest Rate in excess of 8.0% per
          annum has
          lender-imposed fees (or other charges) in excess of 3.0% of the original
          principal balance of the Loan;

         

        (lxxvi)  No
          Mortgage Loan is a “High Cost Home Mortgage Loan” as defined in the
          Massachusetts Predatory Home Loan Practices Act, effective November 7,
          2004
          (Mass. Ann. Laws Ch. 183C). No Mortgage Loan secured by a Mortgaged Property
          located in the Commonwealth of Massachusetts was made to pay off or refinance
          an
          existing loan or other debt of the related borrower (as the term “borrower” is
          defined in the regulations promulgated by the Massachusetts Secretary of
          State
          in connection with Massachusetts House Bill 4880 (2004)) unless either
          (1) (a)
          the related Mortgage Interest Rate (that would be effective once the
          introductory rate expires, with respect to Adjustable Rate Mortgage Loans)
          did
          or would not exceed by more than 2.25% the yield on United States Treasury
          securities having comparable periods of maturity to the maturity of the
          related
          Mortgage Loan as of the fifteenth day of the month immediately preceding
          the
          month in which the application for the extension of credit was received
          by the
          related lender or (b) the Mortgage Loan is an “open-end home loan” (as such term
          is used in the Massachusetts House Bill 4880 (2004)) and the related Mortgage
          Note provides that the related Mortgage Interest Rate may not exceed at
          any time
          the Prime rate index as published in The Wall Street Journal plus a margin
          of
          one percent, or (2) such Mortgage Loan is in the "borrower's interest,"
          as
          documented by a "borrower's interest worksheet" for the particular Mortgage
          Loan, which worksheet incorporates the factors set forth in Massachusetts
          House
          Bill 4880 (2004) and the regulations promulgated thereunder for determining
          "borrower's interest," and otherwise complies in all material respects
          with the
          laws of the Commonwealth of Massachusetts;

         

        (lxxvii)  No
          Loan
          is a “High Cost Home Loan” as defined by the Indiana Home Loan Practices Act,
          effective January 1, 2005 ( Ind. Code Ann. §§ 24-9-1 et seq.);

         

        (lxxviii)  The
          Mortgagee has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor in accordance with applicable
          law;

         

        (lxxix)  The
          sale
          or transfer of the Mortgage Loan by the Seller complies with all applicable
          federal, state, and local laws, rules, and regulations governing such sale
          or
          transfer, including, without limitation, the Fair and Accurate Credit
          Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
          amended from time to time, and the Seller has not received any actual or
          constructive notice of any identity theft, fraud, or other misrepresentation
          in
          connection with such Mortgage Loan or any party thereto;

         

        (lxxx)  With
          respect to each MOM Loan, a MIN has been assigned by MERS and such MIN
          is
          accurately provided on the Mortgage Loan Schedule. The related Assignment
          of
          Mortgage to MERS has been duly and properly recorded, or has been delivered
          for
          recording to the applicable recording office;

         

        (lxxxi)  With
          respect to each MOM Loan, Seller has not received any notice of liens or
          legal
          actions with respect to such Mortgage Loan and no such notices have been
          electronically posted by MERS;

         

        (lxxxii)  With
          respect to each second lien Mortgage Loan, either no consent for the Mortgage
          Loan is required by the holder of the first lien or such consent has been
          obtained and is contained in the Mortgage File; and

         

        (lxxxiii)  No
          Mortgagor after August 1, 2004 agreed to submit to arbitration to resolve
          any
          dispute arising out of or relating in any way to the Mortgage Loan transaction.
          No Mortgage Loan is subject to any mandatory arbitration.

         

        

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

       

      MORTGAGE
        LOAN SCHEDULE

       

      AS
        FILED
        ON DECEMBER 20, 2006

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE

       

      
        	
                To:
                  

              	
                Deutsche
                  Bank National Trust Company

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705-4934

              

      

      

       

      
        	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of December 1, 2006, among Financial
                  Asset Securities Corp. as Depositor, Ocwen Loan Servicing, LLC
                  as
                  Servicer, Wells Fargo Bank, N.A. as Master Servicer and Trust
                  Administrator and Deutsche Bank National Trust Company, a national
                  banking
                  association, as Trustee

              

      

      

       

      In
        connection with the administration of the Mortgage Loans held by you as Trustee
        pursuant to the above-captioned Pooling and Servicing Agreement, we request
        the
        release, and hereby acknowledge receipt of the Trustee’s Mortgage File Or the
        Mortgage Loan described below, for the reason indicated. Any payments received
        in connection with this Request for Release of documents have been or will
        be
        deposited into the Collection Account for the benefit of the Trust.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name, Address & Zip Code:

       

      Reason
        for Requesting Documents (check one):

       

      
        	
                _________1.

              	
                Mortgage
                  Paid in Full

              	 
	 	 	 
	
                _________2.

              	
                Foreclosure

              	 
	 	 	 
	
                _________3.

              	
                Substitution

              	 
	 	 	 
	
                _________4.

              	
                Other
                  Liquidation (Repurchases, etc.)

              	 
	 	 	 
	
                _________5.

              	
                Nonliquidation

              	
                Reason:_____________________

              
	 	 	 

      

      Address
        to which Trustee should deliver

       

      the
        Trustee’s Mortgage File:

       

      
        	 
	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                By:

              	 
	 	
                (authorized
                  signer)

              
	 	 
	
                Issuer:

              	 
	 	 
	
                Address:

              	 
	 	 
	 	 
	 	 
	
                Date:

              	 
	 	 

      

      

       

      Trustee

       

      Deutsche
        Bank National Trust Company

       

      Please
        acknowledge the execution of the above request by your signature and date
        below:

       

      
        	 	 	 
	
                Signature

              	 	
                Date

              
	 	 	 
	
                Documents
                  returned to Trustee:

              	 	 
	 	 	 
	
                Trustee

              	 	
                Date

              

      

      

       

      

      

      EXHIBIT
        F-1

       

      FORM
        OF
        TRUSTEE’S INITIAL CERTIFICATION

       

      December
        __, 2006

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of December 1, 2006, among Financial
                  Asset Securities Corp. as Depositor, Ocwen Loan Servicing, LLC
                  as
                  Servicer, Wells Fargo Bank, N.A. as Master Servicer and Trust
                  Administrator and Deutsche Bank National Trust Company, a national
                  banking
                  association, as Trustee

              

      

      

       

      Ladies
        and Gentlemen:

       

      Attached
        is the Trustee’s preliminary exception report delivered in accordance with
        Section 2.02 of the referenced Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”). Capitalized terms used but not otherwise defined herein
        shall have the meanings set forth in the Pooling and Servicing
        Agreement.

       

      The
        Trustee has made no independent examination of any documents contained in
        each
        Mortgage File beyond the review specifically required in the Pooling and
        Servicing Agreement. The Trustee makes no representations as to (i) the
        validity, legality, sufficiency, enforceability or genuineness of any of
        the
        documents contained in the Mortgage File pertaining to the Mortgage Loans
        identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
        effectiveness or suitability of any such Mortgage Loan or (iii) whether any
        Mortgage File includes any of the documents specified in clause (vi) of Section
        2.01 of the Pooling and Servicing Agreement.

       

      
        	
                [DEUTSCHE
                  BANK NATIONAL TRUST COMPANY] 

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      EXHIBIT
        F-2

       

      FORM
        OF
        TRUSTEE’S FINAL CERTIFICATION

       

      ________________

      [Date]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	
                Re:

              	
                Pooling
                  and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as
                  of December 1, 2006 among Financial Asset Securities Corp., as
                  Depositor,
                  Ocwen Loan Servicing, LLC as Servicer, Wells Fargo Bank, N.A. as
                  Master
                  Servicer and Trust Administrator and Deutsche Bank National Trust
                  Company,
                  as Trustee with respect to Soundview Home Loan Trust 2006-EQ2,
                  Asset-Backed Certificates, Series
                  2006-EQ2

              

      

      

      Ladies
        and Gentlemen:

      In
        accordance with Section 2.02 of the Pooling and Servicing Agreement, the
        undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed
        in the Mortgage Loan Schedule (other than any Mortgage loan paid in full
        or
        listed on Schedule I hereto) it (or its custodian) has received the applicable
        documents listed in Section 2.01 of the Pooling and Servicing
        Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in items 1, 3, 10, 11 and 15 of the
        definition of Mortgage Loan Schedule in the Pooling and Servicing Agreement
        accurately reflects information in the Mortgage File.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement. This Certificate is qualified
        in
        all respects by the terms of said Pooling and Servicing Agreement.

       

      
        	
                [DEUTSCHE
                  BANK NATIONAL TRUST COMPANY]

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      EXHIBIT
        F-3

       

      FORM
        OF
        RECEIPT OF MORTGAGE NOTE

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	
                Re:

              	
                Soundivew
                  Home Loan Trust 2006-EQ2, 

                Asset-Backed
                  Certificates Series 2006-EQ2

              

      

      

       

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 2.01 of the Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”), dated as of December 1, 2006 among Financial Asset
        Securities Corp., as Depositor, Ocwen Loan Servicing, LLC as Servicer, Wells
        Fargo Bank, N.A. as Master Servicer and Trust Administrator and Deutsche
        Bank
        National Trust Company, as Trustee, we hereby acknowledge the receipt of
        the
        original Mortgage Notes (a copy of which is attached hereto as Exhibit 1)
        with
        any exceptions thereto listed on Exhibit 2.

       

      
        	
                [DEUTSCHE
                  BANK NATIONAL TRUST COMPANY] 

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        G

       

      FORM
        OF
        CAP ALLOCATION AGREEMENT

       

       

      
         

        CAP
          ALLOCATION AGREEMENT

         

        This
          Cap
          Allocation Agreement, dated as of December 28, 2006 (this “Agreement”), among
          Wells Fargo Bank, N.A. (“Wells Fargo”), as cap trustee for the cap trust (in
          such capacity, the “Cap Trustee”) and Greenwich
          Capital Financial Products, Inc. (“GCFP”), or its designee.

         

        WHEREAS,
          Wells Fargo, on behalf of a separate trust established hereunder which
          holds an
          Interest Rate Cap Agreement (the “Cap Agreement”), a copy of which is attached
          hereto as Exhibit A, between the Cap Trustee,
          on
          behalf of the Cap Trust
          and The
          Bank of New York (the “Cap Provider”) is a counterparty to the Cap
          Agreement;
          and

         

        WHEREAS,
          it is desirable to irrevocably appoint the Cap Trustee, and the Cap Trustee
          desires to accept such appointment, to receive and distribute funds payable
          by
          the Cap Provider to the Cap Trustee, on behalf of the Cap Trust under the
          Cap
          Agreement as provided herein; 

         

        NOW,
          THEREFORE, in consideration of the mutual covenants contained herein, and
          for
          other good and valuable consideration, the receipt and adequacy of which
          are
          hereby acknowledged, the parties agree as follows: 

         

        1.  Definitions.
          Capitalized terms used but not otherwise defined herein shall have the
          respective meanings assigned thereto in the Pooling and Servicing Agreement,
          dated as of December 1, 2006 (the “Pooling and Servicing Agreement”), among
          Financial Asset Securities Corp., as Depositor, Ocwen Loan Servicing, LLC,
          as
          servicer, Wells Fargo Bank, N.A. as the master servicer and trust administrator
          (the “Master Servicer”) and Deutsche Bank National Trust Company as trustee (the
“Trustee”), relating to the Soundview Home Loan Trust 2006-EQ2 (the “Trust”),
          Asset-Backed Certificates, Series 2006-EQ2 (the “Certificates”), or in the
          related Indenture as the case may be, as in effect on the date hereof.
          

         

        2.  Cap
          Trust.
          There
          is hereby established a separate trust (the “Cap Trust”), into which the Cap
          Trustee shall deposit the Cap Agreement. The Cap Trust shall be maintained
          by
          the Cap Trustee. The sole assets of the Cap Trust shall be the Cap Agreement
          and
          the Cap Trust Account.

         

        3.  Cap
          Trustee.
          

         

        (a)  The
          Cap
          Trustee, on behalf of the Cap Trust, is hereby irrevocably appointed to
          receive
          all funds paid to the Cap Trustee by the Cap Provider, or its successors
          in
          interest under the Cap Agreement (including any Cap Termination Payment)
          and the
          Cap Trustee accepts such appointment and hereby agrees to receive such
          amounts,
          deposit such amounts into the Cap Trust Account and to distribute on each
          Distribution Date such amounts in the following order of priority:

         

        (i)  first,
          for deposit into the Cap Account (established under the Pooling and Servicing
          Agreement), an amount equal to the sum of the following amounts remaining
          outstanding after distribution of the Net Monthly Excess Cashflow and any
          Net
          Swap Payments received under the Interest Rate Swap Agreement with the
          Trust:
          (A) Unpaid Interest Shortfall Amounts, (B) Net WAC Rate Carryover Amounts;
          (C)
an
          amount
          necessary to maintain or restore the Overcollateralization Target Amount;
          and
          (D) any
          Allocated Realized Loss Amounts;

         

        (ii)  second,
          to GCFP, or its designee, any amounts remaining after payment of (i) above,
          provided,
          however,
          upon the
          issuance of notes by an issuer (the “NIM Trust”), secured by all or a portion of
          the Class C Certificates and the Class P Certificates (the “NIM Notes”), GCFP,
          or its designee, hereby instructs the Cap Trustee to make any payments
          under
          this clause 3(a)(ii):

         

        (A)  to
          the
          Indenture Trustee for the NIM Trust, for deposit into the Note Account
          (each as
          defined in the related Indenture), for distribution in accordance with
          the terms
          of the Indenture until satisfaction and discharge of the Indenture;
          and

         

        (B)  after
          satisfaction and discharge of the Indenture, to the Holders of the Class
          C
          Certificates, pro
          rata
          based on
          the outstanding Notional Amount of each such Certificate.

         

        (b)  The
          Cap
          Trustee agrees to hold any amounts received from the Cap Provider in trust
          upon
          the terms and conditions and for the exclusive use and benefit of the Trustee
          and the Indenture Trustee, as applicable (in turn for the benefit of the
          Certificateholders, the Noteholders, GCFP and the NIMS Insurer, if any)
          as set
          forth herein. The rights, duties and liabilities of the Cap Trustee in
          respect
          of this Agreement shall be as follows:

         

        (i) The
          Cap
          Trustee shall have the full power and authority to do all things not
          inconsistent with the provisions of this Agreement that may be deemed advisable
          in order to enforce the provisions hereof. The Cap Trustee shall not be
          answerable or accountable except for its own bad faith, willful misconduct
          or
          negligence. The Cap Trustee shall not be required to take any action to
          exercise
          or enforce any of its rights or powers hereunder which, in the opinion
          of the
          Cap Trustee, shall be likely to involve expense or liability to the Cap
          Trustee,
          unless the Cap Trustee shall have received an agreement satisfactory to
          it in
          its sole discretion to indemnify it against such liability and
          expense.

         

        (ii) The
          Cap
          Trustee shall not be liable with respect to any action taken or omitted
          to be
          taken by it in good faith in accordance with the direction of any party
          hereto
          or the NIMS Insurer, if any, or otherwise as provided herein, relating
          to the
          time, method and place of conducting any proceeding for any remedy available
          to
          the Cap Trustee or exercising any right or power conferred upon the Cap
          Trustee
          under this Agreement.

         

        (iii) The
          Cap
          Trustee may perform any duties hereunder either directly or by or through
          agents
          or attorneys of the Cap Trustee. The Cap Trustee shall not be liable for
          the
          acts or omissions of its agents or attorneys so long as the Cap Trustee
          chose
          such Persons with due care.

         

        4.  Cap
          Trust Account.
          The Cap
          Trustee shall segregate and hold all funds received from the Cap Provider
          (including any Cap Termination Payment) separate and apart from any of
          its own
          funds and general assets and shall establish and maintain in the name of
          the Cap
          Trustee one or more segregated accounts (the “Cap Trust Account”).

         

        5.    
          [RESERVED].
          

         

        6.  Representations
          and Warranties of Wells Fargo.
          Wells
          Fargo represents and warrants as follows:

         

        (a)  Wells
          Fargo is duly organized and validly existing as a national banking association
          under the laws of the United States and has all requisite power and authority
          to
          execute and deliver this Agreement, to perform its obligations as Cap Trustee
          hereunder.

         

        (b)  The
          execution, delivery and performance of this Agreement by Wells Fargo as
          Trustee
          have been duly authorized in the Pooling and Servicing Agreement.

         

        (c)  This
          Agreement has been duly executed and delivered by Wells Fargo as Cap Trustee
          and
          the Trustee and is enforceable against Wells Fargo in such capacities in
          accordance with its terms, except as enforceability may be affected by
          bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
          and
          other similar laws relating to or affecting creditors’ rights generally, general
          equitable principles (whether considered in a proceeding in equity or at
          law).

         

        7.     
          Replacement
          of Cap Trustee.

         

        Any
          corporation, bank, trust company or association into which the Cap Trustee
          may
          be merged or converted or with which it may be consolidated, or any corporation,
          bank, trust company or association resulting from any merger, conversion
          or
          consolidation to which the Cap Trustee shall be a party, or any corporation,
          bank, trust company or association succeeding to all or substantially all
          the
          corporate trust business of the Cap Trustee, shall be the successor of
          the Cap
          Trustee hereunder, without the execution or filing of any paper or any
          further
          act on the part of any of the parties hereto, except to the extent that
          assumption of its duties and obligations, as such, is not effected by operation
          of law.

         

        No
          resignation or removal of the Cap Trustee and no appointment of a successor
          Cap
          Trustee shall become effective until the appointment by GCFP, or its designee,
          of a successor Cap Trustee acceptable to the NIMS Insurer, if any. Any
          successor
          Cap Trustee shall execute such documents or instruments necessary or appropriate
          to vest in and confirm to such successor Cap Trustee all such rights and
          powers
          conferred by this Agreement.

         

        The
          Cap
          Trustee may resign at any time by giving written notice thereof to the
          other
          parties hereto with a copy to the NIMS Insurer, if any. If a successor
          cap
          trustee shall not have accepted the appointment hereunder within 30 days
          after
          the giving by the resigning Cap Trustee of such notice of resignation,
          the
          resigning Cap Trustee may petition any court of competent jurisdiction
          for the
          appointment of a successor Cap Trustee acceptable to the NIMS Insurer,
          if
          any.

         

        In
          the
          event of a resignation or removal of the Cap Trustee, GCFP, or its designee,
          shall promptly appoint a successor Cap Trustee acceptable to the NIMS Insurer,
          if any. If no such appointment has been made within 10 days of the resignation
          or removal, the NIMS Insurer, if any, may appoint a successor Cap
          Trustee.

         

        8. 
            Cap
          Trustee Obligations.

         

        Whenever
          the Cap Trustee, on behalf of the Cap Trust, as a party to the Cap Agreement,
          has the option or is requested in such capacity, whether such request is
          by the
          Cap Provider, to take any action or to give any consent, approval or waiver
          that
          it is on behalf of the Cap Trust entitled to take or give in such capacity,
          including, without limitation, in connection with an amendment of such
          agreement
          or the occurrence of a default or termination event thereunder, the Cap
          Trustee
          shall promptly notify the parties hereto and the NIMS Insurer, if any,
          of such
          request in such detail as is available to it and, shall, on behalf of the
          parties hereto and the NIMS Insurer, if any, take such action in connection
          with
          the exercise and/or enforcement of any rights and/or remedies available
          to it in
          such capacity with respect to such request as GCFP, or its designee, or
          the NIMS
          Insurer, if any, shall direct in writing; provided that if no such direction
          is
          received prior to the date that is established for taking such action or
          giving
          such consent, approval or waiver (notice of which date shall be given by
          the Cap
          Trustee to the parties hereto and the NIMS Insurer, if any), the Cap Trustee
          may
          abstain from taking such action or giving such consent, approval or
          waiver.

         

        The
          Cap
          Trustee shall forward to the parties hereto and the NIMS Insurer, if any,
          on the
          Distribution Date following its receipt thereof copies of any and all notices,
          statements, reports and/or other material communications and information
          (collectively, the “Cap Reports”) that it receives in connection with the Cap
          Agreement or from the counterparty thereto.

         

        9.     
          Miscellaneous.
          

         

        (a)  This
          Agreement shall be governed by and construed in accordance with the laws
          of the
          State of New York.

         

        (b)  Any
          action or proceeding against any of the parties hereto relating in any
          way to
          this Agreement may be brought and enforced in the courts of the State of
          New
          York sitting in the borough of Manhattan or of the United States District
          Court
          for the Southern District of New York and the Cap Trustee irrevocably submits
          to
          the jurisdiction of each such court in respect of any such action or proceeding.
          The Cap Trustee waives, to the fullest extent permitted by law, any right
          to
          remove any such action or proceeding by reason of improper venue or inconvenient
          forum.

         

        (c)  This
          Agreement may be amended, supplemented or modified in writing by the parties
          hereto, but only with the consent of GCFP and the NIMS Insurer, if
          any.

         

        (d)  This
          Agreement may not be assigned or transferred without the prior written
          consent
          of GCFP and the NIMS Insurer, if any; provided, however, the parties hereto
          acknowledge and agree to the assignment of the rights of GCFP, or its designee,
          pursuant to the Sale Agreement, the Trust Agreement and the
          Indenture.

         

        (e)  This
          Agreement may be executed by one or more of the parties to this Agreement
          on any
          number of separate counterparts (including by facsimile transmission),
          and all
          such counterparts taken together shall be deemed to constitute one and
          the same
          instrument.

         

        (f)  Any
          provision of this Agreement which is prohibited or unenforceable in any
          jurisdiction shall, as to such jurisdiction, be ineffective to the extent
          of
          such prohibition or unenforceability without invalidating the remaining
          provisions hereof, and any such prohibition or unenforceability in any
          jurisdiction shall not invalidate or render unenforceable such provision
          in any
          other jurisdiction.

         

        (g)  The
          representations and warranties made by the parties to this Agreement shall
          survive the execution and delivery of this Agreement. No act or omission
          on the
          part of any party hereto shall constitute a waiver of any such representation
          or
          warranty.

         

        (h)  The
          article and section headings herein are for convenience of reference only,
          and
          shall not limit or otherwise affect the meaning hereof.

         

        (i)  The
          representations and warranties made by the parties to this Agreement shall
          survive the execution and delivery of this Agreement. No act or omission
          on the
          part of any party hereto shall constitute a waiver of any such representation
          or
          warranty.

         

        10.  Third-Party
          Beneficiary. Each
          of
          the Trustee, GCFP or its designee and the Indenture Trustee, if any,
          shall be
          deemed a third-party beneficiary of this Agreement to the same extent as
          if it
          were a party hereto, and shall have the right to enforce the provisions
          of this
          Agreement. If any default occurs on the part of the Cap Provider under
          the Cap
          Agreement in the making of a payment due under the Cap Agreement or in
          any other
          obligation of the Cap Provider under the Cap Agreement, the Cap Trustee
          may and,
          upon the request of the Trustee, GCFP or its designee or the Indenture
          Trustee,
          shall take such action as may be appropriate to enforce such payment or
          performance, including the institution and prosecution of appropriate
          proceedings.

         

        11.  Cap
          Trustee and Trustee Rights.
          The Cap
          Trustee shall be entitled to the same rights, protections and indemnities
          afforded to the Trustee under the Pooling and Servicing Agreement, and
          the
          Indenture Trustee under the Indenture, in each case as if specifically
          set forth
          herein with respect to the Cap Trustee.

         

        The
          Trustee shall be entitled to the same rights, protections and indemnities
          afforded to the Trustee under the Pooling and Servicing Agreement as if
          specifically set forth herein with respect to the Cap Trustee.

         

        12.  Limited
          Recourse.
          It is
          expressly understood and agreed by the parties hereto that this Agreement
          is
          executed and delivered by the Trustee, not in its individual capacity but
          solely
          as Trustee under the Pooling and Servicing Agreement. Notwithstanding any
          other
          provisions of this Agreement, the obligations of the Trustee under this
          Agreement are non-recourse to the Trustee, its assets and its property,
          and
          shall be payable solely from the assets of the Trust Fund, and following
          realization of such assets, any claims of any party hereto shall be extinguished
          and shall not thereafter be reinstated. No recourse shall be had against
          any
          principal, director, officer, employee, beneficiary, shareholder, partner,
          member, Trustee, agent or affiliate of the Trustee or any person owning,
          directly or indirectly, any legal or beneficial interest in the Trustee,
          or any
          successors or assigns of any of the foregoing (the “Exculpated Parties”) for the
          payment of any amount payable under this Agreement. The parties hereto
          shall not
          enforce the liability and obligations of the Trustee to perform and observe
          the
          obligations contained in this Agreement by any action or proceeding wherein
          a
          money judgment establishing any personal liability shall be sought against
          the
          Trustee, subject to the following sentence, or the Exculpated Parties.
          The
          agreements in this paragraph shall survive termination of this Agreement
          and the
          performance of all obligations hereunder.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
          and
          delivered as of the day and year first above written. 

         

        
          	 	
                  WELLS
                    FARGO BANK, N.A.

                  not
                    in its individual capacity but solely as Cap Trustee under this
                    Agreement

                
	 	 
	 	 
	 	
                  By:

                	 
	 	 	
                  Name: 

                  Title:

                
	 	 	 

        

        

        

        
          	 	
                  GREENWICH
                    CAPITAL FINANCIAL PRODUCTS, INC.

                
	 	 
	 	 
	 	
                  By:

                	 
	 	 	
                  Name: 

                
	 	 	
                  Title: 

                

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

         

        INTEREST
          RATE CAP AGREEMENT

      

      
 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

       

      FORM
        OF
        LOST NOTE AFFIDAVIT

       

      Personally
        appeared before me the undersigned authority to administer oaths,
        __________________ who first being duly sworn deposes and says: Deponent
        is
        __________________________ of ____________________________, successor by
        merger
        to _________________________ (“Seller”) and who has personal knowledge of the
        facts set out in this affidavit.

       

      On
        _________________________________, _________________________________ did
        execute
        and deliver a promissory note in the principal amount of
        $____________________.

       

      That
        said
        note has been misplaced or lost through causes unknown and is presently lost
        and
        unavailable after diligent search has been made. Seller’s records show that an
        amount of principal and interest on said note is still presently outstanding,
        due, and unpaid, and Seller is still owner and holder in due course of said
        lost
        note.

       

      Seller
        executes this Affidavit for the purpose of inducing Deutsche Bank National
        Trust
        Company, as trustee on behalf of Soundview Home Loan Trust 2006-EQ2,
        Asset-Backed Certificates Series 2006-EQ2, to accept the transfer of the
        above
        described loan from Seller.

       

      Seller
        agrees to indemnify Deutsche Bank National Trust Company and Financial Asset
        Securities Corp. harmless for any losses incurred by such parties resulting
        from
        the above described promissory note has been lost or misplaced.

       

      
        	
                By:

              	 
	
                 

              	 
	 	 

      

      

      
        	
                STATE
                  OF

              	
                )

              	 
	 	
                )

              	
                SS:

              
	
                COUNTY
                  OF

              	
                )

              	 

      

      On
        this
        ______ day of ______________, 20_, before me, a Notary Public, in and for
        said
        County and State, appeared , who acknowledged the extension of the foregoing
        and
        who, having been duly sworn, states that any representations therein contained
        are true.

       

      Witness
        my hand and Notarial Seal this _________ day of 20__.

       

      
        	 
	 

      

      

       

      My
        commission expires __________________________.

       

      

      EXHIBIT
        I

       

      FORM
        OF
        LIMITED POWER OF ATTORNEY

       

      KNOW
        ALL
        MEN BY THESE PRESENTS, that [NAME OF MORTGAGEE, ASSIGNEE OR LAST ENDORSEE,
        AS
        APPLICABLE], [a ___________________ corporation][a national banking
        organization], having its principal place of business at
        __________________________, (the “Undersigned”), pursuant to that Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) among Financial
        Asset Securities Corp. (the “Owner”), Deutsche Bank National Trust Company,
        Ocwen Loan Servicing, LLC (“Ocwen”) and Wells Fargo Bank, N.A. (“Wells Fargo”),
        hereby constitutes and appoints Ocwen, by and through Ocwen’s officers, the
        Undersigned's true and lawful Attorney-in-Fact, in the Undersigned's name,
        place
        and stead, as their interests may appear, and for the Undersigned's respective
        benefit, in connection with all Mortgage Loans serviced by Ocwen pursuant
        to the
        Pooling and Servicing Agreement, for the purpose of performing all acts and
        executing all documents in the name of the Undersigned as may be customarily
        and
        reasonably necessary and appropriate to effectuate the following enumerated
        transactions in respect of any of the mortgages, deeds of trust or security
        instrument (each a “Mortgage” or a “Deed of Trust” respectively) and promissory
        notes secured thereby (each a “Mortgage Note”) for which the Undersigned is
        acting as Servicer pursuant to the Pooling and Servicing Agreement (whether
        the
        Undersigned is named therein as mortgagee or beneficiary or has become mortgagee
        by virtue of endorsement of the Mortgage Note secured by any such Mortgage
        or
        Deed of Trust) all subject to the terms of the related Pooling and Servicing
        Agreement.

       

      This
        appointment shall apply to the following enumerated transactions
        only:

       

      1. The
        modification or re-recording of a Mortgage or Deed of Trust, where said
        modification or re-recording is for the purpose of correcting the Mortgage
        or
        Deed of Trust to conform same to the original intent of the parties thereto
        or
        to correct title errors discovered after such title insurance was issued
        and
        said modification or re-recording, in either instance, does not adversely
        affect
        the lien of the Mortgage or Deed of Trust as insured.

       

      2. The
        subordination of the lien of a Mortgage or Deed of Trust to an easement in
        favor
        of a public utility company or a governmental agency or authority thereunder
        with powers of eminent domain; this section shall include, without limitation,
        the execution of partial satisfaction/release, partial reconveyances or the
        execution of requests to trustees to accomplish same.

       

      3. The
        conveyance of the properties to the mortgage insurer, or the closing of the
        title to the property to be acquired as real estate owned, or conveyance
        of
        title to real estate owned.

       

      4. The
        completion of loan assumption agreements.

       

      5. The
        full
        satisfaction/release of a Mortgage or Deed of Trust or full reconveyance
        upon
        payment and discharge of all sums secured thereby, including, without
        limitation, cancellation of the related Mortgage Note.

       

      6. The
        assignment of any Mortgage or Deed of Trust and the related Mortgage Note,
        in
        connection with the repurchase of the mortgage loan secured and evidenced
        thereby.

       

      7. The
        full
        assignment of a Mortgage or Deed of Trust upon payment and discharge of all
        sums
        secured thereby in conjunction with the refinancing thereof, including, without
        limitation, the assignment of the related Mortgage Note.

       

      8. With
        respect to a Mortgage or Deed of Trust, the foreclosure, the taking of a
        deed in
        lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
        or termination, cancellation or rescission of any such foreclosure, including,
        without limitation, any and all of the following acts:

       

      a) the
        substitution of trustee(s) serving under a Deed of Trust, in accordance with
        state law and the Deed of Trust;

      b) the
        preparation and issuance of statements of breach or
        non-performance;

      c) the
        preparation and filing of notices of default and/or notices of
        sale;

      d) the
        cancellation/rescission of notices of default and/or notices of
        sale;

      e) the
        taking of a deed in lieu of foreclosure; and

      f) the
        preparation and execution of such other documents and performance of such
        other
        actions as may be necessary under the terms of the Mortgage, Deed of Trust
        or
        state law to expeditiously complete said transactions in paragraphs 8(a)
        through
        8(e) above.

       

      9. The
        full
        assignment of a Mortgage or Deed of Trust upon sale of a loan pursuant to
        a
        mortgage loan sale agreement for the sale of a loan or pool of loans, including,
        without limitation, the assignment of the related Mortgage Note.

       

      The
        Undersigned gives said Attorney-in-Fact full power and authority to execute
        such
        instruments and to do and perform all and every act and thing necessary and
        proper to carry into effect the power or powers granted by or under this
        Limited
        Power of Attorney, each subject to the terms and conditions set forth in
        the
        related Pooling and Servicing Agreement and in accordance with the standard
        of
        care applicable to the servicer in the Pooling and Servicing Agreement as
        fully
        as the undersigned might or could do, and hereby does ratify and confirm
        to all
        that said Attorney-in-Fact shall lawfully do or cause to be done by authority
        hereof. This Limited Power of Attorney shall be effective as of [SERVICING
        TRANSFER EFFECTIVE DATE].

       

      Nothing
        contained herein shall (i) limit in any manner any indemnification provided
        by
        Wells Fargo to the Owner under the Pooling and Servicing Agreement, or (ii)
        be
        construed to grant Wells Fargo the power to initiate or defend any suit,
        litigation or proceeding in the name of the Undersigned except as specifically
        provided for herein or under the Pooling and Servicing Agreement.

       

      Wells
        Fargo hereby agrees to indemnify and hold the Undersigned and its directors,
        officers, employees and agents harmless from and against any and all
        liabilities, obligations, losses, damages, penalties, actions, judgments,
        suits,
        costs, expenses or disbursements of any kind or nature whatsoever incurred
        by
        reason or result of or in connection with the exercise by Wells Fargo of
        the
        powers granted to it hereunder. The foregoing indemnity shall survive the
        termination of this Limited Power of Attorney and the Pooling and Servicing
        Agreement or the earlier resignation or removal of the Undersigned under
        the
        Pooling and Servicing Agreement.

       

      Any
        third
        party without actual notice of fact to the contrary may rely upon the exercise
        of the power granted under this Limited Power of Attorney; and may be satisfied
        that this Limited Power of Attorney shall continue in full force and effect
        and
        has not been revoked unless an instrument of revocation has been made in
        writing
        by the undersigned, and such third party put on notice thereof. This Limited
        Power of Attorney shall be in addition to and shall not revoke or in any
        way
        limit the authority granted by any previous power of attorney executed by
        the
        Undersigned.

       

      IN
        WITNESS WHEREOF, ____________________ pursuant to the Pooling and Servicing
        Agreement, has caused its corporate seal to be hereto affixed and these presents
        to be signed and acknowledged in its name and behalf by ______________________,
        its duly elected and authorized _________________________ this ___ day of
        _________________, 2006.

       

      
        	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

       

       

      Acknowledged
        and Agreed

      Wells
        Fargo Bank, N.A.

       

      
        
          	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 

        

         

      

      

      

      

      EXHIBIT
        J

       

      FORM
        OF
        INVESTMENT LETTER [NON-RULE 144A]

       

      [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attn:
        Corporate Trust Services—

      Soundview
        Home Loan Trust 2006-EQ2

       

      
        	
                Re:

              	
                Soundview
                  Home Loan Trust 2006-EQ2,

                Asset-Backed
                  Certificates Series 2006-EQ2

              

      

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above-captioned Certificates, we certify
        that (a) we understand that the Certificates are not being registered under
        the
        Securities Act of 1933, as amended (the “Act”), or any state securities laws and
        are being transferred to us in a transaction that is exempt from the
        registration requirements of the Act and any such laws, (b) we are an
“accredited investor,” as defined in Regulation D under the Act, and have such
        knowledge and experience in financial and business matters that we are capable
        of evaluating the merits and risks of investments in the Certificates, (c)
        we
        have had the opportunity to ask questions of and receive answers from the
        Depositor concerning the purchase of the Certificates and all matters relating
        thereto or any additional information deemed necessary to our decision to
        purchase the Certificates, (d) we are not an employee benefit plan that is
        subject to the Employee Retirement Income Security Act of 1974, as amended,
        or a
        plan that is subject to Section 4975 of the Internal Revenue Code of 1986,
        as
        amended, nor are we acting on behalf of any such plan, (e) we are acquiring
        the
        Certificates for investment for our own account and not with a view to any
        distribution of such Certificates (but without prejudice to our right at
        all
        times to sell or otherwise dispose of the Certificates in accordance with
        clause
        (g) below), (f) we have not offered or sold any Certificates to, or solicited
        offers to buy any Certificates from, any person, or otherwise approached
        or
        negotiated with any person with respect thereto, or taken any other action
        which
        would result in a violation of Section 5 of the Act, and (g) we will not
        sell,
        transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
        or other disposition is made pursuant to an effective registration statement
        under the Act or is exempt from such registration requirements, and if
        requested, we will at our expense provide an opinion of counsel satisfactory
        to
        the addressees of this Certificate that such sale, transfer or other disposition
        may be made pursuant to an exemption from the Act, (2) the purchaser or
        transferee of such Certificate has executed and delivered to you a certificate
        to substantially the same effect as this certificate, and (3) the purchaser
        or
        transferee has otherwise complied with any conditions for transfer set forth
        in
        the Pooling and Servicing Agreement.

       

      
        	
                Very
                  truly yours,

                 

              
	
                [NAME
                  OF TRANSFEREE]

                 

              
	 
	
                Authorized
                  Officer

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      FORM
        OF
        RULE 144A INVESTMENT LETTER

       

      [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attn:
        Corporate Trust Services—

      Soundview
        Home Loan Trust 2006-EQ2

       

      
        	
                Re:

              	
                Soundview
                  Home Loan Trust 2006-EQ2,

                Asset-Backed
                  Certificates Series 2006-EQ2

              

      

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above Certificates we certify that
        (a) we
        understand that the Certificates are not being registered under the Securities
        Act of 1933, as amended (the “Act”), or any state securities laws and are being
        transferred to us in a transaction that is exempt from the registration
        requirements of the Act and any such laws, (b) we have had the opportunity
        to
        ask questions of and receive answers from the Depositor concerning the purchase
        of the Certificates and all matters relating thereto or any additional
        information deemed necessary to our decision to purchase the Certificates,
        (c)
        we are not an employee benefit plan that is subject to the Employee Retirement
        Income Security Act of 1974, as amended, or a plan that is subject to Section
        4975 of the Internal Revenue Code of 1986, as amended, nor are we acting
        on
        behalf of any such plan, (d) we have not, nor has anyone acting on our behalf
        offered, transferred, pledged, sold or otherwise disposed of the Certificates,
        any interest in the Certificates or any other similar security to, or solicited
        any offer to buy or accept a transfer, pledge or other disposition of the
        Certificates, any interest in the Certificates or any other similar security
        from, or otherwise approached or negotiated with respect to the Certificates,
        any interest in the Certificates or any other similar security with, any
        person
        in any manner, or made any general solicitation by means of general advertising
        or in any other manner, or taken any other action, that would constitute
        a
        distribution of the Certificates under the Securities Act or that would render
        the disposition of the Certificates a violation of Section 5 of the Securities
        Act or require registration pursuant thereto, nor will act, nor has authorized
        or will authorize any person to act, in such manner with respect to the
        Certificates, (e) we are a “qualified institutional buyer” as that term is
        defined in Rule 144A under the Securities Act and have completed either of
        the
        forms of certification to that effect attached hereto as Annex 1 or Annex
        2. We
        are aware that the sale to us is being made in reliance on Rule 144A. We
        are
        acquiring the Certificates for our own account or for resale pursuant to
        Rule
        144A and further, understand that such Certificates may be resold, pledged
        or
        transferred only (i) to a person reasonably believed to be a qualified
        institutional buyer that purchases for its own account or for the account
        of a
        qualified institutional buyer to whom notice is given that the resale, pledge
        or
        transfer is being made in reliance on Rule 144A, or (ii) pursuant to another
        exemption from registration under the Securities Act.

       

      
        	
                Very
                  truly yours,

                 

              
	
                [NAME
                  OF TRANSFEREE]

                 

              
	 
	
                Authorized
                  Officer

              

      

      

       

      

       

      ANNEX
        1 TO EXHIBIT J

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      

       

      [For
        Transferees Other Than Registered Investment Companies]

      

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1. As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the Buyer.

       

      2. In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
        amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
        discretionary basis $                    1 
        in
        securities (except for the excluded securities referred to below) as of the
        end
        of the Buyer’s most recent fiscal year (such amount being calculated in
        accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
        category marked below.

       

      _________
        Corporation,
        etc.
        The Buyer is a corporation (other than a bank, savings and loan association
        or
        similar institution), Massachusetts or similar business trust, partnership,
        or
        charitable organization described in Section
        501(c)(3) of the Internal Revenue Code of 1986, as amended.

       

      _________
        Bank.
        The
        Buyer (a) is a national bank or banking institution organized under the laws
        of
        any State, territory or the District of Columbia, the business of which is
        substantially confined to banking and is supervised by the State or territorial
        banking commission or similar official or is a foreign bank or equivalent
        institution, and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a copy of which is
        attached hereto.

       

      _________
        Savings
        and Loan.
        The
        Buyer (a) is a savings and loan association, building and loan association,
        cooperative bank, homestead association or similar institution, which is
        supervised and examined by a State or Federal authority having supervision
        over
        any such institutions or is a foreign savings and loan association or equivalent
        institution and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a copy of which is
        attached hereto.

       

      _________
        Broker-Dealer.
        The
        Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
        Act of 1934.

       

      _________
        Insurance
        Company.
        The
        Buyer is an insurance company whose primary and predominant business activity
        is
        the writing of insurance or the reinsuring of risks underwritten by insurance
        companies and which is subject to supervision by the insurance commissioner
        or a
        similar official or agency of a State, territory or the District of
        Columbia.

       

      _________
        State
        or Local Plan.
        The
        Buyer is a plan established and maintained by a State, its political
        subdivisions, or any agency or instrumentality of the State or its political
        subdivisions, for the benefit of its employees.

       

      _________
        ERISA
        Plan.
        The
        Buyer is an employee benefit plan within the meaning of Title I of the Employee
        Retirement Income Security Act of 1974.

       

      Investment
        Advisor.
        The
        Buyer is an investment advisor registered under the Investment Advisors Act
        of
        1940.

       

      _________
        Small
        Business Investment Company.
        Buyer
        is a small business investment company licensed by the U.S. Small Business
        Administration under Section 301(c) or (d) of the Small Business Investment
        Act
        of 1958.

       

      _________
        Business
        Development Company.
        Buyer
        is a business development company as defined in Section 202(a)(22) of the
        Investment Advisors Act of 1940.

       

      3. The
        term
“SECURITIES” as used herein DOES NOT INCLUDE (i) securities of issuers that are
        affiliated with the Buyer, (ii) securities that are part of an unsold allotment
        to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities
        issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
        deposit notes and certificates of deposit (v) loan participations, (vi)
        repurchase agreements, (vii) securities owned but subject to a repurchase
        agreement and (viii) currency, interest rate and commodity swaps.

       

      4. For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer and did not include any of the securities referred
        to in
        the preceding paragraph, except (i) where the Buyer reports its securities
        holdings in its financial statements on the basis of their market value,
        and
        (ii) no current information with respect to the cost of those securities
        has
        been published. If clause (ii) in the preceding sentence applies, the securities
        may be valued at market. Further, in determining such aggregate amount, the
        Buyer may have included securities owned by subsidiaries of the Buyer, but
        only
        if such subsidiaries are consolidated with the Buyer in its financial statements
        prepared in accordance with generally accepted accounting principles and
        if the
        investments of such subsidiaries are managed under the Buyer’s direction.
        However, such securities were not included if the Buyer is a majority-owned,
        consolidated subsidiary of another enterprise and the Buyer is not itself
        a
        reporting company under the Securities Exchange Act of 1934, as
        amended.

       

      5. The
        Buyer
        acknowledges that it is familiar with Rule 144A and understands that the
        seller
        to it and other parties related to the Certificates are relying and will
        continue to rely on the statements made herein because one or more sales
        to the
        Buyer may be in reliance on Rule 144A.

       

      6. Until
        the
        date of purchase of the Rule 144A Securities, the Buyer will notify each
        of the
        parties to which this certification is made of any changes in the information
        and conclusions herein. Until such notice is given, the Buyer’s purchase of the
        Certificates will constitute a reaffirmation of this certification as of
        the
        date of such purchase. In addition, if the Buyer is a bank or savings and
        loan
        is provided above, the Buyer agrees that it will furnish to such parties
        updated
        annual financial statements promptly after they become available.

       

      
        	 
	
                Print
                  Name of Buyer

                 

              
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	
                Date:

              	 

      

      

       

      

       

      

        

        
          1 Buyer
            must own and/or invest on a discretionary basis at least $100,000,000
            in
            securities unless Buyer is a dealer, and, in that case, Buyer must own
            and/or
            invest on a discretionary basis at least $10,000,000 in
            securities.

        

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        2 TO EXHIBIT J

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees That are Registered Investment Companies]

      

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1. As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the Buyer or, if the Buyer is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
        Investment Companies (as defined below), is such an officer of the
        Adviser.

       

      2. In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, as amended and
        (ii)
        as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
        owned at least $100,000,000 in securities (other than the excluded securities
        referred to below) as of the end of the Buyer’s most recent fiscal year. For
        purposes of determining the amount of securities owned by the Buyer or the
        Buyer’s Family of Investment Companies, the cost of such securities was used,
        except (i) where the Buyer or the Buyers Family of Investment Companies reports
        its securities holdings in its financial statements on the basis of their
        market
        value, and (ii) no current information with respect to the cost of those
        securities has been published. If clause (ii) in the preceding sentence applies,
        the securities may be valued at market.

       

      _________
        The
        Buyer
        owned $_________ in securities (other than the excluded securities referred
        to
        below) as of the end of the Buyer’s most recent fiscal year (such amount being
        calculated in accordance with Rule 144A).

       

      _________
        The
        Buyer
        is part of a Family of Investment Companies which owned in the aggregate
        $___________ in securities (other than the excluded securities referred to
        below) as of the end of the Buyer’s most recent fiscal year (such amount being
        calculated in accordance with Rule 144A).

       

      3. The
        term
“FAMILY OF INVESTMENT COMPANIES” as used herein means two or more registered
        investment companies (or series thereof) that have the same investment adviser
        or investment advisers that are affiliated (by virtue of being majority owned
        subsidiaries of the same parent or because one investment adviser is a majority
        owned subsidiary of the other).

       

      4. The
        term
“SECURITIES” as used herein does not include (i) securities of issuers that are
        affiliated with the Buyer or are part of the Buyer’s Family of Investment
        Companies, (ii) securities issued or guaranteed by the U.S. or any
        instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
        (iv) loan participations, (v) repurchase agreements, (vi) securities owned
        but
        subject to a repurchase agreement and (vii) currency, interest rate and
        commodity swaps.

       

      5. The
        Buyer
        is familiar with Rule 144A and understands that the parties listed in the
        Rule
        144A Transferee Certificate to which this certification relates are relying
        and
        will continue to rely on the statements made herein because one or more sales
        to
        the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
        purchase for the Buyer’s own account.

       

      6. Until
        the
        date of purchase of the Certificates, the undersigned will notify the parties
        listed in the Rule 144A Transferee Certificate to which this certification
        relates of any changes in the information and conclusions herein. Until such
        notice is given, the Buyer’s purchase of the Certificates will constitute a
        reaffirmation of this certification by the undersigned as of the date of
        such
        purchase.

       

      
        	 
	
                Print
                  Name of Buyer or Adviser

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 
	
                IF
                  AN ADVISER:

              
	 	 
	 
	
                Print
                  Name of Buyer

              
	 	 
	 	 
	
                Date:

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      FORM
        OF
        TRANSFER AFFIDAVIT FOR RESIDUAL CERTIFICATES

      PURSUANT
        TO SECTION 5.02(D)

       

      SOUNDVIEW
        HOME LOAN TRUST 2006-EQ2

      ASSET-BACKED
        CERTIFICATES, SERIES 2006-EQ2

       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

       

      1.  The
        undersigned is an officer of, the proposed Transferee of an Ownership Interest
        in a Residual Certificate (the “Certificate”)
        issued
        pursuant to the Pooling and Servicing Agreement dated as of December 1, 2006
        (the “Agreement”),
        among
        Financial Asset Securities Corp., as depositor (the “Depositor”),
        Ocwen
        Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A. as
        master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”) and Deutsche Bank National Trust Company, as trustee (the
“Trustee”).
        Capitalized terms used, but not defined herein or in Exhibit 1 hereto,
        shall have the meanings ascribed to such terms in the Agreement. The Transferee
        has authorized the undersigned to make this affidavit on behalf of the
        Transferee for the benefit of the Depositor and the Trustee.

       

      2.  The
        Transferee is, as of the date hereof, and will be, as of the date of the
        Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
        Interest in the Certificate for its own account. The Transferee has no knowledge
        that any such affidavit is false.

       

      3.  The
        Transferee has been advised of, and understands that (i) a tax will be
        imposed on Transfers of the Certificate to Persons that are not Permitted
        Transferees; (ii) such tax will be imposed on the transferor, or, if such
        Transfer is through an agent (which includes a broker, nominee or middleman)
        for
        a Person that is not a Permitted Transferee, on the agent; and (iii) the
        Person otherwise liable for the tax shall be relieved of liability for the
        tax
        if the subsequent Transferee furnished to such Person an affidavit that such
        subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
        such Person does not have actual knowledge that the affidavit is
        false.

       

      4.  The
        Transferee has been advised of, and understands that a tax will be imposed
        on a
“pass-through entity” holding the Certificate if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity. The Transferee understands
        that
        such tax will not be imposed for any period with respect to which the record
        holder furnishes to the pass-through entity an affidavit that such record
        holder
        is a Permitted Transferee and the pass-through entity does not have actual
        knowledge that such affidavit is false. (For this purpose, a “pass-through
        entity” includes a regulated investment company, a real estate investment trust
        or common trust fund, a partnership, trust or estate, and certain cooperatives
        and, except as may be provided in Treasury Regulations, persons holding
        interests in pass-through entities as a nominee for another
        Person.)

       

      5.  The
        Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
        and understands the legal consequences of the acquisition of an Ownership
        Interest in the Certificate including, without limitation, the restrictions
        on
        subsequent Transfers and the provisions regarding voiding the Transfer and
        mandatory sales. The Transferee expressly agrees to be bound by and to abide
        by
        the provisions of Section 5.02(d) of the Agreement and the restrictions
        noted on the face of the Certificate. The Transferee understands and agrees
        that
        any breach of any of the representations included herein shall render the
        Transfer to the Transferee contemplated hereby null and void.

       

      6.  The
        Transferee agrees to require a Transfer Affidavit from any Person to whom
        the
        Transferee attempts to Transfer its Ownership Interest in the Certificate,
        and
        in connection with any Transfer by a Person for whom the Transferee is acting
        as
        nominee, trustee or agent, and the Transferee will not Transfer its Ownership
        Interest or cause any Ownership Interest to be Transferred to any Person
        that
        the Transferee knows is not a Permitted Transferee. In connection with any
        such
        Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
        a
        certificate substantially in the form set forth as Exhibit L to the
        Agreement (a “Transferor
        Certificate”)
        to the
        effect that such Transferee has no actual knowledge that the Person to which
        the
        Transfer is to be made is not a Permitted Transferee.

       

      7.  The
        Transferee has historically paid its debts as they have come due, intends
        to pay
        its debts as they come due in the future, and understands that the taxes
        payable
        with respect to the Certificate may exceed the cash flow with respect thereto
        in
        some or all periods and intends to pay such taxes as they become due. The
        Transferee does not have the intention to impede the assessment or collection
        of
        any tax legally required to be paid with respect to the
        Certificate.

       

      8.  The
        Transferee’s taxpayer identification number is ___________.

       

      9.  The
        Transferee is a U.S. Person as defined in Code
        Section 7701(a)(30).

       

      10.  The
        Transferee is aware that the Certificate may be a “noneconomic residual
        interest” within the meaning of proposed Treasury regulations promulgated
        pursuant to the Code and that the transferor of a noneconomic residual interest
        will remain liable for any taxes due with respect to the income on such residual
        interest, unless no significant purpose of the transfer was to impede the
        assessment or collection of tax.

       

      11.  The
        Transferee will not cause income from the Certificate to be attributable
        to a
        foreign permanent establishment or fixed base, within the meaning of an
        applicable income tax treaty, of the Transferee or any other U.S.
        person.

       

      12.  Check
        one
        of the following:

       

      o  The
        present value of the
        anticipated tax liabilities associated with holding the Certificate, as
        applicable, does not exceed the sum of:

       

      
        	
                (i)

              	
                the
                  present value of any consideration given to the Transferee to acquire
                  such
                  Certificate;

              
	 	 
	
                (ii)

              	
                the
                  present value of the expected future distributions on such Certificate;
                  and

              
	 	 
	
                (iii)

              	
                the
                  present value of the anticipated tax savings associated with holding
                  such
                  Certificate as the related REMIC generates
                  losses.

              

      

       

      For
        purposes of this calculation, (i) the Transferee is assumed to pay tax at
        the
        highest rate currently specified in Section 11(b) of the Code (but the tax
        rate
        in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
        specified in Section 11(b) of the Code if the Transferee has been subject
        to the
        alternative minimum tax under Section 55 of the Code in the preceding two
        years
        and will compute its taxable income in the current taxable year using the
        alternative minimum tax rate) and (ii) present values are computed using
        a
        discount rate equal to the short-term Federal rate prescribed by Section
        1274(d)
        of the Code for the month of the transfer and the compounding period used
        by the
        Transferee.

       

      o  The
        transfer of the
        Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5)
        and
        (6) and, accordingly,

       

      
        	
                (i)

              	
                the
                  Transferee is an “eligible corporation,” as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), as to which income from
                  the
                  Certificate will only be taxed in the United States;

              
	 	 
	
                (ii)

              	
                at
                  the time of the transfer, and at the close of the Transferee’s two fiscal
                  years preceding the year of the transfer, the Transferee had gross
                  assets
                  for financial reporting purposes (excluding any obligation of a
                  person
                  related to the Transferee within the meaning of U.S. Treasury Regulations
                  Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                  in
                  excess of $10 million;

              
	 	 
	
                (iii)

              	
                the
                  Transferee will transfer the Certificate only to another “eligible
                  corporation,” as defined in U.S. Treasury Regulations Section
                  1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                  of
                  Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                  of
                  the U.S. Treasury Regulations; and

              
	 	 
	
                (iv)

              	
                the
                  Transferee determined the consideration paid to it to acquire the
                  Certificate based on reasonable market assumptions (including,
                  but not
                  limited to, borrowing and investment rates, prepayment and loss
                  assumptions, expense and reinvestment assumptions, tax rates and
                  other
                  factors specific to the Transferee) that it has determined in good
                  faith.

              

      

       

      o  None
        of the
        above.

       

      13.  The
        Transferee is not an employee benefit plan that is subject to Title I of
        ERISA
        or a plan that is subject to Section 4975 of the Code or a plan subject to
        any Federal, state or local law that is substantially similar to Title I
        of
        ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
        of
        or investing plan assets of such a plan.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its duly authorized
        officer and its corporate seal to be hereunto affixed, duly attested, this
            
        day
        of
                  ,
        20  .

       

      

      
        	
                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 	 

      

      

      
        	
                [Corporate
                  Seal]

              
	
                ATTEST:

              
	 
	 
	
                [Assistant]
                  Secretary

              

      

       

      Personally
        appeared before me the above-named __________, known or proved to me to be
        the
        same person who executed the foregoing instrument and to be the ___________
        of
        the Transferee, and acknowledged that he executed the same as his free act
        and
        deed and the free act and deed of the Transferee.

       

      Subscribed
        and sworn before me this     
        day
        of
        
        ,
        20  .

       

      

      
        	 
	
                NOTARY
                  PUBLIC

              
	
                My
                  Commission expires the __ day

                of
                  _________, 20__

              

      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

      [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attn:
        Corporate Trust Services—

      Soundview
        Home Loan Trust 2006-EQ2

       

      
        	
                Re:

              	
                Soundview
                  Home Loan Trust 2006-EQ2,

                Asset-Backed
                  Certificates Series 2006-EQ2

              

      

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our disposition of the above Certificates we certify that
        (a) we
        understand that the Certificates have not been registered under the Securities
        Act of 1933, as amended (the “Act”), and are being disposed by us in a
        transaction that is exempt from the registration requirements of the Act,
        (b) we
        have not offered or sold any Certificates to, or solicited offers to buy
        any
        Certificates from, any person, or otherwise approached or negotiated with
        any
        person with respect thereto, in a manner that would be deemed, or taken any
        other action which would result in, a violation of Section 5 of the Act,
        (c) to
        the extent we are disposing of a Class [ ] Certificate, we have no knowledge
        the
        Transferee is not a Permitted Transferee and (d) no purpose of the proposed
        disposition of a Class [ ] Certificate is to impede the assessment or collection
        of tax.

       

      
        	
                Very
                  truly yours,

                 

              
	
                TRANSFEROR

              
	 	 
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      EXHIBIT
        M

       

      FORM
        OF
        ERISA REPRESENTATION LETTER

       

      _____________,
        20__

       

      

      
        	
                Financial
                  Asset Securities Corp.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 06830

              	
                Wells
                  Fargo Bank, N.A.

                Sixth
                  Street and Marquette Avenue

                Minneapolis,
                  Minnesota 55479

                Attn:
                  Corporate Trust Services—

                Soundview
                  Home Loan Trust 2006-EQ2

              

      

      

      
        	
                Re:

              	
                Soundview
                  Home Loan Trust 2006-EQ2,

                Asset-Backed
                  Certificates Series 2006-EQ2

              

      

      Dear
        Sirs:

       

      _______________________
        (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance Soundview Home
        Loan Trust 2006-EQ2, Asset-Backed Certificates Series 2006-EQ2, Class
        [C][P][R[-X]] (the “Certificates”), issued pursuant to a Pooling and Servicing
        Agreement (the “Pooling and Servicing Agreement”) dated as of December 1, 2006
        among Financial Asset Securities Corp. as depositor (the “Depositor”), Ocwen
        Loan Servicing, LLC as servicer (the “Servicer”), Wells Fargo Bank, N.A. as
        master servicer and trust administrator (the “Master Servicer” and “Trust
        Administrator”) and Deutsche Bank National Trust Company as trustee (the
“Trustee”). Capitalized terms used herein and not otherwise defined shall have
        the meanings assigned thereto in the Pooling and Servicing Agreement. The
        Transferee hereby certifies, represents and warrants to, and covenants with
        the
        Depositor, the Trustee and the Servicer the following:

       

      The
        Certificates (i) are not being acquired by, and will not be transferred to,
        any
        employee benefit plan within the meaning of section 3(3) of the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), or other
        retirement arrangement, including individual retirement accounts and annuities,
        Keogh plans and bank collective investment funds and insurance company general
        or separate accounts in which such plans, accounts or arrangements are invested,
        that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
        Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
        acquired with “plan assets” of a Plan within the meaning of the Department of
        Labor (“DOL”) regulation, 29 C.F.R.ss.2510.3-101, and (iii) will not be
        transferred to any entity that is deemed to be investing in plan assets within
        the meaning of the DOL regulation at 29 C.F.R.ss. 2510.3-101.

       

      
        	
                Very
                  truly yours,

                 

              
	
                [Transferee]

                 

              
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

       

       

      
 

      EXHIBIT
        N-1

       

      FORM
        CERTIFICATION TO BE PROVIDED BY THE MASTER SERVICER WITH FORM 10-K

       

      
        	
                Re:

              	
                Soundview
                  Home Loan Trust, Series 2006-EQ2

                Asset
                  Backed Certificates, Series
                  2006-EQ2

              

      

       

      Certification

       

      I,
        [identify the certifying individual], certify that:

       

      1. I
        have
        reviewed this annual report on Form 10-K, and all reports on Form 10-D required
        to be filed in respect of the period covered by this report on Form 10-K
        [identify issuing entity] (i.e., the name of the specific deal to which this
        certification relates rather than just the name of the Depositor)] (the
“Exchange Act periodic reports”);

       

      2. Based
        on
        my knowledge, the Exchange Act periodic reports, taken as a whole, do not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report;

       

      3. Based
        on
        my knowledge, all of the distribution, servicing and other information required
        to be provided under Form 10-D for the period covered by this report is included
        in the Exchange Act periodic reports;

       

      4. Based
        on
        my knowledge and compliance statement required in this report under Item
        1123 of
        Regulation AB, and except as disclosed in the Exchange Act periodic reports,
        the
        servicer has fulfilled its obligations under the Pooling and Servicing Agreement
        in all material respects; and

       

      5. All
        of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K.

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following unaffiliated party: Deutsche Bank National Trust
        Company.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                WELLS
                  FARGO BANK, N.A.

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      

      

      EXHIBIT
        N-2

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO MASTER SERVICER BY THE SERVICER

       

      
        	
                Re:

              	
                Soundview
                  Home Loan Trust, Series 2006-EQ2

              
	 	
                Asset
                  Backed Certificates, Series
                  2006-EQ2

              

      

       

      I,
        ________________________________, the _______________________ of Wells Fargo
        Bank, N.A., certify to Financial Asset Securities Corp. and the Master Servicer,
        and their officers, with the knowledge and intent that they will rely upon
        this
        certification, that:

       

      (1) I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’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”), 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”), and all servicing reports, officer’s certificates and other
        information relating to the servicing of the Mortgage Loans by the Company
        during 200[ ] that were delivered by the Company to the Master Servicer pursuant
        to the Agreement (collectively, the “Company Servicing
        Information”);

       

      (2) Based
        on
        my knowledge, the Company Servicing 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 the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      (3) Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the Master
        Servicer;

       

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

       

      (5) The
        Compliance Statement required to be delivered by the Company pursuant to
        [the
        Agreement], and the Servicing Assessment and Attestation Report required
        to be
        provided by the Company and by any Subservicer and Subcontractor pursuant
        to the
        Agreement, have been provided to [Wells Fargo]. Any material instances of
        noncompliance described in such reports have been disclosed to [Wells Fargo].
        Any material instance of noncompliance with the Servicing Criteria has been
        disclosed in such reports.

       

      Date:

       

      
        	
                By:

              	 
	
                Name:

              	 

      

      

       

      

       

      EXHIBIT
        N-3

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO MASTER SERVICER BY THE SERVICER

       

      

        
          	
                  Re:

                	
                  Soundview
                    Home Loan Trust, Series 2006-EQ2

                
	 	
                  Asset
                    Backed Certificates, Series
                    2006-EQ2

                

        

      

       

       

      I,
        ________________________________, the _______________________ of Ocwen Loan
        Servicing, LLC, certify to Financial Asset Securities Corp. and the Master
        Servicer, and their officers, with the knowledge and intent that they will
        rely
        upon this certification, that:

       

      (1) I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’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”), 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”), and all servicing reports, officer’s certificates and other
        information relating to the servicing of the Mortgage Loans by the Company
        during 200[ ] that were delivered by the Company to the Master Servicer pursuant
        to the Agreement (collectively, the “Company Servicing
        Information”);

       

      (2) Based
        on
        my knowledge, the Company Servicing 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 the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      (3) Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the Master
        Servicer;

       

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

       

      (5) The
        Compliance Statement required to be delivered by the Company pursuant to
        [the
        Agreement], and the Servicing Assessment and Attestation Report required
        to be
        provided by the Company and by any Subservicer and Subcontractor pursuant
        to the
        Agreement, have been provided to [Wells Fargo]. Any material instances of
        noncompliance described in such reports have been disclosed to [Wells Fargo].
        Any material instance of noncompliance with the Servicing Criteria has been
        disclosed in such reports.

       

      Date:

       

      
        	
                By:

              	 
	
                Name:

              	 

      

      

       

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      EXHIBIT
        O

       

      FORM
        OF
        INTEREST RATE CAP AGREEMENT

       

       

      
         

        

        
 

        
          	
                  DATE:

                	
                  December
                    28, 2006

                
	 	 
	
                  TO:

                	
                  Wells
                    Fargo Bank, N.A., not in its individual capacity, but solely
                    as Cap
                    Trustee on behalf of the Cap Trust created pursuant to the Cap
                    Allocation
                    Agreement

                
	
                  ATTENTION:

                	 
	
                  TELEPHONE:

                	
                   

                
	
                  FACSIMILE:

                	 
	 	 
	
                  FROM:

                	
                  The
                    Bank of New York

                
	 	
                  Derivative
                    Products Support Department

                
	 	
                  Attn:
                    Swap Confirmation Dept.

                
	
                  TELEPHONE:

                	
                  212-804-5163/5103

                
	
                  FACSIMILE: 

                	
                  212-804-5818/5837

                
	 	 
	
                  SUBJECT:

                	
                  Fixed
                    Income Derivatives Confirmation 

                
	 	 
	
                  REFERENCE
                    NUMBER:

                	
                  38708

                

        

        

        The
          purpose of this long-form confirmation (“Confirmation”)
          is to
          confirm the terms and conditions of the Transaction entered into on the
          Trade
          Date specified below (the “Transaction”)
          between
          The Bank of New York (“Party
          A”) and
          Wells
          Fargo Bank, N.A., not in its individual capacity, but solely as cap trustee
          (the
“Cap Trustee”) on behalf of a separate trust (the “Cap Trust”) created pursuant
          to the Cap Allocation Agreement between the Cap Trustee, Greenwich Capital
          Financial Products, Inc. as majority holder of the Class C Certificates
          (“GCFP”), and Wells Fargo Bank, N.A. as Trustee with respect to the Soundview
          Home Loan Trust 2006-EQ2, Asset Backed Certificates, Series 2006-EQ2
          (“Party
          B”),
          under
          the Pooling and Servicing Agreement, dated as of December 1, 2006, among
          Financial Asset Securities Corp., as depositor (the “Depositor”),
          Ocwen
          Loan Servicing, LLC, as servicer (the “Servicer”),
          Wells
          Fargo Bank, N.A., as master servicer and trust administrator (the “Master
          Servicer”
          and
“Trust
          Administrator”)
          and
          Deutsche Bank National Trust Company, as trustee (the “Trustee”) (the
          “Pooling
          and Servicing Agreement”).
          This
          Confirmation evidences a complete and binding agreement between you and
          us to
          enter into the Transaction on the terms set forth below and replaces any
          previous agreement between us with respect to the subject matter hereof.
          This
          Confirmation constitutes a “Confirmation”
          and also
          constitutes a “Schedule”
          as
          referred to in the ISDA Master Agreement, and Paragraph 13 of a Credit
          Support
          Annex to the Schedule. 

        

        
          	1.  	
                  This
                    Confirmation shall supplement, form a part of, and be subject
                    to an
                    agreement in the form of the ISDA Master Agreement (Multicurrency
                    - Cross
                    Border) as published and copyrighted in 1992 by the International
                    Swaps
                    and Derivatives Association, Inc. (the “ISDA
                    Master Agreement”),
                    as if Party A and Party B had executed an agreement in such form
                    on the
                    date hereof, with a Schedule as set forth in Item 3 of this Confirmation,
                    and an ISDA Credit Support Annex (Bilateral Form - ISDA Agreements
                    Subject
                    to New York Law Only version) as published and copyrighted in
                    1994 by the
                    International Swaps and Derivatives Association, Inc., with Paragraph
                    13
                    thereof as set forth in Annex A hereto (the “Credit
                    Support Annex”).
                    For the avoidance of doubt, the Transaction described herein
                    shall be the
                    sole Transaction governed by such ISDA Master Agreement. In the
                    event of
                    any inconsistency among any of the following documents, the relevant
                    document first listed shall govern: (i) this Confirmation, exclusive
                    of
                    the provisions set forth in Item 3 hereof and Annex A hereto;
                    (ii) the
                    provisions set forth in Item 3 hereof, which are incorporated
                    by reference
                    into the Schedule; (iii) the Credit Support Annex; (iv) the Definitions;
                    and (v) the ISDA Master Agreement.

                

        

        

        Each
          reference herein to a “Section” (unless specifically referencing the Pooling and
          Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
          a reference to a Section of the ISDA Master Agreement; each herein reference
          to
          a “Part” will be construed as a reference to the provisions herein deemed
          incorporated in a Schedule to the ISDA Master Agreement; each reference
          herein
          to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
          Support Annex.

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
          	
                  2.

                	
                  The
                    terms of the particular Transaction to which this Confirmation
                    relates are
                    as follows:

                

        

        

        
          	
                  Type
                    of Transaction:

                	
                  Interest
                    Rate Cap

                
	 	 
	
                  Notional
                    Amount:

                	
                  With
                    respect to any Calculation Period, the amount set forth for such
                    period on
                    Schedule I attached hereto.

                
	 	 
	
                  Trade
                    Date:

                	
                  December
                    21, 2006

                
	 	 
	
                  Effective
                    Date:

                	
                  October
                    25, 2008

                
	 	 
	
                  Termination
                    Date:

                	
                  December
                    25, 2011, subject to adjustment in accordance with the Business
                    Day
                    Convention

                
	 	 
	
                  Fixed
                    Amounts:

                	 
	 	 
	
                  Fixed
                    Amount Payer:

                	
                  Party
                    B represents and warrants that it has directed Greenwich
                    Capital Markets, Inc.
                    to make payment of the Fixed Amount on its behalf.

                
	 	 
	
                  Fixed
                    Amount:

                	
                  USD
                    1,120,000.00

                
	 	 
	
                  Fixed
                    Amount Payer

                	 
	
                  Payment
                    Date:

                	
                  December
                    28, 2006

                
	 	 
	
                  Floating
                    Amounts:

                	 
	 	 
	
                  Floating
                    Rate Payer:

                	
                  Party
                    A

                
	 	 
	
                  Cap
                    Rate:

                	
                  5.20%

                
	 	 
	
                  Floating
                    Rate Payer

                	 
	
                  Period
                    End Dates:

                	
                  The
                    25th
                    calendar day of each month during the Term of this Transaction,
                    commencing
                    November 25, 2008, and ending on the Termination Date, subject
                    to
                    adjustment in accordance with the Business Day
                    Convention.

                
	 	 
	
                  Floating
                    Rate Payer 

                	 
	
                  Payment
                    Dates:

                	
                  Early
                    Payment shall be applicable. The Floating Rate Payer Payment
                    Date shall be
                    one (1) Business Day preceding each Floating Rate Payer Period
                    End
                    Date.

                
	 	 
	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA,
                    provided, however, if the Floating Rate Option for a Calculation
                    Period is
                    greater than 9.50% then the Floating Rate Option for such Calculation
                    Period shall be deemed equal to 9.50%.

                
	 	 
	
                  Floating
                    Amount:

                	
                  To
                    be determined in accordance with the following formula:

                
	 	 
	 	
                  250*(the
                    excess if any of the Floating Rate Option over the Cap Rate)*Notional
                    Amount*Floating Rate Day Count Fraction

                
	 	 
	
                  Designated
                    Maturity:

                	
                  One
                    month

                
	 	 
	
                  Floating
                    Rate Day 

                	 
	
                  Count
                    Fraction:

                	
                  Actual/360

                
	 	 
	
                  Reset
                    Dates:

                	
                  The
                    first day of each Calculation Period.

                
	 	 
	
                  Compounding:

                	
                  Inapplicable

                
	 	 
	
                  Business
                    Days:

                	
                  New
                    York

                
	 	 
	
                  Business
                    Day Convention:

                	
                  Following

                
	 	 
	
                  Calculation
                    Agent:

                	
                  Party
                    A

                

        

        

        

        
          	
                  3.

                	
                  Provisions
                    Deemed Incorporated in a Schedule to the ISDA Master
                    Agreement:

                

        

        

        
          	
                  Part
                    1.

                	
                  Termination
                    Provisions.

                

        

        

        For
          the
          purposes of this Agreement:-

        

        (a)           “Specified
          Entity”
          will not
          apply to Party A or Party B for any purpose. 

        

        
          	
                  (b)

                	
                  “Specified
                    Transaction”
                    will have the meaning specified in Section
                    14.

                

        

        

        
          	
                  (c)

                	
                  Events
                    of Default.

                

        

        

        The
          statement below that an Event of Default will apply to a specific party
          means
          that upon the occurrence of such an Event of Default with respect to such
          party,
          the other party shall have the rights of a Non-defaulting Party under Section
          6
          of this Agreement; conversely, the statement below that such event will
          not
          apply to a specific party means that the other party shall not have such
          rights.

        

        
          	(i)  	
                  The
                    “Failure
                    to Pay or Deliver”
                    provisions of Section 5(a)(i) will apply to Party A and will
                    apply to
                    Party B; provided, however, that Section 5(a)(i) is hereby amended
                    by
                    replacing the word “third” with the word “first”; provided, further, that
                    notwithstanding anything to the contrary in Section 5(a)(i),
                    any failure
                    by Party A to comply with or perform any obligation to be complied
                    with or
                    performed by Party A under the Credit Support Annex shall not
                    constitute
                    an Event of Default under Section 5(a)(i) unless (A) a Required
                    Ratings
                    Downgrade Event has occurred and been continuing for 30 or more
                    Local
                    Business Days and (B) such failure is not remedied on or before
                    the third
                    Local Business Day after notice of such failure is given to Party
                    A.

                

        

        

        
          	(ii)  	
                  The
                    “Breach
                    of Agreement”
                    provisions of Section 5(a)(ii) will apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        
          	(iii)  	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) will apply to Party A and will
                    not apply
                    to Party B except that Section 5(a)(iii)(1) will apply to Party
                    B solely
                    in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                    Support Annex; provided, however, that notwithstanding anything
                    to the
                    contrary in Section 5(a)(iii)(1), any failure by Party A to comply
                    with or
                    perform any obligation to be complied with or performed by Party
                    A under
                    the Credit Support Annex shall not constitute an Event of Default
                    under
                    Section 5(a)(iii) unless (A) a Required Ratings Downgrade Event
                    has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    such failure is not remedied on or before the third Local Business
                    Day
                    after notice of such failure is given to Party
                    A.

                

        

        

        
          	(iv)  	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) will apply to Party A and will
                    not apply to
                    Party B. 

                

        

        

        
          	(v)  	
                  The
                    “Default
                    under Specified Transaction”
                    provisions of Section 5(a)(v) will apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        
          	(vi)  	
                  The
                    “Cross
                    Default”
                    provisions of Section 5(a)(vi) will apply to Party A and will
                    not apply to
                    Party B. For purposes of Section 5(a)(vi), solely with respect
                    to Party
                    A:

                

        

        

        “Specified
          Indebtedness” will have the meaning specified in Section 14 ,except that such
          term shall not include obligations in respect of deposits received in the
          ordinary course of Party A’s banking business.

        

        “Threshold
          Amount” means with respect to Party A an amount equal to three percent (3%) of
          the consolidated shareholders’ equity of Party A and its subsidiaries or, if
          applicable, the Eligible Guarantor and its subsidiaries. 

        

        
          	(vii)  	
                  The
                    “Bankruptcy”
                    provisions of Section 5(a)(vii) will apply to Party A and will
                    apply to
                    Party B except that the provisions of Section 5(a)(vii)(2), (6)
                    (to the
                    extent that such provisions refer to any appointment contemplated
                    or
                    effected by the Pooling and Servicing Agreement or any appointment
                    to
                    which Party B has not become subject), (7) and (9) will not apply
                    to Party
                    B; provided that, with respect to Party B only, Section 5(a)(vii)(4)
                    is
                    hereby amended by adding after the words “against it” the words
                    “(excluding any proceeding or petition instituted or presented
                    by Party A
                    or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                    deleting the words “to (7) inclusive” and inserting lieu thereof “, (3),
                    (4) as amended, (5), (6) as amended, or
                    (7)”.

                

        

        

        
          	(viii)  	
                  The
                    “Merger
                    Without Assumption”
                    provisions of Section 5(a)(viii) will apply to Party A and will
                    apply to
                    Party B.

                

        

        

        (d)         
           Termination
          Events.

        

        The
          statement below that a Termination Event will apply to a specific party
          means
          that upon the occurrence of such a Termination Event, if such specific
          party is
          the Affected Party with respect to a Tax Event, the Burdened Party with
          respect
          to a Tax Event Upon Merger (except as noted below) or the non-Affected
          Party
          with respect to a Credit Event Upon Merger, as the case may be, such specific
          party shall have the right to designate an Early Termination Date in accordance
          with Section 6 of this Agreement; conversely, the statement below that
          such an
          event will not apply to a specific party means that such party shall not
          have
          such right; provided, however, with respect to “Illegality” the statement that
          such event will apply to a specific party means that upon the occurrence
          of such
          a Termination Event with respect to such party, either party shall have
          the
          right to designate an Early Termination Date in accordance with Section
          6 of
          this Agreement.

        

        (i)          
           The
          “Illegality”
          provisions of Section 5(b)(i) will apply to Party A and will apply to Party
          B.

        

        
          	 	
                  (ii)

                	
                  The
                    “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party A except that,
                    for
                    purposes of the application of Section 5(b)(ii) to Party A, Section
                    5(b)(ii) is hereby amended by deleting the words “(x) any action taken by
                    a taxing authority, or brought in a court of competent jurisdiction,
                    on or
                    after the date on which a Transaction is entered into (regardless
                    of
                    whether such action is taken or brought with respect to a party
                    to this
                    Agreement) or (y)”, and the “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party B.
                    

                

        

        

        
          	 	
                  (iii)

                	
                  The
                    “Tax
                    Event Upon Merger”
                    provisions of Section 5(b)(iii) will apply to Party A and will
                    apply to
                    Party B, provided that Party A shall not be entitled to designate
                    an Early
                    Termination Date by reason of a Tax Event upon Merger in respect
                    of which
                    it is the Affected Party.

                

        

        

        
          	 	
                  (iv)

                	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) will not apply to Party A and
                    will not
                    apply to Party B.

                

        

        

        
          	
                  (e)

                	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) will not apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        (f)         
            Payments
          on Early Termination.
          For the
          purpose of Section 6(e) of this Agreement:

        

        
          	(i)  	
                  Market
                    Quotation will apply, provided, however, that, in the event of
                    a
                    Derivative Provider Trigger Event, the following provisions will
                    apply:

                

        

        

        
          	 	
                  (A)
                    

                	
                  The
                    definition of Market Quotation in Section 14 shall be deleted
                    in its
                    entirety and replaced with the
                    following:

                

        

        

        “Market
          Quotation” means,
          with respect to one or more Terminated Transactions, a Firm Offer which
          is (1)
          made by a Reference Market-maker that is an Eligible Replacement, (2) for
          an
          amount that would be paid to Party B (expressed as a negative number) or
          by
          Party B (expressed as a positive number) in consideration of an agreement
          between Party B and such Reference Market-maker to enter into a Replacement
          Transaction, and (3) made on the basis that Unpaid Amounts in respect of
          the
          Terminated Transaction or group of Transactions are to be excluded but,
          without
          limitation, any payment or delivery that would, but for the relevant Early
          Termination Date, have been required (assuming satisfaction of each applicable
          condition precedent) after that Early Termination Date is to be
          included.

        

        
          	 	
                  (B)

                	
                  The
                    definition of Settlement Amount shall be deleted in its entirety
                    and
                    replaced with the following:

                

        

        

        “Settlement
          Amount”
          means,
          with respect to any Early Termination Date, an amount (as determined by
          Party B)
          equal to: 

        

        
          	 	
                  (a)

                	
                  If
                    a Market Quotation for the relevant Terminated Transaction or
                    group of
                    Terminated Transactions is accepted by Party B so as to become
                    legally
                    binding on or before the day falling ten Local Business Days
                    after the day
                    on which the Early Termination Date is designated, or such later
                    day as
                    Party B may specify in writing to Party A, but in either case
                    no later
                    than one Local Business Day prior to the Early Termination Date
                    (such day,
                    the “Latest Settlement Amount Determination Day”), the Termination
                    Currency Equivalent of the amount (whether positive or negative)
                    of such
                    Market Quotation; 

                

        

        

        
          	 	
                  (b)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    has been accepted by Party B so as to become legally binding
                    and one or
                    more Market Quotations from
                    Approved Replacements have
                    been made and remain capable of becoming legally binding upon
                    acceptance,
                    the Settlement Amount shall equal the Termination Currency Equivalent
                    of
                    the amount (whether positive or negative) of the lowest of such
                    Market
                    Quotations (for the avoidance of doubt, the lowest of such Market
                    Quotations shall be the lowest Market Quotation of
                    such Market Quotations
                    expressed as a positive number or, if any of such Market Quotations
                    is
                    expressed as a negative number, the Market Quotation expressed
                    as a
                    negative number with the largest absolute value);
                    or

                

        

        

        
          	 	
                  (c)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    is
                    accepted by Party B so as to become legally binding and no Market
                    Quotation from an Approved Replacement remains capable of becoming
                    legally
                    binding upon acceptance, the Settlement Amount shall equal Party
                    B’s Loss
                    (whether positive or negative and without reference to any Unpaid
                    Amounts)
                    for the relevant Terminated Transaction or group of Terminated
                    Transactions.

                

        

        

        
          	 	
                  (C)

                	
                  If
                    Party B requests Party A in writing to obtain Market Quotations,
                    Party A
                    shall use its reasonable efforts to do so before the Latest Settlement
                    Amount Determination Day.

                

        

        

        
          	 	
                  (D)

                	
                  If
                    the Settlement Amount is a negative number, Section 6(e)(i)(3)
                    shall be
                    deleted in its entirety and replaced with the
                    following:

                

        

        

        “(3)
          Second
          Method and Market Quotation.
          If the
          Second Method and Market Quotation apply, (I) Party B shall pay to Party
          A an
          amount equal to the absolute value of the Settlement Amount in respect
          of the
          Terminated Transactions, (II) Party B shall pay to Party A the Termination
          Currency Equivalent of the Unpaid Amounts owing to Party A and (III) Party
          A
          shall pay to Party B the Termination Currency Equivalent of the Unpaid
          Amounts
          owing to Party B; provided, however, that (x) the amounts payable under
          the
          immediately preceding clauses (II) and (III) shall be subject to netting
          in
          accordance with Section 2(c) of this Agreement and (y) notwithstanding
          any other
          provision of this Agreement, any amount payable by Party A under the immediately
          preceding clause (III) shall not be netted-off against any amount payable
          by
          Party B under the immediately preceding clause (I).”

         

        
          	 	
                  (E)

                	
                  At
                    any time on or before the Latest Settlement Amount Determination
                    Day at
                    which two or more Market Quotations from Approved Replacements
                    remain
                    capable of becoming legally binding upon acceptance, Party B
                    shall be
                    entitled to accept only the lowest of such Market Quotations
                    (for the
                    avoidance of doubt, the lowest of such Market Quotations shall
                    be the
                    lowest Market Quotation of such Market Quotations expressed as
                    a positive
                    number or, if any of such Market Quotations is expressed as a
                    negative
                    number, the Market Quotation expressed as a negative number with
                    the
                    largest absolute value).

                

        

        

        
          	(ii)  	
                  The
                    Second Method will apply.

                

        

        

        (g)         
           “Termination
          Currency”
          means
          USD.

        

        (h)            Additional
          Termination Events.
          Additional Termination Events will apply as provided in Part 5(c). 

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          2.  Tax
          Matters.

        

        (a)         
           Tax
          Representations. 

        

        
          	 	
                  (i)

                	
                  Payer
                    Representations.
                    For the purpose of Section 3(e) of this
                    Agreement

                

        

         

        (A)
           Party
          A
          makes the following representation(s):

         

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to
          be made
          by it to the other party under this Agreement. In making this representation,
          it
          may rely on: the accuracy of any representations made by the other party
          pursuant to Section 3(f) of this Agreement; (ii) the satisfaction of the
          agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and
          the
          accuracy and effectiveness of any document provided by the other party
          pursuant
          to Section 4(a)(i) or 4(a)(iii) of this Agreement; and (iii) the satisfaction
          of
          the agreement of the other party contained in Section 4(d) of this Agreement,
          provided that it shall not be a breach of this representation where reliance
          is
          placed on clause (ii) and the other party does not deliver a form or document
          under Section 4(a)(iii) by reason of material prejudice to its legal or
          commercial position.

        

        (B) Party
          B
          makes the following representation(s):

        

        None.

        

        (ii)            Payee
          Representations.
          For the
          purpose of Section 3(f) of this Agreement: 

         

        (A)       
           Party
          A
          makes the following representation(s):

        

        (x)
          It is
          a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of the
          United States Treasury Regulations) for United States federal income tax
          purposes, (y) it is a trust company duly organized and existing under the
          laws
          of the State of New York, and (y) its U.S. taxpayer identification number
          is
          135160382.

        

        (B)        
           Party
          B
          makes the following representation(s):

        

        None.

        

        
          	
                  (b)

                	
                  Tax
                    Provisions.

                

        

        

        
          	 	
                  (i)

                	
                  Gross
                    Up.
                    Section 2(d)(i)(4) shall not apply to Party B as X, and Section
                    2(d)(ii)
                    shall not apply to Party B as Y, in each case such that Party
                    B shall not
                    be required to pay any additional amounts referred to
                    therein.

                

        

        

        
          	 	
                  (ii)

                	
                  Indemnifiable
                    Tax.
                    The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                    entirety and replaced with the
                    following:

                

        

        

        “Indemnifiable
          Tax”
          means,
          in relation to payments by Party A, any Tax and, in relation to payments
          by
          Party B, no Tax. 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          3.  Agreement
          to Deliver Documents.  

        

        (a) For
          the
          purpose of Section 4(a)(i), tax forms, documents, or certificates to be
          delivered are:

        

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	 	
                  Date
                    by which to

                  be
                    delivered

                
	 	 	 	 
	
                  Party
                    A

                	
                  A
                    correct, complete and duly executed U.S. Internal Revenue Service
                    Form W-9
                    (or successor thereto).

                	 	
                  Upon
                    the execution and delivery of this Agreement

                
	 	 	 	 
	
                  Party
                    B

                	
                  An
                    Internal Revenue Service Form W-9 as applicable or any successor
                    form,
                    accurately completed and in a manner reasonably satisfactory
                    to Party A,
                    and will deliver any other tax forms relating to the beneficial
                    owner of
                    payments to Party B under this Agreement from time to
                    time.

                	 	
                  Upon
                    the execution and delivery of this Agreement or soon thereafter,
                    or upon
                    any form previously provided becoming
                    obsolete

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (b) For
          the
          purpose of Section 4(a)(ii), other documents to be delivered are:

        

        
          	
                  Party
                    required to deliver document

                	 	
                  Form/Document/

                  Certificate

                	 	
                  Date
                    by which to

                  be
                    delivered

                	 	
                  Covered
                    by Section 3(d) Representation

                
	 	 	 	 	 	 	 
	
                  Party
                    A and

                  Party
                    B

                	 	
                  Any
                    documents required by the receiving party to evidence the authority
                    of the
                    delivering party or its Credit Support Provider, if any, for
                    it to execute
                    and deliver the Agreement, this Confirmation, and any Credit
                    Support
                    Documents to which it is a party, and to evidence the authority
                    of the
                    delivering party or its Credit Support Provider to perform its
                    obligations
                    under the Agreement, this Confirmation and any Credit Support
                    Document, as
                    the case may be

                	 	
                  Upon
                    the execution and delivery of this Agreement

                	 	
                  Yes

                
	 	 	 	 	 	 	 
	
                  Party
                    A and

                  Party
                    B

                	 	
                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    the
                    Agreement, this Confirmation, and any relevant Credit Support
                    Document, as
                    the case may be

                	 	
                  Upon
                    the execution and delivery of this Agreement

                	 	
                  Yes

                
	 	 	 	 	 	 	 
	
                  Party
                    A

                	 	
                  A
                    copy of the annual balance sheet of Party A for the most recently
                    completed fiscal year and publicly available in its regulatory
                    call
                    report

                	 	
                  Promptly
                    upon becoming publicly available; provided,
                    if available on http://www.fdic.gov, such delivery is not
                    required

                	 	
                  No

                
	 	 	 	 	 	 	 
	
                  Party
                    A

                	 	
                  An
                    opinion of counsel to Party A reasonably acceptable to Party
                    B.
                    

                	 	
                  Upon
                    the execution and delivery of this Agreement

                	 	
                  No

                
	 	 	 	 	 	 	 
	
                  Party
                    B

                	 	
                  An
                    opinion of counsel to Party B as to the enforceability of this
                    Confirmation reasonably acceptable to Party A. 

                	 	
                  Upon
                    the execution and delivery of this Agreement

                	 	
                  No

                

        

        

        Part
          4. Miscellaneous. 

        

        
          	
                  (a)

                	
                  Address
                    for Notices:
                    For the purposes of Section 12(a) of this
                    Agreement:

                

        

        

        Address
          for notices or communications to Party A:

        

        Address:  The
          Bank
          of New York

        Swaps
          and
          Derivative Products Group

        Global
          Market Division

        32
          Old
          Slip 15th Floor 

        New
          York,
          NY 10286

        Attention:
          Steve Lawler

        Facsimile:
          212-495-1016

        Phone:
          212-804-2137

        

        with
          a
          copy to:

         

        The
          Bank
          of New York

        Swaps
          and
          Derivative Products Group

        32
          Old
          Slip 16th Floor

        New
          York,
          New York 10286

        Attention:
          Andrew Schwartz

        Tele:
          212-804-5103

        Fax:
          212-804-5818/5837

        

        (For
          all
          purposes)

        

        A
          copy of
          any notice or other communication with respect to Sections 5 or 6 should
          also be
          sent to the addresses set out below:

         

        The
          Bank
          of New York

        Legal
          Department

        One
          Wall
          Street - 10th Floor

        New
          York,
          New York 10286

        Attention:
          General Counsel

        

        

        Address
          for notices or communications to Party B:

        

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045

        Attn:
          Client Manager-Soundview 2006-EQ2

        Phone:
          410-884-2000

        Fax:
          410-715-2380

        

        (For
          all
          purposes)

        

        (b)         
           Process
          Agent.
          For the
          purpose of Section 13(c):

        

        Party
          A
          appoints as its Process Agent: Not applicable.

        

        Party
          B
          appoints as its Process Agent: Not applicable.

        

        
          	
                  (c)

                	
                  Offices.
                    The provisions of Section 10(a) will apply to this
                    Agreement.

                

        

        

        
          	
                  (d)

                	
                  Multibranch
                    Party.
                    For the purpose of Section 10(c) of this
                    Agreement:

                

        

        

        Party
          A
          is not a Multibranch Party.

        

        Party
          B
          is not a Multibranch Party.

        

        
          	
                  (e)

                	
                  Calculation
                    Agent.
                    The Calculation Agent is Party A; provided, however, that if
                    an Event of
                    Default shall have occurred with respect to Party A, Party B
                    shall have
                    the right to appoint as Calculation Agent a third party, reasonably

                    acceptable to Party A, the cost for which shall be borne by Party
                    A.

                

        

        

        (f)          
           Credit
          Support Document. 

        

        
          	
                  Party
                    A:

                	
                  The
                    Credit Support Annex, and any guarantee in support of Party A’s
                    obligations under this Agreement.

                
	 	 
	
                  Party
                    B:

                	
                  The
                    Credit Support Annex, solely in respect of Party B’s obligations under
                    Paragraph 3(b) of the Credit Support
                    Annex.

                

        

        

        
          	
                  (g)

                	
                  Credit
                    Support Provider.

                

        

        

        
          	
                  Party
                    A:

                	
                  The
                    guarantor under any guarantee in support of Party A’s obligations under
                    this Agreement.

                
	 	 
	
                  Party
                    B:

                	
                  None.

                

        

        

        
          	
                  (h)

                	
                  Governing
                    Law.
                    The parties to this Agreement hereby agree that the law of the
                    State of
                    New York shall govern their rights and duties in whole, without
                    regard to
                    the conflict of law provisions thereof other than New York General
                    Obligations Law Sections 5-1401 and 5-1402.

                

        

        

        
          	
                  (i)

                	
                  Netting
                    of Payments.
                    The parties agree that subparagraph (ii) of Section 2(c) will
                    apply to
                    each Transaction hereunder. 

                

        

        

        
          	
                  (j)

                	
                  Affiliate.“Affiliate”
                    shall have the meaning assigned thereto in Section 14; provided,
                    however,
                    that Party B shall be deemed to have no Affiliates for purposes
                    of this
                    Agreement, including for purposes of Section
                    6(b)(ii).

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          5.  Others
          Provisions.

        

        
          	
                  (a)

                	
                  Definitions.
                    Unless
                    otherwise specified in a Confirmation, this Agreement and each
                    Transaction
                    under this Agreement are subject to the 2000 ISDA Definitions
                    as published
                    and copyrighted in 2000 by the International Swaps and Derivatives
                    Association, Inc. (the “Definitions”),
                    and will be governed in all relevant respects by the provisions
                    set forth
                    in the Definitions, without regard to any amendment to the Definitions
                    subsequent to the date hereof. The provisions of the Definitions
                    are
                    hereby incorporated by reference in and shall be deemed a part
                    of this
                    Agreement, except that (i) references in the Definitions to a
“Swap
                    Transaction” shall be deemed references to a “Transaction” for purposes of
                    this Agreement, and (ii) references to a “Transaction” in this Agreement
                    shall be deemed references to a “Swap Transaction” for purposes of the
                    Definitions. Each term capitalized but not defined in this Agreement
                    shall
                    have the meaning assigned thereto in the Pooling and Servicing
                    Agreement.

                

        

         

        (b) Amendments
          to ISDA Master Agreement.

        

        
          	 	
                  (i)

                	
                  Single
                    Agreement.
                    Section 1(c) is hereby amended by the adding the words “including, for the
                    avoidance of doubt, the Credit Support Annex” after the words “Master
                    Agreement”. 

                

        

        

        (ii)         
           Conditions
          Precedent. Section
          2(a)(iii) is hereby amended by adding the following at the end thereof:
          

        

        Notwithstanding
          anything to the contrary in Section 2(a)(iii)(1), if an Event of Default
          with
          respect to Party B or Potential Event of Default with respect to Party
          B has
          occurred and been continuing for more than 30 Local Business Days and no
          Early
          Termination Date in respect of the Affected Transactions has occurred or
          been
          effectively designated by Party A, the obligations of Party A under Section
          2(a)(i) shall cease to be subject to the condition precedent set forth
          in
          Section 2(a)(iii)(1) with respect to such specific occurrence of such Event
          of
          Default or such Potential Event of Default (the “Specific
          Event”);
          provided, however, for the avoidance of doubt, the obligations of Party
          A under
          Section 2(a)(i) shall be subject to the condition precedent set forth in
          Section
          2(a)(iii)(1) (subject to the foregoing) with respect to any subsequent
          occurrence of the same Event of Default with respect to Party B or Potential
          Event of Default with respect to Party B after the Specific Event has ceased
          to
          be continuing and with respect to any occurrence of any other Event of
          Default
          with respect to Party B or Potential Event of Default with respect to Party
          B
          that occurs subsequent to the Specific Event. 

        

        
          	 	
                  (iii)

                	
                  Change
                    of Account.
                    Section 2(b) is hereby amended by the addition of the following
                    after the
                    word “delivery” in the first line
                    thereof:

                

        

         

        “to
          another account in the same legal and tax jurisdiction as the original
          account”.

        

        
          	 	
                  (iv)

                	
                  Representations.
                    Section 3 is hereby amended by adding at the end thereof the
                    following
                    subsection (g): 

                

        

        

        
          	 	
                  “(g)

                	
                  Relationship
                    Between Parties. 

                

        

        

        
          	 	
                  (1)

                	
                  Nonreliance.
                    (i) It is not relying on any statement or representation of the
                    other
                    party regarding the Transaction (whether written or oral), other
                    than the
                    representations expressly made in this Agreement or the Confirmation
                    in
                    respect of that Transaction and (ii) it has consulted with its
                    own legal,
                    regulatory, tax, business, investment, financial and accounting
                    advisors
                    to the extent it has deemed necessary, and it has made its own
                    investment,
                    hedging and trading decisions based upon its own judgment and
                    upon any
                    advice from such advisors as it has deemed necessary and not
                    upon any view
                    expressed by the other party.

                

        

         

        
          	 	
                  (2)

                	
                  Evaluation
                    and Understanding. (i) It has the capacity to evaluate (internally
                    or
                    through independent professional advice) the Transaction and
                    has made its
                    own decision to enter into the Transaction and (ii) It understands
                    the
                    terms, conditions and risks of the Transaction and is willing
                    and able to
                    accept those terms and conditions and to assume those risks,
                    financially
                    and otherwise. 

                

        

        

        
          	 	
                  (3)

                	
                  Purpose.
                    It is entering into the Transaction for the purposes of managing
                    its
                    borrowings or investments, hedging its underlying assets or liabilities
                    or
                    in connection with a line of business.

                

        

        

        
          	 	
                  (4)

                	
                  Status
                    of Parties. The other party is not acting as an agent, fiduciary
                    or
                    advisor for it in respect of the Transaction.

                

        

        

        
          	 	
                  (5)

                	
                  Eligible
                    Contract Participant. It is an “eligible swap participant” as such term is
                    defined in, Section 35.1(b)(2) of the regulations (17 C.F.R.
                    35)
                    promulgated under, and an “eligible contract participant” as defined in
                    Section 1(a)(12) of the Commodity Exchange Act, as
                    amended.”

                

        

        

        

        
          	 	
                  (v)

                	
                  Transfer
                    to Avoid Termination Event.
                    Section 6(b)(ii) is hereby amended by (i) deleting the words
“or if a Tax
                    Event Upon Merger occurs and the Burdened Party is the Affected
                    Party,”
                    and (ii) by deleting the words “to transfer” and inserting the words “to
                    effect a Permitted Transfer” in lieu
                    thereof.

                

        

        

        
          	 	
                  (vi)

                	
                  Jurisdiction.
                    Section
                    13(b) is hereby amended by: (i) deleting in the second line of
                    subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                    end of subparagraph 1 and inserting “.” in lieu thereof, and (iii)
                    deleting the final paragraph
                    thereof.

                

        

        

        
          	 	
                  (vii)

                	
                  Local
                    Business Day.
                    The definition of Local Business Day in Section 14 is hereby
                    amended by
                    the addition of the words “or any Credit Support Document” after “Section
                    2(a)(i)” and the addition of the words “or Credit Support Document” after
                    “Confirmation”. 

                

        

        

        
          	
                  (c)

                	
                  Additional
                    Termination Events.
                    The following Additional Termination Events will
                    apply:

                

        

        

        
          	(i)         
                    	
                  First
                    Rating Trigger Collateral.
                    If
                    (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    Party
                    A has failed to comply with or perform any obligation to be complied
                    with
                    or performed by Party A in accordance with the Credit Support
                    Annex, then
                    an Additional Termination Event shall have occurred with respect
                    to Party
                    A and Party A shall be the sole Affected Party with respect to
                    such
                    Additional Termination Event. 

                

        

        

        
          	(ii)        
                    	
                  Second
                    Rating Trigger Replacement.
                    If
                    (A) a Required Ratings Downgrade Event has occurred and been
                    continuing
                    for 30 or more Local Business Days and (B) (i) at least one Eligible
                    Replacement has made a Firm Offer to be the transferee of all
                    of Party A’s
                    rights and obligations under this Agreement (and such Firm Offer
                    remains
                    an offer that will become legally binding upon such Eligible
                    Replacement
                    upon acceptance by the offeree) and/or (ii) an Eligible Guarantor
                    has made
                    a Firm Offer to provide an Eligible Guarantee (and such Firm
                    Offer remains
                    an offer that will become legally binding upon such Eligible
                    Guarantor
                    immediately upon acceptance by the offeree), then an Additional
                    Termination Event shall have occurred with respect to Party A
                    and Party A
                    shall be the sole Affected Party with respect to such Additional
                    Termination Event. 

                

        

        

        
          	 	
                  (iii)

                	
                  [Reserved]
                    

                

        

        

        
          	 	
                  (iv)

                	
                  Optional
                    Termination of Securitization.
                    An
                    Additional Termination Event shall occur upon the notice to
                    Certificateholders of an Optional Termination becoming unrescindable
                    in
                    accordance with Article IX of the Pooling and Servicing Agreement.
                    Party B
                    shall be the sole Affected Party with respect to such Additional
                    Termination Event; provided, however, that notwithstanding anything
                    to the
                    contrary in Section 6(b)(iv), only Party B may designate an Early
                    Termination Date in respect of this Additional Termination
                    Event. 

                

        

        

        The
          Trustee shall be an express third party beneficiary of this Agreement as
          if a
          party hereto to the extent of the Trustee’s rights specified
          herein.

        

        
          	 	
                  (v)

                	
                  Provision
                    of Information Required by Regulation AB.
                    Party A shall fail to comply with the provisions of Part (5)(y)
                    below
                    within the time provided for therein. Party A shall be the sole
                    Affected
                    Party.

                

        

        

        
          	
                  (d)

                	
                  Required
                    Ratings Downgrade Event.
                    In
                    the event that no Relevant Entity has credit ratings at least
                    equal to the
                    Required Ratings Threshold (such event, a “Required
                    Ratings Downgrade Event”),
                    then Party A shall, as soon as reasonably practicable and so
                    long as a
                    Required Ratings Downgrade Event is in effect, at its own expense,
                    using
                    commercially reasonable efforts, procure either (A) a Permitted
                    Transfer
                    or (B) an Eligible Guarantee from an Eligible Guarantor.
                    

                

        

        

        
          	
                  (e)
                    

                	
                  [Reserved]

                

        

        

        
          	
                  (f)

                	
                  Transfers. 

                

        

         

        (i)             Section
          7
          is hereby amended to read in its entirety as follows:

         

        “Except
          with respect to any Permitted Transfer pursuant to Section 6(b)(ii), Part
          5(d),
          Part 5(e), or the succeeding sentence, neither Party A nor Party B is permitted
          to assign, novate or transfer (whether by way of security or otherwise)
          as a
          whole or in part any of its rights, obligations or interests under the
          Agreement
          or any Transaction unless (a) the prior written consent of the other party
          is
          obtained, and (b) the Rating Agency Condition has been satisfied with respect
          to
          S&P and Fitch. At any time at which no Relevant Entity has credit ratings
          at
          least equal to the Approved Ratings Threshold, Party A may make a Permitted
          Transfer.” 

         

        
          	 	
                  (ii)

                	
                  If
                    an Eligible Replacement has made a Firm Offer (which remains
                    an offer that
                    will become legally binding upon acceptance by Party B) to be
                    the
                    transferee pursuant to a Permitted Transfer, Party B shall, at
                    Party A’s
                    written request and at Party A’s expense, take any reasonable steps
                    required to be taken by Party B to effect such transfer.
                    

                

        

         

        
          	
                  (g)

                	
                  Non-Recourse.
                    Party A acknowledges and agree that, notwithstanding any provision
                    in this
                    Agreement to the contrary, the obligations of Party B hereunder
                    are
                    limited recourse obligations of Party B, payable solely from
                    the
                    Supplemental Interest Trust and the proceeds thereof, in accordance
                    with
                    the priority of payments and other terms of the Pooling and Servicing
                    Agreement and that Party A will not have any recourse to any
                    of the
                    directors, officers, employees, shareholders or affiliates of
                    the Party B
                    with respect to any claims, losses, damages, liabilities, indemnities
                    or
                    other obligations in connection with any transactions contemplated
                    hereby.
                    In the event that the Supplemental Interest Trust and the proceeds
                    thereof, should be insufficient to satisfy all claims outstanding
                    and
                    following the realization of the account held by the Supplemental
                    Interest
                    Trust and the proceeds thereof, any claims against or obligations
                    of Party
                    B under the ISDA Master Agreement or any other confirmation thereunder
                    still outstanding shall be extinguished and thereafter not revive.
                    The
                    Supplemental Interest Trust Trustee shall not have liability
                    for any
                    failure or delay in making a payment hereunder to Party A due
                    to any
                    failure or delay in receiving amounts in the account held by
                    the
                    Supplemental Interest Trust from the Trust created pursuant to
                    the Pooling
                    and Servicing Agreement. This provision will survive the termination
                    of
                    this Agreement.

                

        

        

        
          	
                  (h)

                	
                  [Reserved]

                

        

        

        
          	
                  (i)

                	
                  Rating
                    Agency Notifications. Notwithstanding
                    any other provision of this Agreement, no Early Termination Date
                    shall be
                    effectively designated hereunder by Party B and no transfer of
                    any rights
                    or obligations under this Agreement shall be made by either party
                    unless
                    each Swap Rating Agency has been given prior written notice of
                    such
                    designation or transfer. 

                

        

        

        
          	
                  (j)

                	
                  No
                    Set-off.
                    Except as expressly provided for in Section 2(c), Section 6 or
                    Part
                    1(f)(i)(D) hereof, and notwithstanding any other provision of
                    this
                    Agreement or any other existing or future agreement, each party
                    irrevocably waives any and all rights it may have to set off,
                    net, recoup
                    or otherwise withhold or suspend or condition payment or performance
                    of
                    any obligation between it and the other party hereunder against
                    any
                    obligation between it and the other party under any other agreements.
                    Section 6(e) shall be amended by deleting the following sentence:
“The
                    amount, if any, payable in respect of an Early Termination Date
                    and
                    determined pursuant to this Section will be subject to any
                    Set-off.”.

                

        

         

        
          	
                  (k)

                	
                  Amendment.
                    Notwithstanding any provision to the contrary in this Agreement,
                    no
                    amendment of either this Agreement or any Transaction under this
                    Agreement
                    shall be permitted by either party unless each of the Swap Rating
                    Agencies
                    has been provided prior written notice of the same and such amendment
                    satisfies the Rating Agency Condition with respect to S&P and
                    Fitch.

                

        

        

        
          	
                  (l)

                	
                  Notice
                    of Certain Events or Circumstances.
                    Each Party agrees, upon learning of the occurrence or existence
                    of any
                    event or condition that constitutes (or that with the giving
                    of notice or
                    passage of time or both would constitute) an Event of Default
                    or
                    Termination Event with respect to such party, promptly to give
                    the other
                    Party and to each Swap Rating Agency notice of such event or
                    condition;
                    provided that failure to provide notice of such event or condition
                    pursuant to this Part 5(l) shall not constitute an Event of Default
                    or a
                    Termination Event.

                

        

         

        
          	
                  (m)

                	
                  Proceedings.
                    No
                    Relevant Entity shall institute against, or cause any other person
                    to
                    institute against, or join any other person in instituting against
                    Party
                    B, the Supplemental Interest Trust, or the Trust formed pursuant
                    to the
                    Pooling and Servicing Agreement, in any bankruptcy, reorganization,
                    arrangement, insolvency or liquidation proceedings or other proceedings
                    under any federal or state bankruptcy or similar law for a period
                    of one
                    year (or, if longer, the applicable preference period) and one
                    day
                    following payment in full of the Certificates and any Notes.
                    This
                    provision will survive the termination of this
                    Agreement.

                

        

        

        
          	
                  (n)

                	
                  Cap
                    Trustee Liability Limitations.
                    It
                    is expressly understood and agreed by the parties hereto that
                    (a) this
                    Agreement is executed by Wells Fargo Bank, N.A. (“Wells”) not in
                    individually or personally, but solely as Supplemental Interest
                    Trust
                    Trustee under the Cap Allocation Agreement in the exercise of
                    the powers
                    and authority conferred and vested in it under the terms of the
                    Cap
                    Allocation Agreement; (b) Wells has been directed pursuant to
                    the Cap
                    Allocation Agreement to enter into this Agreement and to perform
                    its
                    obligations hereunder; (c) each of the representations, undertakings
                    and
                    agreements herein made on behalf of Party B is made and intended
                    not as
                    personal representations, undertakings and agreements of Wells
                    but is made
                    and intended for the purpose of binding only the Cap Trust; (d)
                    nothing
                    herein contained shall be construed as creating any liability
                    on the part
                    of Wells, individually or personally, to perform any covenant,
                    either
                    expressed or implied, contained herein, all such liability, if
                    any, being
                    expressly waived by the parties hereto and by any Person claiming
                    by,
                    through or under the parties hereto; and (e) under no circumstances
                    shall
                    Wells be personally liable for the payment of any indebtedness
                    or expenses
                    of Party B or be liable for the breach or failure of any obligation,
                    representation, warranty or covenant made or undertaken by Party
                    B under
                    this Agreement or any other related documents, as to all of which
                    recourse
                    shall be had solely to the assets of the Cap Trust in accordance
                    with the
                    terms of the Cap Allocation
                    Agreement.

                

        

        

        
          	
                  (o)

                	
                  Severability.
                    If
                    any term, provision, covenant, or condition of this Agreement,
                    or the
                    application thereof to any party or circumstance, shall be held
                    to be
                    invalid or unenforceable (in whole or in part) in any respect,
                    the
                    remaining terms, provisions, covenants, and conditions hereof
                    shall
                    continue in full force and effect as if this Agreement had been
                    executed
                    with the invalid or unenforceable portion eliminated, so long
                    as this
                    Agreement as so modified continues to express, without material
                    change,
                    the original intentions of the parties as to the subject matter
                    of this
                    Agreement and the deletion of such portion of this Agreement
                    will not
                    substantially impair the respective benefits or expectations
                    of the
                    parties; provided, however, that this severability provision
                    shall not be
                    applicable if any provision of Section 2, 5, 6, or 13 (or any
                    definition
                    or provision in Section 14 to the extent it relates to, or is
                    used in or
                    in connection with any such Section) shall be so held to be invalid
                    or
                    unenforceable. 

                

        

        

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition. 

        

        
          	
                  (p)

                	
                  Agent
                    for Party B. Party
                    A acknowledges that Party B has appointed the Cap Trustee as
                    its agent
                    under the Pooling and Servicing Agreement to carry out its obligations
                    hereunder, and that the Cap Trustee shall be entitled to give
                    notices and
                    to perform and satisfy the obligations of Party B hereunder on
                    behalf of
                    Party B.

                

        

         

        
          	
                  (q)

                	
                  Escrow
                    Payments.
                    If
                    (whether by reason of the time difference between the cities
                    in which
                    payments are to be made or otherwise) it is not possible for
                    simultaneous
                    payments to be made on any date on which both parties are required
                    to make
                    payments hereunder, either Party may at its option and in its
                    sole
                    discretion notify the other Party that payments on that date
                    are to be
                    made in escrow. In this case deposit of the payment due earlier
                    on that
                    date shall be made by 2:00 pm (local time at the place for the
                    earlier
                    payment) on that date with an escrow agent selected by the notifying
                    party, accompanied by irrevocable payment instructions (i) to
                    release the
                    deposited payment to the intended recipient upon receipt by the
                    escrow
                    agent of the required deposit of any corresponding payment payable
                    by the
                    other party on the same date accompanied by irrevocable payment
                    instructions to the same effect or (ii) if the required deposit
                    of the
                    corresponding payment is not made on that same date, to return
                    the payment
                    deposited to the party that paid it into escrow. The party that
                    elects to
                    have payments made in escrow shall pay all costs of the escrow
                    arrangements.

                

        

         

        
          	
                  (r)

                	
                  Consent
                    to Recording.
                    Each party hereto consents to the monitoring or recording, at
                    any time and
                    from time to time, by the other party of any and all communications
                    between trading, marketing, and operations personnel of the parties
                    and
                    their Affiliates, waives any further notice of such monitoring
                    or
                    recording, and agrees to notify such personnel of such monitoring
                    or
                    recording. 

                

        

        

        
          	
                  (s)

                	
                  Waiver
                    of Jury Trial.
                    Each party waives any right it may have to a trial by jury in
                    respect of
                    any in respect of any suit, action or proceeding relating to
                    this
                    Agreement or any Credit Support Document.

                

        

        

        
          	
                  (t)

                	
                  Form
                    of ISDA Master Agreement. Party
                    A and Party B hereby agree that the text of the body of the ISDA
                    Master
                    Agreement is intended to be the printed form of the ISDA Master
                    Agreement
                    (Multicurrency -
                    Crossborder) as published and copyrighted in 1992 by the International
                    Swaps and Derivatives Association,
                    Inc.

                

        

        

        
          	
                  (u)

                	
                  Payment
                    Instructions.
                    Party A hereby agrees that, unless notified in writing by Party
                    B of other
                    payment instructions, any and all amounts payable by Party A
                    to Party B
                    under this Agreement shall be paid to the account specified in
                    Item 4 of
                    this Confirmation, below. 

                

        

        

        
          	
                  (v)

                	
                  Additional
                    representations.

                

        

        

        (i)          
           Representations
          of Party A.
          Party A
          represents to Party B on the date on which Party A enters into each Transaction
          that:--

         

        
          	 	
                  (1)

                	
                  Party
                    A is a bank subject to the requirements of 12 U.S.C. § 1823(e), this
                    Agreement (including the Credit Support Annex and each Confirmation)
                    will
                    be maintained as one of its official records continuously from
                    the time of
                    its execution (or in the case of any Confirmation, continuously
                    until such
                    time as the relevant Transaction matures and the obligations
                    therefor are
                    satisfied in full).

                

        

         

        
          	 	
                  (ii)

                	
                  Capacity.
                    Party A represents to Party B on the date on which Party A enters
                    into
                    this Agreement that it is entering into this Agreement and the
                    Transaction
                    as principal and not as agent of any person. Party B represents
                    to Party A
                    on the date on which the Cap Trustee executes this Agreement
                    that it is
                    executing this Agreement and the Transaction in, not individually,
                    but
                    solely its capacity as Cap Trustee on behalf of the Cap
                    Trust.

                

        

         

        
          	
                  (w)

                	
                  Acknowledgements.

                

        

        

        
          	 	
                  (i)

                	
                  Substantial
                    financial transactions.
                    Each party hereto is hereby advised and acknowledges as of the
                    date hereof
                    that the other party has engaged in (or refrained from engaging
                    in)
                    substantial financial transactions and has taken (or refrained
                    from
                    taking) other material actions in reliance upon the entry by
                    the parties
                    into the Transaction being entered into on the terms and conditions
                    set
                    forth herein and in the Pooling and Servicing Agreement relating
                    to such
                    Transaction, as applicable. This paragraph shall be deemed repeated
                    on the
                    trade date of each Transaction.

                

        

         

        
          	 	
                  (ii)

                	
                  Bankruptcy
                    Code.
                    Subject to Part 5(m), without limiting the applicability if any,
                    of any
                    other provision of the U.S. Bankruptcy Code as amended (the “Bankruptcy
                    Code”) (including without limitation Sections 362, 546, 556, and 560
                    thereof and the applicable definitions in Section 101 thereof),
                    the
                    parties acknowledge and agree that all Transactions entered into
                    hereunder
                    will constitute “forward contracts” or “swap agreements” as defined in
                    Section 101 of the Bankruptcy Code or “commodity contracts” as defined in
                    Section 761 of the Bankruptcy Code, that the rights of the parties
                    under
                    Section 6 of this Agreement will constitute contractual rights
                    to
                    liquidate Transactions, that any margin or collateral provided
                    under any
                    margin, collateral, security, pledge, or similar agreement related
                    hereto
                    will constitute a “margin payment” as defined in Section 101 of the
                    Bankruptcy Code, and that the parties are entities entitled to
                    the rights
                    under, and protections afforded by, Sections 362, 546, 556, and
                    560 of the
                    Bankruptcy Code.

                

        

         

        
          	 	
                  (iii)

                	
                  Swap
                    Agreement. Party
                    A acknowledges that each Transaction is a “swap agreement” as defined in
                    12 U.S.C. Section 1821(e)(8)(D)(vi) and a “covered swap agreement” as
                    defined in the Commodity Exchange Act (7 U.S.C. Section
                    27(d)(1)).

                

        

         

        (x)                         
           [Reserved]

         

        (y)                        
           Compliance
          with Regulation AB.
          For
          purposes of Item 1115 of Subpart 229.1100 - Asset Backed Securities (Regulation
          AB) (17 C.F.R. ss.ss.229.1100 - 229.1123) (“Regulation AB”) under the Securities
          Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended
          (the “Exchange Act”), as amended and interpreted by the Securities and Exchange
          Commission and its staff, if the Depositor
          or
          Sponsor
          makes a
          determination, acting reasonably and in good faith, that (x) the applicable
          “significance percentage” with respect to this Agreement has been reached, and
          (y) the Depositor
          or
          Sponsor
          has a
          reporting obligation under the Exchange Act, then BNY shall, within five
          (5)
          Business Days after notice to that effect, at its sole expense, take one
          of the
          following actions (each subject to satisfaction of the applicable requirements
          of the Rating Agencies): (1) provide to the Depositor
          and
          Sponsor
          (including, if permitted by Regulation AB, provision by reference to reports
          filed pursuant to the Exchange Act or otherwise publicly available information)
          in an EDGAR-compatible format (for example, such information may be provided
          in
          Microsoft Word® or Microsoft Excel® format but not in .pdf format): (i) (A) the
          financial data required by Item 301 of Regulation S-K (17 C.F.R. §229.301),
          pursuant to Item 1115(b)(1); (B) financial statements meeting the requirements
          of Regulation S-X (17 C.F.R. §§210.1-01 through 210.12-29, but excluding 17
          C.F.R. ss. 210.3-05 and Article 11 of Regulation S-X (17 C.F.R. ss. ss.
          210.11-01 through 210.11-03)), pursuant to Item 1115(b)(2); or (C) such
          other
          financial information as may at the time be required or permitted to be
          provided
          in satisfaction of the requirements of Item 1115(b), together with accountants
          consents and/or a procedure letter relating thereto, and (ii) any updates
          to the
          foregoing with respect to BNY or any entity that consolidates BNY within
          five
          days of the release of any such updated information (but
          in
          no event more than 45 days after the end of each of BNY’s fiscal quarter for any
          quarterly update, and in no event more than 90 days after the end of each
          of
          BNY’s fiscal year for any annual update);
          or (2)
          secure another entity which complies with the requirements of Item 1115(b)
          of
          Regulation AB and with (1) above, to replace BNY as party to this Agreement
          on
          substantially similar terms to this Agreement, which entity (or guarantor
          therefor) meets or exceeds the Qualifying Ratings and which satisfies the
          Rating
          Agency Condition. 

        

        The
          Depositor shall be an express third party beneficiary of, and assumes the
          obligations set forth in, this Paragraph 4(11) as if a party hereto to
          the
          extent of the Depositor’s rights and obligations explicitly specified
          herein.

        

         

        (z)          
           Additional
          Definitions. 

         

        As
          used
          in this Agreement, the following terms shall have the meanings set forth
          below,
          unless the context clearly requires otherwise: 

         

        “Approved
          Ratings Threshold”
          means
          each of the S&P Approved Ratings Threshold, the Moody’s First Trigger
          Ratings Threshold, and the Fitch Approved Ratings Threshold.

        

        “Approved
          Replacement” means,
          with respect to a Market Quotation, an entity making such Market Quotation,
          which entity would satisfy conditions (a), (b) and (c) of the definition
          of
          Permitted Transfer (as determined by Party B in its sole discretion, acting
          in a
          commercially reasonable manner) if such entity were a Transferee, as defined
          in
          the definition of Permitted Transfer.

        

        “Derivative
          Provider Trigger Event”
          means
          (i) an Event of Default with respect to which Party A is a Defaulting Party,
          (ii) a Termination Event with respect to which Party A is the sole Affected
          Party or (iii) an Additional Termination Event with respect to which Party
          A is
          the sole Affected Party.

        

        “Eligible
          Guarantee”
          means an
          unconditional and irrevocable guarantee of all present and future obligations
          (for the avoidance of doubt, not limited to payment obligations) of Party
          A or
          an Eligible Replacement to Party B under this Agreement that is provided
          by an
          Eligible Guarantor as principal debtor rather than surety and that is directly
          enforceable by Party B, the form and substance of which guarantee are subject
          to
          the Rating Agency Condition with respect to S&P and Fitch, and either (A) a
          law firm has given a legal opinion confirming that none of the guarantor’s
          payments to Party B under such guarantee will be subject to Tax
          collected by withholding or
          (B)
          such guarantee provides that, in the event that any of such guarantor’s payments
          to Party B are subject to Tax collected by withholding, such guarantor
          is
          required to pay such additional amount as is necessary to ensure that the
          net
          amount actually received by Party B (free and clear of any Tax collected
          by
          withholding) will equal the full amount Party B would have received had
          no such
          withholding been required.

        

        “Eligible
          Guarantor” means
          an
          entity that (A) has credit ratings from S&P and Fitch at least equal to the
          S&P/Fitch Approved Ratings Threshold and (B) has credit ratings from Moody’s
          at least equal to the Moody’s Second Trigger Ratings Threshold, provided, for
          the avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor
          with
          credit ratings below the Moody’s Second Trigger Ratings Threshold will not cause
          a Collateral Event (as defined in the Credit Support Annex) not to occur
          or
          continue with respect to Moody’s. 

        

        “Eligible
          Replacement” means
          an
          entity (A) (i) (a) that has credit ratings from S&P and Fitch at least equal
          to the S&P/Fitch Approved Ratings Threshold, and (b) has credit ratings from
          Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold,
          provided, for the avoidance of doubt, that an Eligible Replacement with
          credit
          ratings below the Moody’s Second Trigger Ratings Threshold will not cause a
          Collateral Event (as defined in the Credit Support Annex) not to occur
          or
          continue with respect to Moody’s, or (ii) the present and future obligations
          (for the avoidance of doubt, not limited to payment obligations) of which
          entity
          to Party B under this Agreement are guaranteed pursuant to an Eligible
          Guarantee
          provided by an Eligible Guarantor.

        

        “Firm
          Offer”
          means
          (A) with respect to an Eligible Replacement, a quotation from such Eligible
          Replacement (i) in an amount equal to the actual amount payable by or to
          Party B
          in consideration of an agreement between Party B and such Eligible Replacement
          to replace Party A as the counterparty to this Agreement by way of novation
          or,
          if such novation is not possible, an agreement between Party B and such
          Eligible
          Replacement to enter into a Replacement Transaction (assuming that all
          Transactions hereunder become Terminated Transactions), and (ii) that
          constitutes an offer by such Eligible Replacement to replace Party A as
          the
          counterparty to this Agreement or enter a Replacement Transaction that
          will
          become legally binding upon such Eligible Replacement upon acceptance by
          Party
          B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
          Guarantor to provide an Eligible Guarantee that will become legally binding
          upon
          such Eligible Guarantor upon acceptance by the offeree.

        

        “Fitch”
          means
          Fitch Ratings Ltd., or any successor thereto.

        

        “Fitch
          Approved Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          from
          Fitch of “A” and a short-term unsecured and unsubordinated debt rating from
          Fitch of “F1”.

        

        “Fitch
          Required Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          from
          Fitch of “BBB-”.

        

        “Moody’s”
          means
          Moody’s Investors Service, Inc., or any successor thereto. 

        

        “Moody’s
          First Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating or counterparty rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

        

        “Moody’s
          Second Trigger Ratings Event” means
          that no
          Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
          Second Trigger Ratings Threshold. 

        

        “Moody’s
          Second Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
          or counterparty rating from Moody’s of “A3”.

        

        “Permitted
          Transfer” means
          a
          transfer by novation by Party A pursuant to Section 6(b)(ii), Part 5(d),
          Part
          5(e), or the second sentence of Section 7 (as amended herein) to a transferee
          (the “Transferee”)
          of all,
          but not less than all, of Party A’s rights, liabilities, duties and obligations
          under this Agreement, with respect to which transfer each of the following
          conditions is satisfied: (a) the Transferee is an Eligible Replacement;
          (b)
          Party A and the Transferee are both “dealers in notional principal contracts”
within the meaning of Treasury regulations section 1.1001-4; (c) as of
          the date
          of such transfer the Transferee would not be required to withhold or deduct
          on
          account of Tax from any payments under this Agreement or would be required
          to
          gross up for such Tax under Section 2(d)(i)(4); (d) an Event of Default
          or
          Termination Event would not occur as a result of such transfer; (e) pursuant
          to
          a written instrument (the “Transfer
          Agreement”),
          the
          Transferee acquires and assumes all rights and obligations of Party A under
          the
          Agreement and the relevant Transaction; (f) Party B shall have determined,
          in
          its sole discretion, acting in a commercially reasonable manner, that such
          Transfer Agreement is effective to transfer to the Transferee all, but
          not less
          than all, of Party A’s rights and obligations under the Agreement and all
          relevant Transactions; (g) Party A will be responsible for any costs or
          expenses
          incurred in connection with such transfer (including any replacement cost
          of
          entering into a replacement transaction); (h) either (A) Moody’s has been given
          prior written notice of such transfer and the Rating Agency Condition is
          satisfied with respect to S&P and Fitch or (B) each Swap Rating Agency has
          been given prior written notice of such transfer and such transfer is in
          connection with the assignment and assumption of this Agreement without
          modification of its terms, other than party names, dates relevant to the
          effective date of such transfer, tax representations (provided that the
          representations in Part 2(a)(i) are not modified) and any other representations
          regarding the status of the substitute counterparty of the type included
          in Part
          5(b)(iv), Part 5(v)(i)(2) or Part 5(v)(ii), notice information and account
          details; and (i) such transfer otherwise complies with the terms of the
          Pooling
          and Servicing Agreement.

         

        “Rating
          Agency Condition”
          means,
          with respect to any particular proposed act or omission to act hereunder
          and
          each Swap Rating Agency specified in connection with such proposed act
          or
          omission, that the party acting or failing to act must consult with each
          of the
          specified Swap Rating Agencies and receive from each such Swap Rating Agency
          a
          prior written confirmation that the proposed action or inaction would not
          cause
          a downgrade or withdrawal of the then-current rating of any Certificates
          or
          Notes.

        

        “Relevant
          Entity” means
          Party A and, to the extent applicable, a guarantor under an Eligible
          Guarantee.

        

        “Replacement
          Transaction”
          means,
          with respect to any Terminated Transaction or group of Terminated Transactions,
          a transaction or group of transactions that (i) would have the effect of
          preserving for Party B the economic equivalent of any payment or delivery
          (whether the underlying obligation was absolute or contingent and assuming
          the
          satisfaction of each applicable condition precedent) by the parties under
          Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
          Transactions that would, but for the occurrence of the relevant Early
          Termination Date, have been required after that Date, and (ii) has terms
          which
          are substantially the same as this Agreement, including, without limitation,
          rating triggers, Regulation AB compliance, and credit support documentation,
          save for the exclusion of provisions relating to Transactions that are
          not
          Terminated Transaction, as determined by Party B in its sole discretion,
          acting
          in a commercially reasonable manner.

        

        “Required
          Ratings Downgrade Event”
          shall
          have the meaning assigned thereto in Part 5(d).

        

        “Required
          Ratings Threshold” means
          each of the S&P Required Ratings Threshold, the Moody’s Second Trigger
          Ratings Threshold, [the Fitch Required Ratings Threshold and the DBRS Required
          Ratings Threshold].

        

        “S&P”
          means
          Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
          Inc., or any successor thereto. 

        

        “S&P
          Approved Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a short-term unsecured and unsubordinated debt rating
          from
          S&P of “A-1”, or, if such entity does not have a short-term unsecured and
          unsubordinated debt rating from S&P, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from S&P of
“A+”.

        

        “S&P
          Required Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          or
          counterparty rating from S&P of “BBB+”. 

        

        “Swap
          Rating Agencies”
          means,
          with respect to any date of determination, each of S&P, Moody’s, and Fitch,
          to the extent that each such rating agency is then providing a rating for
          any of
          the Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series
          2006-EQ2 (the “Certificates”)
          or any
          notes backed by the Certificates (the “Notes”).

        

         

        [Remainder
          of this page intentionally left blank.]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        4. Account
          Details and Settlement Information:  

         

        

        
          	
                  Payments
                    to Party A:

                	
                  The
                    Bank of New York

                
	 	
                  Derivative
                    Products Support Department

                
	 	
                  32
                    Old Slip, 16th
                    Floor

                
	 	
                  New
                    York, New York 10286

                
	 	
                  Attention:
                    Renee Etheart

                
	 	
                  ABA
                    #021000018

                
	 	
                  Account
                    #890-0068-175

                
	 	
                  Reference:
                    Interest Rate Cap

                
	 	 
	
                  Payments
                    to Party B:

                	
                  Wells
                    Fargo Bank, N.A.

                
	 	
                  ABA
                    #: 121 000 248

                
	 	
                  Account
                    #: 397 077 1416

                
	 	
                  Account
                    Name: SAS Clearing

                
	 	
                  FFC
                    to: 50977601-Soundview 2006-EQ2

                

        

        

        This
          Agreement may be executed in several counterparts, each of which shall
          be deemed
          an original but all of which together shall constitute one and the same
          instrument.

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        We
          are
          very pleased to have executed this Transaction with you and we look forward
          to
          completing other transactions with you in the near future.

        

        Very
          truly yours,

        

        The
          Bank
          of New York

        

        

        

        
          	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        Party
          B,
          acting through its duly authorized signatory, hereby agrees to, accepts
          and
          confirms the terms of the foregoing as of the date hereof.

        

        Wells
          Fargo Bank, N.A., not in its individual capacity, but solely as Cap Trustee
          on
          behalf of the Cap Trust created pursuant to the Cap Allocation
          Agreement 

         

        

        

        
          	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 

        

        

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        SCHEDULE
          I

        (all
          such
          dates subject to adjustment in accordance with the Modified Following Business
          Day Convention) 

        

        
          	
                  Accrual
                    Start Date

                	
                  Accrual
                    End Date

                	
                  Notional
                    Amount (in USD)

                
	
                  10/25/08

                	
                  11/25/08

                	
                  1,245.82436

                
	
                  11/25/08

                	
                  12/25/08

                	
                  1,014,430.24532

                
	
                  12/25/08

                	
                  01/25/09

                	
                  903,530.67232

                
	
                  01/25/09

                	
                  02/25/09

                	
                  804,752.96192

                
	
                  02/25/09

                	
                  03/25/09

                	
                  716,827.15012

                
	
                  03/25/09

                	
                  04/25/09

                	
                  683,094.18592

                
	
                  04/25/09

                	
                  05/25/09

                	
                  650,947.06588

                
	
                  05/25/09

                	
                  06/25/09

                	
                  620,311.29660

                
	
                  06/25/09

                	
                  07/25/09

                	
                  591,115.88168

                
	
                  07/25/09

                	
                  08/25/09

                	
                  563,293.15772

                
	
                  08/25/09

                	
                  09/25/09

                	
                  536,778.63772

                
	
                  09/25/09

                	
                  10/25/09

                	
                  511,510.86216

                
	
                  10/25/09

                	
                  11/25/09

                	
                  488,074.28404

                
	
                  11/25/09

                	
                  12/25/09

                	
                  492,630.15784

                
	
                  12/25/09

                	
                  01/25/10

                	
                  469,437.71376

                
	
                  01/25/10

                	
                  02/25/10

                	
                  447,335.95816

                
	
                  02/25/10

                	
                  03/25/10

                	
                  426,273.64316

                
	
                  03/25/10

                	
                  04/25/10

                	
                  406,201.92700

                
	
                  04/25/10

                	
                  05/25/10

                	
                  387,074.26140

                
	
                  05/25/10

                	
                  06/25/10

                	
                  368,846.28392

                
	
                  06/25/10

                	
                  07/25/10

                	
                  351,475.71500

                
	
                  07/25/10

                	
                  08/25/10

                	
                  334,922.26076

                
	
                  08/25/10

                	
                  09/25/10

                	
                  319,147.51944

                
	
                  09/25/10

                	
                  10/25/10

                	
                  304,114.89260

                
	
                  10/25/10

                	
                  11/25/10

                	
                  289,789.50084

                
	
                  11/25/10

                	
                  12/25/10

                	
                  276,138.10264

                
	
                  12/25/10

                	
                  01/25/11

                	
                  263,129.01776

                
	
                  01/25/11

                	
                  02/25/11

                	
                  250,732.05392

                
	
                  02/25/11

                	
                  03/25/11

                	
                  238,918.43692

                
	
                  03/25/11

                	
                  04/25/11

                	
                  227,660.74420

                
	
                  04/25/11

                	
                  05/25/11

                	
                  216,932.84108

                
	
                  05/25/11

                	
                  06/25/11

                	
                  206,709.82072

                
	
                  06/25/11

                	
                  07/25/11

                	
                  197,063.81676

                
	
                  07/25/11

                	
                  08/25/11

                	
                  187,775.92044

                
	
                  08/25/11

                	
                  09/25/11

                	
                  178,925.20388

                
	
                  09/25/11

                	
                  10/25/11

                	
                  170,504.32060

                
	
                  10/25/11

                	
                  11/25/11

                	
                  162,466.63076

                
	
                  11/25/11

                	
                  12/25/11

                	
                  164,009.98484

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Annex
          A

        

        Paragraph
          13 of the Credit Support Annex

        

        ANNEX
          A

        

        ISDA®

        CREDIT
          SUPPORT ANNEX

        to
          the
          Schedule to the

        ISDA
          Master Agreement

        dated
          as
          of December 28, 2006 between

        The
          Bank
          of New York 

        (hereinafter
          referred to as “Party
          A”
          or
“Pledgor”)

        and

        Wells
          Fargo Bank, N.A., not in its individual capacity, but solely as Cap Trustee
          on
          behalf of the Cap Trust created pursuant to the Cap Allocation Agreement
          (hereinafter referred to as “Party
          B”
          or
“Secured
          Party”).

        

        For
          the
          avoidance of doubt, and notwithstanding anything to the contrary that may
          be
          contained in the Agreement, this Credit Support Annex shall relate solely
          to the
          Transaction documented in the Confirmation dated December 21, 2006, between
          Party A and Party B, Reference Number 38708.

        

         

        Paragraph
          13. Elections and Variables.

         

        
          	(a)  	
                  Security
                    Interest for “Obligations”.
                    The term “Obligations”
                    as
                    used in this Annex includes the following additional
                    obligations:

                

        

         

        With
          respect to Party A: not applicable.

         

        With
          respect to Party B: not applicable.

         

        
          	(b)  	
                  Credit
                    Support Obligations.

                

        

         

        
          	(i)  	
                  Delivery
                    Amount, Return Amount and Credit Support
                    Amount.

                

        

         

        
          	(A)  	
                  “Delivery
                    Amount”
                    has the meaning specified in Paragraph 3(a) as amended (I) by
                    deleting the
                    words “upon a demand made by the Secured Party on or promptly following
                    a
                    Valuation Date” and inserting in lieu thereof the words “not later than
                    the close of business on each Valuation Date on which (A) a Moody’s First
                    Trigger Event or Moody’s Second Trigger Event has occurred and has been
                    continuing (x) for at least 30 Local Business Days or (y) since
                    this Annex
                    was executed, (B) an S&P/Fitch Rating Threshold Event has occurred and
                    been continuing for at least 30 days or (C) an S&P/Fitch Required
                    Ratings Downgrade Event has occurred and is continuing” and (II) by
                    deleting in its entirety the sentence beginning “Unless otherwise
                    specified in Paragraph 13” and ending “(ii) the Value as of that Valuation
                    Date of all Posted Credit Support held by the Secured Party.” and
                    inserting in lieu thereof the
                    following:

                

        

         

        The
          “Delivery
          Amount”
          applicable to the Pledgor for any Valuation Date will equal the greatest
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P/Fitch Credit Support Amount for such
                    Valuation Date exceeds (b) the S&P/Fitch Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party,
                    

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                    Valuation Date of all Posted Credit Support held by the Secured
                    Party,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                    such Valuation Date of all Posted Credit Support held by the
                    Secured
                    Party.

                

        

         

        
          	(B)  	
                  “Return
                    Amount”
                    has the meaning specified in Paragraph 3(b) as amended by deleting
                    in its
                    entirety the sentence beginning “Unless otherwise specified in Paragraph
                    13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                    thereof the following:

                

        

         

        The
          “Return
          Amount”
          applicable to the Secured Party for any Valuation Date will equal the least
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P/Fitch Value as of such Valuation Date of
                    all Posted Credit Support held by the Secured Party exceeds (b)
                    the
                    S&P/Fitch Credit Support Amount for such Valuation Date,
                    

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s Second Trigger Credit Support Amount for such Valuation
                    Date.

                

        

         

        
          	(C)  	
                  “Credit
                    Support Amount”
                    shall not apply. For purposes of calculating any Delivery Amount
                    or Return
                    Amount for any Valuation Date, reference shall be made to the
                    S&P/Fitch Credit Support Amount, the Moody’s First Trigger Credit
                    Support Amount, or the Moody’s Second Trigger Credit Support Amount, in
                    each case for such Valuation Date, as provided in Paragraphs
                    13(b)(i)(A)
                    and 13(b)(i)(B), above.

                

        

         

        
          	(ii)  	
                  Eligible
                    Collateral.
                    

                

        

         

        On
          any
          date, the items set forth in Schedule I will qualify as “Eligible
          Collateral”
(for
          the avoidance of doubt, all Eligible Collateral to be denominated in
          USD):

         

        
          	(iii)  	
                  Other
                    Eligible Support. 

                

        

         

        The
          following items will qualify as “Other
          Eligible Support”
          for the
          party specified: 

         

        Not
          applicable.

         

        
          	(iv)  	
                  Threshold.

                

        

         

        
          	(A)  	
                  “Independent
                    Amount”
                    means zero with respect to Party A and Party
                    B.

                

        

         

        
          	(B)  	
                  “Threshold”
                    means, with respect to Party A and any Valuation Date, zero if
                    (A) a
                    Moody’s First Trigger Event or Moody’s Second Trigger Event has occurred
                    and has been continuing (x) for at least 30 Local Business Days
                    or (y)
                    since this Annex was executed, (B) an S&P Rating Threshold Event or
                    Fitch Rating Threshold Event has occurred and been continuing
                    for at least
                    30 days or (C) an S&P/Fitch Required Ratings Downgrade Event has
                    occurred and is continuing; otherwise,
                    infinity.

                

        

         

          “Threshold”
          means,
          with respect to Party B and any Valuation Date, infinity.

         

        
          	(C)  	
                  “Minimum
                    Transfer Amount” means
                    USD 100,000 with respect to Party A and Party B; provided, however,
                    that
                    if the aggregate Certificate Principal Balance of the Certificates
                    and the
                    aggregate principal balance of the Notes rated by S&P is at the time
                    of any transfer less than USD 50,000,000, the “Minimum
                    Transfer Amount”
                    shall be USD 50,000.

                

        

         

        
          	(D)  	
                  Rounding:
                    The Delivery Amount will be rounded up to the nearest integral
                    multiple of
                    USD 10,000. The Return Amount will be rounded down to the nearest
                    integral
                    multiple of USD 1,000.

                

        

         

        
          	(c)  	
                  Valuation
                    and Timing.

                

        

         

        
          	(i)  	
                  “Valuation
                    Agent”
                    means Party A; provided, however, that if an Event of Default
                    shall have
                    occurred with respect to which Party A is the Defaulting Party,
                    Party B
                    shall have the right to designate as Valuation Agent an independent
                    party,
                    reasonably acceptable to Party A, the cost for which shall be
                    borne by
                    Party A. All calculations by the Valuation Agent must be made
                    in
                    accordance with standard market practice, including, in the event
                    of a
                    dispute as to the Value of any Eligible Credit Support or Posted
                    Credit
                    Support, by making reference to quotations received by the Valuation
                    Agent
                    from one or more Pricing Sources.

                

        

         

        
          	(ii)  	
                  “Valuation
                    Date” means
                    each Local Business Day for which the Threshold with respect
                    to Party A
                    equals zero.

                

        

         

        
          	(iii)  	
                  “Valuation
                    Time” means
                    the close of business in the city of the Valuation Agent on the
                    Local
                    Business Day immediately preceding the Valuation Date or date
                    of
                    calculation, as applicable; provided
                    that the calculations of Value and Exposure will be made as of
                    approximately the same time on the same date. The Valuation Agent
                    will
                    notify each party (or the other party, if the Valuation Agent
                    is a party)
                    of its calculations not later than the Notification Time on the
                    applicable
                    Valuation Date (or in the case of Paragraph 6(d), the Local Business
                    Day
                    following the day on which such relevant calculations are performed).
                    

                

        

         

        
          	(iv)  	
                  “Notification
                    Time” means
                    11:00 a.m., New York time, on a Local Business Day.
                    

                

        

         

        
          	(v)  	
                  External
                    Verification.
                    Notwithstanding anything to the contrary in the definitions of
                    Valuation
                    Agent or Valuation Date, at any time at which Party A (or, to
                    the extent
                    applicable, its Credit Support Provider) does not have a long-term
                    unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                    the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                    the S&P Value of Posted Credit Suppport on each Valuation Date based
                    on internal marks and (B) verify such calculations with external
                    marks
                    monthly by obtaining on the last Local Business Day of each calendar
                    month
                    two external marks for each Transaction to which this Annex relates
                    and
                    for all Posted Credit Suport; such verification of the Secured
                    Party’s
                    Exposure shall be based on the higher of the two external marks.
                    Each
                    external mark in respect of a Transaction shall be obtained from
                    an
                    independent Reference Market-maker that would be eligible and
                    willing to
                    enter into such Transaction in the absence of the current derivative
                    provider, provided that an external mark may not be obtained
                    from the same
                    Reference Market-maker more than four times in any 12-month period.
                    The
                    Valuation Agent shall obtain these external marks directly or
                    through an
                    independent third party, in either case at no cost to Party B.
                    The
                    Valuation Agent shall calculate on each Valuation Date (for purposes
                    of
                    this paragraph, the last Local Business Day in each calendar
                    month
                    referred to above shall be considered a Valuation Date) the Secured
                    Party’s Exposure based on the greater of the Valuation Agent’s internal
                    marks and the external marks received. If the S&P Value on any such
                    Valuation Date of all Posted Credit Support then held by the
                    Secured Party
                    is less than the S&P Credit Support Amount on such Valuation Date (in
                    each case as determined pursuant to this paragraph), Party A
                    shall, within
                    three Local Business Days of such Valuation Date, Transfer to
                    the Secured
                    Party Eligible Credit Support having an S&P Value as of the date of
                    Transfer at least equal to such deficiency.

                

        

         

        
          	(vi)  	
                  Notice
                    to S&P.
                    At
                    any time at which Party A (or, to the extent applicable, its
                    Credit
                    Support Provider) does not have a long-term unsubordinated and
                    unsecured
                    debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                    provide to S&P not later than the Notification Time on the Local
                    Business Day following each Valuation Date its calculations of
                    the Secured
                    Party’s Exposure and the S&P Value of any Eligible Credit Support or
                    Posted Credit Support for that Valuation Date. The Valuation
                    Agent shall
                    also provide to S&P any external marks received pursuant to the
                    preceding paragraph.

                

        

         

        
          	(d)  	
                  Conditions
                    Precedent and Secured Party’s Rights and
                    Remedies.
                    The following Termination Events will be a “Specified
                    Condition”
                    for the party specified (that party being the Affected Party
                    if the
                    Termination Event occurs with respect to that party): With respect
                    to
                    Party A: any Additional Termination Event with respect to which
                    Party A is
                    the sole Affected Party. With respect to Party B:
                    None.

                

        

         

        
          	(e)  	
                  Substitution.

                

        

         

        
          	(i)  	
                  “Substitution
                    Date”
                    has the meaning specified in Paragraph
                    4(d)(ii).

                

        

         

        
          	(ii)  	
                  Consent.
                    If
                    specified here as applicable, then the Pledgor must obtain the
                    Secured
                    Party’s consent for any substitution pursuant to Paragraph 4(d):
                    Inapplicable.

                

        

         

        
          	(f)  	
                  Dispute
                    Resolution.

                

        

         

        
          	(i)  	
                  “Resolution
                    Time”
                    means 1:00 p.m. New York time on the Local Business Day following
                    the date
                    on which the notice of the dispute is given under Paragraph
                    5.

                

        

         

        
          	(ii)  	
                  Value.
                    Notwithstanding anything to the contrary in Paragraph 12, for
                    the purpose
                    of Paragraphs 5(i)(C) and 5(ii), the S&P/Fitch Value, Moody’s First
                    Trigger Value, and Moody’s Second Trigger Value, on any date, of Eligible
                    Collateral other than Cash will be calculated as follows:
                    

                

        

         

        For
          Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
          the
          sum of (A) the product of (1)(x) the bid price at the Valuation Time for
          such
          securities on the principal national securities exchange on which such
          securities are listed, or (y) if such securities are not listed on a national
          securities exchange, the bid price for such securities quoted at the Valuation
          Time by any principal market maker for such securities selected by the
          Valuation
          Agent, or (z) if no such bid price is listed or quoted for such date, the
          bid
          price listed or quoted (as the case may be) at the Valuation Time for the
          day
          next preceding such date on which such prices were available and (2) the
          applicable Valuation Percentage for such Eligible Collateral, and (B) the
          accrued interest on such securities (except to the extent Transferred to
          the
          Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price
          referred to in the immediately preceding clause (A)) as of such
          date.

         

        
          	(iii)  	
                  Alternative.
                    The provisions of Paragraph 5 will
                    apply.

                

        

         

        
          	(g)  	
                  Holding
                    and Using Posted
                    Collateral.

                

        

         

        
          	(i)  	
                  Eligibility
                    to Hold Posted Collateral; Custodians.  Party
                    B (or any Custodian) will be entitled to hold Posted Collateral
                    pursuant
                    to Paragraph 6(b). 

                

        

         

        Party
          B
          may appoint as Custodian (A) the entity then serving as Supplemental Interest
          Trust Trustee or (B) a commercial bank or trust company organized under
          the laws
          of the United States or any state thereof, having assets of at least $10
          Billion
          and a long term debt or a deposit rating of at least (i) Baa2 from Moody's
          and
          (ii) BBB from S&P and a short-term unsecured and unsubordinated debt rating
          from S&P of at least “A-1.”

         

        Initially,
          the Custodian
          for
          Party B is: The Supplemental Interest Trust Trustee.

         

        
          	(ii)  	
                  Use
                    of Posted Collateral. The
                    provisions of Paragraph 6(c)(i) will not apply to Party B, but
                    the
                    provisions of Paragraph 6(c)(ii) will apply to Party B.
                    

                

        

         

        
          	(h)  	
                  Distributions
                    and Interest Amount.

                

        

         

        
          	(i)  	
                  Interest
                    Rate.
                    The “Interest
                    Rate”
                    will be the actual interest rate earned on Posted Collateral
                    in the form
                    of Cash that is held by Party B or its Custodian. Posted Collateral
                    in the
                    form of Cash shall be invested in such overnight (or redeemable
                    within two
                    Local Business Days of demand) [Permitted Investments] rated
                    at least AAAm
                    or AAAm-G by S&P and Prime-1 by Moody’s or Aaa by Moody’s as directed
                    by Party A (unless (x) an Event of Default or an Additional Termination
                    Event has occurred with respect to which Party A is the defaulting
                    or sole
                    Affected Party or (y) an Early Termination Date has been designated,
                    in
                    which case such investment shall be held uninvested). Gains and
                    losses
                    incurred in respect of any investment of Posted Collateral in
                    the form of
                    Cash in Permitted Investments as directed by Party A shall be
                    for the
                    account of Party A.

                

        

         

        
          	(ii)  	
                  Transfer
                    of Interest Amount.
                    The Transfer of the Interest Amount will be made on the second
                    Local
                    Business Day following the end of each calendar month and on
                    any other
                    Local Business Day on which Posted Collateral in the form of
                    Cash is
                    Transferred to the Pledgor pursuant to Paragraph 3(b); provided,
                    however,
                    that the obligation of Party B to Transfer any Interest Amount
                    to Party A
                    shall be limited to the extent that Party B has earned and received
                    such
                    funds and such funds are available to Party B.

                

        

         

        
          	(iii)  	
                  Alternative
                    to Interest Amount.
                    The provisions of Paragraph 6(d)(ii) will
                    apply.

                

        

         

        
          	(i)  	
                  Additional
                    Representation(s).
                    There are no additional representations by either
                    party.

                

        

         

        
          	(j)  	
                  Other
                    Eligible Support and Other Posted Support.

                

        

         

        
          	(i)  	
                  “Value”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable. 

                

        

         

        
          	(ii)  	
                  “Transfer”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable.

                

        

         

        
          	(k)  	
                  Demands
                    and Notices.All
                    demands, specifications and notices under this Annex will be
                    made pursuant
                    to the Notices Section of this Agreement, except that any demand,
                    specification or notice shall be given to or made at the following
                    addresses, or at such other address as the relevant party may
                    from time to
                    time designate by giving notice (in accordance with the terms
                    of this
                    paragraph) to the other party:

                

        

         

        If
          to
          Party A:

         

        The
          Bank
          of New York

        Collateral
          Management

        32
          Old
          Slip, 16th Floor

        New
          York,
          New York 10286

        Phone:
          (212) 804-5158

        Fax:
          (212) 804-5818

         

        If
          to
          Party B, at the address specified pursuant to the Notices Section of this
          Agreement.

         

        If
          to
          Party B’s Custodian: [
          ]

         

        
          	(l)  	
                  Address
                    for Transfers.
                    Each Transfer hereunder shall be made to the address specified
                    below or to
                    an address specified in writing from time to time by the party
                    to which
                    such Transfer will be made.

                

        

         

        Party
          A
          account details: To be specified in each notice.

         

        [Party
          B
          account details]

         

        [Party
          B’s Custodian account details]

         

        
          	(m)  	
                  Other
                    Provisions.

                

        

         

        
          	(i)  	
                  Collateral
                    Account.
                    Party B shall open and maintain a segregated account, which shall
                    be an
                    Eligible Account, and hold, record and identify all Posted Collateral
                    in
                    such segregated account.

                

        

         

        
          	(ii)  	
                  Agreement
                    as to Single Secured Party and Single Pledgor.
                    Party A and Party B hereby agree that, notwithstanding anything
                    to the
                    contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                    means only Party B, (b) the term “Pledgor” as used in this Annex means
                    only Party A, (c) only Party A makes the pledge and grant in
                    Paragraph 2,
                    the acknowledgement in the final sentence of Paragraph 8(a) and
                    the
                    representations in Paragraph 9.

                

        

         

        
          	(iii)  	
                  Calculation
                    of Value.
                    Paragraph 4(c) is hereby amended by deleting the word “Value” and
                    inserting in lieu thereof “S&P/Fitch Value, Moody’s First Trigger
                    Value, Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended
                    by (A) deleting the words “a Value” and inserting in lieu thereof “an
                    S&P/Fitch Value, Moody’s First Trigger Value, and Moody’s Second
                    Trigger Value” and (B) deleting the words “the Value” and inserting in
                    lieu thereof “S&P/Fitch Value, Moody’s First Trigger Value, and
                    Moody’s Second Trigger Value”. Paragraph 5 (flush language) is hereby
                    amended by deleting the word “Value” and inserting in lieu thereof
                    “S&P/Fitch Value, Moody’s First Trigger Value, or Moody’s Second
                    Trigger Value”. Paragraph 5(i) (flush language) is hereby amended by
                    deleting the word “Value” and inserting in lieu thereof “S&P/Fitch
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                    Paragraph 5(i)(C) is hereby amended by deleting the word “the Value, if”
                    and inserting in lieu thereof “any one or more of the S&P/Fitch Value,
                    Moody’s First Trigger Value, or Moody’s Second Trigger Value, as may be”.
                    Paragraph 5(ii) is hereby amended by (1) deleting the first instance
                    of
                    the words “the Value” and inserting in lieu thereof “any one or more of
                    the S&P/Fitch Value, Moody’s First Trigger Value, or Moody’s Second
                    Trigger Value” and (2) deleting the second instance of the words “the
                    Value” and inserting in lieu thereof “such disputed S&P/Fitch Value,
                    Moody’s First Trigger Value, or Moody’s Second Trigger Value”. Each of
                    Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by
                    deleting
                    the word “Value” and inserting in lieu thereof “least of the S&P/Fitch
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                    

                

        

         

        
          	(iv)  	
                  Form
                    of Annex. Party
                    A and Party B hereby agree that the text of Paragraphs 1 through
                    12,
                    inclusive, of this Annex is intended to be the printed form of
                    ISDA Credit
                    Support Annex (Bilateral Form - ISDA Agreements Subject to New
                    York Law
                    Only version) as published and copyrighted in 1994 by the International
                    Swaps and Derivatives Association,
                    Inc.

                

        

         

        
          	(v)  	
                  Events
                    of Default.
                    Paragraph 7 will not apply to cause any Event of Default to exist
                    with
                    respect to Party B except that Paragraph 7(i) will apply to Party
                    B solely
                    in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                    Support Annex. Notwithstanding anything to the contrary in Paragraph
                    7,
                    any failure by Party A to comply with or perform any obligation
                    to be
                    complied with or performed by Party A under the Credit Support
                    Annex shall
                    only be an Event of Default if (A) a Required Ratings Downgrade
                    Event has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    such failure is not remedied on or before the third Local Business
                    Day
                    after notice of such failure is given to Party
                    A.

                

        

         

        
          	(vi)  	
                  Expenses.
                    Notwithstanding anything to the contrary in Paragraph 10, the
                    Pledgor will
                    be responsible for, and will reimburse the Secured Party for,
                    all transfer
                    and other taxes and other costs involved in any Transfer of Eligible
                    Collateral.

                

        

         

        
          	(vii)  	
                  Withholding.
                    Paragraph 6(d)(ii) is hereby amended by inserting immediately
                    after “the
                    Interest Amount” in the fourth line thereof the words “less any applicable
                    withholding taxes.”

                

        

         

        (vii)   Additional
          Definitions.
          As used
          in this Annex:

         

        “Collateral
          Event” means
          that no Relevant Entity has credit ratings at least equal to the Approved
          Ratings Threshold.

         

        “Exposure”
          has the meaning specified in Paragraph 12, except that after the word
“Agreement” the words “(assuming, for this purpose only, that Part 1(f) of the
          Schedule is deleted)” shall be inserted. 

         

        “Fitch
          Rating Threshold Event” means,
          on
          any date, no Relevant Entity has credit ratings from Fitch which equal
          or exceed
          the Fitch Approved Ratings Threshold.

         

        “Local
          Business Day”
means
          for purposes of this Annex: any day on which (A) commercial banks are open
          for
          business (including dealings in foreign exchange and foreign currency deposits)
          in New York and the location of Party A, Party B and any Custodian, and
          (B) in
          relation to a Transfer of Eligible Collateral, any day on which the clearance
          system agreed between the parties for the delivery of Eligible Collateral
          is
          open for acceptance and execution of settlement instructions (or in the
          case of
          a Transfer of Cash or other Eligible Collateral for which delivery is
          contemplated by other means a day on which commercial banks are open for
          business (including dealings in foreign exchange and foreign deposits)
          in New
          York and the location of Party A, Party B and any Custodian. 

         

        “Moody’s
          First Trigger Event” means
          that no Relevant Entity has credit ratings from Moody’s at least equal to the
          Moody’s First Trigger Ratings Threshold.

         

        “Moody’s
          First Trigger Credit Support Amount” means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which (I) a Moody’s First Trigger Event has occurred
                    and has been continuing (x) for at least 30 Local Business Days
                    or (y)
                    since this Annex was executed and (II) it is not the case that
                    a Moody’s
                    Second Trigger Event has occurred and been continuing for at
                    least 30
                    Local Business Days, an amount equal to the greater of (a) zero
                    and (b)
                    the sum of (i) the Secured Party’s Exposure for such Valuation Date and
                    (ii) the sum, for each Transaction to which this Annex relates,
                    of the
                    product of the applicable Moody’s First Trigger Factor set forth in Table
                    1 and the Notional Amount for such Transaction for the Calculation
                    Period
                    which includes such Valuation Date; or

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)       
           the
          Threshold for Party A such Valuation Date.

         

        “Moody’s
          First Trigger Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the bid
          price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Moody’s
          Second Trigger Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which it is the case that a Moody’s Second Trigger
                    Ratings Event has occurred and been continuing for at least 30
                    Local
                    Business Days, an amount equal to the greatest of (a) zero, (b)
                    the
                    aggregate amount of the next payment due to be paid by Party
                    A under each
                    Transaction to which this Annex relates, and (c) the sum of (x)
                    the
                    Secured Party’s Exposure for such Valuation Date and (y) the sum, for each
                    Transaction to which this Annex relates, of

                

        

         

        (1) if
          such
          Transaction is not a Transaction-Specific Hedge, the product of the applicable
          Moody’s Second Trigger Factor set forth in Table 2 and the Notional Amount for
          such Transaction for the Calculation Period which includes such Valuation
          Date;
          or

         

        (2) if
          such
          Transaction is a Transaction-Specific Hedge, the product of the applicable
          Moody’s Second Trigger Factor set forth in Table 3 and the Notional Amount for
          such Transaction for the Calculation Period which includes such Valuation
          Date;
          or 

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II) the
          Threshold for Party A for such Valuation Date.

         

        “Moody’s
          Second Trigger Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the bid
          price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Pricing
          Sources”
          means
          the sources of financial information commonly known as Bloomberg, Bridge
          Information Services, Data Resources Inc., Interactive Data Services,
          International Securities Market Association, Merrill Lynch Securities Pricing
          Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing, JJ
          Kenny,
          S&P and Telerate.

         

        “Remaining
          Weighted Average Maturity” means,
          with respect to a Transaction, the expected weighted average maturity for
          such
          Transaction as determined by the Valuation Agent.

         

        “S&P/Fitch
          Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)
                    

                	
                  for
                    any Valuation Date on which an S&P Rating Threshold Event or Fitch
                    Rating Threshold Event has occurred and been continuing for at
                    least 30
                    days, an amount equal to the sum of (1) 100.0% of the Secured
                    Party’s
                    Exposure for such Valuation Date and (2) the sum, for each Transaction
                    to
                    which this Annex relates, of the product of the Volatility Buffer
                    for such
                    Transaction and the Notional Amount of such Transaction for the
                    Calculation Period of such Transaction which includes such Valuation
                    Date,
                    or 

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II) the
          Threshold for Party A for such Valuation Date.

         

        “S&P
          Rating Threshold Event”
          means,
          on any date, no Relevant Entity has credit ratings from S&P which equal or
          exceed the S&P Approved Ratings Threshold.

         

        “S&P/FitchValue”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the
          product of (A) the bid price obtained by the Valuation Agent for such Eligible
          Collateral and (B) the S&P/Fitch Valuation Percentage for such Eligible
          Collateral set forth in paragraph 13(b)(ii).

         

        “Transaction
          Exposure”
          means,
          for any Transaction, Exposure determined as if such Transaction were the
          only
          Transaction between the Secured Party and the Pledgor.

         

        “Transaction-Specific
          Hedge” means
          any Transaction that is (i) an interest rate swap in respect of which (x)
          the
          notional amount of the interest rate swap is “balance guaranteed” or (y) the
          notional amount of the interest rate swap for any Calculation Period (as
          defined
          in the related Confirmation) otherwise is not a specific dollar amount
          that is
          fixed at the inception of the Transaction, (ii) an interest rate cap, (iii)
          an
          interest rate floor or (iv) an interest rate swaption.

         

        “Valuation
          Percentage”
          shall
          mean, for purposes of determining the S&P/Fitch Value, Moody’s First Trigger
          Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
          or Posted Collateral, the applicable S&P/Fitch Valuation Percentage, Moody’s
          First Trigger Valuation Percentage, or Moody’s Second Trigger Valuation
          Percentage for such Eligible Collateral or Posted Collateral, respectively,
          in
          each case as set forth in Paragraph 13(b)(ii).

         

        “Value”
          shall
          mean, in respect of any date, the related S&P/Fitch Value, the related
          Moody’s First Trigger Value, and the related Moody’s Second Trigger
          Value.

         

        “Volatility
          Buffer”
          means,
          for any Transaction, the related percentage set forth in the following
          table.

         

        
          	
                  The
                    higher of the S&P credit rating of (i) Party A and (ii) the Credit
                    Support Provider of Party A, if applicable

                	
                  Remaining
                    Weighted Average Maturity of such Transaction 

                  up
                    to 3 years

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 5 years

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 10 years

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 30 years

                
	
                  “A-2”
                    or higher

                	
                  2.75%

                	
                  3.25%

                	
                  4.00%

                	
                  4.75%

                
	
                  “A-3”

                	
                  3.25%

                	
                  4.00%

                	
                  5.00%

                	
                  6.25%

                
	
                  “BB+”
                    or
                    lower

                	
                  3.50%

                	
                  4.50%

                	
                  6.75%

                	
                  7.50%

                

        

        

         

        

         

        [Remainder
          of this page intentionally left blank]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Table
          1

         

        
          	
                  Moody’s
                    First Trigger Factor

                

        

        

         

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	
                  Collateral

                  Posting

                
	
                  1
                    or less

                	
                  0.15%

                
	
                  More
                    than 1 but not more than 2

                	
                  0.30%

                
	
                  More
                    than 2 but not more than 3

                	
                  0.40%

                
	
                  More
                    than 3 but not more than 4

                	
                  0.60%

                
	
                  More
                    than 4 but not more than 5

                	
                  0.70%

                
	
                  More
                    than 5 but not more than 6

                	
                  0.80%

                
	
                  More
                    than 6 but not more than 7

                	
                  1.00%

                
	
                  More
                    than 7 but not more than 8

                	
                  1.10%

                
	
                  More
                    than 8 but not more than 9

                	
                  1.20%

                
	
                  More
                    than 9 but not more than 10

                	
                  1.30%

                
	
                  More
                    than 10 but not more than 11

                	
                  1.40%

                
	
                  More
                    than 11 but not more than 12

                	
                  1.50%

                
	
                  More
                    than 12 but not more than 13

                	
                  1.60%

                
	
                  More
                    than 13 but not more than 14

                	
                  1.70%

                
	
                  More
                    than 14 but not more than 15

                	
                  1.80%

                
	
                  More
                    than 15 but not more than 16

                	
                  1.90%

                
	
                  More
                    than 16 but not more than 17

                	
                  2.00%

                
	
                  More
                    than 17 but not more than 18

                	
                  2.00%

                
	
                  More
                    than 18 but not more than 19

                	
                  2.00%

                
	
                  More
                    than 19 but not more than 20

                	
                  2.00%

                
	
                  More
                    than 20 but not more than 21

                	
                  2.00%

                
	
                  More
                    than 21 but not more than 22

                	
                  2.00%

                
	
                  More
                    than 22 but not more than 23

                	
                  2.00%

                
	
                  More
                    than 23 but not more than 24

                	
                  2.00%

                
	
                  More
                    than 24 but not more than 25

                	
                  2.00%

                
	
                  More
                    than 25 but not more than 26

                	
                  2.00%

                
	
                  More
                    than 26 but not more than 27

                	
                  2.00%

                
	
                  More
                    than 27 but not more than 28

                	
                  2.00%

                
	
                  More
                    than 28 but not more than 29

                	
                  2.00%

                
	
                  More
                    than 29

                	
                  2.00%

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Table
          2

         

        
          	
                  Moody’s
                    Second Trigger Factor for Interest Rate Swaps with Fixed Notional
                    Amounts

                

        

        

         

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	
                  Collateral

                  Posting
                    Requirement

                
	
                  1
                    or less

                	
                  0.50%

                
	
                  More
                    than 1 but not more than 2

                	
                  1.00%

                
	
                  More
                    than 2 but not more than 3

                	
                  1.50%

                
	
                  More
                    than 3 but not more than 4

                	
                  1.90%

                
	
                  More
                    than 4 but not more than 5

                	
                  2.40%

                
	
                  More
                    than 5 but not more than 6

                	
                  2.80%

                
	
                  More
                    than 6 but not more than 7

                	
                  3.20%

                
	
                  More
                    than 7 but not more than 8

                	
                  3.60%

                
	
                  More
                    than 8 but not more than 9

                	
                  4.00%

                
	
                  More
                    than 9 but not more than 10

                	
                  4.40%

                
	
                  More
                    than 10 but not more than 11

                	
                  4.70%

                
	
                  More
                    than 11 but not more than 12

                	
                  5.00%

                
	
                  More
                    than 12 but not more than 13

                	
                  5.40%

                
	
                  More
                    than 13 but not more than 14

                	
                  5.70%

                
	
                  More
                    than 14 but not more than 15

                	
                  6.00%

                
	
                  More
                    than 15 but not more than 16

                	
                  6.30%

                
	
                  More
                    than 16 but not more than 17

                	
                  6.60%

                
	
                  More
                    than 17 but not more than 18

                	
                  6.90%

                
	
                  More
                    than 18 but not more than 19

                	
                  7.20%

                
	
                  More
                    than 19 but not more than 20

                	
                  7.50%

                
	
                  More
                    than 20 but not more than 21

                	
                  7.80%

                
	
                  More
                    than 21 but not more than 22

                	
                  8.00%

                
	
                  More
                    than 22 but not more than 23

                	
                  8.00%

                
	
                  More
                    than 23 but not more than 24

                	
                  8.00%

                
	
                  More
                    than 24 but not more than 25

                	
                  8.00%

                
	
                  More
                    than 25 but not more than 26

                	
                  8.00%

                
	
                  More
                    than 26 but not more than 27

                	
                  8.00%

                
	
                  More
                    than 27 but not more than 28

                	
                  8.00%

                
	
                  More
                    than 28 but not more than 29

                	
                  8.00%

                
	
                  More
                    than 29

                	
                  8.00%

                

        

        

         

        

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        Table
          3

         

        
          	
                  Moody’s
                    Second Trigger Factor for Transaction-Specific
                    Hedges

                

        

        

         

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	
                  Collateral

                  Posting
                    Requirement

                
	
                  1
                    or less

                	
                  0.65%

                
	
                  More
                    than 1 but not more than 2

                	
                  1.30%

                
	
                  More
                    than 2 but not more than 3

                	
                  1.90%

                
	
                  More
                    than 3 but not more than 4

                	
                  2.50%

                
	
                  More
                    than 4 but not more than 5

                	
                  3.10%

                
	
                  More
                    than 5 but not more than 6

                	
                  3.60%

                
	
                  More
                    than 6 but not more than 7

                	
                  4.20%

                
	
                  More
                    than 7 but not more than 8

                	
                  4.70%

                
	
                  More
                    than 8 but not more than 9

                	
                  5.20%

                
	
                  More
                    than 9 but not more than 10

                	
                  5.70%

                
	
                  More
                    than 10 but not more than 11

                	
                  6.10%

                
	
                  More
                    than 11 but not more than 12

                	
                  6.50%

                
	
                  More
                    than 12 but not more than 13

                	
                  7.00%

                
	
                  More
                    than 13 but not more than 14

                	
                  7.40%

                
	
                  More
                    than 14 but not more than 15

                	
                  7.80%

                
	
                  More
                    than 15 but not more than 16

                	
                  8.20%

                
	
                  More
                    than 16 but not more than 17

                	
                  8.60%

                
	
                  More
                    than 17 but not more than 18

                	
                  9.00%

                
	
                  More
                    than 18 but not more than 19

                	
                  9.40%

                
	
                  More
                    than 19 but not more than 20

                	
                  9.70%

                
	
                  More
                    than 20 but not more than 21

                	
                  10.00%

                
	
                  More
                    than 21 but not more than 22

                	
                  10.00%

                
	
                  More
                    than 22 but not more than 23

                	
                  10.00%

                
	
                  More
                    than 23 but not more than 24

                	
                  10.00%

                
	
                  More
                    than 24 but not more than 25

                	
                  10.00%

                
	
                  More
                    than 25 but not more than 26

                	
                  10.00%

                
	
                  More
                    than 26 but not more than 27

                	
                  10.00%

                
	
                  More
                    than 27 but not more than 28

                	
                  10.00%

                
	
                  More
                    than 28 but not more than 29

                	
                  10.00%

                
	
                  More
                    than 29

                	
                  10.00%

                

        

        

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Schedule
          1

         

        Eligible
          Collateral

         

        
          	
                  Eligible
                    Collateral & Valuation Percentages

                  Moody’s
                    and S&P

                
	 	 	
                  Valuation
                    Percentage*

                	
                  Valuation
                    Percentage*

                
	 	 	
                  Moody’s

                	
                  S&P

                
	 	
                  First
                    Trigger

                	
                  Second
                    Trigger

                	
                  Daily

                	
                  Weekly

                
	
                  (A)

                	
                  Cash:
                    U.S. Dollars in depositary account form

                	
                  100

                	
                  100

                	 	
                  100

                
	
                  (B)

                	
                  U.S.
                    Treasury Securities:
                    negotiable debt obligations issued by the U.S. Treasury Department
                    after
                    July 18, 1984 (“Treasuries”)
                    having a remaining maturity of up to and not more than 1
                    year.

                	
                  100

                	
                  100

                	
                  98.9

                	
                  98.6

                
	
                  (C)

                	
                  Treasuries
                    having a remaining maturity of greater than 1 year but not more
                    than 2
                    years.

                	
                  100

                	
                  99

                	
                  98

                	
                  97.3

                
	
                  (D)

                	
                  Treasuries
                    having a remaining maturity of greater than 2 years but not more
                    than 3
                    years.

                	
                  100

                	
                  98

                	
                  97.4

                	
                  95.8

                
	
                  (E)

                	
                  Treasuries
                    having a remaining maturity of greater than 3 years but not more
                    than 5
                    years.

                	
                  100

                	
                  97

                	
                  95.5

                	
                  93.8

                
	
                  (F)

                	
                  Treasuries
                    having a remaining maturity of greater than 5 years but not more
                    than 7
                    years.

                	
                  100

                	
                  95

                	
                  93.7

                	
                  91.4

                
	
                  (G)

                	
                  Treasuries
                    having a remaining maturity of greater than 7 years but not more
                    than 10
                    years.

                	
                  100

                	
                  94

                	
                  92.5

                	
                  90.3

                
	
                  (H)

                	
                  Treasuries
                    having a remaining maturity of greater than 10 years but not
                    more than 20
                    years.

                	
                  100

                	
                  89

                	
                  91.1

                	
                  87.9

                
	
                  (I)

                	
                  Treasuries
                    having a remaining maturity of greater than 20 years but not
                    more than 30
                    years.

                	
                  100

                	
                  87

                	
                  88.6

                	
                  84.6

                
	
                  (J)

                	
                  Agency
                    Securities:
                    negotiable debt obligations of the Federal National Mortgage
                    Association
                    (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal
                    Home Loan
                    Banks (FHLB), Federal Farm Credit Banks (FFCB), Tennessee Valley
                    Authority
                    (TVA) (collectively, “Agency
                    Securities”)
                    issued after July 18, 1984 and having a remaining maturity of
                    not more
                    than 1 year.

                	
                  100

                	
                  99

                	
                  98.5

                	
                  98

                
	
                  (K)

                	
                  Agency
                    Securities having a remaining maturity of greater than 1 year
                    but not more
                    than 2 years.

                	
                  100

                	
                  98

                	
                  97.7

                	
                  96.8

                
	
                  (L)

                	
                  Agency
                    Securities having a remaining maturity of greater than 2 years
                    but not
                    more than 3 years.

                	
                  100

                	
                  97

                	
                  97.3

                	
                  96.3

                
	
                  (M)

                	
                  Agency
                    Securities having a remaining maturity of greater than 3 years
                    but not
                    more than 5 years.

                	
                  100

                	
                  96

                	
                  94.5

                	
                  94.5

                
	
                  (N)

                	
                  Agency
                    Securities having a remaining maturity of greater than 5 years
                    but not
                    more than 7 years.

                	
                  100

                	
                  94

                	
                  93.1

                	
                  90.3

                
	
                  (O)

                	
                  Agency
                    Securities having a remaining maturity of greater than 7 years
                    but not
                    more than 10 years.

                	
                  100

                	
                  93

                	
                  90.7

                	
                  86.9

                
	
                  (P)

                	
                  Agency
                    Securities having a remaining maturity of greater than 10 years
                    but not
                    more than 20 years.

                	
                  100

                	
                  88

                	
                  87.7

                	
                  82.6

                
	
                  (Q)

                	
                  Agency
                    Securities having a remaining maturity of greater than 20 years
                    but not
                    more than 30 years.

                	
                  100

                	
                  86

                	
                  84.4

                	
                  77.9

                
	
                  (R)

                	
                  FHLMC
                    Certificates.
                    Mortgage participation certificates issued by FHLMC evidencing
                    undivided
                    interests or participations in pools of first lien conventional
                    or FHA/VA
                    residential mortgages or deeds of trust, guaranteed by FHLMC,
                    issued after
                    July 18, 1984 and having a remaining maturity of not more than
                    30
                    years.

                	
                  100

                	
                  *

                  (daily
                    evaluation)

                  86
                    

                  (weekly
                    valuation)

                	
                  *

                	
                  86.40

                
	
                  (S)

                	
                  FNMA
                    Certificates.
                    Mortgage-backed pass-through certificates issued by FNMA evidencing
                    undivided interests in pools of first lien mortgages or deeds
                    of trust on
                    residential properties, guaranteed by FNMA, issued after July
                    18, 1984 and
                    having a remaining maturity of not more than 30 years.

                	
                  100

                	
                  *

                  (daily
                    evaluation)

                  86
                    

                  (weekly
                    valuation)

                	
                  *

                	
                  86.40

                
	
                  (T)

                	
                  GNMA
                    Certificates.
                    Mortgage-backed pass-through certificates issued by private entities,
                    evidencing undivided interests in pools of first lien mortgages
                    or deeds
                    of trust on single family residences, guaranteed by the Government
                    National Mortgage Association (GNMA) with the full faith and
                    credit of the
                    United States, issued after July 18, 1984 and having a remaining
                    maturity
                    of not more than 30 years.

                	
                  100

                	
                  *

                  (daily
                    evaluation)

                  86
                    

                  (weekly
                    valuation)

                	
                  *

                	
                  86.40

                

        

        

         

        *
          percentage to be determined when such other Item of Credit Support (including,
          without limitation, Agency Securities, FHLMC Certificates , FNMA Certificates
          ,
          GNMA Certificates , Commercial Mortgage-Backed Securities and Commercial
          Paper)
          has been approved by Moody’s or S&P.

         

        

         

        
          	
                  Eligible
                    Collateral & Valuation Percentages

                  Fitch

                
	 	 	
                  Valuation
                    Percentage

                  (Rating
                    of Certificates)

                
	 	 	
                  AAA

                	
                  AA

                	
                  A

                	
                  BBB

                
	
                  (A)

                	
                  Cash:
                    U.S. Dollars in depositary account form

                	
                  100%

                	
                  100%

                	
                  100%

                	
                  100%

                
	
                  (B)

                	
                  U.S.
                    Treasury Securities:
                    negotiable debt obligations issued by the U.S. Treasury Department
                    after
                    July 18, 1984 (“Treasuries”)
                    having a remaining maturity of up to and not more than 1
                    year.

                	
                  97.5%

                	
                  97.8%

                	
                  98.4%

                	
                  98.9%

                
	
                  (C)

                	
                  Treasuries
                    having a remaining maturity of greater than 1 year but not more
                    than 2
                    years.

                	
                  94.7%

                	
                  95.3%

                	
                  95.9%

                	
                  96.5%

                
	
                  (D)

                	
                  Treasuries
                    having a remaining maturity of greater than 2 years but not more
                    than 3
                    years.

                	
                  94.7%

                	
                  95.3%

                	
                  95.9%

                	
                  96.5%

                
	
                  (E)

                	
                  Treasuries
                    having a remaining maturity of greater than 3 years but not more
                    than 5
                    years.

                	
                  91.5%

                	
                  92.5%

                	
                  93.5%

                	
                  94.5%

                
	
                  (F)

                	
                  Treasuries
                    having a remaining maturity of greater than 5 years but not more
                    than 7
                    years.

                	
                  89.0%

                	
                  90.1%

                	
                  91.2%

                	
                  92.3%

                
	
                  (G)

                	
                  Treasuries
                    having a remaining maturity of greater than 7 years but not more
                    than 10
                    years.

                	
                  86.3%

                	
                  87.5%

                	
                  88.8%

                	
                  90.0%

                
	
                  (H)

                	
                  Treasuries
                    having a remaining maturity of greater than 10 years but not
                    more than 20
                    years.

                	
                  83.0%

                	
                  84.5%

                	
                  86.0%

                	
                  87.5%

                
	
                  (I)

                	
                  Treasuries
                    having a remaining maturity of greater than 20 years but not
                    more than 30
                    years.

                	
                  79.0%

                	
                  80.7%

                	
                  82.3%

                	
                  84.0%

                
	
                  (J)

                	
                  Agency
                    Securities:
                    negotiable debt obligations of the Federal National Mortgage
                    Association
                    (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal
                    Home Loan
                    Banks (FHLB), Federal Farm Credit Banks (FFCB), Tennessee Valley
                    Authority
                    (TVA) (collectively, “Agency
                    Securities”)
                    issued after July 18, 1984 and having a remaining maturity of
                    not more
                    than 1 year.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (K)

                	
                  Agency
                    Securities having a remaining maturity of greater than 1 year
                    but not more
                    than 2 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (L)

                	
                  Agency
                    Securities having a remaining maturity of greater than 2 years
                    but not
                    more than 3 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (M)

                	
                  Agency
                    Securities having a remaining maturity of greater than 3 years
                    but not
                    more than 5 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (N)

                	
                  Agency
                    Securities having a remaining maturity of greater than 5 years
                    but not
                    more than 7 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (O)

                	
                  Agency
                    Securities having a remaining maturity of greater than 7 years
                    but not
                    more than 10 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (P)

                	
                  Agency
                    Securities having a remaining maturity of greater than 10 years
                    but not
                    more than 20 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (Q)

                	
                  Agency
                    Securities having a remaining maturity of greater than 20 years
                    but not
                    more than 30 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                

        

         

        *
          percentage to be determined when such other Item of Credit Support (including,
          without limitation, Agency Securities, FHLMC Certificates , FNMA Certificates
          ,
          GNMA Certificates , Commercial Mortgage-Backed Securities and Commercial
          Paper)
          has been approved by Fitch.

         

        IN
          WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
          representatives as of the date of the Agreement.

         

        

         

        
          	
                  The
                    Bank of New York

                	 	
                  Wells
                    Fargo Bank, N.A., not in its individual capacity, but solely
                    as Cap
                    Trustee on behalf of the Cap Trust created pursuant to the Cap
                    Allocation
                    Agreement

                
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	 	 	
                  Name:

                	 
	
                  Title:

                	 	 	
                  Title:

                	 
	
                  Date:

                	 	 	
                  Date:

                	 

        

        

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        P

       

      ADDITIONAL
        DISCLOSURE NOTIFICATION

       

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      Old
        Annapolis Road

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        Maryland 21045

      Fax:
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      E-mail:
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      Attn:
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      RE:
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      Ladies
        and Gentlemen:

       

      In
        accordance with Section [ ] of the Pooling and Servicing Agreement, dated
        as of
        December 1, 2006, among the Depositor, Ocwen Loan Servicing, LLC as servicer
        (the “Servicer”), Wells Fargo Bank, N.A. as master servicer and trust
        administrator (the “Master Servicer” and “Trust Administrator”), and Deutsche
        Bank National Trust Company, a national banking association, as trustee (the
        “Trustee”). The Undersigned, as [ ], hereby notifies you that certain events
        have come to our attention that [will][may] need to be disclosed on Form
        [
        ].

       

      Description
        of Additional Form [ ] Disclosure:

       

      

       

      List
        of
        Any Attachments hereto to be included in the Additional Form [ ]
        Disclosure:

       

       

      Any
        inquiries related to this notification should be directed to [ ], phone number:
        [ ]; email address: [ ].

       

      

       

      
        	
                [NAME
                  OF PARTY]

                as
                  [role]

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

       

      EXHIBIT
        Q

       

      FORM
        OF
        INTEREST RATE SWAP AGREEMENT

      

       

      
        

        
          
            	
                    DATE:

                  	 	
                    December
                      28, 2006

                  
	 	 	 
	
                    TO:

                  	 	
                    Wells
                      Fargo Bank, N.A., not individually, but solely as trustee (the
                      “Supplemental Interest Trust Trustee”) on behalf of the supplemental
                      interest trust with respect to the Soundview Home Loan Trust
                      2006-EQ2

                  
	
                    ATTENTION:

                  	
                     

                  	 
	
                    TELEPHONE:

                  	 	 
	
                    FACSIMILE:

                  	 	 
	 	 	 
	
                    FROM:

                  	 	
                    The
                      Bank of New York

                  
	 	 	
                    Derivative
                      Products Support Department

                  
	 	 	
                    Attn:
                      Swap Confirmation Dept.

                  
	
                    TELEPHONE:

                  	 	
                    212-804-5163/5103

                  
	
                    FACSIMILE:
                      

                  	 	
                    212-804-5818/5837

                  
	 	 	 
	
                    SUBJECT:

                  	 	
                    Fixed
                      Income Derivatives Confirmation 

                  
	 	 	 
	
                    REFERENCE
                      NUMBER:

                  	 	
                    38707

                  

          

           

        

        The
          purpose of this long-form confirmation (“Confirmation”)
          is to
          confirm the terms and conditions of the Transaction entered into on the
          Trade
          Date specified below (the “Transaction”)
          between
          The Bank of New York (“Party
          A”) and
          Wells
          Fargo Bank, N.A., not individually, but solely as trustee (the “Supplemental
          Interest Trust Trustee”) on behalf of the supplemental interest trust with
          respect to the Soundview Home Loan Trust 2006-EQ2 (the “Supplemental
          Interest Trust”)
          (“Party
          B”)
          created
          under the Pooling and Servicing Agreement, dated as of December 1, 2006,
          among
          Financial Asset Securities Corp., as depositor (the “Depositor”),
          Ocwen
          Loan Servicing, LLC, as servicer (the “Servicer”),
          Wells
          Fargo Bank, N.A., as master servicer and trust administrator (the “Master
          Servicer”
          and
“Trust
          Administrator”)
          and
          Deutsche Bank National Trust Company, as trustee (the “Trustee”)
          (the
“Pooling
          and Servicing Agreement”).
          This
          Confirmation evidences a complete and binding agreement between you and
          us to
          enter into the Transaction on the terms set forth below and replaces any
          previous agreement between us with respect to the subject matter hereof.
          This
          Confirmation constitutes a “Confirmation”
          and also
          constitutes a “Schedule”
          as
          referred to in the ISDA Master Agreement, and Paragraph 13 of a Credit
          Support
          Annex to the Schedule. 

        

        
          	1.  	
                  This
                    Confirmation shall supplement, form a part of, and be subject
                    to an
                    agreement in the form of the ISDA Master Agreement (Multicurrency
                    - Cross
                    Border) as published and copyrighted in 1992 by the International
                    Swaps
                    and Derivatives Association, Inc. (the “ISDA
                    Master Agreement”),
                    as if Party A and Party B had executed an agreement in such form
                    on the
                    date hereof, with a Schedule as set forth in Item 3 of this Confirmation,
                    and an ISDA Credit Support Annex (Bilateral Form - ISDA Agreements
                    Subject
                    to New York Law Only version) as published and copyrighted in
                    1994 by the
                    International Swaps and Derivatives Association, Inc., with Paragraph
                    13
                    thereof as set forth in Annex A hereto (the “Credit
                    Support Annex”).
                    For the avoidance of doubt, the Transaction described herein
                    shall be the
                    sole Transaction governed by such ISDA Master Agreement. In the
                    event of
                    any inconsistency among any of the following documents, the relevant
                    document first listed shall govern: (i) this Confirmation, exclusive
                    of
                    the provisions set forth in Item 3 hereof and Annex A hereto;
                    (ii) the
                    provisions set forth in Item 3 hereof, which are incorporated
                    by reference
                    into the Schedule; (iii) the Credit Support Annex; (iv) the Definitions;
                    and (v) the ISDA Master Agreement.

                

        

        

        Each
          reference herein to a “Section” (unless specifically referencing the Pooling and
          Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
          a reference to a Section of the ISDA Master Agreement; each herein reference
          to
          a “Part” will be construed as a reference to the provisions herein deemed
          incorporated in a Schedule to the ISDA Master Agreement; each reference
          herein
          to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
          Support Annex.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          
            	
                    2.

                  	
                    The
                      terms of the particular Transaction to which this Confirmation
                      relates are
                      as follows:

                  
	 	 	 	 
	 	
                    Type
                      of Transaction:

                  	
                    Interest
                      Rate Swap

                  
	 	 	 	 
	 	
                    Notional
                      Amount:

                  	
                    With
                      respect to any Calculation Period, the amount set forth for
                      such period on
                      Schedule I attached hereto.

                  
	 	 	 	 
	 	
                    Trade
                      Date:

                  	
                    December
                      21, 2006

                  
	 	 	 	 
	 	
                    Effective
                      Date:

                  	
                    September
                      25, 2007

                  
	 	 	 	 
	 	
                    Termination
                      Date:

                  	
                    December
                      25, 2011, subject to adjustment in accordance with the Business
                      Day
                      Convention; provided, however, that for the purpose of determining
                      the
                      final Fixed Rate Payer Period End Date, Termination Date shall
                      be subject
                      to No Adjustment.

                  
	 	 	 	 
	 	
                    Fixed
                      Amounts:

                  	 
	 	 	 	 
	 	 	
                    Fixed
                      Rate Payer:

                  	
                    Party
                      B

                  
	 	 	 	 
	 	 	
                    Fixed
                      Rate Payer

                  	 
	 	 	
                    Period
                      End Dates:

                  	
                    The
                      25th calendar day of each month during the Term of this Transaction,
                      commencing October 25, 2007, and ending on the Termination
                      Date, with No
                      Adjustment.

                  
	 	 	 	 
	 	 	
                    Fixed
                      Rate Payer

                  	 
	 	 	
                    Payment
                      Dates:

                  	
                    Early
                      Payment shall be applicable. The Fixed Rate Payer Payment Date
                      shall be
                      one (1) Business Day preceding each Fixed Rate Payer Period
                      End
                      Date.

                  
	 	 	 	 
	 	 	
                    Fixed
                      Rate:

                  	
                    5.200%

                  
	 	 	 	 
	 	 	
                    Fixed
                      Amount:

                  	
                    To
                      be determined in accordance with the following formula:

                  
	 	 	 	 
	 	 	 	
                    250*Fixed
                      Rate*Notional Amount*Fixed Rate Day Count Fraction

                  
	 	 	 	 
	 	 	
                    Fixed
                      Rate Day 

                  	 
	 	 	
                    Count
                      Fraction:

                  	
                    30/360

                  
	 	 	 	 
	 	
                    Floating
                      Amounts:

                  	 
	 	 	 	 
	 	 	
                    Floating
                      Rate Payer:

                  	
                    Party
                      A

                  
	 	 	 	 
	 	 	 	 
	 	 	
                    Floating
                      Rate Payer

                  	 
	 	 	
                    Period
                      End Dates:

                  	
                    The
                      25th calendar day of each month during the Term of this Transaction,
                      commencing October 25, 2007, and ending on the Termination
                      Date, subject
                      to adjustment in accordance with the Business Day
                      Convention.

                  
	 	 	 	 
	 	 	
                    Floating
                      Rate Payer 

                  	 
	 	 	
                    Payment
                      Dates:

                  	
                    Early
                      Payment shall be applicable. The Floating Rate Payer Payment
                      Date shall be
                      one (1) Business Day preceding each Floating Rate Payer Period
                      End
                      Date.

                  
	 	 	 	 
	 	 	
                    Floating
                      Rate Option:

                  	
                    USD-LIBOR-BBA

                  
	 	 	 	 
	 	 	
                    Floating
                      Amount:

                  	
                    To
                      be determined in accordance with the following formula:

                  
	 	 	 	 
	 	 	 	
                    250*Floating
                      Rate Option*Notional Amount*Floating Rate Day Count
                      Fraction

                  
	 	 	 	 
	 	 	
                    Designated
                      Maturity:

                  	
                    One
                      month

                  
	 	 	 	 
	 	 	
                    Floating
                      Rate Day 

                  	 
	 	 	
                    Count
                      Fraction:

                  	
                    Actual/360

                  
	 	 	 	 
	 	 	
                    Reset
                      Dates:

                  	
                    The
                      first day of each Calculation Period.

                  
	 	 	 	 
	 	 	
                    Compounding:

                  	
                    Inapplicable

                  
	 	 	 	 
	 	 	
                    Business
                      Days:

                  	
                    New
                      York

                  
	 	 	 	 
	 	 	
                    Business
                      Day Convention:

                  	
                    Following

                  
	 	 	 	 
	 	 	
                    Calculation
                      Agent:

                  	
                    Party
                      A

                  
	 	 	 	 
	 	 	
                    Additional
                      Payment:

                  	
                    The
                      Counterparty represents and warrants that it has directed The
                      Bank of New
                      York to make payment of USD 2,724,000.00 to Greenwich Capital
                      Markets,
                      Inc. for value December 28, 2006 on its
                      behalf

                  

          

           

        

        
          	
                  3.

                	
                  Provisions
                    Deemed Incorporated in a Schedule to the ISDA Master
                    Agreement:

                

        

        

        
          	
                  Part
                    1.

                	
                  Termination
                    Provisions.

                

        

        

        For
          the
          purposes of this Agreement:-

        

        (a)         
           “Specified
          Entity”
          will not
          apply to Party A or Party B for any purpose. 

        

        
          	
                  (b)

                	
                  “Specified
                    Transaction”
                    will have the meaning specified in Section
                    14.

                

        

        

        
          	
                  (c)

                	
                  Events
                    of Default.

                

        

        

        The
          statement below that an Event of Default will apply to a specific party
          means
          that upon the occurrence of such an Event of Default with respect to such
          party,
          the other party shall have the rights of a Non-defaulting Party under Section
          6
          of this Agreement; conversely, the statement below that such event will
          not
          apply to a specific party means that the other party shall not have such
          rights.

        

        
          	(i)  	
                  The
                    “Failure
                    to Pay or Deliver”
                    provisions of Section 5(a)(i) will apply to Party A and will
                    apply to
                    Party B; provided, however, that Section 5(a)(i) is hereby amended
                    by
                    replacing the word “third” with the word “first”; provided, further, that
                    notwithstanding anything to the contrary in Section 5(a)(i),
                    any failure
                    by Party A to comply with or perform any obligation to be complied
                    with or
                    performed by Party A under the Credit Support Annex shall not
                    constitute
                    an Event of Default under Section 5(a)(i) unless (A) a Required
                    Ratings
                    Downgrade Event has occurred and been continuing for 30 or more
                    Local
                    Business Days and (B) such failure is not remedied on or before
                    the third
                    Local Business Day after notice of such failure is given to Party
                    A.

                

        

        

        
          	(ii)  	
                  The
                    “Breach
                    of Agreement”
                    provisions of Section 5(a)(ii) will apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        
          	(iii)  	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) will apply to Party A and will
                    not apply
                    to Party B except that Section 5(a)(iii)(1) will apply to Party
                    B solely
                    in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                    Support Annex; provided, however, that notwithstanding anything
                    to the
                    contrary in Section 5(a)(iii)(1), any failure by Party A to comply
                    with or
                    perform any obligation to be complied with or performed by Party
                    A under
                    the Credit Support Annex shall not constitute an Event of Default
                    under
                    Section 5(a)(iii) unless (A) a Required Ratings Downgrade Event
                    has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    such failure is not remedied on or before the third Local Business
                    Day
                    after notice of such failure is given to Party
                    A.

                

        

        

        
          	(iv)  	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) will apply to Party A and will
                    not apply to
                    Party B. 

                

        

        

        
          	(v)  	
                  The
                    “Default
                    under Specified Transaction”
                    provisions of Section 5(a)(v) will apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        
          	(vi)  	
                  The
                    “Cross
                    Default”
                    provisions of Section 5(a)(vi) will apply to Party A and will
                    not apply to
                    Party B. For purposes of Section 5(a)(vi), solely with respect
                    to Party
                    A:

                

        

        

        “Specified
          Indebtedness” will have the meaning specified in Section 14 ,except that such
          term shall not include obligations in respect of deposits received in the
          ordinary course of Party A’s banking business.

        

        “Threshold
          Amount” means with respect to Party A an amount equal to three percent (3%) of
          the consolidated shareholders’ equity of Party A and its subsidiaries or, if
          applicable, the Eligible Guarantor and its subsidiaries. 

        

        
          	(vii)  	
                  The
                    “Bankruptcy”
                    provisions of Section 5(a)(vii) will apply to Party A and will
                    apply to
                    Party B except that the provisions of Section 5(a)(vii)(2), (6)
                    (to the
                    extent that such provisions refer to any appointment contemplated
                    or
                    effected by the Pooling and Servicing Agreement or any appointment
                    to
                    which Party B has not become subject), (7) and (9) will not apply
                    to Party
                    B; provided that, with respect to Party B only, Section 5(a)(vii)(4)
                    is
                    hereby amended by adding after the words “against it” the words
                    “(excluding any proceeding or petition instituted or presented
                    by Party A
                    or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                    deleting the words “to (7) inclusive” and inserting lieu thereof “, (3),
                    (4) as amended, (5), (6) as amended, or
                    (7)”.

                

        

        

        
          	(viii)  	
                  The
                    “Merger
                    Without Assumption”
                    provisions of Section 5(a)(viii) will apply to Party A and will
                    apply to
                    Party B.

                

        

        

        (d)        
           Termination
          Events.

        

        The
          statement below that a Termination Event will apply to a specific party
          means
          that upon the occurrence of such a Termination Event, if such specific
          party is
          the Affected Party with respect to a Tax Event, the Burdened Party with
          respect
          to a Tax Event Upon Merger (except as noted below) or the non-Affected
          Party
          with respect to a Credit Event Upon Merger, as the case may be, such specific
          party shall have the right to designate an Early Termination Date in accordance
          with Section 6 of this Agreement; conversely, the statement below that
          such an
          event will not apply to a specific party means that such party shall not
          have
          such right; provided, however, with respect to “Illegality” the statement that
          such event will apply to a specific party means that upon the occurrence
          of such
          a Termination Event with respect to such party, either party shall have
          the
          right to designate an Early Termination Date in accordance with Section
          6 of
          this Agreement.

        

        (i)          
           The
          “Illegality”
          provisions of Section 5(b)(i) will apply to Party A and will apply to Party
          B.

        

        
          	 	
                  (ii)

                	
                  The
                    “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party A except that,
                    for
                    purposes of the application of Section 5(b)(ii) to Party A, Section
                    5(b)(ii) is hereby amended by deleting the words “(x) any action taken by
                    a taxing authority, or brought in a court of competent jurisdiction,
                    on or
                    after the date on which a Transaction is entered into (regardless
                    of
                    whether such action is taken or brought with respect to a party
                    to this
                    Agreement) or (y)”, and the “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party B.
                    

                

        

        

        
          	 	
                  (iii)

                	
                  The
                    “Tax
                    Event Upon Merger”
                    provisions of Section 5(b)(iii) will apply to Party A and will
                    apply to
                    Party B, provided that Party A shall not be entitled to designate
                    an Early
                    Termination Date by reason of a Tax Event upon Merger in respect
                    of which
                    it is the Affected Party.

                

        

        

        
          	 	
                  (iv)

                	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) will not apply to Party A and
                    will not
                    apply to Party B.

                

        

        

        
          	
                  (e)

                	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) will not apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        (f)        
            Payments
          on Early Termination.
          For the
          purpose of Section 6(e) of this Agreement:

        

        
          	(i)  	
                  Market
                    Quotation will apply, provided, however, that, in the event of
                    a
                    Derivative Provider Trigger Event, the following provisions will
                    apply:

                

        

        

        
          	 	
                  (A)
                    

                	
                  The
                    definition of Market Quotation in Section 14 shall be deleted
                    in its
                    entirety and replaced with the
                    following:

                

        

        

        “Market
          Quotation” means,
          with respect to one or more Terminated Transactions, a Firm Offer which
          is (1)
          made by a Reference Market-maker that is an Eligible Replacement, (2) for
          an
          amount that would be paid to Party B (expressed as a negative number) or
          by
          Party B (expressed as a positive number) in consideration of an agreement
          between Party B and such Reference Market-maker to enter into a Replacement
          Transaction, and (3) made on the basis that Unpaid Amounts in respect of
          the
          Terminated Transaction or group of Transactions are to be excluded but,
          without
          limitation, any payment or delivery that would, but for the relevant Early
          Termination Date, have been required (assuming satisfaction of each applicable
          condition precedent) after that Early Termination Date is to be
          included.

        

        
          	 	
                  (B)

                	
                  The
                    definition of Settlement Amount shall be deleted in its entirety
                    and
                    replaced with the following:

                

        

        

        “Settlement
          Amount”
          means,
          with respect to any Early Termination Date, an amount (as determined by
          Party B)
          equal to: 

        

        
          	 	
                  (a)

                	
                  If
                    a Market Quotation for the relevant Terminated Transaction or
                    group of
                    Terminated Transactions is accepted by Party B so as to become
                    legally
                    binding on or before the day falling ten Local Business Days
                    after the day
                    on which the Early Termination Date is designated, or such later
                    day as
                    Party B may specify in writing to Party A, but in either case
                    no later
                    than one Local Business Day prior to the Early Termination Date
                    (such day,
                    the “Latest Settlement Amount Determination Day”), the Termination
                    Currency Equivalent of the amount (whether positive or negative)
                    of such
                    Market Quotation; 

                

        

        

        
          	 	
                  (b)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    has been accepted by Party B so as to become legally binding
                    and one or
                    more Market Quotations from
                    Approved Replacements have
                    been made and remain capable of becoming legally binding upon
                    acceptance,
                    the Settlement Amount shall equal the Termination Currency Equivalent
                    of
                    the amount (whether positive or negative) of the lowest of such
                    Market
                    Quotations (for the avoidance of doubt, the lowest of such Market
                    Quotations shall be the lowest Market Quotation of
                    such Market Quotations
                    expressed as a positive number or, if any of such Market Quotations
                    is
                    expressed as a negative number, the Market Quotation expressed
                    as a
                    negative number with the largest absolute value);
                    or

                

        

        

        
          	 	
                  (c)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    is
                    accepted by Party B so as to become legally binding and no Market
                    Quotation from an Approved Replacement remains capable of becoming
                    legally
                    binding upon acceptance, the Settlement Amount shall equal Party
                    B’s Loss
                    (whether positive or negative and without reference to any Unpaid
                    Amounts)
                    for the relevant Terminated Transaction or group of Terminated
                    Transactions.

                

        

        

        
          	 	
                  (C)

                	
                  If
                    Party B requests Party A in writing to obtain Market Quotations,
                    Party A
                    shall use its reasonable efforts to do so before the Latest Settlement
                    Amount Determination Day.

                

        

        

        
          	 	
                  (D)

                	
                  If
                    the Settlement Amount is a negative number, Section 6(e)(i)(3)
                    shall be
                    deleted in its entirety and replaced with the
                    following:

                

        

        

        “(3)
          Second
          Method and Market Quotation.
          If the
          Second Method and Market Quotation apply, (I) Party B shall pay to Party
          A an
          amount equal to the absolute value of the Settlement Amount in respect
          of the
          Terminated Transactions, (II) Party B shall pay to Party A the Termination
          Currency Equivalent of the Unpaid Amounts owing to Party A and (III) Party
          A
          shall pay to Party B the Termination Currency Equivalent of the Unpaid
          Amounts
          owing to Party B; provided, however, that (x) the amounts payable under
          the
          immediately preceding clauses (II) and (III) shall be subject to netting
          in
          accordance with Section 2(c) of this Agreement and (y) notwithstanding
          any other
          provision of this Agreement, any amount payable by Party A under the immediately
          preceding clause (III) shall not be netted-off against any amount payable
          by
          Party B under the immediately preceding clause (I).”

         

        
          	 	
                  (E)

                	
                  At
                    any time on or before the Latest Settlement Amount Determination
                    Day at
                    which two or more Market Quotations from Approved Replacements
                    remain
                    capable of becoming legally binding upon acceptance, Party B
                    shall be
                    entitled to accept only the lowest of such Market Quotations
                    (for the
                    avoidance of doubt, the lowest of such Market Quotations shall
                    be the
                    lowest Market Quotation of such Market Quotations expressed as
                    a positive
                    number or, if any of such Market Quotations is expressed as a
                    negative
                    number, the Market Quotation expressed as a negative number with
                    the
                    largest absolute value).

                

        

        

        
          	(ii)  	
                  The
                    Second Method will apply.

                

        

        

        (g)      
           “Termination
          Currency”
          means
          USD.

        

        (h)      
            Additional
          Termination Events.
          Additional Termination Events will apply as provided in Part 5(c). 

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          2.  Tax
          Matters.

        

        (a)        
           Tax
          Representations. 

        

        
          	 	
                  (i)

                	
                  Payer
                    Representations.
                    For the purpose of Section 3(e) of this
                    Agreement

                

        

         

        (A)     
                Party
          A
          makes the following representation(s):

         

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to
          be made
          by it to the other party under this Agreement. In making this representation,
          it
          may rely on: the accuracy of any representations made by the other party
          pursuant to Section 3(f) of this Agreement; (ii) the satisfaction of the
          agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and
          the
          accuracy and effectiveness of any document provided by the other party
          pursuant
          to Section 4(a)(i) or 4(a)(iii) of this Agreement; and (iii) the satisfaction
          of
          the agreement of the other party contained in Section 4(d) of this Agreement,
          provided that it shall not be a breach of this representation where reliance
          is
          placed on clause (ii) and the other party does not deliver a form or document
          under Section 4(a)(iii) by reason of material prejudice to its legal or
          commercial position.

        

        (B)      
               Party
          B
          makes the following representation(s):

        

        None.

        

        (ii)         
           Payee
          Representations.
          For the
          purpose of Section 3(f) of this Agreement: 

         

        (A)         
           Party
          A
          makes the following representation(s):

        

        (x)
          It is
          a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of the
          United States Treasury Regulations) for United States federal income tax
          purposes, (y) it is a trust company duly organized and existing under the
          laws
          of the State of New York, and (y) its U.S. taxpayer identification number
          is
          135160382.

        

        (B)           Party
          B
          makes the following representation(s):

        

        None.

        

        
          	
                  (b)

                	
                  Tax
                    Provisions.

                

        

        

        
          	 	
                  (i)

                	
                  Gross
                    Up.
                    Section 2(d)(i)(4) shall not apply to Party B as X, and Section
                    2(d)(ii)
                    shall not apply to Party B as Y, in each case such that Party
                    B shall not
                    be required to pay any additional amounts referred to
                    therein.

                

        

        

        
          	 	
                  (ii)

                	
                  Indemnifiable
                    Tax.
                    The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                    entirety and replaced with the
                    following:

                

        

        

        “Indemnifiable
          Tax”
          means,
          in relation to payments by Party A, any Tax and, in relation to payments
          by
          Party B, no Tax. 

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          3.  Agreement
          to Deliver Documents.  

        

        (a)         
           For
          the
          purpose of Section 4(a)(i), tax forms, documents, or certificates to be
          delivered are:

        

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                
	 	 	 
	
                  Party
                    A

                	
                  A
                    correct, complete and duly executed U.S. Internal Revenue Service
                    Form W-9
                    (or successor thereto).

                	
                  Upon
                    the execution and delivery of this Agreement

                
	 	 	 
	
                  Party
                    B

                	
                  An
                    Internal Revenue Service Form W-9 as applicable or any successor
                    form,
                    accurately completed and in a manner reasonably satisfactory
                    to Party A,
                    and will deliver any other tax forms relating to the beneficial
                    owner of
                    payments to Party B under this Agreement from time to
                    time.

                	
                  Upon
                    the execution and delivery of this Agreement or soon thereafter,
                    or upon
                    any form previously provided becoming
                    obsolete

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        (b) For
          the
          purpose of Section 4(a)(ii), other documents to be delivered are:

        

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                	
                  Covered
                    by Section 3(d) Representation

                
	 	 	 	 
	
                  Party
                    A and

                  Party
                    B

                	
                  Any
                    documents required by the receiving party to evidence the authority
                    of the
                    delivering party or its Credit Support Provider, if any, for
                    it to execute
                    and deliver the Agreement, this Confirmation, and any Credit
                    Support
                    Documents to which it is a party, and to evidence the authority
                    of the
                    delivering party or its Credit Support Provider to perform its
                    obligations
                    under the Agreement, this Confirmation and any Credit Support
                    Document, as
                    the case may be

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A and

                  Party
                    B

                	
                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    the
                    Agreement, this Confirmation, and any relevant Credit Support
                    Document, as
                    the case may be

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A

                	
                  A
                    copy of the annual balance sheet of Party A for the most recently
                    completed fiscal year and publicly available in its regulatory
                    call
                    report

                	
                  Promptly
                    upon becoming publicly available; provided,
                    if available on http://www.fdic.gov, such delivery is not
                    required

                	
                  No

                
	 	 	 	 
	
                  Party
                    A

                	
                  An
                    opinion of counsel to Party A reasonably acceptable to Party
                    B.
                    

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  No

                
	 	 	 	 
	
                  Party
                    B

                	
                  An
                    opinion of counsel to Party B as to the enforceability of this
                    Confirmation reasonably acceptable to Party A. 

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  No

                

        

        

        Part
          4. Miscellaneous. 

        

        
          	
                  (a)

                	
                  Address
                    for Notices:
                    For the purposes of Section 12(a) of this
                    Agreement:

                

        

        

        Address
          for notices or communications to Party A:

        

        Address:  The
          Bank
          of New York

        Swaps
          and
          Derivative Products Group

        Global
          Market Division

        32
          Old
          Slip 15th Floor

        New
          York,
          NY 10286 

        Attention:
          Steve Lawler

        Facsimile:
          212-495-1016

        Phone:
          212-804-2137

        

        with
          a
          copy to:

         

        The
          Bank
          of New York

        Swaps
          and
          Derivative Products Group

        32
          Old
          Slip 16th Floor

        New
          York,
          New York 10286

        Attention:
          Andrew Schwartz

        Tele:
          212-804-5103

        Fax:
          212-804-5818/5837

        

        (For
          all
          purposes)

        

        A
          copy of
          any notice or other communication with respect to Sections 5 or 6 should
          also be
          sent to the addresses set out below:

         

        The
          Bank
          of New York

        Legal
          Department

        One
          Wall
          Street - 10th Floor

        New
          York,
          New York 10286

        Attention:
          General Counsel

        

        

        Address
          for notices or communications to Party B:

        

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045

        Attn:
          Client Manager-Soundview 2006-EQ2

        Phone:
          410-884-2000

        Fax:
          410-715-2380

        

        (For
          all
          purposes)

        

        (b)         
           Process
          Agent.
          For the
          purpose of Section 13(c):

        

        Party
          A
          appoints as its Process Agent: Not applicable.

        

        Party
          B
          appoints as its Process Agent: Not applicable.

        

        
          	
                  (c)

                	
                  Offices.
                    The provisions of Section 10(a) will apply to this
                    Agreement.

                

        

        

        
          	
                  (d)

                	
                  Multibranch
                    Party.
                    For the purpose of Section 10(c) of this
                    Agreement:

                

        

        

        Party
          A
          is not a Multibranch Party.

        

        Party
          B
          is not a Multibranch Party.

        

        
          	
                  (e)

                	
                  Calculation
                    Agent.
                    The Calculation Agent is Party A; provided, however, that if
                    an Event of
                    Default shall have occurred with respect to Party A, Party B
                    shall have
                    the right to appoint as Calculation Agent a third party, reasonably
                    acceptable to Party A, the cost for which shall be borne by Party
                    A.

                

        

        

        (f)         
           Credit
          Support Document. 

        

        
          	 	
                  Party
                    A:

                	
                  The
                    Credit Support Annex, and any guarantee in support of Party A’s
                    obligations under this Agreement.

                

        

        

        Party
          B: The
          Credit Support Annex, solely in respect of Party B’s obligations under Paragraph
          3(b) of the Credit Support Annex.

        

        
          	
                  (g)

                	
                  Credit
                    Support Provider.

                

        

        

        Party
          A: The
          guarantor under any guarantee in support of Party A’s obligations under this
          Agreement.

        

        Party
          B: None.

        

        
          	
                  (h)

                	
                  Governing
                    Law.
                    The parties to this Agreement hereby agree that the law of the
                    State of
                    New York shall govern their rights and duties in whole, without
                    regard to
                    the conflict of law provisions thereof other than New York General
                    Obligations Law Sections 5-1401 and 5-1402.

                

        

        

        
          	
                  (i)

                	
                  Netting
                    of Payments.
                    The parties agree that subparagraph (ii) of Section 2(c) will
                    apply to
                    each Transaction hereunder. 

                

        

        

        
          	
                  (j)

                	
                  Affiliate.“Affiliate”
                    shall have the meaning assigned thereto in Section 14; provided,
                    however,
                    that Party B shall be deemed to have no Affiliates for purposes
                    of this
                    Agreement, including for purposes of Section
                    6(b)(ii).

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          5.  Others
          Provisions.

        

        
          	
                  (a)

                	
                  Definitions.
                    Unless
                    otherwise specified in a Confirmation, this Agreement and each
                    Transaction
                    under this Agreement are subject to the 2000 ISDA Definitions
                    as published
                    and copyrighted in 2000 by the International Swaps and Derivatives
                    Association, Inc. (the “Definitions”),
                    and will be governed in all relevant respects by the provisions
                    set forth
                    in the Definitions, without regard to any amendment to the Definitions
                    subsequent to the date hereof. The provisions of the Definitions
                    are
                    hereby incorporated by reference in and shall be deemed a part
                    of this
                    Agreement, except that (i) references in the Definitions to a
“Swap
                    Transaction” shall be deemed references to a “Transaction” for purposes of
                    this Agreement, and (ii) references to a “Transaction” in this Agreement
                    shall be deemed references to a “Swap Transaction” for purposes of the
                    Definitions. Each term capitalized but not defined in this Agreement
                    shall
                    have the meaning assigned thereto in the Pooling and Servicing
                    Agreement.

                

        

         

        (b)        
           Amendments
          to ISDA Master Agreement.

        

        
          	 	
                  (i)

                	
                  Single
                    Agreement.
                    Section 1(c) is hereby amended by the adding the words “including, for the
                    avoidance of doubt, the Credit Support Annex” after the words “Master
                    Agreement”. 

                

        

        

        (ii)         
           Conditions
          Precedent. Section
          2(a)(iii) is hereby amended by adding the following at the end thereof:
          

        

        Notwithstanding
          anything to the contrary in Section 2(a)(iii)(1), if an Event of Default
          with
          respect to Party B or Potential Event of Default with respect to Party
          B has
          occurred and been continuing for more than 30 Local Business Days and no
          Early
          Termination Date in respect of the Affected Transactions has occurred or
          been
          effectively designated by Party A, the obligations of Party A under Section
          2(a)(i) shall cease to be subject to the condition precedent set forth
          in
          Section 2(a)(iii)(1) with respect to such specific occurrence of such Event
          of
          Default or such Potential Event of Default (the “Specific
          Event”);
          provided, however, for the avoidance of doubt, the obligations of Party
          A under
          Section 2(a)(i) shall be subject to the condition precedent set forth in
          Section
          2(a)(iii)(1) (subject to the foregoing) with respect to any subsequent
          occurrence of the same Event of Default with respect to Party B or Potential
          Event of Default with respect to Party B after the Specific Event has ceased
          to
          be continuing and with respect to any occurrence of any other Event of
          Default
          with respect to Party B or Potential Event of Default with respect to Party
          B
          that occurs subsequent to the Specific Event. 

        

        
          	 	
                  (iii)

                	
                  Change
                    of Account.
                    Section 2(b) is hereby amended by the addition of the following
                    after the
                    word “delivery” in the first line
                    thereof:

                

        

         

        “to
          another account in the same legal and tax jurisdiction as the original
          account”.

        

        
          	 	
                  (iv)

                	
                  Representations.
                    Section 3 is hereby amended by adding at the end thereof the
                    following
                    subsection (g): 

                

        

        

        
          	 	
                  “(g)

                	
                  Relationship
                    Between Parties. 

                

        

        

        
          	 	
                  (1)

                	
                  Nonreliance.
                    (i) It is not relying on any statement or representation of the
                    other
                    party regarding the Transaction (whether written or oral), other
                    than the
                    representations expressly made in this Agreement or the Confirmation
                    in
                    respect of that Transaction and (ii) it has consulted with its
                    own legal,
                    regulatory, tax, business, investment, financial and accounting
                    advisors
                    to the extent it has deemed necessary, and it has made its own
                    investment,
                    hedging and trading decisions based upon its own judgment and
                    upon any
                    advice from such advisors as it has deemed necessary and not
                    upon any view
                    expressed by the other party.

                

        

         

        
          	 	
                  (2)

                	
                  Evaluation
                    and Understanding. (i) It has the capacity to evaluate (internally
                    or
                    through independent professional advice) the Transaction and
                    has made its
                    own decision to enter into the Transaction and (ii) It understands
                    the
                    terms, conditions and risks of the Transaction and is willing
                    and able to
                    accept those terms and conditions and to assume those risks,
                    financially
                    and otherwise. 

                

        

        

        
          	 	
                  (3)

                	
                  Purpose.
                    It is entering into the Transaction for the purposes of managing
                    its
                    borrowings or investments, hedging its underlying assets or liabilities
                    or
                    in connection with a line of business.

                

        

        

        
          	 	
                  (4)

                	
                  Status
                    of Parties. The other party is not acting as an agent, fiduciary
                    or
                    advisor for it in respect of the Transaction.

                

        

        

        
          	 	
                  (5)

                	
                  Eligible
                    Contract Participant. It is an “eligible swap participant” as such term is
                    defined in, Section 35.1(b)(2) of the regulations (17 C.F.R.
                    35)
                    promulgated under, and an “eligible contract participant” as defined in
                    Section 1(a)(12) of the Commodity Exchange Act, as
                    amended.”

                

        

        

        

        
          	 	
                  (v)

                	
                  Transfer
                    to Avoid Termination Event.
                    Section 6(b)(ii) is hereby amended by (i) deleting the words
“or if a Tax
                    Event Upon Merger occurs and the Burdened Party is the Affected
                    Party,”
                    and (ii) by deleting the words “to transfer” and inserting the words “to
                    effect a Permitted Transfer” in lieu
                    thereof.

                

        

        

        
          	 	
                  (vi)

                	
                  Jurisdiction.
                    Section
                    13(b) is hereby amended by: (i) deleting in the second line of
                    subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                    end of subparagraph 1 and inserting “.” in lieu thereof, and (iii)
                    deleting the final paragraph
                    thereof.

                

        

        

        
          	 	
                  (vii)

                	
                  Local
                    Business Day.
                    The definition of Local Business Day in Section 14 is hereby
                    amended by
                    the addition of the words “or any Credit Support Document” after “Section
                    2(a)(i)” and the addition of the words “or Credit Support Document” after
                    “Confirmation”. 

                

        

        

        
          	
                  (c)

                	
                  Additional
                    Termination Events.
                    The following Additional Termination Events will
                    apply:

                

        

        

        
          	(i)         
                    	
                  First
                    Rating Trigger Collateral.
                    If
                    (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    Party
                    A has failed to comply with or perform any obligation to be complied
                    with
                    or performed by Party A in accordance with the Credit Support
                    Annex, then
                    an Additional Termination Event shall have occurred with respect
                    to Party
                    A and Party A shall be the sole Affected Party with respect to
                    such
                    Additional Termination Event. 

                

        

        

        
          	(ii)        
                    	
                  Second
                    Rating Trigger Replacement.
                    If
                    (A) a Required Ratings Downgrade Event has occurred and been
                    continuing
                    for 30 or more Local Business Days and (B) (i) at least one Eligible
                    Replacement has made a Firm Offer to be the transferee of all
                    of Party A’s
                    rights and obligations under this Agreement (and such Firm Offer
                    remains
                    an offer that will become legally binding upon such Eligible
                    Replacement
                    upon acceptance by the offeree) and/or (ii) an Eligible Guarantor
                    has made
                    a Firm Offer to provide an Eligible Guarantee (and such Firm
                    Offer remains
                    an offer that will become legally binding upon such Eligible
                    Guarantor
                    immediately upon acceptance by the offeree), then an Additional
                    Termination Event shall have occurred with respect to Party A
                    and Party A
                    shall be the sole Affected Party with respect to such Additional
                    Termination Event. 

                

        

        

        
          	 	
                  (iii)

                	
                  Amendment
                    of Pooling and Servicing Agreement.
                    If, without the prior written consent of Party A where such consent
                    is
                    required under the Pooling and Servicing Agreement (such consent
                    not to be
                    unreasonably withheld), an amendment is made to the Pooling and
                    Servicing
                    Agreement which amendment could reasonably be expected to have
                    a material
                    adverse effect on the interests of Party A (excluding, for the
                    avoidance
                    of doubt, any amendment to the Pooling and Servicing Agreement
                    that is
                    entered into solely for the purpose of appointing a successor
                    servicer,
                    master servicer, securities administrator, trustee or other service
                    provider) under this Agreement, an Additional Termination Event
                    shall have
                    occurred with respect to Party B and Party B shall be the sole
                    Affected
                    Party with respect to such Additional Termination Event.
                    

                

        

        

        
          	 	
                  (iv)

                	
                  Optional
                    Termination of Securitization.
                    An
                    Additional Termination Event shall occur upon the notice to
                    Certificateholders of an Optional Termination becoming unrescindable
                    in
                    accordance with Article X of the Pooling and Servicing Agreement
                    (such
                    notice, the “Optional
                    Termination Notice”).
                    With respect to such Additional Termination Event: (A) Party
                    B shall be
                    the sole Affected Party; (B) notwithstanding anything to the
                    contrary in
                    Section 6(b)(iv) or Section 6(c)(i), the final Distribution Date
                    specified
                    in the Optional Termination Notice is hereby designated as the
                    Early
                    Termination Date for this Additional Termination Event in respect
                    of all
                    Affected Transactions; (C) Section 2(a)(iii)(2) shall not be
                    applicable to
                    any Affected Transaction in
                    connection with the Early Termination Date resulting from this
                    Additional
                    Termination Event; notwithstanding anything to the contrary in
                    Section
                    6(c)(ii), payments and deliveries under Section 2(a)(i) or Section
                    2(e) in
                    respect of the Terminated Transactions resulting from this Additional
                    Termination Event will be required to be made through and including
                    the
                    Early Termination Date designated
                    as a result of this Additional Termination Event; provided, for
                    the
                    avoidance of doubt, that any such payments or deliveries that
                    are made on
                    or prior to such Early Termination Date will not be treated as
                    Unpaid
                    Amounts in determining the amount payable in respect of such
                    Early
                    Termination Date; (D) notwithstanding anything to the contrary
                    in Section
                    6(d)(i), (I) if, no later than 4:00 pm New York City time on
                    the day that
                    is four Business Days prior to the final Distribution Date specified
                    in
                    the Optional Termination Notice, the Trustee requests the amount
                    of the
                    Estimated Swap Termination Payment, Party A shall provide to
                    the Trustee
                    in writing (which may be done in electronic format) the amount
                    of the
                    Estimated Swap Termination Payment no later than 2:00 pm New
                    York City
                    time on the following Business Day and (II) if the Trustee provides
                    written notice (which may be done in electronic format) to Party
                    A no
                    later than two Business Days prior to the final Distribution
                    Date
                    specified in the Optional Termination Notice that all requirements
                    of the
                    Optional Termination have been met, then Party A shall, no later
                    than one
                    Business Day prior to the final Distribution Date specified in
                    the
                    Optional Termination Notice, make the calculations contemplated
                    by Section
                    6(e) of the ISDA Master Agreement (as amended herein) and provide
                    to the
                    Trustee in writing (which may be done in electronic format) the
                    amount
                    payable by either Party B or Party A in respect of the related
                    Early
                    Termination Date in
                    connection with this Additional Termination Event; provided,
                    however, that
                    the amount payable by Party B, if any, in respect of the related
                    Early
                    Termination Date shall be the lesser of (x) the amount calculated
                    to be
                    due from Party B pursuant to Section 6(e) and (y) the Estimated
                    Swap
                    Termination Payment; and (E) notwithstanding anything to the
                    contrary in
                    this Agreement, any amount due from Party B to Party A in respect
                    of this
                    Additional Termination Event will be payable on the final Distribution
                    Date specified in the Optional Termination Notice and any amount
                    due from
                    Party A to Party B in respect of this Additional Termination
                    Event will be
                    payable one Business Day prior to the final Distribution Date
                    specified in
                    the Optional Termination Notice. 

                

        

        

        The
          Trustee shall be an express third party beneficiary of this Agreement as
          if a
          party hereto to the extent of the Trustee’s rights specified herein.

        

        
          	 	
                  (v)

                	
                  Provision
                    of Information Required by Regulation AB.
                    Party A shall fail to comply with the provisions of Part (5)(y)
                    below
                    within the time provided for therein. Party A shall be the sole
                    Affected
                    Party.

                

        

        

        
          	
                  (d)

                	
                  Required
                    Ratings Downgrade Event.
                    In
                    the event that no Relevant Entity has credit ratings at least
                    equal to the
                    Required Ratings Threshold (such event, a “Required
                    Ratings Downgrade Event”),
                    then Party A shall, as soon as reasonably practicable and so
                    long as a
                    Required Ratings Downgrade Event is in effect, at its own expense,
                    using
                    commercially reasonable efforts, procure either (A) a Permitted
                    Transfer
                    or (B) an Eligible Guarantee from an Eligible Guarantor.
                    

                

        

        

        
          	
                  (e)
                    

                	
                  [Reserved]
                    

                

        

        

        
          	
                  (f)

                	
                  Transfers. 

                

        

         

        (i)           
           Section
          7
          is hereby amended to read in its entirety as follows:

         

        “Except
          with respect to any Permitted Transfer pursuant to Section 6(b)(ii), Part
          5(d),
          Part 5(e), or the succeeding sentence, neither Party A nor Party B is permitted
          to assign, novate or transfer (whether by way of security or otherwise)
          as a
          whole or in part any of its rights, obligations or interests under the
          Agreement
          or any Transaction unless (a) the prior written consent of the other party
          is
          obtained, and (b) the Rating Agency Condition has been satisfied with respect
          to
          S&P and Fitch. At any time at which no Relevant Entity has credit ratings
          at
          least equal to the Approved Ratings Threshold, Party A may make a Permitted
          Transfer.” 

         

        
          	 	
                  (ii)

                	
                  If
                    an Eligible Replacement has made a Firm Offer (which remains
                    an offer that
                    will become legally binding upon acceptance by Party B) to be
                    the
                    transferee pursuant to a Permitted Transfer, Party B shall, at
                    Party A’s
                    written request and at Party A’s expense, take any reasonable steps
                    required to be taken by Party B to effect such transfer.
                    

                

        

         

        
          	
                  (g)

                	
                  Non-Recourse.
                    Party A acknowledges and agree that, notwithstanding any provision
                    in this
                    Agreement to the contrary, the obligations of Party B hereunder
                    are
                    limited recourse obligations of Party B, payable solely from
                    the
                    Supplemental Interest Trust and the proceeds thereof, in accordance
                    with
                    the priority of payments and other terms of the Pooling and Servicing
                    Agreement and that Party A will not have any recourse to any
                    of the
                    directors, officers, employees, shareholders or affiliates of
                    the Party B
                    with respect to any claims, losses, damages, liabilities, indemnities
                    or
                    other obligations in connection with any transactions contemplated
                    hereby.
                    In the event that the Supplemental Interest Trust and the proceeds
                    thereof, should be insufficient to satisfy all claims outstanding
                    and
                    following the realization of the account held by the Supplemental
                    Interest
                    Trust and the proceeds thereof, any claims against or obligations
                    of Party
                    B under the ISDA Master Agreement or any other confirmation thereunder
                    still outstanding shall be extinguished and thereafter not revive.
                    The
                    Supplemental Interest Trust Trustee shall not have liability
                    for any
                    failure or delay in making a payment hereunder to Party A due
                    to any
                    failure or delay in receiving amounts in the account held by
                    the
                    Supplemental Interest Trust from the Trust created pursuant to
                    the Pooling
                    and Servicing Agreement. This provision will survive the termination
                    of
                    this Agreement.

                

        

        

        
          	
                  (h)

                	
                  Timing
                    of Payments
                    by Party B upon Early Termination.
                    Notwithstanding anything to the contrary in Section 6(d)(ii),
                    to the
                    extent that all or a portion (in either case, the “Unfunded Amount”) of
                    any amount that is calculated as being due in respect of any
                    Early
                    Termination Date under Section 6(e) from Party B to Party A will
                    be paid
                    by Party B from amounts other than any upfront payment paid to
                    Party B by
                    an Eligible Replacement that has entered a Replacement Transaction
                    with
                    Party B, then such Unfunded Amount shall be due on the next subsequent
                    Distribution Date following the date on which the payment would
                    have been
                    payable as determined in accordance with Section 6(d)(ii), and
                    on any
                    subsequent Distribution Dates until paid in full (or if such
                    Early
                    Termination Date is the final Distribution Date, on such final
                    Distribution Date); provided, however, that if the date on which
                    the
                    payment would have been payable as determined in accordance with
                    Section
                    6(d)(ii) is a Distribution Date, such payment will be payable
                    on such
                    Distribution Date.

                

        

        

        
          	
                  (i)

                	
                  Rating
                    Agency Notifications. Notwithstanding
                    any other provision of this Agreement, no Early Termination Date
                    shall be
                    effectively designated hereunder by Party B and no transfer of
                    any rights
                    or obligations under this Agreement shall be made by either party
                    unless
                    each Swap Rating Agency has been given prior written notice of
                    such
                    designation or transfer. 

                

        

        

        
          	
                  (j)

                	
                  No
                    Set-off.
                    Except as expressly provided for in Section 2(c), Section 6 or
                    Part
                    1(f)(i)(D) hereof, and notwithstanding any other provision of
                    this
                    Agreement or any other existing or future agreement, each party
                    irrevocably waives any and all rights it may have to set off,
                    net, recoup
                    or otherwise withhold or suspend or condition payment or performance
                    of
                    any obligation between it and the other party hereunder against
                    any
                    obligation between it and the other party under any other agreements.
                    Section 6(e) shall be amended by deleting the following sentence:
“The
                    amount, if any, payable in respect of an Early Termination Date
                    and
                    determined pursuant to this Section will be subject to any
                    Set-off.”.

                

        

         

        
          	
                  (k)

                	
                  Amendment.
                    Notwithstanding any provision to the contrary in this Agreement,
                    no
                    amendment of either this Agreement or any Transaction under this
                    Agreement
                    shall be permitted by either party unless each of the Swap Rating
                    Agencies
                    has been provided prior written notice of the same and such amendment
                    satisfies the Rating Agency Condition with respect to S&P and
                    Fitch.

                

        

        

        
          	
                  (l)

                	
                  Notice
                    of Certain Events or Circumstances.
                    Each Party agrees, upon learning of the occurrence or existence
                    of any
                    event or condition that constitutes (or that with the giving
                    of notice or
                    passage of time or both would constitute) an Event of Default
                    or
                    Termination Event with respect to such party, promptly to give
                    the other
                    Party and to each Swap Rating Agency notice of such event or
                    condition;
                    provided that failure to provide notice of such event or condition
                    pursuant to this Part 5(l) shall not constitute an Event of Default
                    or a
                    Termination Event.

                

        

         

        
          	
                  (m)

                	
                  Proceedings.
                    No
                    Relevant Entity shall institute against, or cause any other person
                    to
                    institute against, or join any other person in instituting against
                    Party
                    B, the Supplemental Interest Trust, or the Trust formed pursuant
                    to the
                    Pooling and Servicing Agreement, in any bankruptcy, reorganization,
                    arrangement, insolvency or liquidation proceedings or other proceedings
                    under any federal or state bankruptcy or similar law for a period
                    of one
                    year (or, if longer, the applicable preference period) and one
                    day
                    following payment in full of the Certificates and any Notes.
                    This
                    provision will survive the termination of this
                    Agreement.

                

        

        

        
          	
                  (n)

                	
                  Supplemental
                    Interest Trust Trustee Liability Limitations.
                    It
                    is expressly understood and agreed by the parties hereto that
                    (a) this
                    Agreement is executed by Wells Fargo Bank, N.A. (“Wells”) not in
                    individually or personally, but solely as Supplemental Interest
                    Trust
                    Trustee under the Pooling and Servicing Agreement in the exercise
                    of the
                    powers and authority conferred and vested in it under the terms
                    of the
                    Pooling and Servicing Agreement; (b) Wells has been directed
                    pursuant to
                    the Pooling and Servicing Agreement to enter into this Agreement
                    and to
                    perform its obligations hereunder; (c) each of the representations,
                    undertakings and agreements herein made on behalf of Party B
                    is made and
                    intended not as personal representations, undertakings and agreements
                    of
                    Wells but is made and intended for the purpose of binding only
                    the
                    Supplemental Interest Trust; (d) nothing herein contained shall
                    be
                    construed as creating any liability on the part of Wells, individually
                    or
                    personally, to perform any covenant, either expressed or implied,
                    contained herein, all such liability, if any, being expressly
                    waived by
                    the parties hereto and by any Person claiming by, through or
                    under the
                    parties hereto; and (e) under no circumstances shall Wells be
                    personally
                    liable for the payment of any indebtedness or expenses of Party
                    B or be
                    liable for the breach or failure of any obligation, representation,
                    warranty or covenant made or undertaken by Party B under this
                    Agreement or
                    any other related documents, as to all of which recourse shall
                    be had
                    solely to the assets of the Supplemental Interest Trust in accordance
                    with
                    the terms of the Pooling and Servicing
                    Agreement.

                

        

        

        
          	
                  (o)

                	
                  Severability.
                    If
                    any term, provision, covenant, or condition of this Agreement,
                    or the
                    application thereof to any party or circumstance, shall be held
                    to be
                    invalid or unenforceable (in whole or in part) in any respect,
                    the
                    remaining terms, provisions, covenants, and conditions hereof
                    shall
                    continue in full force and effect as if this Agreement had been
                    executed
                    with the invalid or unenforceable portion eliminated, so long
                    as this
                    Agreement as so modified continues to express, without material
                    change,
                    the original intentions of the parties as to the subject matter
                    of this
                    Agreement and the deletion of such portion of this Agreement
                    will not
                    substantially impair the respective benefits or expectations
                    of the
                    parties; provided, however, that this severability provision
                    shall not be
                    applicable if any provision of Section 2, 5, 6, or 13 (or any
                    definition
                    or provision in Section 14 to the extent it relates to, or is
                    used in or
                    in connection with any such Section) shall be so held to be invalid
                    or
                    unenforceable. 

                

        

        

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition. 

        

        
          	
                  (p)

                	
                  Agent
                    for Party B. Party
                    A acknowledges that Party B has appointed the Supplemental Interest
                    Trust
                    Trustee as its agent under the Pooling and Servicing Agreement
                    to carry
                    out its obligations hereunder, and that Supplemental Interest
                    Trust
                    Trustee shall be entitled to give notices and to perform and
                    satisfy the
                    obligations of Party B hereunder on behalf of Party
                    B.

                

        

         

        
          	
                  (q)

                	
                  Escrow
                    Payments.
                    If
                    (whether by reason of the time difference between the cities
                    in which
                    payments are to be made or otherwise) it is not possible for
                    simultaneous
                    payments to be made on any date on which both parties are required
                    to make
                    payments hereunder, either Party may at its option and in its
                    sole
                    discretion notify the other Party that payments on that date
                    are to be
                    made in escrow. In this case deposit of the payment due earlier
                    on that
                    date shall be made by 2:00 pm (local time at the place for the
                    earlier
                    payment) on that date with an escrow agent selected by the notifying
                    party, accompanied by irrevocable payment instructions (i) to
                    release the
                    deposited payment to the intended recipient upon receipt by the
                    escrow
                    agent of the required deposit of any corresponding payment payable
                    by the
                    other party on the same date accompanied by irrevocable payment
                    instructions to the same effect or (ii) if the required deposit
                    of the
                    corresponding payment is not made on that same date, to return
                    the payment
                    deposited to the party that paid it into escrow. The party that
                    elects to
                    have payments made in escrow shall pay all costs of the escrow
                    arrangements.

                

        

         

        
          	
                  (r)

                	
                  Consent
                    to Recording.
                    Each party hereto consents to the monitoring or recording, at
                    any time and
                    from time to time, by the other party of any and all communications
                    between trading, marketing, and operations personnel of the parties
                    and
                    their Affiliates, waives any further notice of such monitoring
                    or
                    recording, and agrees to notify such personnel of such monitoring
                    or
                    recording. 

                

        

        

        
          	
                  (s)

                	
                  Waiver
                    of Jury Trial.
                    Each party waives any right it may have to a trial by jury in
                    respect of
                    any in respect of any suit, action or proceeding relating to
                    this
                    Agreement or any Credit Support Document.

                

        

        

        
          	
                  (t)

                	
                  Form
                    of ISDA Master Agreement. Party
                    A and Party B hereby agree that the text of the body of the ISDA
                    Master
                    Agreement is intended to be the printed form of the ISDA Master
                    Agreement
                    (Multicurrency -
                    Crossborder) as published and copyrighted in 1992 by the International
                    Swaps and Derivatives Association,
                    Inc.

                

        

        

        
          	
                  (u)

                	
                  Payment
                    Instructions.
                    Party A hereby agrees that, unless notified in writing by Party
                    B of other
                    payment instructions, any and all amounts payable by Party A
                    to Party B
                    under this Agreement shall be paid to the account specified in
                    Item 4 of
                    this Confirmation, below. 

                

        

        

        
          	
                  (v)

                	
                  Additional
                    representations.

                

        

        

        
          	 	
                  (i)

                	
                  Representations
                    of Party A.
                    Party A represents to Party B on the date on which Party A enters
                    into
                    each Transaction that:--

                

        

         

        
          	 	
                  (1)

                	
                  Party
                    A is a bank subject to the requirements of 12 U.S.C. § 1823(e), this
                    Agreement (including the Credit Support Annex and each Confirmation)
                    will
                    be maintained as one of its official records continuously from
                    the time of
                    its execution (or in the case of any Confirmation, continuously
                    until such
                    time as the relevant Transaction matures and the obligations
                    therefor are
                    satisfied in full).

                

        

         

        
          	 	
                  (ii)

                	
                  Capacity.
                    Party A represents to Party B on the date on which Party A enters
                    into
                    this Agreement that it is entering into this Agreement and the
                    Transaction
                    as principal and not as agent of any person. Party B represents
                    to Party A
                    on the date on which the Supplemental Interest Trust Trustee
                    executes this
                    Agreement that it is executing this Agreement and the Transaction
                    in, not
                    individually, but solely its capacity as Supplemental Interest
                    Trust
                    Trustee on behalf of the Supplemental Interest
                    Trust.

                

        

         

        
          	
                  (w)

                	
                  Acknowledgements.

                

        

        

        
          	 	
                  (i)

                	
                  Substantial
                    financial transactions.
                    Each party hereto is hereby advised and acknowledges as of the
                    date hereof
                    that the other party has engaged in (or refrained from engaging
                    in)
                    substantial financial transactions and has taken (or refrained
                    from
                    taking) other material actions in reliance upon the entry by
                    the parties
                    into the Transaction being entered into on the terms and conditions
                    set
                    forth herein and in the Pooling and Servicing Agreement relating
                    to such
                    Transaction, as applicable. This paragraph shall be deemed repeated
                    on the
                    trade date of each Transaction.

                

        

         

        
          	 	
                  (ii)

                	
                  Bankruptcy
                    Code.
                    Subject to Part 5(m), without limiting the applicability if any,
                    of any
                    other provision of the U.S. Bankruptcy Code as amended (the “Bankruptcy
                    Code”) (including without limitation Sections 362, 546, 556, and 560
                    thereof and the applicable definitions in Section 101 thereof),
                    the
                    parties acknowledge and agree that all Transactions entered into
                    hereunder
                    will constitute “forward contracts” or “swap agreements” as defined in
                    Section 101 of the Bankruptcy Code or “commodity contracts” as defined in
                    Section 761 of the Bankruptcy Code, that the rights of the parties
                    under
                    Section 6 of this Agreement will constitute contractual rights
                    to
                    liquidate Transactions, that any margin or collateral provided
                    under any
                    margin, collateral, security, pledge, or similar agreement related
                    hereto
                    will constitute a “margin payment” as defined in Section 101 of the
                    Bankruptcy Code, and that the parties are entities entitled to
                    the rights
                    under, and protections afforded by, Sections 362, 546, 556, and
                    560 of the
                    Bankruptcy Code.

                

        

         

        
          	 	
                  (iii)

                	
                  Swap
                    Agreement. Party
                    A acknowledges that each Transaction is a “swap agreement” as defined in
                    12 U.S.C. Section 1821(e)(8)(D)(vi) and a “covered swap agreement” as
                    defined in the Commodity Exchange Act (7 U.S.C. Section
                    27(d)(1)).

                

        

         

        
          	
                  (x)

                	
                  [Reserved]

                

        

         

        (y)                        
           Compliance
          with Regulation AB.
          For
          purposes of Item 1115 of Subpart 229.1100 - Asset Backed Securities (Regulation
          AB) (17 C.F.R. ss.ss.229.1100 - 229.1123) (“Regulation AB”) under the Securities
          Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended
          (the “Exchange Act”), as amended and interpreted by the Securities and Exchange
          Commission and its staff, if the Depositor
          or
          Sponsor
          makes a
          determination, acting reasonably and in good faith, that (x) the applicable
          “significance percentage” with respect to this Agreement has been reached, and
          (y) the Depositor
          or
          Sponsor
          has a
          reporting obligation under the Exchange Act, then Party A shall, within
          five (5)
          Business Days after notice to that effect, at its sole expense, take one
          of the
          following actions (each subject to satisfaction of the applicable requirements
          of the Rating Agencies): (1) provide to the Depositor
          and
          Sponsor
          (including, if permitted by Regulation AB, provision by reference to reports
          filed pursuant to the Exchange Act or otherwise publicly available information)
          in an EDGAR-compatible format (for example, such information may be provided
          in
          Microsoft Word® or Microsoft Excel® format but not in .pdf format): (i) (A) the
          financial data required by Item 301 of Regulation S-K (17 C.F.R. §229.301),
          pursuant to Item 1115(b)(1); (B) financial statements meeting the requirements
          of Regulation S-X (17 C.F.R. §§210.1-01 through 210.12-29, but excluding 17
          C.F.R. ss. 210.3-05 and Article 11 of Regulation S-X (17 C.F.R. ss. ss.
          210.11-01 through 210.11-03)), pursuant to Item 1115(b)(2); or (C) such
          other
          financial information as may at the time be required or permitted to be
          provided
          in satisfaction of the requirements of Item 1115(b), together with accountants
          consents and/or a procedure letter relating thereto, and (ii) any updates
          to the
          foregoing with respect to Party A or any entity that consolidates Party
          A within
          five days of the release of any such updated information (but
          in
          no event more than 45 days after the end of each of Party A’s fiscal quarter for
          any quarterly update, and in no event more than 90 days after the end of
          each of
          Party A’s fiscal year for any annual update);
          or (2)
          secure another entity which complies with the requirements of Item 1115(b)
          of
          Regulation AB and with (1) above, to replace Party A as party to this Agreement
          on substantially similar terms to this Agreement, which entity (or guarantor
          therefor) meets or exceeds the Qualifying Ratings and which satisfies the
          Rating
          Agency Condition. 

        

        The
          Depositor shall be an express third party beneficiary of, and assumes the
          obligations set forth in, this Paragraph 4(11) as if a party hereto to
          the
          extent of the Depositor’s rights and obligations explicitly specified
          herein.

         

        (z)         
           Additional
          Definitions. 

         

        As
          used
          in this Agreement, the following terms shall have the meanings set forth
          below,
          unless the context clearly requires otherwise: 

         

        “Approved
          Ratings Threshold”
          means
          each of the S&P Approved Ratings Threshold, the Moody’s First Trigger
          Ratings Threshold, and the Fitch Approved Ratings Threshold.

        

        “Approved
          Replacement” means,
          with respect to a Market Quotation, an entity making such Market Quotation,
          which entity would satisfy conditions (a), (b) and (c) of the definition
          of
          Permitted Transfer (as determined by Party B in its sole discretion, acting
          in a
          commercially reasonable manner) if such entity were a Transferee, as defined
          in
          the definition of Permitted Transfer.

        

        “Derivative
          Provider Trigger Event”
          means
          (i) an Event of Default with respect to which Party A is a Defaulting Party,
          (ii) a Termination Event with respect to which Party A is the sole Affected
          Party or (iii) an Additional Termination Event with respect to which Party
          A is
          the sole Affected Party.

        

        “Eligible
          Guarantee”
          means an
          unconditional and irrevocable guarantee of all present and future obligations
          (for the avoidance of doubt, not limited to payment obligations) of Party
          A or
          an Eligible Replacement to Party B under this Agreement that is provided
          by an
          Eligible Guarantor as principal debtor rather than surety and that is directly
          enforceable by Party B, the form and substance of which guarantee are subject
          to
          the Rating Agency Condition with respect to S&P and Fitch, and either (A) a
          law firm has given a legal opinion confirming that none of the guarantor’s
          payments to Party B under such guarantee will be subject to Tax
          collected by withholding or
          (B)
          such guarantee provides that, in the event that any of such guarantor’s payments
          to Party B are subject to Tax collected by withholding, such guarantor
          is
          required to pay such additional amount as is necessary to ensure that the
          net
          amount actually received by Party B (free and clear of any Tax collected
          by
          withholding) will equal the full amount Party B would have received had
          no such
          withholding been required.

        

        “Eligible
          Guarantor” means
          an
          entity that (A) has credit ratings from S&P and Fitch at least equal to the
          S&P/Fitch Approved Ratings Threshold and (B) has credit ratings from Moody’s
          at least equal to the Moody’s Second Trigger Ratings Threshold, provided, for
          the avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor
          with
          credit ratings below the Moody’s Second Trigger Ratings Threshold will not cause
          a Collateral Event (as defined in the Credit Support Annex) not to occur
          or
          continue with respect to Moody’s. 

         

        “Eligible
          Replacement” means
          an
          entity (A) (i) (a) that has credit ratings from S&P and Fitch at least equal
          to the S&P/Fitch Approved Ratings Threshold, and (b) has credit ratings from
          Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold,
          provided, for the avoidance of doubt, that an Eligible Replacement with
          credit
          ratings below the Moody’s Second Trigger Ratings Threshold will not cause a
          Collateral Event (as defined in the Credit Support Annex) not to occur
          or
          continue with respect to Moody’s, or (ii) the present and future obligations
          (for the avoidance of doubt, not limited to payment obligations) of which
          entity
          to Party B under this Agreement are guaranteed pursuant to an Eligible
          Guarantee
          provided by an Eligible Guarantor.

        

        “Estimated
          Swap Termination Payment”
          means,
          with respect to an Early Termination Date, an amount determined by Party
          A in
          good faith and in a commercially reasonable manner as the maximum payment
          that
          could be owed by Party B to Party A in respect of such Early Termination
          Date
          pursuant to Section 6(e) of the ISDA Master Agreement, taking into account
          then
          current market conditions.

        

        “Firm
          Offer”
          means
          (A) with respect to an Eligible Replacement, a quotation from such Eligible
          Replacement (i) in an amount equal to the actual amount payable by or to
          Party B
          in consideration of an agreement between Party B and such Eligible Replacement
          to replace Party A as the counterparty to this Agreement by way of novation
          or,
          if such novation is not possible, an agreement between Party B and such
          Eligible
          Replacement to enter into a Replacement Transaction (assuming that all
          Transactions hereunder become Terminated Transactions), and (ii) that
          constitutes an offer by such Eligible Replacement to replace Party A as
          the
          counterparty to this Agreement or enter a Replacement Transaction that
          will
          become legally binding upon such Eligible Replacement upon acceptance by
          Party
          B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
          Guarantor to provide an Eligible Guarantee that will become legally binding
          upon
          such Eligible Guarantor upon acceptance by the offeree.

        

        “Fitch”
          means
          Fitch Ratings Ltd., or any successor thereto.

        

        “Fitch
          Approved Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          from
          Fitch of “A” and a short-term unsecured and unsubordinated debt rating from
          Fitch of “F1”.

        

        “Fitch
          Required Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          from
          Fitch of “BBB-”.

        

        “Moody’s”
          means
          Moody’s Investors Service, Inc., or any successor thereto. 

        

        “Moody’s
          First Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating or counterparty rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

        

        “Moody’s
          Second Trigger Ratings Event” means
          that no
          Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
          Second Trigger Ratings Threshold. 

        

        “Moody’s
          Second Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
          or counterparty rating from Moody’s of “A3”.

        

        “Permitted
          Transfer” means
          a
          transfer by novation by Party A pursuant to Section 6(b)(ii), Part 5(d),
          Part
          5(e), or the second sentence of Section 7 (as amended herein) to a transferee
          (the “Transferee”)
          of all,
          but not less than all, of Party A’s rights, liabilities, duties and obligations
          under this Agreement, with
          respect to which transfer each of the following conditions is
          satisfied:
          (a) the
          Transferee is an Eligible Replacement; (b) Party A and the Transferee are
          both
“dealers in notional principal contracts” within the meaning of Treasury
          regulations section 1.1001-4; (c) as of the date of such transfer the Transferee
          would not be required to withhold or deduct on account of Tax from any
          payments
          under this Agreement or would be required to gross up for such Tax under
          Section
          2(d)(i)(4); (d) an Event of Default or Termination Event would not occur
          as a
          result of such transfer; (e) pursuant to a written instrument (the “Transfer
          Agreement”),
          the
          Transferee acquires and assumes all rights and obligations of Party A under
          the
          Agreement and the relevant Transaction; (f) Party B shall have determined,
          in
          its sole discretion, acting in a commercially reasonable manner, that such
          Transfer Agreement is effective to transfer to the Transferee all, but
          not less
          than all, of Party A’s rights and obligations under the Agreement and all
          relevant Transactions; (g) Party A will be responsible for any costs or
          expenses
          incurred in connection with such transfer (including any replacement cost
          of
          entering into a replacement transaction); (h) either (A) Moody’s has been given
          prior written notice of such transfer and the Rating Agency Condition is
          satisfied with respect to S&P and Fitch or (B) each Swap Rating Agency has
          been given prior written notice of such transfer and such transfer is in
          connection with the assignment and assumption of this Agreement without
          modification of its terms, other than party names, dates relevant to the
          effective date of such transfer, tax representations (provided that the
          representations in Part 2(a)(i) are not modified) and any other representations
          regarding the status of the substitute counterparty of the type included
          in Part
          5(b)(iv), Part 5(v)(i)(2) or Part 5(v)(ii), notice information and account
          details; and (i) such transfer otherwise complies with the terms of the
          Pooling
          and Servicing Agreement.

         

        “Rating
          Agency Condition”
          means,
          with respect to any particular proposed act or omission to act hereunder
          and
          each Swap Rating Agency specified in connection with such proposed act
          or
          omission, that the party acting or failing to act must consult with each
          of the
          specified Swap Rating Agencies and receive from each such Swap Rating Agency
          a
          prior written confirmation that the proposed action or inaction would not
          cause
          a downgrade or withdrawal of the then-current rating of any Certificates
          or
          Notes.

        

        “Relevant
          Entity” means
          Party A and, to the extent applicable, a guarantor under an Eligible
          Guarantee.

        

        “Replacement
          Transaction”
          means,
          with respect to any Terminated Transaction or group of Terminated Transactions,
          a transaction or group of transactions that (i) would have the effect of
          preserving for Party B the economic equivalent of any payment or delivery
          (whether the underlying obligation was absolute or contingent and assuming
          the
          satisfaction of each applicable condition precedent) by the parties under
          Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
          Transactions that would, but for the occurrence of the relevant Early
          Termination Date, have been required after that Date, and (ii) has terms
          which
          are substantially the same as this Agreement, including, without limitation,
          rating triggers, Regulation AB compliance, and credit support documentation,
          save for the exclusion of provisions relating to Transactions that are
          not
          Terminated Transaction, as determined by Party B in its sole discretion,
          acting
          in a commercially reasonable manner.

        

        “Required
          Ratings Downgrade Event”
          shall
          have the meaning assigned thereto in Part 5(d).

        

        “Required
          Ratings Threshold” means
          each of the S&P Required Ratings Threshold, the Moody’s Second Trigger
          Ratings Threshold, [the Fitch Required Ratings Threshold and the DBRS Required
          Ratings Threshold].

        

        “S&P”
          means
          Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
          Inc., or any successor thereto. 

        

        “S&P
          Approved Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a short-term unsecured and unsubordinated debt rating
          from
          S&P of “A-1”, or, if such entity does not have a short-term unsecured and
          unsubordinated debt rating from S&P, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from S&P of
“A+”.

        

        “S&P
          Required Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          or
          counterparty rating from S&P of “BBB+”. 

        

        “Swap
          Rating Agencies”
          means,
          with respect to any date of determination, each of S&P, Moody’s, and Fitch,
          to the extent that each such rating agency is then providing a rating for
          any of
          the Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series
          2006-EQ2 (the “Certificates”)
          or any
          notes backed by the Certificates (the “Notes”).

        

         

        [Remainder
          of this page intentionally left blank.]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        4. Account
          Details and Settlement Information:  

         

        

        Payments
          to Party A:          
  The
          Bank
          of New York

        Derivative
          Products Support Department

        32
          Old
          Slip, 16th
          Floor

        New
          York,
          New York 10286

        Attention:
          Renee Etheart

        ABA
          #021000018

        Account
          #890-0068-175

        Reference:
          Interest Rate Cap

         

        Payments
          to Party B:           
  Wells
          Fargo Bank, N.A.

        ABA
          #:
          121 000 248

        Account
          #: 397 077 1416

        Account
          Name: SAS Clearing

        FFC
          to:
          50977602 -Soundview 2006-EQ2

        

        This
          Agreement may be executed in several counterparts, each of which shall
          be deemed
          an original but all of which together shall constitute one and the same
          instrument.

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        We
          are
          very pleased to have executed this Transaction with you and we look forward
          to
          completing other transactions with you in the near future.

        

        Very
          truly yours,

        

        The
          Bank
          of New York

         

        

        By: _______________________________ 

        Name:   

        Title:    

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        Party
          B,
          acting through its duly authorized signatory, hereby agrees to, accepts
          and
          confirms the terms of the foregoing as of the date hereof.

        

        Wells
          Fargo Bank, N.A., not individually, but solely as trustee (the “Supplemental
          Interest Trust Trustee”) on behalf of the supplemental interest trust with
          respect to the Soundview Home Loan Trust 2006-EQ2

         

        

        

        By: _______________________________
          

        Name: 

        Title:

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        SCHEDULE
          I

        (all
          such
          dates subject to No Adjustment with respect to Fixed Rate Payer Period
          End Dates
          and adjustment in accordance with the Following Business Day Convention
          with
          respect to Floating Rate Payer Period End Dates) 

        

        
          	
                  Accrual
                    Start Dates

                	
                  Accrual
                    End Dates

                	
                  Notional
                    Amount (in USD)

                
	
                  09/25/07
                    

                	
                  10/25/07
                    

                	
                  2,860,345.7086

                
	
                  10/25/07
                    

                	
                  11/25/07
                    

                	
                  2,767,066.7681

                
	
                  11/25/07
                    

                	
                  12/25/07
                    

                	
                  2,667,029.1452

                
	
                  12/25/07
                    

                	
                  01/25/08
                    

                	
                  2,570,656.1920

                
	
                  01/25/08
                    

                	
                  02/25/08
                    

                	
                  2,477,812.1451

                
	
                  02/25/08
                    

                	
                  03/25/08
                    

                	
                  2,388,366.3171

                
	
                  03/25/08
                    

                	
                  04/25/08
                    

                	
                  2,302,192.9049

                
	
                  04/25/08
                    

                	
                  05/25/08
                    

                	
                  2,219,170.8061

                
	
                  05/25/08
                    

                	
                  06/25/08
                    

                	
                  2,139,183.4420

                
	
                  06/25/08
                    

                	
                  07/25/08
                    

                	
                  2,062,066.2391

                
	
                  07/25/08
                    

                	
                  08/25/08
                    

                	
                  1,987,771.2322

                
	
                  08/25/08
                    

                	
                  09/25/08
                    

                	
                  1,916,193.4980

                
	
                  09/25/08
                    

                	
                  10/25/08
                    

                	
                  1,847,224.6549

                
	
                  10/25/08
                    

                	
                  11/25/08
                    

                	
                  1,779,348.6223

                
	
                  11/25/08
                    

                	
                  12/25/08
                    

                	
                  611,700.0214

                
	
                  12/25/08
                    

                	
                  01/25/09
                    

                	
                  584,080.6004

                
	
                  01/25/09
                    

                	
                  02/25/09
                    

                	
                  558,365.1547

                
	
                  02/25/09
                    

                	
                  03/25/09
                    

                	
                  534,434.8598

                
	
                  03/25/09
                    

                	
                  04/25/09
                    

                	
                  517,536.9833

                
	
                  04/25/09
                    

                	
                  05/25/09
                    

                	
                  501,197.0186

                
	
                  05/25/09
                    

                	
                  06/25/09
                    

                	
                  485,395.4777

                
	
                  06/25/09
                    

                	
                  07/25/09
                    

                	
                  470,113.5982

                
	
                  07/25/09
                    

                	
                  08/25/09
                    

                	
                  455,333.3136

                
	
                  08/25/09
                    

                	
                  09/25/09
                    

                	
                  441,037.2268

                
	
                  09/25/09
                    

                	
                  10/25/09
                    

                	
                  427,208.5829

                
	
                  10/25/09
                    

                	
                  11/25/09
                    

                	
                  413,188.2176

                
	
                  11/25/09
                    

                	
                  12/25/09
                    

                	
                  372,743.6736

                
	
                  12/25/09
                    

                	
                  01/25/10
                    

                	
                  361,552.8558

                
	
                  01/25/10
                    

                	
                  02/25/10
                    

                	
                  350,705.6425

                
	
                  02/25/10
                    

                	
                  03/25/10
                    

                	
                  340,191.0907

                
	
                  03/25/10
                    

                	
                  04/25/10
                    

                	
                  329,998.6243

                
	
                  04/25/10
                    

                	
                  05/25/10
                    

                	
                  320,118.0206

                
	
                  05/25/10
                    

                	
                  06/25/10
                    

                	
                  310,539.3980

                
	
                  06/25/10
                    

                	
                  07/25/10
                    

                	
                  301,253.2037

                
	
                  07/25/10
                    

                	
                  08/25/10
                    

                	
                  292,250.2023

                
	
                  08/25/10
                    

                	
                  09/25/10
                    

                	
                  283,521.4644

                
	
                  09/25/10
                    

                	
                  10/25/10
                    

                	
                  275,058.3560

                
	
                  10/25/10
                    

                	
                  11/25/10
                    

                	
                  266,852.5279

                
	
                  11/25/10
                    

                	
                  12/25/10
                    

                	
                  258,895.9061

                
	
                  12/25/10
                    

                	
                  01/25/11
                    

                	
                  251,180.6817

                
	
                  01/25/11
                    

                	
                  02/25/11
                    

                	
                  243,699.3022

                
	
                  02/25/11
                    

                	
                  03/25/11
                    

                	
                  236,444.4621

                
	
                  03/25/11
                    

                	
                  04/25/11
                    

                	
                  229,409.0946

                
	
                  04/25/11
                    

                	
                  05/25/11
                    

                	
                  222,586.3634

                
	
                  05/25/11
                    

                	
                  06/25/11
                    

                	
                  215,969.6546

                
	
                  06/25/11
                    

                	
                  07/25/11
                    

                	
                  209,456.6982

                
	
                  07/25/11
                    

                	
                  08/25/11
                    

                	
                  203,237.5321

                
	
                  08/25/11
                    

                	
                  09/25/11
                    

                	
                  197,205.5958

                
	
                  09/25/11
                    

                	
                  10/25/11
                    

                	
                  191,341.8912

                
	
                  10/25/11
                    

                	
                  11/25/11
                    

                	
                  185,667.8674

                
	
                  11/25/11
                    

                	
                  12/25/11
                    

                	
                  170,961.1004

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Annex
          A

        

        Paragraph
          13 of the Credit Support Annex

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        ANNEX
          A

        

        ISDA®

        CREDIT
          SUPPORT ANNEX

        to
          the
          Schedule to the

        ISDA
          Master Agreement

        dated
          as
          of December 28, 2006 between

        The
          Bank
          of New York 

        (hereinafter
          referred to as “Party
          A”
          or
“Pledgor”)

        and

        Wells
          Fargo Bank, N.A., not individually, but solely as trustee (the “Supplemental
          Interest Trust Trustee”) on behalf of the supplemental interest trust with
          respect to the Soundview Home Loan Trust 2006-EQ2 (hereinafter referred
          to as
“Party
          B”
          or
“Secured
          Party”).

        

        For
          the
          avoidance of doubt, and notwithstanding anything to the contrary that may
          be
          contained in the Agreement, this Credit Support Annex shall relate solely
          to the
          Transaction documented in the Confirmation dated December 21, 2006, between
          Party A and Party B, Reference Number 38707.

        

         

        Paragraph
          13. Elections and Variables.

         

        
          	(a)  	
                  Security
                    Interest for “Obligations”.
                    The term “Obligations”
                    as
                    used in this Annex includes the following additional
                    obligations:

                

        

         

        With
          respect to Party A: not applicable.

         

        With
          respect to Party B: not applicable.

         

        
          	(b)  	
                  Credit
                    Support Obligations.

                

        

         

        
          	(i)  	
                  Delivery
                    Amount, Return Amount and Credit Support
                    Amount.

                

        

         

        
          	(A)  	
                  “Delivery
                    Amount”
                    has the meaning specified in Paragraph 3(a) as amended (I) by
                    deleting the
                    words “upon a demand made by the Secured Party on or promptly following
                    a
                    Valuation Date” and inserting in lieu thereof the words “not later than
                    the close of business on each Valuation Date on which (A) a Moody’s First
                    Trigger Event or Moody’s Second Trigger Event has occurred and has been
                    continuing (x) for at least 30 Local Business Days or (y) since
                    this Annex
                    was executed, (B) an S&P/Fitch Rating Threshold Event has occurred and
                    been continuing for at least 30 days or (C) an S&P/Fitch Required
                    Ratings Downgrade Event has occurred and is continuing” and (II) by
                    deleting in its entirety the sentence beginning “Unless otherwise
                    specified in Paragraph 13” and ending “(ii) the Value as of that Valuation
                    Date of all Posted Credit Support held by the Secured Party.” and
                    inserting in lieu thereof the
                    following:

                

        

         

        The
          “Delivery
          Amount”
          applicable to the Pledgor for any Valuation Date will equal the greatest
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P/Fitch Credit Support Amount for such
                    Valuation Date exceeds (b) the S&P/Fitch Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party,
                    

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                    Valuation Date of all Posted Credit Support held by the Secured
                    Party,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                    such Valuation Date of all Posted Credit Support held by the
                    Secured
                    Party.

                

        

         

        
          	(B)  	
                  “Return
                    Amount”
                    has the meaning specified in Paragraph 3(b) as amended by deleting
                    in its
                    entirety the sentence beginning “Unless otherwise specified in Paragraph
                    13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                    thereof the following:

                

        

         

        The
          “Return
          Amount”
          applicable to the Secured Party for any Valuation Date will equal the least
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P/Fitch Value as of such Valuation Date of
                    all Posted Credit Support held by the Secured Party exceeds (b)
                    the
                    S&P/Fitch Credit Support Amount for such Valuation Date,
                    

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s Second Trigger Credit Support Amount for such Valuation
                    Date.

                

        

         

        
          	(C)  	
                  “Credit
                    Support Amount”
                    shall not apply. For purposes of calculating any Delivery Amount
                    or Return
                    Amount for any Valuation Date, reference shall be made to the
                    S&P/Fitch Credit Support Amount, the Moody’s First Trigger Credit
                    Support Amount, or the Moody’s Second Trigger Credit Support Amount, in
                    each case for such Valuation Date, as provided in Paragraphs
                    13(b)(i)(A)
                    and 13(b)(i)(B), above.

                

        

         

        
          	(ii)  	
                  Eligible
                    Collateral.
                    

                

        

         

        On
          any
          date, the items set forth in Schedule I will qualify as “Eligible
          Collateral”
(for
          the avoidance of doubt, all Eligible Collateral to be denominated in
          USD):

         

        
          	(iii)  	
                  Other
                    Eligible Support. 

                

        

         

        The
          following items will qualify as “Other
          Eligible Support”
          for the
          party specified: 

         

        Not
          applicable.

         

        
          	(iv)  	
                  Threshold.

                

        

         

        
          	(A)  	
                  “Independent
                    Amount”
                    means zero with respect to Party A and Party
                    B.

                

        

         

        
          	(B)  	
                  “Threshold”
                    means, with respect to Party A and any Valuation Date, zero if
                    (A) a
                    Moody’s First Trigger Event or Moody’s Second Trigger Event has occurred
                    and has been continuing (x) for at least 30 Local Business Days
                    or (y)
                    since this Annex was executed, (B) an S&P Rating Threshold Event or
                    Fitch Rating Threshold Event has occurred and been continuing
                    for at least
                    30 days or (C) an S&P/Fitch Required Ratings Downgrade Event has
                    occurred and is continuing; otherwise,
                    infinity.

                

        

         

          “Threshold”
          means,
          with respect to Party B and any Valuation Date, infinity.

         

        
          	(C)  	
                  “Minimum
                    Transfer Amount” means
                    USD 100,000 with respect to Party A and Party B; provided, however,
                    that
                    if the aggregate Certificate Principal Balance of the Certificates
                    and the
                    aggregate principal balance of the Notes rated by S&P is at the time
                    of any transfer less than USD 50,000,000, the “Minimum
                    Transfer Amount”
                    shall be USD 50,000.

                

        

         

        
          	(D)  	
                  Rounding:
                    The Delivery Amount will be rounded up to the nearest integral
                    multiple of
                    USD 10,000. The Return Amount will be rounded down to the nearest
                    integral
                    multiple of USD 1,000.

                

        

         

        
          	(c)  	
                  Valuation
                    and Timing.

                

        

         

        
          	(i)  	
                  “Valuation
                    Agent”
                    means Party A; provided, however, that if an Event of Default
                    shall have
                    occurred with respect to which Party A is the Defaulting Party,
                    Party B
                    shall have the right to designate as Valuation Agent an independent
                    party,
                    reasonably acceptable to Party A, the cost for which shall be
                    borne by
                    Party A. All calculations by the Valuation Agent must be made
                    in
                    accordance with standard market practice, including, in the event
                    of a
                    dispute as to the Value of any Eligible Credit Support or Posted
                    Credit
                    Support, by making reference to quotations received by the Valuation
                    Agent
                    from one or more Pricing Sources.

                

        

         

        
          	(ii)  	
                  “Valuation
                    Date” means
                    each Local Business Day for which the Threshold with respect
                    to Party A
                    equals zero.

                

        

         

        
          	(iii)  	
                  “Valuation
                    Time” means
                    the close of business in the city of the Valuation Agent on the
                    Local
                    Business Day immediately preceding the Valuation Date or date
                    of
                    calculation, as applicable; provided
                    that the calculations of Value and Exposure will be made as of
                    approximately the same time on the same date. The Valuation Agent
                    will
                    notify each party (or the other party, if the Valuation Agent
                    is a party)
                    of its calculations not later than the Notification Time on the
                    applicable
                    Valuation Date (or in the case of Paragraph 6(d), the Local Business
                    Day
                    following the day on which such relevant calculations are performed).
                    

                

        

         

        
          	(iv)  	
                  “Notification
                    Time” means
                    11:00 a.m., New York time, on a Local Business Day.
                    

                

        

         

        
          	(v)  	
                  External
                    Verification.
                    Notwithstanding anything to the contrary in the definitions of
                    Valuation
                    Agent or Valuation Date, at any time at which Party A (or, to
                    the extent
                    applicable, its Credit Support Provider) does not have a long-term
                    unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                    the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                    the S&P Value of Posted Credit Suppport on each Valuation Date based
                    on internal marks and (B) verify such calculations with external
                    marks
                    monthly by obtaining on the last Local Business Day of each calendar
                    month
                    two external marks for each Transaction to which this Annex relates
                    and
                    for all Posted Credit Suport; such verification of the Secured
                    Party’s
                    Exposure shall be based on the higher of the two external marks.
                    Each
                    external mark in respect of a Transaction shall be obtained from
                    an
                    independent Reference Market-maker that would be eligible and
                    willing to
                    enter into such Transaction in the absence of the current derivative
                    provider, provided that an external mark may not be obtained
                    from the same
                    Reference Market-maker more than four times in any 12-month period.
                    The
                    Valuation Agent shall obtain these external marks directly or
                    through an
                    independent third party, in either case at no cost to Party B.
                    The
                    Valuation Agent shall calculate on each Valuation Date (for purposes
                    of
                    this paragraph, the last Local Business Day in each calendar
                    month
                    referred to above shall be considered a Valuation Date) the Secured
                    Party’s Exposure based on the greater of the Valuation Agent’s internal
                    marks and the external marks received. If the S&P Value on any such
                    Valuation Date of all Posted Credit Support then held by the
                    Secured Party
                    is less than the S&P Credit Support Amount on such Valuation Date (in
                    each case as determined pursuant to this paragraph), Party A
                    shall, within
                    three Local Business Days of such Valuation Date, Transfer to
                    the Secured
                    Party Eligible Credit Support having an S&P Value as of the date of
                    Transfer at least equal to such deficiency.

                

        

         

        
          	(vi)  	
                  Notice
                    to S&P.
                    At
                    any time at which Party A (or, to the extent applicable, its
                    Credit
                    Support Provider) does not have a long-term unsubordinated and
                    unsecured
                    debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                    provide to S&P not later than the Notification Time on the Local
                    Business Day following each Valuation Date its calculations of
                    the Secured
                    Party’s Exposure and the S&P Value of any Eligible Credit Support or
                    Posted Credit Support for that Valuation Date. The Valuation
                    Agent shall
                    also provide to S&P any external marks received pursuant to the
                    preceding paragraph.

                

        

         

        
          	(d)  	
                  Conditions
                    Precedent and Secured Party’s Rights and
                    Remedies.
                    The following Termination Events will be a “Specified
                    Condition”
                    for the party specified (that party being the Affected Party
                    if the
                    Termination Event occurs with respect to that party): With respect
                    to
                    Party A: any Additional Termination Event with respect to which
                    Party A is
                    the sole Affected Party. With respect to Party B:
                    None.

                

        

         

        
          	(e)  	
                  Substitution.

                

        

         

        
          	(i)  	
                  “Substitution
                    Date”
                    has the meaning specified in Paragraph
                    4(d)(ii).

                

        

         

        
          	(ii)  	
                  Consent.
                    If
                    specified here as applicable, then the Pledgor must obtain the
                    Secured
                    Party’s consent for any substitution pursuant to Paragraph 4(d):
                    Inapplicable.

                

        

         

        
          	(f)  	
                  Dispute
                    Resolution.

                

        

         

        
          	(i)  	
                  “Resolution
                    Time”
                    means 1:00 p.m. New York time on the Local Business Day following
                    the date
                    on which the notice of the dispute is given under Paragraph
                    5.

                

        

         

        
          	(ii)  	
                  Value.
                    Notwithstanding anything to the contrary in Paragraph 12, for
                    the purpose
                    of Paragraphs 5(i)(C) and 5(ii), the S&P/Fitch Value, Moody’s First
                    Trigger Value, and Moody’s Second Trigger Value, on any date, of Eligible
                    Collateral other than Cash will be calculated as follows:
                    

                

        

         

        For
          Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
          the
          sum of (A) the product of (1)(x) the bid price at the Valuation Time for
          such
          securities on the principal national securities exchange on which such
          securities are listed, or (y) if such securities are not listed on a national
          securities exchange, the bid price for such securities quoted at the Valuation
          Time by any principal market maker for such securities selected by the
          Valuation
          Agent, or (z) if no such bid price is listed or quoted for such date, the
          bid
          price listed or quoted (as the case may be) at the Valuation Time for the
          day
          next preceding such date on which such prices were available and (2) the
          applicable Valuation Percentage for such Eligible Collateral, and (B) the
          accrued interest on such securities (except to the extent Transferred to
          the
          Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price
          referred to in the immediately preceding clause (A)) as of such
          date.

         

        
          	(iii)  	
                  Alternative.
                    The provisions of Paragraph 5 will
                    apply.

                

        

         

        
          	(g)  	
                  Holding
                    and Using Posted
                    Collateral.

                

        

         

        
          	(i)  	
                  Eligibility
                    to Hold Posted Collateral; Custodians.  Party
                    B (or any Custodian) will be entitled to hold Posted Collateral
                    pursuant
                    to Paragraph 6(b). 

                

        

         

        Party
          B
          may appoint as Custodian (A) the entity then serving as Supplemental Interest
          Trust Trustee or (B) a commercial bank or trust company organized under
          the laws
          of the United States or any state thereof, having assets of at least $10
          Billion
          and a long term debt or a deposit rating of at least (i) Baa2 from Moody's
          and
          (ii) BBB from S&P and a short-term unsecured and unsubordinated debt rating
          from S&P of at least “A-1.”

         

        Initially,
          the Custodian
          for
          Party B is: Supplemental Interest Trust Trustee.

         

        
          	(ii)  	
                  Use
                    of Posted Collateral. The
                    provisions of Paragraph 6(c)(i) will not apply to Party B, but
                    the
                    provisions of Paragraph 6(c)(ii) will apply to Party B.
                    

                

        

         

        
          	(h)  	
                  Distributions
                    and Interest Amount.

                

        

         

        
          	(i)  	
                  Interest
                    Rate.
                    The “Interest
                    Rate”
                    will be the actual interest rate earned on Posted Collateral
                    in the form
                    of Cash that is held by Party B or its Custodian. Posted Collateral
                    in the
                    form of Cash shall be invested in such overnight (or redeemable
                    within two
                    Local Business Days of demand) [Permitted Investments] rated
                    at least AAAm
                    or AAAm-G by S&P and Prime-1 by Moody’s or Aaa by Moody’s as directed
                    by Party A (unless (x) an Event of Default or an Additional Termination
                    Event has occurred with respect to which Party A is the defaulting
                    or sole
                    Affected Party or (y) an Early Termination Date has been designated,
                    in
                    which case such investment shall be held uninvested). Gains and
                    losses
                    incurred in respect of any investment of Posted Collateral in
                    the form of
                    Cash in Permitted Investments as directed by Party A shall be
                    for the
                    account of Party A.

                

        

         

        
          	(ii)  	
                  Transfer
                    of Interest Amount.
                    The Transfer of the Interest Amount will be made on the second
                    Local
                    Business Day following the end of each calendar month and on
                    any other
                    Local Business Day on which Posted Collateral in the form of
                    Cash is
                    Transferred to the Pledgor pursuant to Paragraph 3(b); provided,
                    however,
                    that the obligation of Party B to Transfer any Interest Amount
                    to Party A
                    shall be limited to the extent that Party B has earned and received
                    such
                    funds and such funds are available to Party B.

                

        

         

        
          	(iii)  	
                  Alternative
                    to Interest Amount.
                    The provisions of Paragraph 6(d)(ii) will
                    apply.

                

        

         

        
          	(i)  	
                  Additional
                    Representation(s).
                    There are no additional representations by either
                    party.

                

        

         

        
          	(j)  	
                  Other
                    Eligible Support and Other Posted Support.

                

        

         

        
          	(i)  	
                  “Value”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable. 

                

        

         

        
          	(ii)  	
                  “Transfer”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable.

                

        

         

        
          	(k)  	
                  Demands
                    and Notices.All
                    demands, specifications and notices under this Annex will be
                    made pursuant
                    to the Notices Section of this Agreement, except that any demand,
                    specification or notice shall be given to or made at the following
                    addresses, or at such other address as the relevant party may
                    from time to
                    time designate by giving notice (in accordance with the terms
                    of this
                    paragraph) to the other party:

                

        

         

        If
          to
          Party A:

         

        The
          Bank
          of New York

        Collateral
          Management

        32
          Old
          Slip, 16th Floor

        New
          York,
          New York 10286

        Phone:
          (212) 804-5158

        Fax:
          (212) 804-5818

         

        If
          to
          Party B, at the address specified pursuant to the Notices Section of this
          Agreement.

         

        If
          to
          Party B’s Custodian: [     ]

         

        
          	(l)  	
                  Address
                    for Transfers.
                    Each Transfer hereunder shall be made to the address specified
                    below or to
                    an address specified in writing from time to time by the party
                    to which
                    such Transfer will be made.

                

        

         

        Party
          A
          account details: To be specified in each notice.

         

        [Party
          B
          account details]

         

        [Party
          B’s Custodian account details]

         

        
          	(m)  	
                  Other
                    Provisions.

                

        

         

        
          	(i)  	
                  Collateral
                    Account.
                    Party B shall open and maintain a segregated account, which shall
                    be an
                    Eligible Account, and hold, record and identify all Posted Collateral
                    in
                    such segregated account.

                

        

         

        
          	(ii)  	
                  Agreement
                    as to Single Secured Party and Single Pledgor.
                    Party A and Party B hereby agree that, notwithstanding anything
                    to the
                    contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                    means only Party B, (b) the term “Pledgor” as used in this Annex means
                    only Party A, (c) only Party A makes the pledge and grant in
                    Paragraph 2,
                    the acknowledgement in the final sentence of Paragraph 8(a) and
                    the
                    representations in Paragraph 9.

                

        

         

        
          	(iii)  	
                  Calculation
                    of Value.
                    Paragraph 4(c) is hereby amended by deleting the word “Value” and
                    inserting in lieu thereof “S&P/Fitch Value, Moody’s First Trigger
                    Value, Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended
                    by (A) deleting the words “a Value” and inserting in lieu thereof “an
                    S&P/Fitch Value, Moody’s First Trigger Value, and Moody’s Second
                    Trigger Value” and (B) deleting the words “the Value” and inserting in
                    lieu thereof “S&P/Fitch Value, Moody’s First Trigger Value, and
                    Moody’s Second Trigger Value”. Paragraph 5 (flush language) is hereby
                    amended by deleting the word “Value” and inserting in lieu thereof
                    “S&P/Fitch Value, Moody’s First Trigger Value, or Moody’s Second
                    Trigger Value”. Paragraph 5(i) (flush language) is hereby amended by
                    deleting the word “Value” and inserting in lieu thereof “S&P/Fitch
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                    Paragraph 5(i)(C) is hereby amended by deleting the word “the Value, if”
                    and inserting in lieu thereof “any one or more of the S&P/Fitch Value,
                    Moody’s First Trigger Value, or Moody’s Second Trigger Value, as may be”.
                    Paragraph 5(ii) is hereby amended by (1) deleting the first instance
                    of
                    the words “the Value” and inserting in lieu thereof “any one or more of
                    the S&P/Fitch Value, Moody’s First Trigger Value, or Moody’s Second
                    Trigger Value” and (2) deleting the second instance of the words “the
                    Value” and inserting in lieu thereof “such disputed S&P/Fitch Value,
                    Moody’s First Trigger Value, or Moody’s Second Trigger Value”. Each of
                    Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by
                    deleting
                    the word “Value” and inserting in lieu thereof “least of the S&P/Fitch
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                    

                

        

         

        
          	(iv)  	
                  Form
                    of Annex. Party
                    A and Party B hereby agree that the text of Paragraphs 1 through
                    12,
                    inclusive, of this Annex is intended to be the printed form of
                    ISDA Credit
                    Support Annex (Bilateral Form - ISDA Agreements Subject to New
                    York Law
                    Only version) as published and copyrighted in 1994 by the International
                    Swaps and Derivatives Association,
                    Inc.

                

        

         

        
          	(v)  	
                  Events
                    of Default.
                    Paragraph 7 will not apply to cause any Event of Default to exist
                    with
                    respect to Party B except that Paragraph 7(i) will apply to Party
                    B solely
                    in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                    Support Annex. Notwithstanding anything to the contrary in Paragraph
                    7,
                    any failure by Party A to comply with or perform any obligation
                    to be
                    complied with or performed by Party A under the Credit Support
                    Annex shall
                    only be an Event of Default if (A) a Required Ratings Downgrade
                    Event has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    such failure is not remedied on or before the third Local Business
                    Day
                    after notice of such failure is given to Party
                    A.

                

        

         

        
          	(vi)  	
                  Expenses.
                    Notwithstanding anything to the contrary in Paragraph 10, the
                    Pledgor will
                    be responsible for, and will reimburse the Secured Party for,
                    all transfer
                    and other taxes and other costs involved in any Transfer of Eligible
                    Collateral.

                

        

         

        
          	(vii)  	
                  Withholding.
                    Paragraph 6(d)(ii) is hereby amended by inserting immediately
                    after “the
                    Interest Amount” in the fourth line thereof the words “less any applicable
                    withholding taxes.”

                

        

         

        (viii)
           Additional
          Definitions.
          As used
          in this Annex:

         

        “Collateral
          Event” means
          that no Relevant Entity has credit ratings at least equal to the Approved
          Ratings Threshold.

         

        “Exposure”
          has the meaning specified in Paragraph 12, except that after the word
“Agreement” the words “(assuming, for this purpose only, that Part 1(f) of the
          Schedule is deleted)” shall be inserted. 

         

        “Fitch
          Rating Threshold Event” means,
          on
          any date, no Relevant Entity has credit ratings from Fitch which equal
          or exceed
          the Fitch Approved Ratings Threshold.

         

        “Local
          Business Day”
means,
          for purposes of this Annex: any day on which (A) commercial banks are open
          for
          business (including dealings in foreign exchange and foreign currency deposits)
          in New York and the location of Party A, Party B and any Custodian, and
          (B) in
          relation to a Transfer of Eligible Collateral, any day on which the clearance
          system agreed between the parties for the delivery of Eligible Collateral
          is
          open for acceptance and execution of settlement instructions (or in the
          case of
          a Transfer of Cash or other Eligible Collateral for which delivery is
          contemplated by other means a day on which commercial banks are open for
          business (including dealings in foreign exchange and foreign deposits)
          in New
          York and the location of Party A, Party B and any Custodian. 

         

        “Moody’s
          First Trigger Event” means
          that no Relevant Entity has credit ratings from Moody’s at least equal to the
          Moody’s First Trigger Ratings Threshold.

         

        “Moody’s
          First Trigger Credit Support Amount” means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which (I) a Moody’s First Trigger Event has occurred
                    and has been continuing (x) for at least 30 Local Business Days
                    or (y)
                    since this Annex was executed and (II) it is not the case that
                    a Moody’s
                    Second Trigger Event has occurred and been continuing for at
                    least 30
                    Local Business Days, an amount equal to the greater of (a) zero
                    and (b)
                    the sum of (i) the Secured Party’s Exposure for such Valuation Date and
                    (ii) the sum, for each Transaction to which this Annex relates,
                    of the
                    product of the applicable Moody’s First Trigger Factor set forth in Table
                    1 and the Notional Amount for such Transaction for the Calculation
                    Period
                    which includes such Valuation Date; or

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II) the
          Threshold for Party A such Valuation Date.

         

        “Moody’s
          First Trigger Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the bid
          price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Moody’s
          Second Trigger Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which it is the case that a Moody’s Second Trigger
                    Ratings Event has occurred and been continuing for at least 30
                    Local
                    Business Days, an amount equal to the greatest of (a) zero, (b)
                    the
                    aggregate amount of the next payment due to be paid by Party
                    A under each
                    Transaction to which this Annex relates, and (c) the sum of (x)
                    the
                    Secured Party’s Exposure for such Valuation Date and (y) the sum, for each
                    Transaction to which this Annex relates, of

                

        

         

        (1) if
          such
          Transaction is not a Transaction-Specific Hedge, the product of the applicable
          Moody’s Second Trigger Factor set forth in Table 2 and the Notional Amount for
          such Transaction for the Calculation Period which includes such Valuation
          Date;
          or

         

        (2) if
          such
          Transaction is a Transaction-Specific Hedge, the product of the applicable
          Moody’s Second Trigger Factor set forth in Table 3 and the Notional Amount for
          such Transaction for the Calculation Period which includes such Valuation
          Date;
          or 

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II) 
             the
          Threshold for Party A for such Valuation Date.

         

        “Moody’s
          Second Trigger Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the bid
          price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Pricing
          Sources”
          means
          the sources of financial information commonly known as Bloomberg, Bridge
          Information Services, Data Resources Inc., Interactive Data Services,
          International Securities Market Association, Merrill Lynch Securities Pricing
          Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing, JJ
          Kenny,
          S&P and Telerate.

         

        “Remaining
          Weighted Average Maturity” means,
          with respect to a Transaction, the expected weighted average maturity for
          such
          Transaction as determined by the Valuation Agent.

         

        “S&P/Fitch
          Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)
                    

                	
                  for
                    any Valuation Date on which an S&P Rating Threshold Event or Fitch
                    Rating Threshold Event has occurred and been continuing for at
                    least 30
                    days, an amount equal to the sum of (1) 100.0% of the Secured
                    Party’s
                    Exposure for such Valuation Date and (2) the sum, for each Transaction
                    to
                    which this Annex relates, of the product of the Volatility Buffer
                    for such
                    Transaction and the Notional Amount of such Transaction for the
                    Calculation Period of such Transaction which includes such Valuation
                    Date,
                    or 

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II)        
           the
          Threshold for Party A for such Valuation Date.

         

        “S&P
          Rating Threshold Event”
          means,
          on any date, no Relevant Entity has credit ratings from S&P which equal or
          exceed the S&P Approved Ratings Threshold.

         

        “S&P/FitchValue”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the
          product of (A) the bid price obtained by the Valuation Agent for such Eligible
          Collateral and (B) the S&P/Fitch Valuation Percentage for such Eligible
          Collateral set forth in paragraph 13(b)(ii).

         

        “Transaction
          Exposure”
          means,
          for any Transaction, Exposure determined as if such Transaction were the
          only
          Transaction between the Secured Party and the Pledgor.

         

        “Transaction-Specific
          Hedge” means
          any Transaction that is (i) an interest rate swap in respect of which (x)
          the
          notional amount of the interest rate swap is “balance guaranteed” or (y) the
          notional amount of the interest rate swap for any Calculation Period (as
          defined
          in the related Confirmation) otherwise is not a specific dollar amount
          that is
          fixed at the inception of the Transaction, (ii) an interest rate cap, (iii)
          an
          interest rate floor or (iv) an interest rate swaption.

         

        “Valuation
          Percentage”
          shall
          mean, for purposes of determining the S&P/Fitch Value, Moody’s First Trigger
          Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
          or Posted Collateral, the applicable S&P/Fitch Valuation Percentage, Moody’s
          First Trigger Valuation Percentage, or Moody’s Second Trigger Valuation
          Percentage for such Eligible Collateral or Posted Collateral, respectively,
          in
          each case as set forth in Paragraph 13(b)(ii).

         

        “Value”
          shall
          mean, in respect of any date, the related S&P/Fitch Value, the related
          Moody’s First Trigger Value, and the related Moody’s Second Trigger
          Value.

         

        “Volatility
          Buffer”
          means,
          for any Transaction, the related percentage set forth in the following
          table.

         

        
          	
                  The
                    higher of the S&P credit rating of (i) Party A and (ii) the Credit
                    Support Provider of Party A, if applicable

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 3 years

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 5 years

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 10 years

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 30 years

                
	
                  “A-2”
                    or higher

                	
                  2.75%

                	
                  3.25%

                	
                  4.00%

                	
                  4.75%

                
	
                  “A-3”

                	
                  3.25%

                	
                  4.00%

                	
                  5.00%

                	
                  6.25%

                
	
                  “BB+”
                    or
                    lower

                	
                  3.50%

                	
                  4.50%

                	
                  6.75%

                	
                  7.50%

                

        

        

         

        

         

        [Remainder
          of this page intentionally left blank]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Table
          1

         

        
          	
                  Moody’s
                    First Trigger Factor

                

        

        

         

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	
                  Collateral

                  Posting

                
	
                  1
                    or less

                	
                  0.15%

                
	
                  More
                    than 1 but not more than 2

                	
                  0.30%

                
	
                  More
                    than 2 but not more than 3

                	
                  0.40%

                
	
                  More
                    than 3 but not more than 4

                	
                  0.60%

                
	
                  More
                    than 4 but not more than 5

                	
                  0.70%

                
	
                  More
                    than 5 but not more than 6

                	
                  0.80%

                
	
                  More
                    than 6 but not more than 7

                	
                  1.00%

                
	
                  More
                    than 7 but not more than 8

                	
                  1.10%

                
	
                  More
                    than 8 but not more than 9

                	
                  1.20%

                
	
                  More
                    than 9 but not more than 10

                	
                  1.30%

                
	
                  More
                    than 10 but not more than 11

                	
                  1.40%

                
	
                  More
                    than 11 but not more than 12

                	
                  1.50%

                
	
                  More
                    than 12 but not more than 13

                	
                  1.60%

                
	
                  More
                    than 13 but not more than 14

                	
                  1.70%

                
	
                  More
                    than 14 but not more than 15

                	
                  1.80%

                
	
                  More
                    than 15 but not more than 16

                	
                  1.90%

                
	
                  More
                    than 16 but not more than 17

                	
                  2.00%

                
	
                  More
                    than 17 but not more than 18

                	
                  2.00%

                
	
                  More
                    than 18 but not more than 19

                	
                  2.00%

                
	
                  More
                    than 19 but not more than 20

                	
                  2.00%

                
	
                  More
                    than 20 but not more than 21

                	
                  2.00%

                
	
                  More
                    than 21 but not more than 22

                	
                  2.00%

                
	
                  More
                    than 22 but not more than 23

                	
                  2.00%

                
	
                  More
                    than 23 but not more than 24

                	
                  2.00%

                
	
                  More
                    than 24 but not more than 25

                	
                  2.00%

                
	
                  More
                    than 25 but not more than 26

                	
                  2.00%

                
	
                  More
                    than 26 but not more than 27

                	
                  2.00%

                
	
                  More
                    than 27 but not more than 28

                	
                  2.00%

                
	
                  More
                    than 28 but not more than 29

                	
                  2.00%

                
	
                  More
                    than 29

                	
                  2.00%

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Table
          2

         

        
          	
                  Moody’s
                    Second Trigger Factor for Interest Rate Swaps with Fixed Notional
                    Amounts

                

        

        

         

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	
                  Collateral

                  Posting
                    Requirement

                
	
                  1
                    or less

                	
                  0.50%

                
	
                  More
                    than 1 but not more than 2

                	
                  1.00%

                
	
                  More
                    than 2 but not more than 3

                	
                  1.50%

                
	
                  More
                    than 3 but not more than 4

                	
                  1.90%

                
	
                  More
                    than 4 but not more than 5

                	
                  2.40%

                
	
                  More
                    than 5 but not more than 6

                	
                  2.80%

                
	
                  More
                    than 6 but not more than 7

                	
                  3.20%

                
	
                  More
                    than 7 but not more than 8

                	
                  3.60%

                
	
                  More
                    than 8 but not more than 9

                	
                  4.00%

                
	
                  More
                    than 9 but not more than 10

                	
                  4.40%

                
	
                  More
                    than 10 but not more than 11

                	
                  4.70%

                
	
                  More
                    than 11 but not more than 12

                	
                  5.00%

                
	
                  More
                    than 12 but not more than 13

                	
                  5.40%

                
	
                  More
                    than 13 but not more than 14

                	
                  5.70%

                
	
                  More
                    than 14 but not more than 15

                	
                  6.00%

                
	
                  More
                    than 15 but not more than 16

                	
                  6.30%

                
	
                  More
                    than 16 but not more than 17

                	
                  6.60%

                
	
                  More
                    than 17 but not more than 18

                	
                  6.90%

                
	
                  More
                    than 18 but not more than 19

                	
                  7.20%

                
	
                  More
                    than 19 but not more than 20

                	
                  7.50%

                
	
                  More
                    than 20 but not more than 21

                	
                  7.80%

                
	
                  More
                    than 21 but not more than 22

                	
                  8.00%

                
	
                  More
                    than 22 but not more than 23

                	
                  8.00%

                
	
                  More
                    than 23 but not more than 24

                	
                  8.00%

                
	
                  More
                    than 24 but not more than 25

                	
                  8.00%

                
	
                  More
                    than 25 but not more than 26

                	
                  8.00%

                
	
                  More
                    than 26 but not more than 27

                	
                  8.00%

                
	
                  More
                    than 27 but not more than 28

                	
                  8.00%

                
	
                  More
                    than 28 but not more than 29

                	
                  8.00%

                
	
                  More
                    than 29

                	
                  8.00%

                

        

        

         

        

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        Table
          3

         

        
          	
                  Moody’s
                    Second Trigger Factor for Transaction-Specific
                    Hedges

                

        

        

         

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	
                  Collateral

                  Posting
                    Requirement

                
	
                  1
                    or less

                	
                  0.65%

                
	
                  More
                    than 1 but not more than 2

                	
                  1.30%

                
	
                  More
                    than 2 but not more than 3

                	
                  1.90%

                
	
                  More
                    than 3 but not more than 4

                	
                  2.50%

                
	
                  More
                    than 4 but not more than 5

                	
                  3.10%

                
	
                  More
                    than 5 but not more than 6

                	
                  3.60%

                
	
                  More
                    than 6 but not more than 7

                	
                  4.20%

                
	
                  More
                    than 7 but not more than 8

                	
                  4.70%

                
	
                  More
                    than 8 but not more than 9

                	
                  5.20%

                
	
                  More
                    than 9 but not more than 10

                	
                  5.70%

                
	
                  More
                    than 10 but not more than 11

                	
                  6.10%

                
	
                  More
                    than 11 but not more than 12

                	
                  6.50%

                
	
                  More
                    than 12 but not more than 13

                	
                  7.00%

                
	
                  More
                    than 13 but not more than 14

                	
                  7.40%

                
	
                  More
                    than 14 but not more than 15

                	
                  7.80%

                
	
                  More
                    than 15 but not more than 16

                	
                  8.20%

                
	
                  More
                    than 16 but not more than 17

                	
                  8.60%

                
	
                  More
                    than 17 but not more than 18

                	
                  9.00%

                
	
                  More
                    than 18 but not more than 19

                	
                  9.40%

                
	
                  More
                    than 19 but not more than 20

                	
                  9.70%

                
	
                  More
                    than 20 but not more than 21

                	
                  10.00%

                
	
                  More
                    than 21 but not more than 22

                	
                  10.00%

                
	
                  More
                    than 22 but not more than 23

                	
                  10.00%

                
	
                  More
                    than 23 but not more than 24

                	
                  10.00%

                
	
                  More
                    than 24 but not more than 25

                	
                  10.00%

                
	
                  More
                    than 25 but not more than 26

                	
                  10.00%

                
	
                  More
                    than 26 but not more than 27

                	
                  10.00%

                
	
                  More
                    than 27 but not more than 28

                	
                  10.00%

                
	
                  More
                    than 28 but not more than 29

                	
                  10.00%

                
	
                  More
                    than 29

                	
                  10.00%

                

        

        

         

        

         

        Schedule
          1

         

        Eligible
          Collateral

         

        
          	
                  Eligible
                    Collateral & Valuation Percentages

                  Moody’s
                    and S&P

                
	 	 	
                  Valuation
                    Percentage*

                	
                  Valuation
                    Percentage*

                
	 	 	
                  Moody’s

                	
                  S&P

                
	 	
                  First
                    Trigger

                	
                  Second
                    Trigger

                	
                  Daily

                	
                  Weekly

                
	
                  (A)

                	
                  Cash:
                    U.S. Dollars in depositary account form

                	
                  100

                	
                  100

                	 	
                  100

                
	
                  (B)

                	
                  U.S.
                    Treasury Securities:
                    negotiable debt obligations issued by the U.S. Treasury Department
                    after
                    July 18, 1984 (“Treasuries”)
                    having a remaining maturity of up to and not more than 1
                    year.

                	
                  100

                	
                  100

                	
                  98.9

                	
                  98.6

                
	
                  (C)

                	
                  Treasuries
                    having a remaining maturity of greater than 1 year but not more
                    than 2
                    years.

                	
                  100

                	
                  99

                	
                  98

                	
                  97.3

                
	
                  (D)

                	
                  Treasuries
                    having a remaining maturity of greater than 2 years but not more
                    than 3
                    years.

                	
                  100

                	
                  98

                	
                  97.4

                	
                  95.8

                
	
                  (E)

                	
                  Treasuries
                    having a remaining maturity of greater than 3 years but not more
                    than 5
                    years.

                	
                  100

                	
                  97

                	
                  95.5

                	
                  93.8

                
	
                  (F)

                	
                  Treasuries
                    having a remaining maturity of greater than 5 years but not more
                    than 7
                    years.

                	
                  100

                	
                  95

                	
                  93.7

                	
                  91.4

                
	
                  (G)

                	
                  Treasuries
                    having a remaining maturity of greater than 7 years but not more
                    than 10
                    years.

                	
                  100

                	
                  94

                	
                  92.5

                	
                  90.3

                
	
                  (H)

                	
                  Treasuries
                    having a remaining maturity of greater than 10 years but not
                    more than 20
                    years.

                	
                  100

                	
                  89

                	
                  91.1

                	
                  87.9

                
	
                  (I)

                	
                  Treasuries
                    having a remaining maturity of greater than 20 years but not
                    more than 30
                    years.

                	
                  100

                	
                  87

                	
                  88.6

                	
                  84.6

                
	
                  (J)

                	
                  Agency
                    Securities:
                    negotiable debt obligations of the Federal National Mortgage
                    Association
                    (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal
                    Home Loan
                    Banks (FHLB), Federal Farm Credit Banks (FFCB), Tennessee Valley
                    Authority
                    (TVA) (collectively, “Agency
                    Securities”)
                    issued after July 18, 1984 and having a remaining maturity of
                    not more
                    than 1 year.

                	
                  100

                	
                  99

                	
                  98.5

                	
                  98

                
	
                  (K)

                	
                  Agency
                    Securities having a remaining maturity of greater than 1 year
                    but not more
                    than 2 years.

                	
                  100

                	
                  98

                	
                  97.7

                	
                  96.8

                
	
                  (L)

                	
                  Agency
                    Securities having a remaining maturity of greater than 2 years
                    but not
                    more than 3 years.

                	
                  100

                	
                  97

                	
                  97.3

                	
                  96.3

                
	
                  (M)

                	
                  Agency
                    Securities having a remaining maturity of greater than 3 years
                    but not
                    more than 5 years.

                	
                  100

                	
                  96

                	
                  94.5

                	
                  94.5

                
	
                  (N)

                	
                  Agency
                    Securities having a remaining maturity of greater than 5 years
                    but not
                    more than 7 years.

                	
                  100

                	
                  94

                	
                  93.1

                	
                  90.3

                
	
                  (O)

                	
                  Agency
                    Securities having a remaining maturity of greater than 7 years
                    but not
                    more than 10 years.

                	
                  100

                	
                  93

                	
                  90.7

                	
                  86.9

                
	
                  (P)

                	
                  Agency
                    Securities having a remaining maturity of greater than 10 years
                    but not
                    more than 20 years.

                	
                  100

                	
                  88

                	
                  87.7

                	
                  82.6

                
	
                  (Q)

                	
                  Agency
                    Securities having a remaining maturity of greater than 20 years
                    but not
                    more than 30 years.

                	
                  100

                	
                  86

                	
                  84.4

                	
                  77.9

                
	
                  (R)

                	
                  FHLMC
                    Certificates.
                    Mortgage participation certificates issued by FHLMC evidencing
                    undivided
                    interests or participations in pools of first lien conventional
                    or FHA/VA
                    residential mortgages or deeds of trust, guaranteed by FHLMC,
                    issued after
                    July 18, 1984 and having a remaining maturity of not more than
                    30
                    years.

                	
                  100

                	
                  *

                  (daily
                    evaluation)

                  86
                    

                  (weekly
                    valuation)

                	
                  *

                	
                  86.40

                
	
                  (S)

                	
                  FNMA
                    Certificates.
                    Mortgage-backed pass-through certificates issued by FNMA evidencing
                    undivided interests in pools of first lien mortgages or deeds
                    of trust on
                    residential properties, guaranteed by FNMA, issued after July
                    18, 1984 and
                    having a remaining maturity of not more than 30 years.

                	
                  100

                	
                  *

                  (daily
                    evaluation)

                  86
                    

                  (weekly
                    valuation)

                	
                  *

                	
                  86.40

                
	
                  (T)

                	
                  GNMA
                    Certificates.
                    Mortgage-backed pass-through certificates issued by private entities,
                    evidencing undivided interests in pools of first lien mortgages
                    or deeds
                    of trust on single family residences, guaranteed by the Government
                    National Mortgage Association (GNMA) with the full faith and
                    credit of the
                    United States, issued after July 18, 1984 and having a remaining
                    maturity
                    of not more than 30 years.

                	
                  100

                	
                  *

                  (daily
                    evaluation)

                  86
                    

                  (weekly
                    valuation)

                	
                  *

                	
                  86.40

                

        

         

        *
          percentage to be determined when such other Item of Credit Support (including,
          without limitation, Agency Securities, FHLMC Certificates , FNMA Certificates
          ,
          GNMA Certificates , Commercial Mortgage-Backed Securities and Commercial
          Paper)
          has been approved by Moody’s or S&P.

         

        

         

         

        

         

        
          	
                  Eligible
                    Collateral & Valuation Percentages

                  Fitch

                
	 	 	
                  Valuation
                    Percentage

                  (Rating
                    of Certificates)

                
	 	 	
                  AAA

                	
                  AA

                	
                  A

                	
                  BBB

                
	
                  (A)

                	
                  Cash:
                    U.S. Dollars in depositary account form

                	
                  100%

                	
                  100%

                	
                  100%

                	
                  100%

                
	
                  (B)

                	
                  U.S.
                    Treasury Securities:
                    negotiable debt obligations issued by the U.S. Treasury Department
                    after
                    July 18, 1984 (“Treasuries”)
                    having a remaining maturity of up to and not more than 1
                    year.

                	
                  97.5%

                	
                  97.8%

                	
                  98.4%

                	
                  98.9%

                
	
                  (C)

                	
                  Treasuries
                    having a remaining maturity of greater than 1 year but not more
                    than 2
                    years.

                	
                  94.7%

                	
                  95.3%

                	
                  95.9%

                	
                  96.5%

                
	
                  (D)

                	
                  Treasuries
                    having a remaining maturity of greater than 2 years but not more
                    than 3
                    years.

                	
                  94.7%

                	
                  95.3%

                	
                  95.9%

                	
                  96.5%

                
	
                  (E)

                	
                  Treasuries
                    having a remaining maturity of greater than 3 years but not more
                    than 5
                    years.

                	
                  91.5%

                	
                  92.5%

                	
                  93.5%

                	
                  94.5%

                
	
                  (F)

                	
                  Treasuries
                    having a remaining maturity of greater than 5 years but not more
                    than 7
                    years.

                	
                  89.0%

                	
                  90.1%

                	
                  91.2%

                	
                  92.3%

                
	
                  (G)

                	
                  Treasuries
                    having a remaining maturity of greater than 7 years but not more
                    than 10
                    years.

                	
                  86.3%

                	
                  87.5%

                	
                  88.8%

                	
                  90.0%

                
	
                  (H)

                	
                  Treasuries
                    having a remaining maturity of greater than 10 years but not
                    more than 20
                    years.

                	
                  83.0%

                	
                  84.5%

                	
                  86.0%

                	
                  87.5%

                
	
                  (I)

                	
                  Treasuries
                    having a remaining maturity of greater than 20 years but not
                    more than 30
                    years.

                	
                  79.0%

                	
                  80.7%

                	
                  82.3%

                	
                  84.0%

                
	
                  (J)

                	
                  Agency
                    Securities:
                    negotiable debt obligations of the Federal National Mortgage
                    Association
                    (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal
                    Home Loan
                    Banks (FHLB), Federal Farm Credit Banks (FFCB), Tennessee Valley
                    Authority
                    (TVA) (collectively, “Agency
                    Securities”)
                    issued after July 18, 1984 and having a remaining maturity of
                    not more
                    than 1 year.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (K)

                	
                  Agency
                    Securities having a remaining maturity of greater than 1 year
                    but not more
                    than 2 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (L)

                	
                  Agency
                    Securities having a remaining maturity of greater than 2 years
                    but not
                    more than 3 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (M)

                	
                  Agency
                    Securities having a remaining maturity of greater than 3 years
                    but not
                    more than 5 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (N)

                	
                  Agency
                    Securities having a remaining maturity of greater than 5 years
                    but not
                    more than 7 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (O)

                	
                  Agency
                    Securities having a remaining maturity of greater than 7 years
                    but not
                    more than 10 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (P)

                	
                  Agency
                    Securities having a remaining maturity of greater than 10 years
                    but not
                    more than 20 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (Q)

                	
                  Agency
                    Securities having a remaining maturity of greater than 20 years
                    but not
                    more than 30 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                

        

         

        *
          percentage to be determined when such other Item of Credit Support (including,
          without limitation, Agency Securities, FHLMC Certificates , FNMA Certificates
          ,
          GNMA Certificates , Commercial Mortgage-Backed Securities and Commercial
          Paper)
          has been approved by Fitch.

         

        

         

        IN
          WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
          representatives as of the date of the Agreement.

         

        
          	
                  The
                    Bank of New York

                	 	
                  Wells
                    Fargo Bank, N.A., not individually, but solely as trustee (the
                    “Supplemental Interest Trust Trustee”) on behalf of the supplemental
                    interest trust with respect to the Soundview Home Loan Trust
                    2006-EQ2

                
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	 	 	
                  Name:

                	 
	
                  Title:

                	 	 	
                  Title:

                	 
	
                  Date:

                	 	 	
                  Date:

                	 

        

        

         

        

         

        

         

        

      

      
 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        R-1

      

      

      FORM
        OF DELINQUENCY REPORT

      

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted. 

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

       

       

       

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting

       

      

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

      
        	
                ·  ASUM-

              	
                Approved
                  Assumption

              
	
                ·  BAP-

              	
                Borrower
                  Assistance Program

              
	
                ·  CO-

              	
                Charge
                  Off

              
	
                ·  DIL-

              	
                Deed-in-Lieu

              
	
                ·  FFA-

              	
                Formal
                  Forbearance Agreement

              
	
                ·  MOD-

              	
                Loan
                  Modification

              
	
                ·  PRE-

              	
                Pre-Sale

              
	
                ·  SS-

              	
                Short
                  Sale

              
	
                ·  MISC-

              	
                Anything
                  else approved by the PMI or Pool
                  Insurer

              

      

       

      

       

      NOTE:
        Wells Fargo Bank will accept alternative Loss Mitigation Types to those above,
        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

      

       

      The
        Occupant
        Code
        field should show the current status of the property code as
        follows:

      
        	
                ·  Mortgagor

              
	
                ·  Tenant

              
	
                ·  Unknown
                  

              
	
                ·  Vacant

              

      

       

      

       

      The
        Property
        Condition
        field should show the last reported condition of the property as follows:
        

      
        	
                ·  Damaged

              
	
                ·  Excellent

              
	
                ·  Fair

              
	
                ·  Gone

              
	
                ·  Good

              
	
                ·  Poor

              
	
                ·  Special
                  Hazard

              
	
                ·  Unknown

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      

       

      The
        FNMA
        Delinquent Reason Code
        field should show the Reason for Delinquency as follows: 

       

      

      
        	
                Delinquency
                  Code

              	
                Delinquency
                  Description

              
	
                001

              	
                FNMA-Death
                  of principal mortgagor

              
	
                002

              	
                FNMA-Illness
                  of principal mortgagor

              
	
                003

              	
                FNMA-Illness
                  of mortgagor’s family member

              
	
                004

              	
                FNMA-Death
                  of mortgagor’s family member

              
	
                005

              	
                FNMA-Marital
                  difficulties

              
	
                006

              	
                FNMA-Curtailment
                  of income

              
	
                007

              	
                FNMA-Excessive
                  Obligation

              
	
                008

              	
                FNMA-Abandonment
                  of property

              
	
                009

              	
                FNMA-Distant
                  employee transfer

              
	
                011

              	
                FNMA-Property
                  problem

              
	
                012

              	
                FNMA-Inability
                  to sell property

              
	
                013

              	
                FNMA-Inability
                  to rent property

              
	
                014

              	
                FNMA-Military
                  Service

              
	
                015

              	
                FNMA-Other

              
	
                016

              	
                FNMA-Unemployment

              
	
                017

              	
                FNMA-Business
                  failure

              
	
                019

              	
                FNMA-Casualty
                  loss

              
	
                022

              	
                FNMA-Energy
                  environment costs

              
	
                023

              	
                FNMA-Servicing
                  problems

              
	
                026

              	
                FNMA-Payment
                  adjustment

              
	
                027

              	
                FNMA-Payment
                  dispute

              
	
                029

              	
                FNMA-Transfer
                  of ownership pending

              
	
                030

              	
                FNMA-Fraud

              
	
                031

              	
                FNMA-Unable
                  to contact borrower

              
	
                INC

              	
                FNMA-Incarceration

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

      

       

      The
        FNMA
        Delinquent Status Code
        field should show the Status of Default as follows: 

       

      

      
        	
                Status
                  Code

              	
                Status
                  Description

              
	
                09

              	
                Forbearance

              
	
                17

              	
                Pre-foreclosure
                  Sale Closing Plan Accepted

              
	
                24

              	
                Government
                  Seizure

              
	
                26

              	
                Refinance

              
	
                27

              	
                Assumption

              
	
                28

              	
                Modification

              
	
                29

              	
                Charge-Off

              
	
                30

              	
                Third
                  Party Sale

              
	
                31

              	
                Probate

              
	
                32

              	
                Military
                  Indulgence

              
	
                43

              	
                Foreclosure
                  Started

              
	
                44

              	
                Deed-in-Lieu
                  Started

              
	
                49

              	
                Assignment
                  Completed

              
	
                61

              	
                Second
                  Lien Considerations

              
	
                62

              	
                Veteran’s
                  Affairs-No Bid

              
	
                63

              	
                Veteran’s
                  Affairs-Refund

              
	
                64

              	
                Veteran’s
                  Affairs-Buydown

              
	
                65

              	
                Chapter
                  7 Bankruptcy

              
	
                66

              	
                Chapter
                  11 Bankruptcy

              
	
                67

              	
                Chapter
                  13 Bankruptcy

              

      

       

      

       

       

      

       

      EXHIBIT
        R-2 

      

      FORM
        OF MONTHLY REMITTANCE ADVICE

      

       

      

       

      
        	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	
                 

              	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	
                 

              	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the Servicer.
                  

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the Servicer.
                  

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer. 

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment amount.
                  

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                 

              	
                 

              	
                 

              	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO 

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	
                 

              	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

      

       

      EXHIBIT
        R-3 

      

      FORM
        OF REALIZED LOSS REPORT

      

      Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following month.
        

      

      The
        numbers on the 332 form correspond with the numbers listed below.

      

      Liquidation
        and Acquisition Expenses:

       

      1.          
         The
        Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      2.           
         The
        Total
        Interest Due less the aggregate amount of servicing fee that would have been
        earned if all delinquent payments had been made as agreed. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      3.         
          Accrued
        Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
        Loan
        as calculated on a monthly basis. For documentation, an Amortization Schedule
        from date of default through liquidation breaking out the net interest and
        servicing fees advanced is required.

       

      4-12.       
         Complete
        as applicable. Required documentation:

       

      *
        For
        taxes and insurance advances - see page 2 of 332 form - breakdown required
        showing period of coverage, base tax, interest, penalty. Advances prior to
        default require evidence of servicer efforts to recover advances.

       

      *
        For
        escrow advances - complete payment history 

       

      (to
        calculate advances from last positive escrow balance forward)

       

      *
        Other
        expenses -  copies of corporate advance history showing all payments

       

      *
        REO
        repairs > $1500 require explanation

       

      *
        REO
        repairs >$3000 require evidence of at least 2 bids.

       

      *
        Short
        Sale or Charge Off require P&L supporting the decision and WFB’s approved
        Servicing Officer Certification 

       

      *
        Unusual
        or extraordinary items may require further documentation. 

       

      13.          
         The
        total
        of lines 1 through 12.

       

      Credits:
        

       

      14-21.    
         Complete
        as applicable. Required documentation:

       

      *
        Copy of
        the HUD 1 from the REO sale. If a 3rd
        Party
        Sale, bid instructions and Escrow Agent / Attorney Letter of Proceeds
        Breakdown.

       

      *
        Copy of
        EOB for any MI or gov't guarantee 

       

      *
        All
        other credits need to be clearly defined on the 332
        form      
     

       

       

      
        	 	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

      Please
        Note: For
        HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
        Part
        B/Supplemental proceeds.

       

      Total
        Realized Loss (or Amount of Any Gain):

       

      23.         
         The
        total
        derived from subtracting line 22 from 13. If the amount represents a realized
        gain, show
        the
        amount in parenthesis ( ). 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
         

        
          
            	
                     

                    Calculation
                      of Realized Loss/Gain Form
                      332

                  

          

           

          Prepared
            by: __________________   Date:
            _______________

          Phone:
            ______________________    Email
            Address:_____________________

          
            	 	 	 	 	 
	
                    Servicer
                      Loan No.

                     

                  	 	
                    Servicer
                      Name

                     

                  	 	
                    Servicer
                      Address 

                     

                     

                  

          

           

          WELLS
            FARGO BANK, N.A. Loan No._____________________________

           

          Borrower's
            Name: _________________________________________________________

          Property
            Address: _________________________________________________________

           

          Liquidation
            Type:     REO
            Sale  
            3rd
            Party Sale  Short
            Sale     Charge
            Off 

           

          Was
            this loan granted a Bankruptcy deficiency or cramdown  Yes      No

          If
“Yes”,
            provide deficiency or cramdown amount
            _______________________________

           

          
            Liquidation
              and Acquisition Expenses:

            
              
                

                  
                    	
                            (1)

                          	
                            Actual
                              Unpaid Principal Balance of Mortgage Loan

                          	
                             

                          	$	 	
                            (1)

                          
	
                            (2)

                          	
                            Interest
                              accrued at Net Rate

                          	 	
                             

                          	 	
                            (2)

                          
	
                            (3)

                          	
                            Accrued
                              Servicing Fees

                          	 	
                             

                          	 	
                            (3)

                          
	
                            (4)

                          	
                            Attorney's
                              Fees

                          	 	
                             

                          	 	
                            (4)

                          
	
                            (5)

                          	
                            Taxes
                              (see page 2)

                          	 	
                             

                          	 	
                            (5)

                          
	
                            (6)

                          	
                            Property
                              Maintenance

                          	 	 	 	
                             

                          	 	
                            (6)

                          
	
                            (7)

                          	
                            MI/Hazard
                              Insurance Premiums (see page 2)

                          	
                             

                          	 	 	
                            (7)

                          
	
                            (8)

                          	
                            Utility
                              Expenses

                          	 	 	 	
                             

                          	 	
                            (8)

                          
	
                            (9)

                          	
                            Appraisal/BPO

                          	 	 	 	
                             

                          	 	
                            (9)

                          
	
                            (10)

                          	
                            Property
                              Inspections

                          	 	 	 	
                             

                          	 	
                            (10)

                          
	
                            (11)

                          	
                            FC
                              Costs/Other Legal Expenses

                          	 	 	 	
                            (11)

                          
	
                            (12)

                          	
                            Other
                              (itemize)

                          	 	 	 	
                             

                          	 	
                            (12)

                          
	 	 	
                            Cash
                              for Keys

                          	 	
                             

                          	 	 	
                            (12)

                          
	 	 	
                            HOA/Condo
                              Fees

                          	 	
                             

                          	 	 	
                            (12)

                          
	 	 	
                             

                          	 	
                             

                          	 	 	
                            (12)

                          
	 	 	 	 	 	 	 	 
	 	 	
                            Total
                              Expenses

                          	 	 	$	 	
                            
                              (13)

                            

                          
	
                            Credits:

                          	 	 	 	 	 	 	 
	
                            (14)

                          	
                            Escrow
                              Balance

                          	 	 	 	
                            $
                              

                          	 	
                            (14)

                          
	
                            (15)

                          	
                            HIP
                              Refund

                          	 	 	 	 	 	
                            
                              (15)

                            

                          
	
                            (16)

                          	
                            Rental
                              Receipts

                          	 	 	 	
                             

                          	 	
                            (16)

                          
	
                            (17)

                          	
                            Hazard
                              Loss Proceeds

                          	 	 	 	
                             

                          	 	
                            (17)

                          
	
                            (18)

                          	
                            Primary
                              Mortgage Insurance / Gov’t Insurance

                          	
                             

                          	 	 	(18a)

	
                            HUD
                              Part A

                          	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                            HUD
                              Part B

                          	 	 	 	 	 	(18b)
	
                            (19)

                          	
                            Pool
                              Insurance Proceeds

                          	 	 	 	
                             

                          	 	
                            (19)

                          
	
                            (20)

                          	
                            Proceeds
                              from Sale of Acquired Property

                          	
                             

                          	 	 	
                            (20)

                          
	
                            (21)

                          	
                            Other
                              (itemize)

                          	 	 	 	
                             

                          	 	
                            (21)

                          
	 	
                             

                          	 	
                             

                          	
                             

                          	 	 	
                            (21)

                          
	 	 	 	 	 	 	 	 
	 	
                            Total
                              Credits

                          	 	 	 	
                            $

                          	 	
                            (22)

                          
	
                            Total
                              Realized Loss (or Amount of Gain)

                          	
                             

                          	
                             

                          	
                            $

                          	 	
                            (23)

                          

                  

                

              

               

            

          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Escrow
        Disbursement Detail

      

      
        	
                Type

                (Tax
                  /Ins.)

              	
                Date
                  Paid

              	
                Period
                  of Coverage

              	
                Total
                  Paid

              	
                Base
                  Amount

              	
                Penalties

              	
                Interest

              
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHBIIT
        R-4

       

      FORM
        OF
        WATCHLIST REPORT

       

      [AVAILABLE
        UPON REQUEST]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        R-5

       

      FORM
        OF
        LOSS SEVERITY REPORT

       

      [AVAILABLE
        UPON REQUEST]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        R-6

       

      FORM
        OF
        MORTGAGE INSURANCE CLAIMS REPORT

       

      [AVAILABLE
        UPON REQUEST]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        R-7

       

      FORM
        OF
        PREPAYMENT PREMIUMS REPORT

       

      [AVAILABLE
        UPON REQUEST]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIIT
        R-8

       

      FORM
        OF
        ANALYTICS REPORT

       

      [AVAILABLE
        UPON REQUEST]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        S

       

      SERVICING
        CRITERIA

      

      Definitions

      Primary
        Servicer - transaction party having borrower contact

      Master
        Servicer - aggregator of pool assets

      Securities
        Administrator - waterfall calculator (may be the Trustee, or may be the Master
        Servicer)

      Back-up
        Servicer - named in the transaction (in the event a Back up Servicer becomes
        the
        Primary Servicer, follow Primary Servicer obligations)

      Custodian
        - safe keeper of pool assets

      Paying
        Agent - distributor of funds to ultimate investor 

      Trustee
        -
        fiduciary of the transaction

      Credit
        Risk Manager - the party providing oversight of the Servicer

      

      Note:
        The
        definitions above describe the essential function that the party performs,
        rather than the party’s title. So, for example, in a particular transaction, the
        trustee may perform the “paying agent” and “securities administrator” functions,
        while in another transaction, the securities administrator may perform these
        functions.

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key: X
        - obligation

      [X]
        - under consideration for obligation

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicer

              	
                Master
                  Servicer

              	
                Trust
                  Admin.

              	
                Trustee/

                Custodian

              	
                Credit
                  Risk Manager

              
	 	
                General
                  Servicing Considerations

              	 	 	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained. 

              	 	 	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	
                X

              	
                X

              	 	 	 
	 	
                Cash
                  Collection and Administration

              	 	 	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	 	 	 	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	 	
                Investor
                  Remittances and Reporting

              	 	 	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Servicer.
                  

              	
                X

              	
                X

              	
                X

              	 	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	
                X

              	
                X

              	 	 
	 	
                Pool
                  Asset Administration

              	 	 	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                X

              	
                 

              	 	
                X

              	 
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                X

              	 	 	
                X

              	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	 	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	 	
                X

              	 	 

      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        T

       

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the Trust
        Administrator pursuant to Section 4.07(a)(iv). 

      

      Under
        Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
        included in the periodic Distribution Date statement under Section 4.02,
        provided by the Trust Administrator based on information received from the
        Servicer and the Master Servicer; and b) items marked “Form 10-D report” are
        required to be in the Form 10-D report but not the 4.02 statement, provided
        by
        the party indicated. Information under all other Items of Form 10-D is to
        be
        included in the Form 10-D report.

      

      
        	
                Form

              	
                Item

              	
                Description

              	
                Responsible
                  Party

              
	
                10-D

              	
                Must
                  be filed within 15 days of the Distribution Date.

              
	
                1

              	
                Distribution
                  and Pool Performance Information

              	 
	
                Item
                  1121(a) - Distribution and Pool Performance
                  Information

              	 
	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	
                4.02
                  statement

              
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	
                4.02
                  statement

              
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	
                4.02
                  statement

              
	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	
                4.02
                  statement

              
	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	
                4.02
                  statement

              
	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	
                4.02
                  statement

              
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

              	
                4.02
                  statement

              
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	
                4.02
                  statement

              
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

              	
                4.02
                  statement

              
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	
                4.02
                  statement

              
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	
                4.02
                  statement

              
	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average remaining term, pool factors and prepayment
                  amounts.

              	
                4.02
                  statement

                 

                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              
	
                (9)
                  Delinquency and loss information for the period. 

                 

                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool
                  assets.

              	
                4.02
                  statement: Servicer and Master Servicer.

                 

                Form
                  10-D report: Depositor

              
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                4.02
                  statement: Master Servicer and Servicer

              
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                Form
                  10-D report; Servicer

              
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                Form
                  10-D report: Servicer

              
	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	
                4.02
                  statement

              
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 

                [information
                  regarding] any pool asset changes (other than in connection with
                  a pool
                  asset converting into cash in accordance with its terms), such
                  as
                  additions or removals in connection with a prefunding or revolving
                  period
                  and pool asset substitutions and repurchases (and purchase rates,
                  if
                  applicable), and cash flows available for future purchases, such
                  as the
                  balances of any prefunding or revolving accounts, if
                  applicable.

                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	
                Form
                  10-D report: Depositor

                 

                Form
                  10-D report: Depositor and Servicer

                 

                 

                 

                 

                 

                 

                 

                 

                 

                 

                 

                Form
                  10-D report: Depositor, Master Servicer and Servicer

              
	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                Updated
                  pool information as required under Item 1121(b).

              	
                Depositor

              
	
                2

              	
                Legal
                  Proceedings

              	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

                Seller

                Depositor

                Trustee

                Trust
                  Administrator

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

              	
                 

                 

                 

                 

                 

                 

                Seller

                Depositor

                Trustee

                Trust
                  Administrator

                Depositor

                Master
                  Servicer

                Depositor

                Custodian

              
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

              	 
	
                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	
                 

                 

                 

                Depositor

              
	
                4

              	
                Defaults
                  Upon Senior Securities

              	 
	
                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                 

                 

                 

                Trust
                  Administrator

              
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Trustee,
                  Trust Administrator

              
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                N/A

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                7

              	
                Significant
                  Enhancement Provider Information

              	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                N/A

                N/A

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information*

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Depositor

                Depositor

                 

                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                8

              	
                Other
                  Information

              	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  below

              
	
                9

              	
                Exhibits

              	 
	
                Distribution
                  report

              	
                Trust
                  Administrator

              
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              
	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              
	
                1.01

              	
                Entry
                  into a Material Definitive Agreement

              	 
	
                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                Examples:
                  servicing agreement, custodial agreement.

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                All
                  parties to this Agreement

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	 
	
                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party. 

                Examples:
                  servicing agreement, custodial agreement.

              	
                All
                  parties to this Agreement

              
	
                1.03

              	
                Bankruptcy
                  or Receivership

              	 
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Depositor, Servicer or Trustee, with respect to any of the following:
                  

                Sponsor
                  (Seller), Depositor, Servicer, Trustee, Swap Provider, Cap Provicer,
                  Custodian

              	
                Depositor/Servicer/Trustee/Trust
                  Administator

              
	
                2.04

              	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

              	 
	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the 4.02 statement

              	
                N/A

              
	
                3.03

              	
                Material
                  Modification to Rights of Security Holders

              	 
	
                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement

              	
                Party
                  requesting material modification

              
	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	 
	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	
                Depositor

              
	
                5.06

              	
                Change
                  in Shell Company Status

              	 
	
                [Not
                  applicable to ABS issuers]

              	
                Depositor

              
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 
	
                [Not
                  included in reports to be filed under Section 4.07]

              	
                Depositor

              
	
                6.02

              	
                Change
                  of Master Servicer or Trustee

              	 
	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers, certificate
                  administrator or trustee. Reg AB disclosure about any new servicer
                  or
                  trustee is also required.

              	
                Trustee,
                  Servicer or Master Servicer

                 

                 

                 

                 

                 

                Depositor

              
	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support

              	 
	
                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  Reg AB disclosure about any new enhancement provider is also
                  required.

              	
                Depositor

              
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	
                Trust
                  Administrator

              
	
                6.05

              	
                Securities
                  Act Updating Disclosure

              	 
	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                All
                  parties to this Agreement

              
	
                8.01

              	
                Other
                  Events

              	 
	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to security
                  holders.

              	
                Depositor

              
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event

              
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              
	
                9B

              	
                Other
                  Information

              	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  above

              
	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	
                N/A

              
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                N/A

                 

                N/A

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Depositor

                Depositor

                Depositor

              
	
                Item
                  1117 - 

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

              	
                 

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Depositor
                  

                Custodian

              
	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian
                  

                Credit
                  Enhancer/Support Provider, if any

                Significant
                  Obligor, if any

              	
                 

                 

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Depositor
                  

                Custodian
                  

                Depositor

                Depositor

              
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                Each
                  Party participating in the servicing function

              
	
                Item
                  1123 -Servicer Compliance Statement

              	
                Master
                  Servicer, Servicer and Trust
                  Administrator

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        U

       

      [RESERVED]

       

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        V

       

      [RESERVED]

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

       

      

       

      EXHIBIT
        W

       

      [RESERVED]

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

       

      EXHIBIT
        X

       

      FORM
        OF
        BASIS RISK CAP AGREEMENT

       

      

      
        

        
          
            	
                    DATE:

                  	 	
                    December
                      28, 2006

                  
	 	 	 
	
                    TO:

                  	 	
                    Wells
                      Fargo Bank, N.A., not in its individual capacity, but solely
                      as trustee
                      administrator with respect to the Soundview Home Loan Trust
                      2006-EQ2,
                      Asset-Backed Certificates, Series 2006-EQ2 

                  
	
                    ATTENTION:

                  	
                     

                  	 
	
                    TELEPHONE:

                  	 	 
	
                    FACSIMILE:

                  	 	 
	 	 	 
	
                    FROM:

                  	 	
                    The
                      Bank of New York

                  
	 	 	
                    Derivative
                      Products Support Department

                  
	 	 	
                    Attn:
                      Swap Confirmation Dept.

                  
	
                    TELEPHONE:

                  	 	
                    212-804-5163/5103

                  
	
                    FACSIMILE:
                      

                  	 	
                    212-804-5818/5837

                  
	 	 	 
	
                    SUBJECT:

                  	 	
                    Fixed
                      Income Derivatives Confirmation 

                  
	 	 	 
	
                    REFERENCE
                      NUMBER:

                  	 	
                    38709

                  

          

           

        

        The
          purpose of this long-form confirmation (“Confirmation”)
          is to
          confirm the terms and conditions of the Transaction entered into on the
          Trade
          Date specified below (the “Transaction”)
          between
          The Bank of New York (“Party
          A”) and
          Wells
          Fargo Bank, N.A., not in its individual capacity, but solely as trustee
          administrator with respect to the Soundview Home Loan Trust 2006-EQ2,
          Asset-Backed Certificates, Series 2006-EQ2 (“Party
          B”),
          under
          the Pooling and Servicing Agreement, dated as of December 1, 2006, among
          Financial Asset Securities Corp., as depositor (the “Depositor”),
          Ocwen
          Loan Servicing, LLC, as servicer (the “Servicer”),
          Wells
          Fargo Bank, N.A., as master servicer and trust administrator (the “Master
          Servicer”
          and
“Trust
          Administrator”)
          and
          Deutsche Bank National Trust Company, as trustee (the “Trustee”) (the
          “Pooling
          and Servicing Agreement”).
          This
          Confirmation evidences a complete and binding agreement between you and
          us to
          enter into the Transaction on the terms set forth below and replaces any
          previous agreement between us with respect to the subject matter hereof.
          This
          Confirmation constitutes a “Confirmation”
          and also
          constitutes a “Schedule”
          as
          referred to in the ISDA Master Agreement, and Paragraph 13 of a Credit
          Support
          Annex to the Schedule. 

        

        
          	1.  	
                  This
                    Confirmation shall supplement, form a part of, and be subject
                    to an
                    agreement in the form of the ISDA Master Agreement (Multicurrency
                    - Cross
                    Border) as published and copyrighted in 1992 by the International
                    Swaps
                    and Derivatives Association, Inc. (the “ISDA
                    Master Agreement”),
                    as if Party A and Party B had executed an agreement in such form
                    on the
                    date hereof, with a Schedule as set forth in Item 3 of this Confirmation,
                    and an ISDA Credit Support Annex (Bilateral Form - ISDA Agreements
                    Subject
                    to New York Law Only version) as published and copyrighted in
                    1994 by the
                    International Swaps and Derivatives Association, Inc., with Paragraph
                    13
                    thereof as set forth in Annex A hereto (the “Credit
                    Support Annex”).
                    For the avoidance of doubt, the Transaction described herein
                    shall be the
                    sole Transaction governed by such ISDA Master Agreement. In the
                    event of
                    any inconsistency among any of the following documents, the relevant
                    document first listed shall govern: (i) this Confirmation, exclusive
                    of
                    the provisions set forth in Item 3 hereof and Annex A hereto;
                    (ii) the
                    provisions set forth in Item 3 hereof, which are incorporated
                    by reference
                    into the Schedule; (iii) the Credit Support Annex; (iv) the Definitions;
                    and (v) the ISDA Master Agreement.

                

        

        

        Each
          reference herein to a “Section” (unless specifically referencing the Pooling and
          Servicing Agreement) or to a “Section” “of this Agreement” will be construed as
          a reference to a Section of the ISDA Master Agreement; each herein reference
          to
          a “Part” will be construed as a reference to the provisions herein deemed
          incorporated in a Schedule to the ISDA Master Agreement; each reference
          herein
          to a “Paragraph” will be construed as a reference to a Paragraph of the Credit
          Support Annex.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          
            	
                    2.

                  	
                    The
                      terms of the particular Transaction to which this Confirmation
                      relates are
                      as follows:

                  
	 	 	 	 
	 	
                    Type
                      of Transaction:

                  	
                    Interest
                      Rate Cap

                  
	 	 	 	 
	 	
                    Notional
                      Amount:

                  	
                    With
                      respect to any Calculation Period shall equal the lesser of
                      (1) the amount
                      set forth for such period on Schedule I attached hereto and
                      (2) the
                      aggregate Certificate Principal Balance of the Floating Rate
                      Certificates
                      as of the first day of the Calculation Period. The Trustee
                      Administrator
                      shall make available each month via the Trust Administrator’s website a
                      statement containing the aggregate Certificate Principal Balance
                      of the
                      Floating Rate Certificates as of the first day of such Calculation
                      Period
                      and shall notify BNY at least five (5) Business Days prior
                      to the related
                      Floating Rate Payer Payment Date of the aggregate Certificate
                      Principal
                      Balance of the Floating Rate Certificates as of the first day
                      of such
                      Calculation Period and shall send such notification to BNY
                      provided,
                      however, that if the Trust Administrator shall not provide
                      such
                      notification, BNY is permitted to rely upon the statement of
                      Certificate
                      Principal Balance of the Floating Rate Certificates made available
                      on the
                      Trust Administrator’s website. The Trust Administrator’s internet website
                      shall initially be located at www.ctslink.com and assistance
                      in using the
                      website can be obtained by calling the Trust Administrator’s investor
                      relations desk at (301) 815-6600.

                  
	 	 	 	 
	 	
                    Trade
                      Date:

                  	
                    December
                      21, 2006

                  
	 	 	 	 
	 	
                    Effective
                      Date:

                  	
                    January
                      25, 2007

                  
	 	 	 	 
	 	
                    Termination
                      Date:

                  	
                    September
                      25, 2007, subject to adjustment in accordance with the Business
                      Day
                      Convention

                  
	 	 	 	 
	 	
                    Floating
                      Amounts:

                  	 
	 	 	 	 
	 	 	
                    Floating
                      Rate Payer:

                  	
                    Party
                      A

                  
	 	 	 	 
	 	 	
                    Cap
                      Rate:

                  	
                    For
                      each Calculation Period, as set forth for such period on Schedule
                      I
                      attached hereto.

                  
	 	 	 	 
	 	 	
                    Floating
                      Rate Payer

                  	 
	 	 	
                    Period
                      End Dates:

                  	
                    The
                      25th calendar day of each month during the Term of this Transaction,
                      commencing February 25, 2007, and ending on the Termination
                      Date, subject
                      to adjustment in accordance with the Business Day
                      Convention.

                  
	 	 	 	 
	 	 	
                    Floating
                      Rate Payer 

                  	 
	 	 	
                    Payment
                      Dates:

                  	
                    Early
                      Payment shall be applicable. The Floating Rate Payer Payment
                      Date shall be
                      one (1) Business Day preceding each Floating Rate Payer Period
                      End
                      Date.

                  
	 	 	 	 
	 	 	
                    Floating
                      Rate Option:

                  	
                    USD-LIBOR-BBA,
                      provided, however, if the Floating Rate Option for a Calculation
                      Period is
                      greater than 10.50% then the Floating Rate Option for such
                      Calculation
                      Period shall be deemed equal to 10.50%.

                  
	 	 	 	 
	 	 	
                    Designated
                      Maturity:

                  	
                    One
                      month

                  
	 	 	 	 
	 	 	
                    Floating
                      Rate Day 

                  	 
	 	 	
                    Count
                      Fraction:

                  	
                    Actual/360

                  
	 	 	 	 
	 	 	
                    Reset
                      Dates:

                  	
                    The
                      first day of each Calculation Period.

                  
	 	 	 	 
	 	 	
                    Compounding:

                  	
                    Inapplicable

                  
	 	 	 	 
	 	 	
                    Business
                      Days:

                  	
                    New
                      York

                  
	 	 	 	 
	 	 	
                    Business
                      Day Convention:

                  	
                    Following

                  
	 	 	 	 
	 	 	
                    Calculation
                      Agent:

                  	
                    Party
                      A

                  
	 	 	 	 
	3.	
                    Provisions
                      Deemed Incorporated in a Schedule to the ISDA Master
                      Agreement:

                  

          

        

        

        
          	
                  Part
                    1.

                	
                  Termination
                    Provisions.

                

        

        

        For
          the
          purposes of this Agreement:-

        

        (a)         
           “Specified
          Entity”
          will not
          apply to Party A or Party B for any purpose. 

        

        
          	
                  (b)

                	
                  “Specified
                    Transaction”
                    will have the meaning specified in Section
                    14.

                

        

        

        
          	
                  (c)

                	
                  Events
                    of Default.

                

        

        

        The
          statement below that an Event of Default will apply to a specific party
          means
          that upon the occurrence of such an Event of Default with respect to such
          party,
          the other party shall have the rights of a Non-defaulting Party under Section
          6
          of this Agreement; conversely, the statement below that such event will
          not
          apply to a specific party means that the other party shall not have such
          rights.

        

        
          	(i)  	
                  The
                    “Failure
                    to Pay or Deliver”
                    provisions of Section 5(a)(i) will apply to Party A and will
                    apply to
                    Party B; provided, however, that Section 5(a)(i) is hereby amended
                    by
                    replacing the word “third” with the word “first”; provided, further, that
                    notwithstanding anything to the contrary in Section 5(a)(i),
                    any failure
                    by Party A to comply with or perform any obligation to be complied
                    with or
                    performed by Party A under the Credit Support Annex shall not
                    constitute
                    an Event of Default under Section 5(a)(i) unless (A) a Required
                    Ratings
                    Downgrade Event has occurred and been continuing for 30 or more
                    Local
                    Business Days and (B) such failure is not remedied on or before
                    the third
                    Local Business Day after notice of such failure is given to Party
                    A.

                

        

        

        
          	(ii)  	
                  The
                    “Breach
                    of Agreement”
                    provisions of Section 5(a)(ii) will apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        
          	(iii)  	
                  The
                    “Credit
                    Support Default”
                    provisions of Section 5(a)(iii) will apply to Party A and will
                    not apply
                    to Party B except that Section 5(a)(iii)(1) will apply to Party
                    B solely
                    in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                    Support Annex; provided, however, that notwithstanding anything
                    to the
                    contrary in Section 5(a)(iii)(1), any failure by Party A to comply
                    with or
                    perform any obligation to be complied with or performed by Party
                    A under
                    the Credit Support Annex shall not constitute an Event of Default
                    under
                    Section 5(a)(iii) unless (A) a Required Ratings Downgrade Event
                    has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    such failure is not remedied on or before the third Local Business
                    Day
                    after notice of such failure is given to Party
                    A.

                

        

        

        
          	(iv)  	
                  The
                    “Misrepresentation”
                    provisions of Section 5(a)(iv) will apply to Party A and will
                    not apply to
                    Party B. 

                

        

        

        
          	(v)  	
                  The
                    “Default
                    under Specified Transaction”
                    provisions of Section 5(a)(v) will apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        
          	(vi)  	
                  The
                    “Cross
                    Default”
                    provisions of Section 5(a)(vi) will apply to Party A and will
                    not apply to
                    Party B. For purposes of Section 5(a)(vi), solely with respect
                    to Party
                    A:

                

        

        

        “Specified
          Indebtedness” will have the meaning specified in Section 14 ,except that such
          term shall not include obligations in respect of deposits received in the
          ordinary course of Party A’s banking business.

        

        “Threshold
          Amount” means with respect to Party A an amount equal to three percent (3%) of
          the consolidated Shareholders’ Equity of Party A and its subsidiaries or, if
          applicable, the Eligible Guarantor and its subsidiaries. 

        

        
          	(vii)  	
                  The
                    “Bankruptcy”
                    provisions of Section 5(a)(vii) will apply to Party A and will
                    apply to
                    Party B except that the provisions of Section 5(a)(vii)(2), (6)
                    (to the
                    extent that such provisions refer to any appointment contemplated
                    or
                    effected by the Pooling and Servicing Agreement or any appointment
                    to
                    which Party B has not become subject), (7) and (9) will not apply
                    to Party
                    B; provided that, with respect to Party B only, Section 5(a)(vii)(4)
                    is
                    hereby amended by adding after the words “against it” the words
                    “(excluding any proceeding or petition instituted or presented
                    by Party A
                    or its Affiliates)”, and Section 5(a)(vii)(8) is hereby amended by
                    deleting the words “to (7) inclusive” and inserting lieu thereof “, (3),
                    (4) as amended, (5), (6) as amended, or
                    (7)”.

                

        

        

        
          	(viii)  	
                  The
                    “Merger
                    Without Assumption”
                    provisions of Section 5(a)(viii) will apply to Party A and will
                    apply to
                    Party B.

                

        

        

        (d)        
           Termination
          Events.

        

        The
          statement below that a Termination Event will apply to a specific party
          means
          that upon the occurrence of such a Termination Event, if such specific
          party is
          the Affected Party with respect to a Tax Event, the Burdened Party with
          respect
          to a Tax Event Upon Merger (except as noted below) or the non-Affected
          Party
          with respect to a Credit Event Upon Merger, as the case may be, such specific
          party shall have the right to designate an Early Termination Date in accordance
          with Section 6 of this Agreement; conversely, the statement below that
          such an
          event will not apply to a specific party means that such party shall not
          have
          such right; provided, however, with respect to “Illegality” the statement that
          such event will apply to a specific party means that upon the occurrence
          of such
          a Termination Event with respect to such party, either party shall have
          the
          right to designate an Early Termination Date in accordance with Section
          6 of
          this Agreement.

        

        (i)            The
          “Illegality”
          provisions of Section 5(b)(i) will apply to Party A and will apply to Party
          B.

        

        
          	 	
                  (ii)

                	
                  The
                    “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party A except that,
                    for
                    purposes of the application of Section 5(b)(ii) to Party A, Section
                    5(b)(ii) is hereby amended by deleting the words “(x) any action taken by
                    a taxing authority, or brought in a court of competent jurisdiction,
                    on or
                    after the date on which a Transaction is entered into (regardless
                    of
                    whether such action is taken or brought with respect to a party
                    to this
                    Agreement) or (y)”, and the “Tax
                    Event”
                    provisions of Section 5(b)(ii) will apply to Party B.
                    

                

        

        

        
          	 	
                  (iii)

                	
                  The
                    “Tax
                    Event Upon Merger”
                    provisions of Section 5(b)(iii) will apply to Party A and will
                    apply to
                    Party B, provided that Party A shall not be entitled to designate
                    an Early
                    Termination Date by reason of a Tax Event upon Merger in respect
                    of which
                    it is the Affected Party.

                

        

        

        
          	 	
                  (iv)

                	
                  The
                    “Credit
                    Event Upon Merger”
                    provisions of Section 5(b)(iv) will not apply to Party A and
                    will not
                    apply to Party B.

                

        

        

        
          	
                  (e)

                	
                  The
                    “Automatic
                    Early Termination”
                    provision of Section 6(a) will not apply to Party A and will
                    not apply to
                    Party B.

                

        

        

        (f)        
            Payments
          on Early Termination.
          For the
          purpose of Section 6(e) of this Agreement:

        

        
          	(i)  	
                  Market
                    Quotation will apply, provided, however, that, in the event of
                    a
                    Derivative Provider Trigger Event, the following provisions will
                    apply:

                

        

        

        
          	 	
                  (A)
                    

                	
                  The
                    definition of Market Quotation in Section 14 shall be deleted
                    in its
                    entirety and replaced with the
                    following:

                

        

        

        “Market
          Quotation” means,
          with respect to one or more Terminated Transactions, a Firm Offer which
          is (1)
          made by a Reference Market-maker that is an Eligible Replacement, (2) for
          an
          amount that would be paid to Party B (expressed as a negative number) or
          by
          Party B (expressed as a positive number) in consideration of an agreement
          between Party B and such Reference Market-maker to enter into a Replacement
          Transaction, and (3) made on the basis that Unpaid Amounts in respect of
          the
          Terminated Transaction or group of Transactions are to be excluded but,
          without
          limitation, any payment or delivery that would, but for the relevant Early
          Termination Date, have been required (assuming satisfaction of each applicable
          condition precedent) after that Early Termination Date is to be
          included.

        

        
          	 	
                  (B)

                	
                  The
                    definition of Settlement Amount shall be deleted in its entirety
                    and
                    replaced with the following:

                

        

        

        “Settlement
          Amount”
          means,
          with respect to any Early Termination Date, an amount (as determined by
          Party B)
          equal to: 

        

        
          	 	
                  (a)

                	
                  If
                    a Market Quotation for the relevant Terminated Transaction or
                    group of
                    Terminated Transactions is accepted by Party B so as to become
                    legally
                    binding on or before the day falling ten Local Business Days
                    after the day
                    on which the Early Termination Date is designated, or such later
                    day as
                    Party B may specify in writing to Party A, but in either case
                    no later
                    than one Local Business Day prior to the Early Termination Date
                    (such day,
                    the “Latest Settlement Amount Determination Day”), the Termination
                    Currency Equivalent of the amount (whether positive or negative)
                    of such
                    Market Quotation; 

                

        

        

        
          	 	
                  (b)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    has been accepted by Party B so as to become legally binding
                    and one or
                    more Market Quotations from
                    Approved Replacements have
                    been made and remain capable of becoming legally binding upon
                    acceptance,
                    the Settlement Amount shall equal the Termination Currency Equivalent
                    of
                    the amount (whether positive or negative) of the lowest of such
                    Market
                    Quotations (for the avoidance of doubt, the lowest of such Market
                    Quotations shall be the lowest Market Quotation of
                    such Market Quotations
                    expressed as a positive number or, if any of such Market Quotations
                    is
                    expressed as a negative number, the Market Quotation expressed
                    as a
                    negative number with the largest absolute value);
                    or

                

        

        

        
          	 	
                  (c)

                	
                  If,
                    on the Latest Settlement Amount Determination Day, no Market
                    Quotation for
                    the relevant Terminated Transaction or group of Terminated Transactions
                    is
                    accepted by Party B so as to become legally binding and no Market
                    Quotation from an Approved Replacement remains capable of becoming
                    legally
                    binding upon acceptance, the Settlement Amount shall equal Party
                    B’s Loss
                    (whether positive or negative and without reference to any Unpaid
                    Amounts)
                    for the relevant Terminated Transaction or group of Terminated
                    Transactions.

                

        

        

        
          	 	
                  (C)

                	
                  If
                    Party B requests Party A in writing to obtain Market Quotations,
                    Party A
                    shall use its reasonable efforts to do so before the Latest Settlement
                    Amount Determination Day.

                

        

        

        
          	 	
                  (D)

                	
                  If
                    the Settlement Amount is a negative number, Section 6(e)(i)(3)
                    shall be
                    deleted in its entirety and replaced with the
                    following:

                

        

        

        “(3)
          Second
          Method and Market Quotation.
          If the
          Second Method and Market Quotation apply, (I) Party B shall pay to Party
          A an
          amount equal to the absolute value of the Settlement Amount in respect
          of the
          Terminated Transactions, (II) Party B shall pay to Party A the Termination
          Currency Equivalent of the Unpaid Amounts owing to Party A and (III) Party
          A
          shall pay to Party B the Termination Currency Equivalent of the Unpaid
          Amounts
          owing to Party B; provided, however, that (x) the amounts payable under
          the
          immediately preceding clauses (II) and (III) shall be subject to netting
          in
          accordance with Section 2(c) of this Agreement and (y) notwithstanding
          any other
          provision of this Agreement, any amount payable by Party A under the immediately
          preceding clause (III) shall not be netted-off against any amount payable
          by
          Party B under the immediately preceding clause (I).”

         

        
          	 	
                  (E)

                	
                  At
                    any time on or before the Latest Settlement Amount Determination
                    Day at
                    which two or more Market Quotations from Approved Replacements
                    remain
                    capable of becoming legally binding upon acceptance, Party B
                    shall be
                    entitled to accept only the lowest of such Market Quotations
                    (for the
                    avoidance of doubt, the lowest of such Market Quotations shall
                    be the
                    lowest Market Quotation of such Market Quotations expressed as
                    a positive
                    number or, if any of such Market Quotations is expressed as a
                    negative
                    number, the Market Quotation expressed as a negative number with
                    the
                    largest absolute value).

                

        

        

        
          	(ii)  	
                  The
                    Second Method will apply.

                

        

        

        (g)              
           “Termination
          Currency”
          means
          USD.

        

        (h)             
            Additional
          Termination Events.
          Additional Termination Events will apply as provided in Part 5(c). 

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          2.  Tax
          Matters.

        

        (a)        
           Tax
          Representations. 

        

        
          	 	
                  (i)

                	
                  Payer
                    Representations.
                    For the purpose of Section 3(e) of this
                    Agreement

                

        

         

        (A)   
               Party
          A
          makes the following representation(s):

         

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to
          be made
          by it to the other party under this Agreement. In making this representation,
          it
          may rely on: the accuracy of any representations made by the other party
          pursuant to Section 3(f) of this Agreement; (ii) the satisfaction of the
          agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and
          the
          accuracy and effectiveness of any document provided by the other party
          pursuant
          to Section 4(a)(i) or 4(a)(iii) of this Agreement; and (iii) the satisfaction
          of
          the agreement of the other party contained in Section 4(d) of this Agreement,
          provided that it shall not be a breach of this representation where reliance
          is
          placed on clause (ii) and the other party does not deliver a form or document
          under Section 4(a)(iii) by reason of material prejudice to its legal or
          commercial position.

        

        (B)   
                Party
          B
          makes the following representation(s):

        

        None.

        

        (ii)        
            Payee
          Representations.
          For the
          purpose of Section 3(f) of this Agreement: 

         

        (A)        
           Party
          A
          makes the following representation(s):

        

        (x)
          It is
          a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of the
          United States Treasury Regulations) for United States federal income tax
          purposes, (y) it is a trust company duly organized and existing under the
          laws
          of the State of New York, and (y) its U.S. taxpayer identification number
          is
          135160382.

        

        (B)         
           Party
          B
          makes the following representation(s):

        

        None.

        

        
          	
                  (b)

                	
                  Tax
                    Provisions.

                

        

        

        
          	 	
                  (i)

                	
                  Gross
                    Up.
                    Section 2(d)(i)(4) shall not apply to Party B as X, and Section
                    2(d)(ii)
                    shall not apply to Party B as Y, in each case such that Party
                    B shall not
                    be required to pay any additional amounts referred to
                    therein.

                

        

        

        
          	 	
                  (ii)

                	
                  Indemnifiable
                    Tax.
                    The definition of “Indemnifiable Tax” in Section 14 is deleted in its
                    entirety and replaced with the
                    following:

                

        

        

        “Indemnifiable
          Tax”
          means,
          in relation to payments by Party A, any Tax and, in relation to payments
          by
          Party B, no Tax. 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          3.  Agreement
          to Deliver Documents.  

        

        (a) For
          the
          purpose of Section 4(a)(i), tax forms, documents, or certificates to be
          delivered are:

        

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                
	 	 	 
	
                  Party
                    A

                	
                  A
                    correct, complete and duly executed U.S. Internal Revenue Service
                    Form W-9
                    (or successor thereto).

                	
                  Upon
                    the execution and delivery of this Agreement

                
	 	 	 
	
                  Party
                    B

                	
                  An
                    Internal Revenue Service Form W-9 as applicable or any successor
                    form,
                    accurately completed and in a manner reasonably satisfactory
                    to Party A,
                    and will deliver any other tax forms relating to the beneficial
                    owner of
                    payments to Party B under this Agreement from time to
                    time.

                	
                  Upon
                    the execution and delivery of this Agreement or soon thereafter,
                    or upon
                    any form previously provided becoming
                    obsolete

                

        

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        (b)         
           For
          the
          purpose of Section 4(a)(ii), other documents to be delivered are:

        

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                	
                  Covered
                    by Section 3(d) Representation

                
	 	 	 	 
	
                  Party
                    A and

                  Party
                    B

                	
                  Any
                    documents required by the receiving party to evidence the authority
                    of the
                    delivering party or its Credit Support Provider, if any, for
                    it to execute
                    and deliver the Agreement, this Confirmation, and any Credit
                    Support
                    Documents to which it is a party, and to evidence the authority
                    of the
                    delivering party or its Credit Support Provider to perform its
                    obligations
                    under the Agreement, this Confirmation and any Credit Support
                    Document, as
                    the case may be

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A and

                  Party
                    B

                	
                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    the
                    Agreement, this Confirmation, and any relevant Credit Support
                    Document, as
                    the case may be

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  Yes

                
	 	 	 	 
	
                  Party
                    A

                	
                  A
                    copy of the annual balance sheet of Party A for the most recently
                    completed fiscal year and publicly available in its regulatory
                    call
                    report

                	
                  Promptly
                    upon becoming publicly available; provided,
                    if available on http://www.fdic.gov, such delivery is not
                    required

                	
                  No

                
	 	 	 	 
	
                  Party
                    A

                	
                  An
                    opinion of counsel to Party A reasonably acceptable to Party
                    B.
                    

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  No

                
	 	 	 	 
	
                  Party
                    B

                	
                  An
                    opinion of counsel to Party B as to the enforceability of this
                    Confirmation reasonably acceptable to Party A. 

                	
                  Upon
                    the execution and delivery of this Agreement

                	
                  No

                

        

        

        Part
          4. Miscellaneous. 

        

        
          	
                  (a)

                	
                  Address
                    for Notices:
                    For the purposes of Section 12(a) of this
                    Agreement:

                

        

        

        Address
          for notices or communications to Party A:

        

        Address:  The
          Bank
          of New York

        Swaps
          and
          Derivative Products Group

        Global
          Market Division

        32
          Old
          Slip 15th Floor

        New
          York,
          NY 10286 

        Attention:
          Steve Lawler

        Facsimile:
          212-495-1016

        Phone:
          212-804-2137

        

        with
          a
          copy to:

         

        The
          Bank
          of New York

        Swaps
          and
          Derivative Products Group

        32
          Old
          Slip 16th Floor

        New
          York,
          New York 10286

        Attention:
          Andrew Schwartz

        Tele:
          212-804-5103

        Fax:
          212-804-5818/5837

        

        (For
          all
          purposes)

        

        A
          copy of
          any notice or other communication with respect to Sections 5 or 6 should
          also be
          sent to the addresses set out below:

         

        The
          Bank
          of New York

        Legal
          Department

        One
          Wall
          Street - 10th Floor

        New
          York,
          New York 10286

        Attention:
          General Counsel

        

        Address
          for notices or communications to Party B:

        

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045

        Attn:
          Client Manager-Soundview 2006-EQ2

        Phone:
          410-884-2000

        Fax:
          410-715-2380

        

        (For
          all
          purposes)

        

        (b)          Process
          Agent.
          For the
          purpose of Section 13(c):

        

        Party
          A
          appoints as its Process Agent: Not applicable.

        

        Party
          B
          appoints as its Process Agent: Not applicable.

        

        
          	
                  (c)

                	
                  Offices.
                    The provisions of Section 10(a) will apply to this
                    Agreement.

                

        

        

        
          	
                  (d)

                	
                  Multibranch
                    Party.
                    For the purpose of Section 10(c) of this
                    Agreement:

                

        

        

        Party
          A
          is not a Multibranch Party.

        

        Party
          B
          is not a Multibranch Party.

        

        
          	
                  (e)

                	
                  Calculation
                    Agent.
                    The Calculation Agent is Party A; provided, however, that if
                    an Event of
                    Default shall have occurred with respect to Party A, Party B
                    shall have
                    the right to appoint as Calculation Agent a third party, reasonably
                    acceptable to Party A, the cost for which shall be borne by Party
                    A.

                

        

        

        (f)         
           Credit
          Support Document. 

        

        
          	 	
                  Party
                    A:

                	
                  The
                    Credit Support Annex, and any guarantee in support of Party A’s
                    obligations under this Agreement.

                

        

        

        Party
          B: The
          Credit Support Annex, solely in respect of Party B’s obligations under Paragraph
          3(b) of the Credit Support Annex.

        

        
          	
                  (g)

                	
                  Credit
                    Support Provider.

                

        

        

        Party
          A: The
          guarantor under any guarantee in support of Party A’s obligations under this
          Agreement.

        

        Party
          B: None.

        

        
          	
                  (h)

                	
                  Governing
                    Law.
                    The parties to this Agreement hereby agree that the law of the
                    State of
                    New York shall govern their rights and duties in whole, without
                    regard to
                    the conflict of law provisions thereof other than New York General
                    Obligations Law Sections 5-1401 and 5-1402.

                

        

        

        
          	
                  (i)

                	
                  Netting
                    of Payments.
                    The parties agree that subparagraph (ii) of Section 2(c) will
                    apply to
                    each Transaction hereunder. 

                

        

        

        
          	
                  (j)

                	
                  Affiliate.“Affiliate”
                    shall have the meaning assigned thereto in Section 14; provided,
                    however,
                    that Party B shall be deemed to have no Affiliates for purposes
                    of this
                    Agreement, including for purposes of Section
                    6(b)(ii).

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Part
          5.  Others
          Provisions.

        

        
          	
                  (a)

                	
                  Definitions.
                    Unless
                    otherwise specified in a Confirmation, this Agreement and each
                    Transaction
                    under this Agreement are subject to the 2000 ISDA Definitions
                    as published
                    and copyrighted in 2000 by the International Swaps and Derivatives
                    Association, Inc. (the “Definitions”),
                    and will be governed in all relevant respects by the provisions
                    set forth
                    in the Definitions, without regard to any amendment to the Definitions
                    subsequent to the date hereof. The provisions of the Definitions
                    are
                    hereby incorporated by reference in and shall be deemed a part
                    of this
                    Agreement, except that (i) references in the Definitions to a
“Swap
                    Transaction” shall be deemed references to a “Transaction” for purposes of
                    this Agreement, and (ii) references to a “Transaction” in this Agreement
                    shall be deemed references to a “Swap Transaction” for purposes of the
                    Definitions. Each term capitalized but not defined in this Agreement
                    shall
                    have the meaning assigned thereto in the Pooling and Servicing
                    Agreement.

                

        

         

        (b)        
           Amendments
          to ISDA Master Agreement.

        

        
          	 	
                  (i)

                	
                  Single
                    Agreement.
                    Section 1(c) is hereby amended by the adding the words “including, for the
                    avoidance of doubt, the Credit Support Annex” after the words “Master
                    Agreement”. 

                

        

        

        (ii)         
           Conditions
          Precedent. Section
          2(a)(iii) is hereby amended by adding the following at the end thereof:
          

        

        Notwithstanding
          anything to the contrary in Section 2(a)(iii)(1), if an Event of Default
          with
          respect to Party B or Potential Event of Default with respect to Party
          B has
          occurred and been continuing for more than 30 Local Business Days and no
          Early
          Termination Date in respect of the Affected Transactions has occurred or
          been
          effectively designated by Party A, the obligations of Party A under Section
          2(a)(i) shall cease to be subject to the condition precedent set forth
          in
          Section 2(a)(iii)(1) with respect to such specific occurrence of such Event
          of
          Default or such Potential Event of Default (the “Specific
          Event”);
          provided, however, for the avoidance of doubt, the obligations of Party
          A under
          Section 2(a)(i) shall be subject to the condition precedent set forth in
          Section
          2(a)(iii)(1) (subject to the foregoing) with respect to any subsequent
          occurrence of the same Event of Default with respect to Party B or Potential
          Event of Default with respect to Party B after the Specific Event has ceased
          to
          be continuing and with respect to any occurrence of any other Event of
          Default
          with respect to Party B or Potential Event of Default with respect to Party
          B
          that occurs subsequent to the Specific Event. 

        

        
          	 	
                  (iii)

                	
                  Change
                    of Account.
                    Section 2(b) is hereby amended by the addition of the following
                    after the
                    word “delivery” in the first line
                    thereof:

                

        

         

        “to
          another account in the same legal and tax jurisdiction as the original
          account”.

        

        
          	 	
                  (iv)

                	
                  Representations.
                    Section 3 is hereby amended by adding at the end thereof the
                    following
                    subsection (g): 

                

        

        

        
          	 	
                  “(g)

                	
                  Relationship
                    Between Parties. 

                

        

        

        
          	 	
                  (1)

                	
                  Nonreliance.
                    (i) It is not relying on any statement or representation of the
                    other
                    party regarding the Transaction (whether written or oral), other
                    than the
                    representations expressly made in this Agreement or the Confirmation
                    in
                    respect of that Transaction and (ii) it has consulted with its
                    own legal,
                    regulatory, tax, business, investment, financial and accounting
                    advisors
                    to the extent it has deemed necessary, and it has made its own
                    investment,
                    hedging and trading decisions based upon its own judgment and
                    upon any
                    advice from such advisors as it has deemed necessary and not
                    upon any view
                    expressed by the other party.

                

        

         

        
          	 	
                  (2)

                	
                  Evaluation
                    and Understanding. (i) It has the capacity to evaluate (internally
                    or
                    through independent professional advice) the Transaction and
                    has made its
                    own decision to enter into the Transaction and (ii) It understands
                    the
                    terms, conditions and risks of the Transaction and is willing
                    and able to
                    accept those terms and conditions and to assume those risks,
                    financially
                    and otherwise. 

                

        

        

        
          	 	
                  (3)

                	
                  Purpose.
                    It is entering into the Transaction for the purposes of managing
                    its
                    borrowings or investments, hedging its underlying assets or liabilities
                    or
                    in connection with a line of business.

                

        

        

        
          	 	
                  (4)

                	
                  Status
                    of Parties. The other party is not acting as an agent, fiduciary
                    or
                    advisor for it in respect of the Transaction.

                

        

        

        
          	 	
                  (5)

                	
                  Eligible
                    Contract Participant. It is an “eligible swap participant” as such term is
                    defined in, Section 35.1(b)(2) of the regulations (17 C.F.R.
                    35)
                    promulgated under, and an “eligible contract participant” as defined in
                    Section 1(a)(12) of the Commodity Exchange Act, as
                    amended.”

                

        

        

        
          	 	
                  (v)

                	
                  Transfer
                    to Avoid Termination Event.
                    Section 6(b)(ii) is hereby amended by (i) deleting the words
“or if a Tax
                    Event Upon Merger occurs and the Burdened Party is the Affected
                    Party,”
                    and (ii) by deleting the words “to transfer” and inserting the words “to
                    effect a Permitted Transfer” in lieu
                    thereof.

                

        

        

        
          	 	
                  (vi)

                	
                  Jurisdiction.
                    Section
                    13(b) is hereby amended by: (i) deleting in the second line of
                    subparagraph (i) thereof the word "non-", (ii) deleting “; and” from the
                    end of subparagraph 1 and inserting “.” in lieu thereof, and (iii)
                    deleting the final paragraph
                    thereof.

                

        

        

        
          	 	
                  (vii)

                	
                  Local
                    Business Day.
                    The definition of Local Business Day in Section 14 is hereby
                    amended by
                    the addition of the words “or any Credit Support Document” after “Section
                    2(a)(i)” and the addition of the words “or Credit Support Document” after
                    “Confirmation”. 

                

        

        

        
          	
                  (c)

                	
                  Additional
                    Termination Events.
                    The following Additional Termination Events will
                    apply:

                

        

        

        
          	(i)          
                   	
                  First
                    Rating Trigger Collateral.
                    If
                    (A) it is not the case that a Moody’s Second Trigger Ratings Event has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    Party
                    A has failed to comply with or perform any obligation to be complied
                    with
                    or performed by Party A in accordance with the Credit Support
                    Annex, then
                    an Additional Termination Event shall have occurred with respect
                    to Party
                    A and Party A shall be the sole Affected Party with respect to
                    such
                    Additional Termination Event. 

                

        

        

        
          	(ii)        
                    	
                  Second
                    Rating Trigger Replacement.
                    If
                    (A) a Required Ratings Downgrade Event has occurred and been
                    continuing
                    for 30 or more Local Business Days and (B) (i) at least one Eligible
                    Replacement has made a Firm Offer to be the transferee of all
                    of Party A’s
                    rights and obligations under this Agreement (and such Firm Offer
                    remains
                    an offer that will become legally binding upon such Eligible
                    Replacement
                    upon acceptance by the offeree) and/or (ii) an Eligible Guarantor
                    has made
                    a Firm Offer to provide an Eligible Guarantee (and such Firm
                    Offer remains
                    an offer that will become legally binding upon such Eligible
                    Guarantor
                    immediately upon acceptance by the offeree), then an Additional
                    Termination Event shall have occurred with respect to Party A
                    and Party A
                    shall be the sole Affected Party with respect to such Additional
                    Termination Event. 

                

        

        

        
          	 	
                  (iii)

                	
                  [Reserved]

                

        

        

        (iv)       
           Optional
          Termination of Securitization.
          An
          Additional Termination Event shall occur upon the notice to Certificateholders
          of an Optional Termination becoming unrescindable in accordance with Article
          IX
          of the Pooling and Servicing Agreement. Party B shall be the sole Affected
          Party
          with respect to such Additional Termination Event; provided, however, that
          notwithstanding anything to the contrary in Section 6(b)(iv), only Party
          B may
          designate an Early Termination Date in respect of this Additional Termination
          Event. 

        

        
          	 	
                  (v)

                	
                  Provision
                    of Information Required by Regulation AB.
                    Party A shall fail to comply with the provisions of Part (5)(y)
                    below
                    within the time provided for therein. Party A shall be the sole
                    Affected
                    Party.

                

        

        

        
          	
                  (d)

                	
                  Required
                    Ratings Downgrade Event.
                    In
                    the event that no Relevant Entity has credit ratings at least
                    equal to the
                    Required Ratings Threshold (such event, a “Required
                    Ratings Downgrade Event”),
                    then Party A shall, as soon as reasonably practicable and so
                    long as a
                    Required Ratings Downgrade Event is in effect, at its own expense,
                    using
                    commercially reasonable efforts, procure either (A) a Permitted
                    Transfer
                    or (B) an Eligible Guarantee from an Eligible Guarantor.
                    

                

        

        

        
          	
                  (e)
                    

                	
                  [Reserved]
                    

                

        

        

        
          	
                  (f)

                	
                  Transfers. 

                

        

         

        (i)           
           Section
          7
          is hereby amended to read in its entirety as follows:

         

        “Except
          with respect to any Permitted Transfer pursuant to Section 6(b)(ii), Part
          5(d),
          Part 5(e), or the succeeding sentence, neither Party A nor Party B is permitted
          to assign, novate or transfer (whether by way of security or otherwise)
          as a
          whole or in part any of its rights, obligations or interests under the
          Agreement
          or any Transaction unless (a) the prior written consent of the other party
          is
          obtained, and (b) the Rating Agency Notice has been given to each Rating
          Agencies. At any time at which no Relevant Entity has credit ratings at
          least
          equal to the Approved Ratings Threshold, Party A may make a Permitted
          Transfer.” 

         

        
          	 	
                  (ii)

                	
                  If
                    an Eligible Replacement has made a Firm Offer (which remains
                    an offer that
                    will become legally binding upon acceptance by Party B) to be
                    the
                    transferee pursuant to a Permitted Transfer, Party B shall, at
                    Party A’s
                    written request and at Party A’s expense, take any reasonable steps
                    required to be taken by Party B to effect such transfer.
                    

                

        

         

        
          	
                  (g)

                	
                  Non-Recourse.
                    Party A acknowledges and agree that, notwithstanding any provision
                    in this
                    Agreement to the contrary, the obligations of Party B hereunder
                    are
                    limited recourse obligations of Party B, payable solely from
                    the
                    Supplemental Interest Trust and the proceeds thereof, in accordance
                    with
                    the priority of payments and other terms of the Pooling and Servicing
                    Agreement and that Party A will not have any recourse to any
                    of the
                    directors, officers, employees, shareholders or affiliates of
                    the Party B
                    with respect to any claims, losses, damages, liabilities, indemnities
                    or
                    other obligations in connection with any transactions contemplated
                    hereby.
                    In the event that the Supplemental Interest Trust and the proceeds
                    thereof, should be insufficient to satisfy all claims outstanding
                    and
                    following the realization of the account held by the Supplemental
                    Interest
                    Trust and the proceeds thereof, any claims against or obligations
                    of Party
                    B under the ISDA Master Agreement or any other confirmation thereunder
                    still outstanding shall be extinguished and thereafter not revive.
                    The
                    Supplemental Interest Trust Trustee shall not have liability
                    for any
                    failure or delay in making a payment hereunder to Party A due
                    to any
                    failure or delay in receiving amounts in the account held by
                    the
                    Supplemental Interest Trust from the Trust created pursuant to
                    the Pooling
                    and Servicing Agreement. This provision will survive the termination
                    of
                    this Agreement.

                

        

        

        
          	
                  (h)

                	
                  [Reserved]

                

        

        

        
          	
                  (i)

                	
                  Rating
                    Agency Notifications. Notwithstanding
                    any other provision of this Agreement, no Early Termination Date
                    shall be
                    effectively designated hereunder by Party B and no transfer of
                    any rights
                    or obligations under this Agreement shall be made by either party
                    unless
                    each Swap Rating Agency has been given prior written notice of
                    such
                    designation or transfer. 

                

        

        

        
          	
                  (j)

                	
                  No
                    Set-off.
                    Except as expressly provided for in Section 2(c), Section 6 or
                    Part
                    1(f)(i)(D) hereof, and notwithstanding any other provision of
                    this
                    Agreement or any other existing or future agreement, each party
                    irrevocably waives any and all rights it may have to set off,
                    net, recoup
                    or otherwise withhold or suspend or condition payment or performance
                    of
                    any obligation between it and the other party hereunder against
                    any
                    obligation between it and the other party under any other agreements.
                    Section 6(e) shall be amended by deleting the following sentence:
“The
                    amount, if any, payable in respect of an Early Termination Date
                    and
                    determined pursuant to this Section will be subject to any
                    Set-off.”.

                

        

         

        
          	
                  (k)

                	
                  Amendment.
                    Notwithstanding any provision to the contrary in this Agreement,
                    no
                    amendment of either this Agreement or any Transaction under this
                    Agreement
                    shall be permitted by either party unless each of the Swap Rating
                    Agencies
                    has been provided the Rating Agency
                    Notice..

                

        

        

        
          	
                  (l)

                	
                  Notice
                    of Certain Events or Circumstances.
                    Each Party agrees, upon learning of the occurrence or existence
                    of any
                    event or condition that constitutes (or that with the giving
                    of notice or
                    passage of time or both would constitute) an Event of Default
                    or
                    Termination Event with respect to such party, promptly to give
                    the other
                    Party and to each Swap Rating Agency notice of such event or
                    condition;
                    provided that failure to provide notice of such event or condition
                    pursuant to this Part 5(l) shall not constitute an Event of Default
                    or a
                    Termination Event.

                

        

         

        
          	
                  (m)

                	
                  Proceedings.
                    No
                    Relevant Entity shall institute against, or cause any other person
                    to
                    institute against, or join any other person in instituting against
                    Party
                    B, the Supplemental Interest Trust, or the Trust formed pursuant
                    to the
                    Pooling and Servicing Agreement, in any bankruptcy, reorganization,
                    arrangement, insolvency or liquidation proceedings or other proceedings
                    under any federal or state bankruptcy or similar law for a period
                    of one
                    year (or, if longer, the applicable preference period) and one
                    day
                    following payment in full of the Certificates and any Notes.
                    This
                    provision will survive the termination of this
                    Agreement.

                

        

        

        
          	
                  (n)

                	
                  Trust
                    Administrator Liability Limitations.
                    It
                    is expressly understood and agreed by the parties hereto that
                    (a) this
                    Agreement is executed by Wells Fargo Bank, N.A. (“Wells”) not in
                    individually or personally, but solely as Trust Administrator
                    under the
                    Pooling and Servicing Agreement in the exercise of the powers
                    and
                    authority conferred and vested in it under the terms of the Pooling
                    and
                    Servicing Agreement; (b) Wells has been directed pursuant to
                    the Pooling
                    and Servicing Agreement to enter into this Agreement and to perform
                    its
                    obligations hereunder; (c) each of the representations, undertakings
                    and
                    agreements herein made on behalf of Party B is made and intended
                    not as
                    personal representations, undertakings and agreements of Wells
                    but is made
                    and intended for the purpose of binding only the Trust; (d) nothing
                    herein
                    contained shall be construed as creating any liability on the
                    part of
                    Wells, individually or personally, to perform any covenant, either
                    expressed or implied, contained herein, all such liability, if
                    any, being
                    expressly waived by the parties hereto and by any Person claiming
                    by,
                    through or under the parties hereto; and (e) under no circumstances
                    shall
                    Wells be personally liable for the payment of any indebtedness
                    or expenses
                    of Party B or be liable for the breach or failure of any obligation,
                    representation, warranty or covenant made or undertaken by Party
                    B under
                    this Agreement or any other related documents, as to all of which
                    recourse
                    shall be had solely to the assets of the Trust in accordance
                    with the
                    terms of the Pooling and Servicing
                    Agreement.

                

        

        

        
          	
                  (o)

                	
                  Severability.
                    If
                    any term, provision, covenant, or condition of this Agreement,
                    or the
                    application thereof to any party or circumstance, shall be held
                    to be
                    invalid or unenforceable (in whole or in part) in any respect,
                    the
                    remaining terms, provisions, covenants, and conditions hereof
                    shall
                    continue in full force and effect as if this Agreement had been
                    executed
                    with the invalid or unenforceable portion eliminated, so long
                    as this
                    Agreement as so modified continues to express, without material
                    change,
                    the original intentions of the parties as to the subject matter
                    of this
                    Agreement and the deletion of such portion of this Agreement
                    will not
                    substantially impair the respective benefits or expectations
                    of the
                    parties; provided, however, that this severability provision
                    shall not be
                    applicable if any provision of Section 2, 5, 6, or 13 (or any
                    definition
                    or provision in Section 14 to the extent it relates to, or is
                    used in or
                    in connection with any such Section) shall be so held to be invalid
                    or
                    unenforceable. 

                

        

        

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition. 

        

        
          	
                  (p)

                	
                  Agent
                    for Party B. Party
                    A acknowledges that Party B has appointed the Trust Administrator
                    as its
                    agent under the Pooling and Servicing Agreement to carry out
                    its
                    obligations hereunder, and that the Trust Administrator shall
                    be entitled
                    to give notices and to perform and satisfy the obligations of
                    Party B
                    hereunder on behalf of Party B.

                

        

         

        
          	
                  (q)

                	
                  Escrow
                    Payments.
                    If
                    (whether by reason of the time difference between the cities
                    in which
                    payments are to be made or otherwise) it is not possible for
                    simultaneous
                    payments to be made on any date on which both parties are required
                    to make
                    payments hereunder, either Party may at its option and in its
                    sole
                    discretion notify the other Party that payments on that date
                    are to be
                    made in escrow. In this case deposit of the payment due earlier
                    on that
                    date shall be made by 2:00 pm (local time at the place for the
                    earlier
                    payment) on that date with an escrow agent selected by the notifying
                    party, accompanied by irrevocable payment instructions (i) to
                    release the
                    deposited payment to the intended recipient upon receipt by the
                    escrow
                    agent of the required deposit of any corresponding payment payable
                    by the
                    other party on the same date accompanied by irrevocable payment
                    instructions to the same effect or (ii) if the required deposit
                    of the
                    corresponding payment is not made on that same date, to return
                    the payment
                    deposited to the party that paid it into escrow. The party that
                    elects to
                    have payments made in escrow shall pay all costs of the escrow
                    arrangements.

                

        

         

        
          	
                  (r)

                	
                  Consent
                    to Recording.
                    Each party hereto consents to the monitoring or recording, at
                    any time and
                    from time to time, by the other party of any and all communications
                    between trading, marketing, and operations personnel of the parties
                    and
                    their Affiliates, waives any further notice of such monitoring
                    or
                    recording, and agrees to notify such personnel of such monitoring
                    or
                    recording. 

                

        

        

        
          	
                  (s)

                	
                  Waiver
                    of Jury Trial.
                    Each party waives any right it may have to a trial by jury in
                    respect of
                    any in respect of any suit, action or proceeding relating to
                    this
                    Agreement or any Credit Support Document.

                

        

        

        
          	
                  (t)

                	
                  Form
                    of ISDA Master Agreement. Party
                    A and Party B hereby agree that the text of the body of the ISDA
                    Master
                    Agreement is intended to be the printed form of the ISDA Master
                    Agreement
                    (Multicurrency -
                    Crossborder) as published and copyrighted in 1992 by the International
                    Swaps and Derivatives Association,
                    Inc.

                

        

        

        
          	
                  (u)

                	
                  Payment
                    Instructions.
                    Party A hereby agrees that, unless notified in writing by Party
                    B of other
                    payment instructions, any and all amounts payable by Party A
                    to Party B
                    under this Agreement shall be paid to the account specified in
                    Item 4 of
                    this Confirmation, below. 

                

        

        

        
          	
                  (v)

                	
                  Additional
                    representations.

                

        

        

        
          	 	
                  (i)

                	
                  Representations
                    of Party A.
                    Party A represents to Party B on the date on which Party A enters
                    into
                    each Transaction that:--

                

        

         

        
          	 	
                  (1)

                	
                  Party
                    A is a bank subject to the requirements of 12 U.S.C. § 1823(e), this
                    Agreement (including the Credit Support Annex and each Confirmation)
                    will
                    be maintained as one of its official records continuously from
                    the time of
                    its execution (or in the case of any Confirmation, continuously
                    until such
                    time as the relevant Transaction matures and the obligations
                    therefor are
                    satisfied in full).

                

        

         

        
          	 	
                  (ii)

                	
                  Capacity.
                    Party A represents to Party B on the date on which Party A enters
                    into
                    this Agreement that it is entering into this Agreement and the
                    Transaction
                    as principal and not as agent of any person. Party B represents
                    to Party A
                    on the date on which the Trustee Administrator executes this
                    Agreement
                    that it is executing this Agreement and the Transaction in, not
                    individually, but solely its capacity as Trust Administrator
                    on behalf of
                    the Trust.

                

        

         

        
          	
                  (w)

                	
                  Acknowledgements.

                

        

        

        
          	 	
                  (i)

                	
                  Substantial
                    financial transactions.
                    Each party hereto is hereby advised and acknowledges as of the
                    date hereof
                    that the other party has engaged in (or refrained from engaging
                    in)
                    substantial financial transactions and has taken (or refrained
                    from
                    taking) other material actions in reliance upon the entry by
                    the parties
                    into the Transaction being entered into on the terms and conditions
                    set
                    forth herein and in the Pooling and Servicing Agreement relating
                    to such
                    Transaction, as applicable. This paragraph shall be deemed repeated
                    on the
                    trade date of each Transaction.

                

        

         

        
          	 	
                  (ii)

                	
                  Bankruptcy
                    Code.
                    Subject to Part 5(m), without limiting the applicability if any,
                    of any
                    other provision of the U.S. Bankruptcy Code as amended (the “Bankruptcy
                    Code”) (including without limitation Sections 362, 546, 556, and 560
                    thereof and the applicable definitions in Section 101 thereof),
                    the
                    parties acknowledge and agree that all Transactions entered into
                    hereunder
                    will constitute “forward contracts” or “swap agreements” as defined in
                    Section 101 of the Bankruptcy Code or “commodity contracts” as defined in
                    Section 761 of the Bankruptcy Code, that the rights of the parties
                    under
                    Section 6 of this Agreement will constitute contractual rights
                    to
                    liquidate Transactions, that any margin or collateral provided
                    under any
                    margin, collateral, security, pledge, or similar agreement related
                    hereto
                    will constitute a “margin payment” as defined in Section 101 of the
                    Bankruptcy Code, and that the parties are entities entitled to
                    the rights
                    under, and protections afforded by, Sections 362, 546, 556, and
                    560 of the
                    Bankruptcy Code.

                

        

         

        
          	 	
                  (iii)

                	
                  Swap
                    Agreement. Party
                    A acknowledges that each Transaction is a “swap agreement” as defined in
                    12 U.S.C. Section 1821(e)(8)(D)(vi) and a “covered swap agreement” as
                    defined in the Commodity Exchange Act (7 U.S.C. Section
                    27(d)(1)).

                

        

         

        (x)                         
           [Reserved]

         

        (y)                        
           Compliance
          with Regulation AB.
          For
          purposes of Item 1115 of Subpart 229.1100 - Asset Backed Securities (Regulation
          AB) (17 C.F.R. ss.ss.229.1100 - 229.1123) (“Regulation AB”) under the Securities
          Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended
          (the “Exchange Act”), as amended and interpreted by the Securities and Exchange
          Commission and its staff, if the Depositor
          or
          Sponsor
          makes a
          determination, acting reasonably and in good faith, that (x) the applicable
          “significance percentage” with respect to this Agreement has been reached, and
          (y) the Depositor
          or
          Sponsor
          has a
          reporting obligation under the Exchange Act, then BNY shall, within five
          (5)
          Business Days after notice to that effect, at its sole expense, take one
          of the
          following actions (each subject to satisfaction of the applicable requirements
          of the Rating Agencies): (1) provide to the Depositor
          and
          Sponsor
          (including, if permitted by Regulation AB, provision by reference to reports
          filed pursuant to the Exchange Act or otherwise publicly available information)
          in an EDGAR-compatible format (for example, such information may be provided
          in
          Microsoft Word® or Microsoft Excel® format but not in .pdf format): (i) (A) the
          financial data required by Item 301 of Regulation S-K (17 C.F.R. §229.301),
          pursuant to Item 1115(b)(1); (B) financial statements meeting the requirements
          of Regulation S-X (17 C.F.R. §§210.1-01 through 210.12-29, but excluding 17
          C.F.R. ss. 210.3-05 and Article 11 of Regulation S-X (17 C.F.R. ss. ss.
          210.11-01 through 210.11-03)), pursuant to Item 1115(b)(2); or (C) such
          other
          financial information as may at the time be required or permitted to be
          provided
          in satisfaction of the requirements of Item 1115(b), together with accountants
          consents and/or a procedure letter relating thereto, and (ii) any updates
          to the
          foregoing with respect to BNY or any entity that consolidates BNY within
          five
          days of the release of any such updated information (but
          in
          no event more than 45 days after the end of each of BNY’s fiscal quarter for any
          quarterly update, and in no event more than 90 days after the end of each
          of
          BNY’s fiscal year for any annual update);
          or (2)
          secure another entity which complies with the requirements of Item 1115(b)
          of
          Regulation AB and with (1) above, to replace BNY as party to this Agreement
          on
          substantially similar terms to this Agreement, which entity (or guarantor
          therefor) meets or exceeds the Qualifying Ratings and with respect to which
          the
          Rating Agency Notice has been given to each Rating Agencies. 

        

        The
          Depositor shall be an express third party beneficiary of, and assumes the
          obligations set forth in, this Paragraph 4(11) as if a party hereto to
          the
          extent of the Depositor’s rights and obligations explicitly specified
          herein.

         

        (z)         
           Additional
          Definitions. 

         

        As
          used
          in this Agreement, the following terms shall have the meanings set forth
          below,
          unless the context clearly requires otherwise: 

         

        “Approved
          Ratings Threshold”
          means
          each of the S&P Approved Ratings Threshold, the Moody’s First Trigger
          Ratings Threshold, and the Fitch Approved Ratings Threshold.

        

        “Approved
          Replacement” means,
          with respect to a Market Quotation, an entity making such Market Quotation,
          which entity would satisfy conditions (a), (b) and (c) of the definition
          of
          Permitted Transfer (as determined by Party B in its sole discretion, acting
          in a
          commercially reasonable manner) if such entity were a Transferee, as defined
          in
          the definition of Permitted Transfer.

        

        “Derivative
          Provider Trigger Event”
          means
          (i) an Event of Default with respect to which Party A is a Defaulting Party,
          (ii) a Termination Event with respect to which Party A is the sole Affected
          Party or (iii) an Additional Termination Event with respect to which Party
          A is
          the sole Affected Party.

        

        “Eligible
          Guarantee”
          means an
          unconditional and irrevocable guarantee of all present and future obligations
          (for the avoidance of doubt, not limited to payment obligations) of Party
          A or
          an Eligible Replacement to Party B under this Agreement that is provided
          by an
          Eligible Guarantor as principal debtor rather than surety and that is directly
          enforceable by Party B, each Rating Agencies has receive the Rating Agency
          Notice with respect to the Gurantee, and either (A) a law firm has given
          a legal
          opinion confirming that none of the guarantor’s payments to Party B under such
          guarantee will be subject to Tax
          collected by withholding or
          (B)
          such guarantee provides that, in the event that any of such guarantor’s payments
          to Party B are subject to Tax collected by withholding, such guarantor
          is
          required to pay such additional amount as is necessary to ensure that the
          net
          amount actually received by Party B (free and clear of any Tax collected
          by
          withholding) will equal the full amount Party B would have received had
          no such
          withholding been required.

        

        “Eligible
          Guarantor” means
          an
          entity that (A) has credit ratings from S&P and Fitch at least equal to the
          S&P/Fitch Approved Ratings Threshold and (B) has credit ratings from Moody’s
          at least equal to the Moody’s Second Trigger Ratings Threshold, provided, for
          the avoidance of doubt, that an Eligible Guarantee of an Eligible Guarantor
          with
          credit ratings below the Moody’s Second Trigger Ratings Threshold will not cause
          a Collateral Event (as defined in the Credit Support Annex) not to occur
          or
          continue with respect to Moody’s. 

        

        “Eligible
          Replacement”
          means an
          entity (A) (i) (a) that has credit ratings from S&P and Fitch at least equal
          to the S&P/Fitch Approved Ratings Threshold, and (b) has credit ratings from
          Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold,
          provided, for the avoidance of doubt, that an Eligible Replacement with
          credit
          ratings below the Moody’s Second Trigger Ratings Threshold will not cause a
          Collateral Event (as defined in the Credit Support Annex) not to occur
          or
          continue with respect to Moody’s, or (ii) the present and future obligations
          (for the avoidance of doubt, not limited to payment obligations) of which
          entity
          to Party B under this Agreement are guaranteed pursuant to an Eligible
          Guarantee
          provided by an Eligible Guarantor.

        

        “Estimated
          Swap Termination Payment”
          means,
          with respect to an Early Termination Date, an amount determined by Party
          A in
          good faith and in a commercially reasonable manner as the maximum payment
          that
          could be owed by Party B to Party A in respect of such Early Termination
          Date
          pursuant to Section 6(e) of the ISDA Master Agreement, taking into account
          then
          current market conditions.

        

        “Firm
          Offer”
          means
          (A) with respect to an Eligible Replacement, a quotation from such Eligible
          Replacement (i) in an amount equal to the actual amount payable by or to
          Party B
          in consideration of an agreement between Party B and such Eligible Replacement
          to replace Party A as the counterparty to this Agreement by way of novation
          or,
          if such novation is not possible, an agreement between Party B and such
          Eligible
          Replacement to enter into a Replacement Transaction (assuming that all
          Transactions hereunder become Terminated Transactions), and (ii) that
          constitutes an offer by such Eligible Replacement to replace Party A as
          the
          counterparty to this Agreement or enter a Replacement Transaction that
          will
          become legally binding upon such Eligible Replacement upon acceptance by
          Party
          B, and (B) with respect to an Eligible Guarantor, an offer by such Eligible
          Guarantor to provide an Eligible Guarantee that will become legally binding
          upon
          such Eligible Guarantor upon acceptance by the offeree.

        

        “Fitch”
          means
          Fitch Ratings Ltd., or any successor thereto.

        

        “Fitch
          Approved Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          from
          Fitch of “A” and a short-term unsecured and unsubordinated debt rating from
          Fitch of “F1”.

        

        “Fitch
          Required Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          from
          Fitch of “BBB-”.

        

        “Moody’s”
          means
          Moody’s Investors Service, Inc., or any successor thereto. 

        

        “Moody’s
          First Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating or counterparty rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of
“A1”.

        

        “Moody’s
          Second Trigger Ratings Event” means
          that no
          Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s
          Second Trigger Ratings Threshold. 

        

        “Moody’s
          Second Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
          or counterparty rating from Moody’s of “A3”. 

        

        “Permitted
          Transfer” means
          a
          transfer by novation by Party A pursuant to Section 6(b)(ii), Part 5(d),
          Part
          5(e), or the second sentence of Section 7 (as amended herein) to a transferee
          (the “Transferee”)
          of all,
          but not less than all, of Party A’s rights, liabilities, duties and obligations
          under this Agreement, with respect to which transfer each of the following
          conditions is satisfied: (a) the Transferee is an Eligible Replacement;
          (b)
          Party A and the Transferee are both “dealers in notional principal contracts”
within the meaning of Treasury regulations section 1.1001-4; (c) as of
          the date
          of such transfer the Transferee would not be required to withhold or deduct
          on
          account of Tax from any payments under this Agreement or would be required
          to
          gross up for such Tax under Section 2(d)(i)(4); (d) an Event of Default
          or
          Termination Event would not occur as a result of such transfer; (e) pursuant
          to
          a written instrument (the “Transfer
          Agreement”),
          the
          Transferee acquires and assumes all rights and obligations of Party A under
          the
          Agreement and the relevant Transaction; (f) Party B shall have determined,
          in
          its sole discretion, acting in a commercially reasonable manner, that such
          Transfer Agreement is effective to transfer to the Transferee all, but
          not less
          than all, of Party A’s rights and obligations under the Agreement and all
          relevant Transactions; (g) Party A will be responsible for any costs or
          expenses
          incurred in connection with such transfer (including any replacement cost
          of
          entering into a replacement transaction); (h) each Swap Rating Agency has
          been
          given prior written notice of such transfer and such transfer is in connection
          with the assignment and assumption of this Agreement without modification
          of its
          terms, other than party names, dates relevant to the effective date of
          such
          transfer, tax representations (provided that the representations in Part
          2(a)(i)
          are not modified) and any other representations regarding the status of
          the
          substitute counterparty of the type included in Part 5(b)(iv), Part 5(v)(i)(2)
          or Part 5(v)(ii), notice information and account details; and (i) such
          transfer
          otherwise complies with the terms of the Pooling and Servicing
          Agreement.

         

        “Rating
          Agency Notice”
          means,
          with respect to any particular proposed act or omission to act hereunder
          and
          each Swap Rating Agency specified in connection with such proposed act
          or
          omission, that the party acting or failing to act must provided notice
          of same
          to each of the specified Swap Rating Agencies.

        

        “Relevant
          Entity” means
          Party A and, to the extent applicable, a guarantor under an Eligible
          Guarantee.

        

        “Replacement
          Transaction”
          means,
          with respect to any Terminated Transaction or group of Terminated Transactions,
          a transaction or group of transactions that (i) would have the effect of
          preserving for Party B the economic equivalent of any payment or delivery
          (whether the underlying obligation was absolute or contingent and assuming
          the
          satisfaction of each applicable condition precedent) by the parties under
          Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
          Transactions that would, but for the occurrence of the relevant Early
          Termination Date, have been required after that Date, and (ii) has terms
          which
          are substantially the same as this Agreement, including, without limitation,
          rating triggers, Regulation AB compliance, and credit support documentation,
          save for the exclusion of provisions relating to Transactions that are
          not
          Terminated Transaction, as determined by Party B in its sole discretion,
          acting
          in a commercially reasonable manner.

        

        “Required
          Ratings Downgrade Event”
          shall
          have the meaning assigned thereto in Part 5(d).

        

        “Required
          Ratings Threshold” means
          each of the S&P Required Ratings Threshold, the Moody’s Second Trigger
          Ratings Threshold, [the Fitch Required Ratings Threshold and the DBRS Required
          Ratings Threshold].

        

        “S&P”
          means
          Standard & Poor's Rating Services, a division of The McGraw-Hill Companies,
          Inc., or any successor thereto. 

        

        “S&P
          Approved Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a short-term unsecured and unsubordinated debt rating
          from
          S&P of “A-1”, or, if such entity does not have a short-term unsecured and
          unsubordinated debt rating from S&P, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from S&P of
“A+”.

        

        “S&P
          Required Ratings Threshold”
          means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, a long-term unsecured and unsubordinated debt rating
          or
          counterparty rating from S&P of “BBB+”. 

        

        “Swap
          Rating Agencies”
          means,
          with respect to any date of determination, each of S&P, Moody’s, and Fitch,
          to the extent that each such rating agency is then providing a rating for
          any of
          the Soundview Home Loan Trust 2006-EQ2, Asset-Backed Certificates, Series
          2006-EQ2 (the “Certificates”)
          or any
          notes backed by the Certificates (the “Notes”).

        

         

        [Remainder
          of this page intentionally left blank.]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        4.             Account
          Details and Settlement Information:  

         

        

        Payments
          to Party A:          
  The
          Bank
          of New York

        Derivative
          Products Support Department

        32
          Old
          Slip, 16th
          Floor

        New
          York,
          New York 10286

        Attention:
          Renee Etheart

        ABA
          #021000018

        Account
          #890-0068-175

        Reference:
          Interest Rate Cap

         

        Payments
          to Party B:           
  Wells
          Fargo Bank, N.A.

        ABA
          #:
          121 000 248

        Account
          #: 397 077 1416

        Account
          Name: SAS Clearing

        FFC
          to:
          50977601 -Soundview 2006-EQ2

        

        This
          Agreement may be executed in several counterparts, each of which shall
          be deemed
          an original but all of which together shall constitute one and the same
          instrument.

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        We
          are
          very pleased to have executed this Transaction with you and we look forward
          to
          completing other transactions with you in the near future.

        

        Very
          truly yours,

        

        The
          Bank
          of New York

        

        

        

        By: _______________________________ 

        Name:   

        Title:    

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        Party
          B,
          acting through its duly authorized signatory, hereby agrees to, accepts
          and
          confirms the terms of the foregoing as of the date hereof.

        

        Wells
          Fargo Bank, N.A., not in its individual capacity, but solely as trustee
          administrator with respect to the Soundview Home Loan Trust 2006-EQ2,
          Asset-Backed Certificates, Series 2006-EQ2 

        

        

        By: _______________________________
          

        Name: 

        Title:

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        SCHEDULE
          I

        (all
          such
          dates subject to adjustment in accordance with the Modified Following Business
          Day Convention) 

        

        
          	
                  Accrual
                    Start Date

                	
                  Accrual
                    End Date

                	
                  Notional
                    Amount (in USD)

                	
                  Cap
                    Rate (%)

                
	
                  01/25/07

                	
                  02/25/07

                	
                  814,267,001.00
                    

                	
                  7.489350
                    

                
	
                  02/25/07

                	
                  03/25/07

                	
                  808,671,094.00
                    

                	
                  8.291650
                    

                
	
                  03/25/07

                	
                  04/25/07

                	
                  801,374,867.00
                    

                	
                  7.489200
                    

                
	
                  04/25/07

                	
                  05/25/07

                	
                  792,378,130.00
                    

                	
                  7.738920
                    

                
	
                  05/25/07

                	
                  06/25/07

                	
                  781,690,884.00
                    

                	
                  7.489450
                    

                
	
                  06/25/07

                	
                  07/25/07

                	
                  769,333,655.00
                    

                	
                  7.739400
                    

                
	
                  07/25/07

                	
                  08/25/07

                	
                  755,338,628.00
                    

                	
                  7.490140
                    

                
	
                  08/25/07

                	
                  09/25/07

                	
                  739,747,971.00
                    

                	
                  7.490670
                    

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Annex
          A

        

        Paragraph
          13 of the Credit Support Annex

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        ANNEX
          A

        

        ISDA®

        CREDIT
          SUPPORT ANNEX

        to
          the
          Schedule to the

        ISDA
          Master Agreement

        dated
          as
          of December 28, 2006 between

        The
          Bank
          of New York 

        (hereinafter
          referred to as “Party
          A”
          or
“Pledgor”)

        and

        Wells
          Fargo Bank, N.A., not in its individual capacity, but solely as Trustee
          Administrator with respect to the Soundview Home Loan Trust 2006-EQ2,
          Asset-Backed Certificates, Series 2006-EQ2 (hereinafter referred to as
          “Party
          B”
          or
“Secured
          Party”).

        

        For
          the
          avoidance of doubt, and notwithstanding anything to the contrary that may
          be
          contained in the Agreement, this Credit Support Annex shall relate solely
          to the
          Transaction documented in the Confirmation dated December 21, 2006, between
          Party A and Party B, Reference Number 38709.

        

         

        Paragraph
          13. Elections and Variables.

         

        
          	(a)  	
                  Security
                    Interest for “Obligations”.
                    The term “Obligations”
                    as
                    used in this Annex includes the following additional
                    obligations:

                

        

         

        With
          respect to Party A: not applicable.

         

        With
          respect to Party B: not applicable.

         

        
          	(b)  	
                  Credit
                    Support Obligations.

                

        

         

        
          	(i)  	
                  Delivery
                    Amount, Return Amount and Credit Support
                    Amount.

                

        

         

        
          	(A)  	
                  “Delivery
                    Amount”
                    has the meaning specified in Paragraph 3(a) as amended (I) by
                    deleting the
                    words “upon a demand made by the Secured Party on or promptly following
                    a
                    Valuation Date” and inserting in lieu thereof the words “not later than
                    the close of business on each Valuation Date on which (A) a Moody’s First
                    Trigger Event or Moody’s Second Trigger Event has occurred and has been
                    continuing (x) for at least 30 Local Business Days or (y) since
                    this Annex
                    was executed, (B) an S&P/Fitch Rating Threshold Event has occurred and
                    been continuing for at least 30 days or (C) an S&P/Fitch Required
                    Ratings Downgrade Event has occurred and is continuing”and (II) by
                    deleting in its entirety the sentence beginning “Unless otherwise
                    specified in Paragraph 13” and ending “(ii) the Value as of that Valuation
                    Date of all Posted Credit Support held by the Secured Party.” and
                    inserting in lieu thereof the
                    following:

                

        

         

        The
          “Delivery
          Amount”
          applicable to the Pledgor for any Valuation Date will equal the greatest
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P/Fitch Credit Support Amount for such
                    Valuation Date exceeds (b) the S&P/Fitch Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party,
                    

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                    Valuation Date of all Posted Credit Support held by the Secured
                    Party,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                    such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                    such Valuation Date of all Posted Credit Support held by the
                    Secured
                    Party.

                

        

         

        
          	(B)  	
                  “Return
                    Amount”
                    has the meaning specified in Paragraph 3(b) as amended by deleting
                    in its
                    entirety the sentence beginning “Unless otherwise specified in Paragraph
                    13” and ending “(ii) the Credit Support Amount.” and inserting in lieu
                    thereof the following:

                

        

         

        The
          “Return
          Amount”
          applicable to the Secured Party for any Valuation Date will equal the least
          of

         

        
          	 	
                  (1)
                    

                	
                  the
                    amount by which (a) the S&P/Fitch Value as of such Valuation Date of
                    all Posted Credit Support held by the Secured Party exceeds (b)
                    the
                    S&P/Fitch Credit Support Amount for such Valuation Date,
                    

                

        

         

        
          	 	
                  (2)
                    

                	
                  the
                    amount by which (a) the Moody’s First Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                    and

                

        

         

        
          	 	
                  (3)
                    

                	
                  the
                    amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                    Date of all Posted Credit Support held by the Secured Party exceeds
                    (b)
                    the Moody’s Second Trigger Credit Support Amount for such Valuation
                    Date.

                

        

         

        
          	(C)  	
                  “Credit
                    Support Amount”
                    shall not apply. For purposes of calculating any Delivery Amount
                    or Return
                    Amount for any Valuation Date, reference shall be made to the
                    S&P/Fitch Credit Support Amount, the Moody’s First Trigger Credit
                    Support Amount, or the Moody’s Second Trigger Credit Support Amount, in
                    each case for such Valuation Date, as provided in Paragraphs
                    13(b)(i)(A)
                    and 13(b)(i)(B), above.

                

        

         

        
          	(ii)  	
                  Eligible
                    Collateral.
                    

                

        

         

        On
          any
          date, the items set forth in Schedule I will qualify as “Eligible
          Collateral”
(for
          the avoidance of doubt, all Eligible Collateral to be denominated in
          USD).

         

        
          	(iii)  	
                  Other
                    Eligible Support. 

                

        

         

        The
          following items will qualify as “Other
          Eligible Support”
          for the
          party specified: 

         

        Not
          applicable.

         

        
          	(iv)  	
                  Threshold.

                

        

         

        
          	(A)  	
                  “Independent
                    Amount”
                    means zero with respect to Party A and Party
                    B.

                

        

         

        
          	(B)  	
                  “Threshold”
                    means, with respect to Party A and any Valuation Date, zero if
                    (A) a
                    Moody’s First Trigger Event or Moody’s Second Trigger Event has occurred
                    and has been continuing (x) for at least 30 Local Business Days
                    or (y)
                    since this Annex was executed, (B) an S&P Rating Threshold Event or
                    Fitch Rating Threshold Event has occurred and been continuing
                    for at least
                    30 days or (C) an S&P/Fitch Required Ratings Downgrade Event has
                    occurred and is continuing; otherwise,
                    infinity.

                

        

         

          “Threshold”
          means,
          with respect to Party B and any Valuation Date, infinity.

         

        
          	(C)  	
                  “Minimum
                    Transfer Amount” means
                    USD 100,000 with respect to Party A and Party B; provided, however,
                    that
                    if the aggregate Certificate Principal Balance of the Certificates
                    and the
                    aggregate principal balance of the Notes rated by S&P is at the time
                    of any transfer less than USD 50,000,000, the “Minimum
                    Transfer Amount”
                    shall be USD 50,000.

                

        

         

        
          	(D)  	
                  Rounding:
                    The Delivery Amount will be rounded up to the nearest integral
                    multiple of
                    USD 10,000. The Return Amount will be rounded down to the nearest
                    integral
                    multiple of USD 1,000.

                

        

         

        
          	(c)  	
                  Valuation
                    and Timing.

                

        

         

        
          	(i)  	
                  “Valuation
                    Agent”
                    means Party A; provided, however, that if an Event of Default
                    shall have
                    occurred with respect to which Party A is the Defaulting Party,
                    Party B
                    shall have the right to designate as Valuation Agent an independent
                    party,
                    reasonably acceptable to Party A, the cost for which shall be
                    borne by
                    Party A. All calculations by the Valuation Agent must be made
                    in
                    accordance with standard market practice, including, in the event
                    of a
                    dispute as to the Value of any Eligible Credit Support or Posted
                    Credit
                    Support, by making reference to quotations received by the Valuation
                    Agent
                    from one or more Pricing Sources.

                

        

         

        
          	(ii)  	
                  “Valuation
                    Date” means
                    each Local Business Day for which the Threshold with respect
                    to Party A
                    equals zero.

                

        

         

        
          	(iii)  	
                  “Valuation
                    Time” means
                    the close of business in the city of the Valuation Agent on the
                    Local
                    Business Day immediately preceding the Valuation Date or date
                    of
                    calculation, as applicable; provided
                    that the calculations of Value and Exposure will be made as of
                    approximately the same time on the same date. The Valuation Agent
                    will
                    notify each party (or the other party, if the Valuation Agent
                    is a party)
                    of its calculations not later than the Notification Time on the
                    applicable
                    Valuation Date (or in the case of Paragraph 6(d), the Local Business
                    Day
                    following the day on which such relevant calculations are performed).
                    

                

        

         

        
          	(iv)  	
                  “Notification
                    Time” means
                    11:00 a.m., New York time, on a Local Business Day.
                    

                

        

         

        
          	(v)  	
                  External
                    Verification.
                    Notwithstanding anything to the contrary in the definitions of
                    Valuation
                    Agent or Valuation Date, at any time at which Party A (or, to
                    the extent
                    applicable, its Credit Support Provider) does not have a long-term
                    unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                    the Valuation Agent shall (A) calculate the Secured Party’s Exposure and
                    the S&P Value of Posted Credit Suppport on each Valuation Date based
                    on internal marks and (B) verify such calculations with external
                    marks
                    monthly by obtaining on the last Local Business Day of each calendar
                    month
                    two external marks for each Transaction to which this Annex relates
                    and
                    for all Posted Credit Suport; such verification of the Secured
                    Party’s
                    Exposure shall be based on the higher of the two external marks.
                    Each
                    external mark in respect of a Transaction shall be obtained from
                    an
                    independent Reference Market-maker that would be eligible and
                    willing to
                    enter into such Transaction in the absence of the current derivative
                    provider, provided that an external mark may not be obtained
                    from the same
                    Reference Market-maker more than four times in any 12-month period.
                    The
                    Valuation Agent shall obtain these external marks directly or
                    through an
                    independent third party, in either case at no cost to Party B.
                    The
                    Valuation Agent shall calculate on each Valuation Date (for purposes
                    of
                    this paragraph, the last Local Business Day in each calendar
                    month
                    referred to above shall be considered a Valuation Date) the Secured
                    Party’s Exposure based on the greater of the Valuation Agent’s internal
                    marks and the external marks received. If the S&P Value on any such
                    Valuation Date of all Posted Credit Support then held by the
                    Secured Party
                    is less than the S&P Credit Support Amount on such Valuation Date (in
                    each case as determined pursuant to this paragraph), Party A
                    shall, within
                    three Local Business Days of such Valuation Date, Transfer to
                    the Secured
                    Party Eligible Credit Support having an S&P Value as of the date of
                    Transfer at least equal to such deficiency.

                

        

         

        
          	(vi)  	
                  Notice
                    to S&P.
                    At
                    any time at which Party A (or, to the extent applicable, its
                    Credit
                    Support Provider) does not have a long-term unsubordinated and
                    unsecured
                    debt rating of at least “BBB+” from S&P, the Valuation Agent shall
                    provide to S&P not later than the Notification Time on the Local
                    Business Day following each Valuation Date its calculations of
                    the Secured
                    Party’s Exposure and the S&P Value of any Eligible Credit Support or
                    Posted Credit Support for that Valuation Date. The Valuation
                    Agent shall
                    also provide to S&P any external marks received pursuant to the
                    preceding paragraph.

                

        

         

        
          	(d)  	
                  Conditions
                    Precedent and Secured Party’s Rights and
                    Remedies.
                    The following Termination Events will be a “Specified
                    Condition”
                    for the party specified (that party being the Affected Party
                    if the
                    Termination Event occurs with respect to that party): With respect
                    to
                    Party A: any Additional Termination Event with respect to which
                    Party A is
                    the sole Affected Party. With respect to Party B:
                    None.

                

        

         

        
          	(e)  	
                  Substitution.

                

        

         

        
          	(i)  	
                  “Substitution
                    Date”
                    has the meaning specified in Paragraph
                    4(d)(ii).

                

        

         

        
          	(ii)  	
                  Consent.
                    If
                    specified here as applicable, then the Pledgor must obtain the
                    Secured
                    Party’s consent for any substitution pursuant to Paragraph 4(d):
                    Inapplicable.

                

        

         

        
          	(f)  	
                  Dispute
                    Resolution.

                

        

         

        
          	(i)  	
                  “Resolution
                    Time”
                    means 1:00 p.m. New York time on the Local Business Day following
                    the date
                    on which the notice of the dispute is given under Paragraph
                    5.

                

        

         

        
          	(ii)  	
                  Value.
                    Notwithstanding anything to the contrary in Paragraph 12, for
                    the purpose
                    of Paragraphs 5(i)(C) and 5(ii), the S&P/Fitch Value, Moody’s First
                    Trigger Value, and Moody’s Second Trigger Value, on any date, of Eligible
                    Collateral other than Cash will be calculated as follows:
                    

                

        

         

        For
          Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
          the
          sum of (A) the product of (1)(x) the bid price at the Valuation Time for
          such
          securities on the principal national securities exchange on which such
          securities are listed, or (y) if such securities are not listed on a national
          securities exchange, the bid price for such securities quoted at the Valuation
          Time by any principal market maker for such securities selected by the
          Valuation
          Agent, or (z) if no such bid price is listed or quoted for such date, the
          bid
          price listed or quoted (as the case may be) at the Valuation Time for the
          day
          next preceding such date on which such prices were available and (2) the
          applicable Valuation Percentage for such Eligible Collateral, and (B) the
          accrued interest on such securities (except to the extent Transferred to
          the
          Pledgor pursuant to Paragraph 6(d)(ii) or included in the applicable price
          referred to in the immediately preceding clause (A)) as of such
          date.

         

        
          	(iii)  	
                  Alternative.
                    The provisions of Paragraph 5 will
                    apply.

                

        

         

        
          	(g)  	
                  Holding
                    and Using Posted
                    Collateral.

                

        

         

        
          	(i)  	
                  Eligibility
                    to Hold Posted Collateral; Custodians.  Party
                    B (or any Custodian) will be entitled to hold Posted Collateral
                    pursuant
                    to Paragraph 6(b). 

                

        

         

        Party
          B
          may appoint as Custodian (A) the entity then serving as Supplemental Interest
          Trust Trustee or (B) a commercial bank or trust company organized under
          the laws
          of the United States or any state thereof, having assets of at least $10
          Billion
          and a long term debt or a deposit rating of at least (i) Baa2 from Moody's
          and
          (ii) BBB from S&P and a short-term unsecured and unsubordinated debt rating
          from S&P of at least “A-1.”

         

        Initially,
          the Custodian
          for
          Party B is: The Supplemental Interest Trust Trustee.

         

        
          	(ii)  	
                  Use
                    of Posted Collateral. The
                    provisions of Paragraph 6(c)(i) will not apply to Party B, but
                    the
                    provisions of Paragraph 6(c)(ii) will apply to Party B.
                    

                

        

         

        
          	(h)  	
                  Distributions
                    and Interest Amount.

                

        

         

        
          	(i)  	
                  Interest
                    Rate.
                    The “Interest
                    Rate”
                    will be the actual interest rate earned on Posted Collateral
                    in the form
                    of Cash that is held by Party B or its Custodian. Posted Collateral
                    in the
                    form of Cash shall be invested in such overnight (or redeemable
                    within two
                    Local Business Days of demand) [Permitted Investments] rated
                    at least AAAm
                    or AAAm-G by S&P and Prime-1 by Moody’s or Aaa by Moody’s as directed
                    by Party A (unless (x) an Event of Default or an Additional Termination
                    Event has occurred with respect to which Party A is the defaulting
                    or sole
                    Affected Party or (y) an Early Termination Date has been designated,
                    in
                    which case such investment shall be held uninvested). Gains and
                    losses
                    incurred in respect of any investment of Posted Collateral in
                    the form of
                    Cash in Permitted Investments as directed by Party A shall be
                    for the
                    account of Party A.

                

        

         

        
          	(ii)  	
                  Transfer
                    of Interest Amount.
                    The Transfer of the Interest Amount will be made on the second
                    Local
                    Business Day following the end of each calendar month and on
                    any other
                    Local Business Day on which Posted Collateral in the form of
                    Cash is
                    Transferred to the Pledgor pursuant to Paragraph 3(b); provided,
                    however,
                    that the obligation of Party B to Transfer any Interest Amount
                    to Party A
                    shall be limited to the extent that Party B has earned and received
                    such
                    funds and such funds are available to Party B.

                

        

         

        
          	(iii)  	
                  Alternative
                    to Interest Amount.
                    The provisions of Paragraph 6(d)(ii) will
                    apply.

                

        

         

        
          	(i)  	
                  Additional
                    Representation(s).
                    There are no additional representations by either
                    party.

                

        

         

        
          	(j)  	
                  Other
                    Eligible Support and Other Posted Support.

                

        

         

        
          	(i)  	
                  “Value”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable. 

                

        

         

        
          	(ii)  	
                  “Transfer”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable.

                

        

         

        
          	(k)  	
                  Demands
                    and Notices.All
                    demands, specifications and notices under this Annex will be
                    made pursuant
                    to the Notices Section of this Agreement, except that any demand,
                    specification or notice shall be given to or made at the following
                    addresses, or at such other address as the relevant party may
                    from time to
                    time designate by giving notice (in accordance with the terms
                    of this
                    paragraph) to the other party:

                

        

         

        If
          to
          Party A:

         

        The
          Bank
          of New York

        Collateral
          Management

        32
          Old
          Slip, 16th Floor

        New
          York,
          New York 10286

        Phone:
          (212) 804-5158

        Fax:
          (212) 804-5818

         

        If
          to
          Party B, at the address specified pursuant to the Notices Section of this
          Agreement.

         

        If
          to
          Party B’s Custodian: [    
          ]

         

        
          	(l)  	
                  Address
                    for Transfers.
                    Each Transfer hereunder shall be made to the address specified
                    below or to
                    an address specified in writing from time to time by the party
                    to which
                    such Transfer will be made.

                

        

         

        Party
          A
          account details: To be specified in each notice.

         

        [Party
          B
          account details]

         

        [Party
          B’s Custodian account details]

         

        
          	(m)  	
                  Other
                    Provisions.

                

        

         

        
          	(i)  	
                  Collateral
                    Account.
                    Party B shall open and maintain a segregated account, which shall
                    be an
                    Eligible Account, and hold, record and identify all Posted Collateral
                    in
                    such segregated account.

                

        

         

        
          	(ii)  	
                  Agreement
                    as to Single Secured Party and Single Pledgor.
                    Party A and Party B hereby agree that, notwithstanding anything
                    to the
                    contrary in this Annex, (a) the term “Secured Party” as used in this Annex
                    means only Party B, (b) the term “Pledgor” as used in this Annex means
                    only Party A, (c) only Party A makes the pledge and grant in
                    Paragraph 2,
                    the acknowledgement in the final sentence of Paragraph 8(a) and
                    the
                    representations in Paragraph 9.

                

        

         

        
          	(iii)  	
                  Calculation
                    of Value.
                    Paragraph 4(c) is hereby amended by deleting the word “Value” and
                    inserting in lieu thereof “S&P/Fitch Value, Moody’s First Trigger
                    Value, Moody’s Second Trigger Value”. Paragraph 4(d)(ii) is hereby amended
                    by (A) deleting the words “a Value” and inserting in lieu thereof “an
                    S&P/Fitch Value, Moody’s First Trigger Value, and Moody’s Second
                    Trigger Value” and (B) deleting the words “the Value” and inserting in
                    lieu thereof “S&P/Fitch Value, Moody’s First Trigger Value, and
                    Moody’s Second Trigger Value”. Paragraph 5 (flush language) is hereby
                    amended by deleting the word “Value” and inserting in lieu thereof
                    “S&P/Fitch Value, Moody’s First Trigger Value, or Moody’s Second
                    Trigger Value”. Paragraph 5(i) (flush language) is hereby amended by
                    deleting the word “Value” and inserting in lieu thereof “S&P/Fitch
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                    Paragraph 5(i)(C) is hereby amended by deleting the word “the Value, if”
                    and inserting in lieu thereof “any one or more of the S&P/Fitch Value,
                    Moody’s First Trigger Value, or Moody’s Second Trigger Value, as may be”.
                    Paragraph 5(ii) is hereby amended by (1) deleting the first instance
                    of
                    the words “the Value” and inserting in lieu thereof “any one or more of
                    the S&P/Fitch Value, Moody’s First Trigger Value, or Moody’s Second
                    Trigger Value” and (2) deleting the second instance of the words “the
                    Value” and inserting in lieu thereof “such disputed S&P/Fitch Value,
                    Moody’s First Trigger Value, or Moody’s Second Trigger Value”. Each of
                    Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by
                    deleting
                    the word “Value” and inserting in lieu thereof “least of the S&P/Fitch
                    Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.
                    

                

        

         

        
          	(iv)  	
                  Form
                    of Annex. Party
                    A and Party B hereby agree that the text of Paragraphs 1 through
                    12,
                    inclusive, of this Annex is intended to be the printed form of
                    ISDA Credit
                    Support Annex (Bilateral Form - ISDA Agreements Subject to New
                    York Law
                    Only version) as published and copyrighted in 1994 by the International
                    Swaps and Derivatives Association,
                    Inc.

                

        

         

        
          	(v)  	
                  Events
                    of Default.
                    Paragraph 7 will not apply to cause any Event of Default to exist
                    with
                    respect to Party B except that Paragraph 7(i) will apply to Party
                    B solely
                    in respect of Party B’s obligations under Paragraph 3(b) of the Credit
                    Support Annex. Notwithstanding anything to the contrary in Paragraph
                    7,
                    any failure by Party A to comply with or perform any obligation
                    to be
                    complied with or performed by Party A under the Credit Support
                    Annex shall
                    only be an Event of Default if (A) a Required Ratings Downgrade
                    Event has
                    occurred and been continuing for 30 or more Local Business Days
                    and (B)
                    such failure is not remedied on or before the third Local Business
                    Day
                    after notice of such failure is given to Party
                    A.

                

        

         

        
          	(vi)  	
                  Expenses.
                    Notwithstanding anything to the contrary in Paragraph 10, the
                    Pledgor will
                    be responsible for, and will reimburse the Secured Party for,
                    all transfer
                    and other taxes and other costs involved in any Transfer of Eligible
                    Collateral.

                

        

         

        
          	(vii)  	
                  Withholding.
                    Paragraph 6(d)(ii) is hereby amended by inserting immediately
                    after “the
                    Interest Amount” in the fourth line thereof the words “less any applicable
                    withholding taxes.”

                

        

         

        (viii) Additional
          Definitions.
          As used
          in this Annex:

         

        “Collateral
          Event” means
          that no Relevant Entity has credit ratings at least equal to the Approved
          Ratings Threshold.

         

        “Exposure”
          has the meaning specified in Paragraph 12, except that after the word
“Agreement” the words “(assuming, for this purpose only, that Part 1(f) of the
          Schedule is deleted)” shall be inserted. 

         

        “Fitch
          Rating Threshold Event” means,
          on
          any date, no Relevant Entity has credit ratings from Fitch which equal
          or exceed
          the Fitch Approved Ratings Threshold.

         

        “Local
          Business Day”
means,
          for purposes of this Annex: any day on which (A) commercial banks are open
          for
          business (including dealings in foreign exchange and foreign currency deposits)
          in New York and the location of Party A, Party B and any Custodian, and
          (B) in
          relation to a Transfer of Eligible Collateral, any day on which the clearance
          system agreed between the parties for the delivery of Eligible Collateral
          is
          open for acceptance and execution of settlement instructions (or in the
          case of
          a Transfer of Cash or other Eligible Collateral for which delivery is
          contemplated by other means a day on which commercial banks are open for
          business (including dealings in foreign exchange and foreign deposits)
          in New
          York and the location of Party A, Party B and any Custodian. 

         

        “Moody’s
          First Trigger Event” means
          that no Relevant Entity has credit ratings from Moody’s at least equal to the
          Moody’s First Trigger Ratings Threshold.

         

        “Moody’s
          First Trigger Credit Support Amount” means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which (I) a Moody’s First Trigger Event has occurred
                    and has been continuing (x) for at least 30 Local Business Days
                    or (y)
                    since this Annex was executed and (II) it is not the case that
                    a Moody’s
                    Second Trigger Event has occurred and been continuing for at
                    least 30
                    Local Business Days, an amount equal to the greater of (a) zero
                    and (b)
                    the sum of (i) the Secured Party’s Exposure for such Valuation Date and
                    (ii) the sum, for each Transaction to which this Annex relates,
                    of the
                    product of the applicable Moody’s First Trigger Factor set forth in Table
                    1 and the Notional Amount for such Transaction for the Calculation
                    Period
                    which includes such Valuation Date; or

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II) the
          Threshold for Party A such Valuation Date.

         

        “Moody’s
          First Trigger Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the bid
          price obtained by the Valuation Agent multiplied by the Moody’s First Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Moody’s
          Second Trigger Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)

                	
                  for
                    any Valuation Date on which it is the case that a Moody’s Second Trigger
                    Ratings Event has occurred and been continuing for at least 30
                    Local
                    Business Days, an amount equal to the greatest of (a) zero, (b)
                    the
                    aggregate amount of the next payment due to be paid by Party
                    A under each
                    Transaction to which this Annex relates, and (c) the sum of (x)
                    the
                    Secured Party’s Exposure for such Valuation Date and (y) the sum, for each
                    Transaction to which this Annex relates, of

                

        

         

        (1) if
          such
          Transaction is not a Transaction-Specific Hedge, the product of the applicable
          Moody’s Second Trigger Factor set forth in Table 2 and the Notional Amount for
          such Transaction for the Calculation Period which includes such Valuation
          Date;
          or

         

        (2) if
          such
          Transaction is a Transaction-Specific Hedge, the product of the applicable
          Moody’s Second Trigger Factor set forth in Table 3 and the Notional Amount for
          such Transaction for the Calculation Period which includes such Valuation
          Date;
          or 

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II) the
          Threshold for Party A for such Valuation Date.

         

        “Moody’s
          Second Trigger Value”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the bid
          price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger
          Valuation Percentage for such Eligible Collateral set forth in Paragraph
          13(b)(ii).

         

        “Pricing
          Sources”
          means
          the sources of financial information commonly known as Bloomberg, Bridge
          Information Services, Data Resources Inc., Interactive Data Services,
          International Securities Market Association, Merrill Lynch Securities Pricing
          Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing, JJ
          Kenny,
          S&P and Telerate.

         

        “Remaining
          Weighted Average Maturity” means,
          with respect to a Transaction, the expected weighted average maturity for
          such
          Transaction as determined by the Valuation Agent.

         

        “S&P/Fitch
          Credit Support Amount”
          means,
          for any Valuation Date, the excess, if any, of

         

        
          	 	
                  (I)

                	
                  (A)
                    

                	
                  for
                    any Valuation Date on which an S&P Rating Threshold Event or Fitch
                    Rating Threshold Event has occurred and been continuing for at
                    least 30
                    days, an amount equal to the sum of (1) 100.0% of the Secured
                    Party’s
                    Exposure for such Valuation Date and (2) the sum, for each Transaction
                    to
                    which this Annex relates, of the product of the Volatility Buffer
                    for such
                    Transaction and the Notional Amount of such Transaction for the
                    Calculation Period of such Transaction which includes such Valuation
                    Date,
                    or 

                

        

         

        
          	 	
                  (B)

                	
                  for
                    any other Valuation Date, zero,
                    over

                

        

         

        (II) the
          Threshold for Party A for such Valuation Date.

         

        “S&P
          Rating Threshold Event”
          means,
          on any date, no Relevant Entity has credit ratings from S&P which equal or
          exceed the S&P Approved Ratings Threshold.

         

        “S&P/FitchValue”
          means,
          on any date and with respect to any Eligible Collateral other than Cash,
          the
          product of (A) the bid price obtained by the Valuation Agent for such Eligible
          Collateral and (B) the S&P/Fitch Valuation Percentage for such Eligible
          Collateral set forth in paragraph 13(b)(ii).

         

        “Transaction
          Exposure”
          means,
          for any Transaction, Exposure determined as if such Transaction were the
          only
          Transaction between the Secured Party and the Pledgor.

         

        “Transaction-Specific
          Hedge” means
          any Transaction that is (i) an interest rate swap in respect of which (x)
          the
          notional amount of the interest rate swap is “balance guaranteed” or (y) the
          notional amount of the interest rate swap for any Calculation Period (as
          defined
          in the related Confirmation) otherwise is not a specific dollar amount
          that is
          fixed at the inception of the Transaction, (ii) an interest rate cap, (iii)
          an
          interest rate floor or (iv) an interest rate swaption.

        

         

        “Valuation
          Percentage”
          shall
          mean, for purposes of determining the S&P/Fitch Value, Moody’s First Trigger
          Value, or Moody’s Second Trigger Value with respect to any Eligible Collateral
          or Posted Collateral, the applicable S&P/Fitch Valuation Percentage, Moody’s
          First Trigger Valuation Percentage, or Moody’s Second Trigger Valuation
          Percentage for such Eligible Collateral or Posted Collateral, respectively,
          in
          each case as set forth in Paragraph 13(b)(ii).

         

        “Value”
          shall
          mean, in respect of any date, the related S&P/Fitch Value, the related
          Moody’s First Trigger Value, and the related Moody’s Second Trigger
          Value.

         

        “Volatility
          Buffer”
          means,
          for any Transaction, the related percentage set forth in the following
          table.

         

        
          	
                  The
                    higher of the S&P credit rating of (i) Party A and (ii) the Credit
                    Support Provider of Party A, if applicable

                	
                  Remaining
                    Weighted Average Maturity of such Transaction 

                  up
                    to 3 years

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 5 years

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 10 years

                	
                  Remaining
                    Weighted Average Maturity of such Transaction

                  up
                    to 30 years

                
	
                  “A-2”
                    or higher

                	
                  2.75%

                	
                  3.25%

                	
                  4.00%

                	
                  4.75%

                
	
                  “A-3”

                	
                  3.25%

                	
                  4.00%

                	
                  5.00%

                	
                  6.25%

                
	
                  “BB+”
                    or
                    lower

                	
                  3.50%

                	
                  4.50%

                	
                  6.75%

                	
                  7.50%

                

        

        

         

        

         

        [Remainder
          of this page intentionally left blank]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Table
          1

         

        
          	
                  Moody’s
                    First Trigger Factor

                

        

        

         

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	
                  Collateral

                  Posting

                
	
                  1
                    or less

                	
                  0.15%

                
	
                  More
                    than 1 but not more than 2

                	
                  0.30%

                
	
                  More
                    than 2 but not more than 3

                	
                  0.40%

                
	
                  More
                    than 3 but not more than 4

                	
                  0.60%

                
	
                  More
                    than 4 but not more than 5

                	
                  0.70%

                
	
                  More
                    than 5 but not more than 6

                	
                  0.80%

                
	
                  More
                    than 6 but not more than 7

                	
                  1.00%

                
	
                  More
                    than 7 but not more than 8

                	
                  1.10%

                
	
                  More
                    than 8 but not more than 9

                	
                  1.20%

                
	
                  More
                    than 9 but not more than 10

                	
                  1.30%

                
	
                  More
                    than 10 but not more than 11

                	
                  1.40%

                
	
                  More
                    than 11 but not more than 12

                	
                  1.50%

                
	
                  More
                    than 12 but not more than 13

                	
                  1.60%

                
	
                  More
                    than 13 but not more than 14

                	
                  1.70%

                
	
                  More
                    than 14 but not more than 15

                	
                  1.80%

                
	
                  More
                    than 15 but not more than 16

                	
                  1.90%

                
	
                  More
                    than 16 but not more than 17

                	
                  2.00%

                
	
                  More
                    than 17 but not more than 18

                	
                  2.00%

                
	
                  More
                    than 18 but not more than 19

                	
                  2.00%

                
	
                  More
                    than 19 but not more than 20

                	
                  2.00%

                
	
                  More
                    than 20 but not more than 21

                	
                  2.00%

                
	
                  More
                    than 21 but not more than 22

                	
                  2.00%

                
	
                  More
                    than 22 but not more than 23

                	
                  2.00%

                
	
                  More
                    than 23 but not more than 24

                	
                  2.00%

                
	
                  More
                    than 24 but not more than 25

                	
                  2.00%

                
	
                  More
                    than 25 but not more than 26

                	
                  2.00%

                
	
                  More
                    than 26 but not more than 27

                	
                  2.00%

                
	
                  More
                    than 27 but not more than 28

                	
                  2.00%

                
	
                  More
                    than 28 but not more than 29

                	
                  2.00%

                
	
                  More
                    than 29

                	
                  2.00%

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Table
          2

         

        
          	
                  Moody’s
                    Second Trigger Factor for Interest Rate Swaps with Fixed Notional
                    Amounts

                

        

        

         

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	
                  Collateral

                  Posting
                    Requirement

                
	
                  1
                    or less

                	
                  0.50%

                
	
                  More
                    than 1 but not more than 2

                	
                  1.00%

                
	
                  More
                    than 2 but not more than 3

                	
                  1.50%

                
	
                  More
                    than 3 but not more than 4

                	
                  1.90%

                
	
                  More
                    than 4 but not more than 5

                	
                  2.40%

                
	
                  More
                    than 5 but not more than 6

                	
                  2.80%

                
	
                  More
                    than 6 but not more than 7

                	
                  3.20%

                
	
                  More
                    than 7 but not more than 8

                	
                  3.60%

                
	
                  More
                    than 8 but not more than 9

                	
                  4.00%

                
	
                  More
                    than 9 but not more than 10

                	
                  4.40%

                
	
                  More
                    than 10 but not more than 11

                	
                  4.70%

                
	
                  More
                    than 11 but not more than 12

                	
                  5.00%

                
	
                  More
                    than 12 but not more than 13

                	
                  5.40%

                
	
                  More
                    than 13 but not more than 14

                	
                  5.70%

                
	
                  More
                    than 14 but not more than 15

                	
                  6.00%

                
	
                  More
                    than 15 but not more than 16

                	
                  6.30%

                
	
                  More
                    than 16 but not more than 17

                	
                  6.60%

                
	
                  More
                    than 17 but not more than 18

                	
                  6.90%

                
	
                  More
                    than 18 but not more than 19

                	
                  7.20%

                
	
                  More
                    than 19 but not more than 20

                	
                  7.50%

                
	
                  More
                    than 20 but not more than 21

                	
                  7.80%

                
	
                  More
                    than 21 but not more than 22

                	
                  8.00%

                
	
                  More
                    than 22 but not more than 23

                	
                  8.00%

                
	
                  More
                    than 23 but not more than 24

                	
                  8.00%

                
	
                  More
                    than 24 but not more than 25

                	
                  8.00%

                
	
                  More
                    than 25 but not more than 26

                	
                  8.00%

                
	
                  More
                    than 26 but not more than 27

                	
                  8.00%

                
	
                  More
                    than 27 but not more than 28

                	
                  8.00%

                
	
                  More
                    than 28 but not more than 29

                	
                  8.00%

                
	
                  More
                    than 29

                	
                  8.00%

                

        

        

         

        

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        Table
          3

         

        
          	
                  Moody’s
                    Second Trigger Factor for Transaction-Specific
                    Hedges

                

        

        

         

        
          	
                  Remaining

                  Weighted
                    Average Life 

                  of
                    Hedge in Years

                	
                  Collateral

                  Posting
                    Requirement

                
	
                  1
                    or less

                	
                  0.65%

                
	
                  More
                    than 1 but not more than 2

                	
                  1.30%

                
	
                  More
                    than 2 but not more than 3

                	
                  1.90%

                
	
                  More
                    than 3 but not more than 4

                	
                  2.50%

                
	
                  More
                    than 4 but not more than 5

                	
                  3.10%

                
	
                  More
                    than 5 but not more than 6

                	
                  3.60%

                
	
                  More
                    than 6 but not more than 7

                	
                  4.20%

                
	
                  More
                    than 7 but not more than 8

                	
                  4.70%

                
	
                  More
                    than 8 but not more than 9

                	
                  5.20%

                
	
                  More
                    than 9 but not more than 10

                	
                  5.70%

                
	
                  More
                    than 10 but not more than 11

                	
                  6.10%

                
	
                  More
                    than 11 but not more than 12

                	
                  6.50%

                
	
                  More
                    than 12 but not more than 13

                	
                  7.00%

                
	
                  More
                    than 13 but not more than 14

                	
                  7.40%

                
	
                  More
                    than 14 but not more than 15

                	
                  7.80%

                
	
                  More
                    than 15 but not more than 16

                	
                  8.20%

                
	
                  More
                    than 16 but not more than 17

                	
                  8.60%

                
	
                  More
                    than 17 but not more than 18

                	
                  9.00%

                
	
                  More
                    than 18 but not more than 19

                	
                  9.40%

                
	
                  More
                    than 19 but not more than 20

                	
                  9.70%

                
	
                  More
                    than 20 but not more than 21

                	
                  10.00%

                
	
                  More
                    than 21 but not more than 22

                	
                  10.00%

                
	
                  More
                    than 22 but not more than 23

                	
                  10.00%

                
	
                  More
                    than 23 but not more than 24

                	
                  10.00%

                
	
                  More
                    than 24 but not more than 25

                	
                  10.00%

                
	
                  More
                    than 25 but not more than 26

                	
                  10.00%

                
	
                  More
                    than 26 but not more than 27

                	
                  10.00%

                
	
                  More
                    than 27 but not more than 28

                	
                  10.00%

                
	
                  More
                    than 28 but not more than 29

                	
                  10.00%

                
	
                  More
                    than 29

                	
                  10.00%

                

        

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Schedule
          1

         

        Eligible
          Collateral

         

        
          	
                  Eligible
                    Collateral & Valuation Percentages

                  Moody’s
                    and S&P

                
	 	 	
                  Valuation
                    Percentage*

                	
                  Valuation
                    Percentage*

                
	 	 	
                  Moody’s

                	
                  S&P

                
	 	
                  First
                    Trigger

                	
                  Second
                    Trigger

                	
                  Daily

                	
                  Weekly

                
	
                  (A)

                	
                  Cash:
                    U.S. Dollars in depositary account form

                	
                  100

                	
                  100

                	 	
                  100

                
	
                  (B)

                	
                  U.S.
                    Treasury Securities:
                    negotiable debt obligations issued by the U.S. Treasury Department
                    after
                    July 18, 1984 (“Treasuries”)
                    having a remaining maturity of up to and not more than 1
                    year.

                	
                  100

                	
                  100

                	
                  98.9

                	
                  98.6

                
	
                  (C)

                	
                  Treasuries
                    having a remaining maturity of greater than 1 year but not more
                    than 2
                    years.

                	
                  100

                	
                  99

                	
                  98

                	
                  97.3

                
	
                  (D)

                	
                  Treasuries
                    having a remaining maturity of greater than 2 years but not more
                    than 3
                    years.

                	
                  100

                	
                  98

                	
                  97.4

                	
                  95.8

                
	
                  (E)

                	
                  Treasuries
                    having a remaining maturity of greater than 3 years but not more
                    than 5
                    years.

                	
                  100

                	
                  97

                	
                  95.5

                	
                  93.8

                
	
                  (F)

                	
                  Treasuries
                    having a remaining maturity of greater than 5 years but not more
                    than 7
                    years.

                	
                  100

                	
                  95

                	
                  93.7

                	
                  91.4

                
	
                  (G)

                	
                  Treasuries
                    having a remaining maturity of greater than 7 years but not more
                    than 10
                    years.

                	
                  100

                	
                  94

                	
                  92.5

                	
                  90.3

                
	
                  (H)

                	
                  Treasuries
                    having a remaining maturity of greater than 10 years but not
                    more than 20
                    years.

                	
                  100

                	
                  89

                	
                  91.1

                	
                  87.9

                
	
                  (I)

                	
                  Treasuries
                    having a remaining maturity of greater than 20 years but not
                    more than 30
                    years.

                	
                  100

                	
                  87

                	
                  88.6

                	
                  84.6

                
	
                  (J)

                	
                  Agency
                    Securities:
                    negotiable debt obligations of the Federal National Mortgage
                    Association
                    (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal
                    Home Loan
                    Banks (FHLB), Federal Farm Credit Banks (FFCB), Tennessee Valley
                    Authority
                    (TVA) (collectively, “Agency
                    Securities”)
                    issued after July 18, 1984 and having a remaining maturity of
                    not more
                    than 1 year.

                	
                  100

                	
                  99

                	
                  98.5

                	
                  98

                
	
                  (K)

                	
                  Agency
                    Securities having a remaining maturity of greater than 1 year
                    but not more
                    than 2 years.

                	
                  100

                	
                  98

                	
                  97.7

                	
                  96.8

                
	
                  (L)

                	
                  Agency
                    Securities having a remaining maturity of greater than 2 years
                    but not
                    more than 3 years.

                	
                  100

                	
                  97

                	
                  97.3

                	
                  96.3

                
	
                  (M)

                	
                  Agency
                    Securities having a remaining maturity of greater than 3 years
                    but not
                    more than 5 years.

                	
                  100

                	
                  96

                	
                  94.5

                	
                  94.5

                
	
                  (N)

                	
                  Agency
                    Securities having a remaining maturity of greater than 5 years
                    but not
                    more than 7 years.

                	
                  100

                	
                  94

                	
                  93.1

                	
                  90.3

                
	
                  (O)

                	
                  Agency
                    Securities having a remaining maturity of greater than 7 years
                    but not
                    more than 10 years.

                	
                  100

                	
                  93

                	
                  90.7

                	
                  86.9

                
	
                  (P)

                	
                  Agency
                    Securities having a remaining maturity of greater than 10 years
                    but not
                    more than 20 years.

                	
                  100

                	
                  88

                	
                  87.7

                	
                  82.6

                
	
                  (Q)

                	
                  Agency
                    Securities having a remaining maturity of greater than 20 years
                    but not
                    more than 30 years.

                	
                  100

                	
                  86

                	
                  84.4

                	
                  77.9

                
	
                  (R)

                	
                  FHLMC
                    Certificates.
                    Mortgage participation certificates issued by FHLMC evidencing
                    undivided
                    interests or participations in pools of first lien conventional
                    or FHA/VA
                    residential mortgages or deeds of trust, guaranteed by FHLMC,
                    issued after
                    July 18, 1984 and having a remaining maturity of not more than
                    30
                    years.

                	
                  100

                	
                  *

                  (daily
                    evaluation)

                  86
                    

                  (weekly
                    valuation)

                	
                  *

                	
                  86.40

                
	
                  (S)

                	
                  FNMA
                    Certificates.
                    Mortgage-backed pass-through certificates issued by FNMA evidencing
                    undivided interests in pools of first lien mortgages or deeds
                    of trust on
                    residential properties, guaranteed by FNMA, issued after July
                    18, 1984 and
                    having a remaining maturity of not more than 30 years.

                	
                  100

                	
                  *

                  (daily
                    evaluation)

                  86
                    

                  (weekly
                    valuation)

                	
                  *

                	
                  86.40

                
	
                  (T)

                	
                  GNMA
                    Certificates.
                    Mortgage-backed pass-through certificates issued by private entities,
                    evidencing undivided interests in pools of first lien mortgages
                    or deeds
                    of trust on single family residences, guaranteed by the Government
                    National Mortgage Association (GNMA) with the full faith and
                    credit of the
                    United States, issued after July 18, 1984 and having a remaining
                    maturity
                    of not more than 30 years.

                	
                  100

                	
                  *

                  (daily
                    evaluation)

                  86
                    

                  (weekly
                    valuation)

                	
                  *

                	
                  86.40

                

        

        

         

        *
          percentage to be determined when such other Item of Credit Support (including,
          without limitation, Agency Securities, FHLMC Certificates , FNMA Certificates
          ,
          GNMA Certificates , Commercial Mortgage-Backed Securities and Commercial
          Paper)
          has been approved by Moody’s or S&P.

         

        

         

        
          	
                  Eligible
                    Collateral & Valuation Percentages

                  Fitch

                
	 	 	
                  Valuation
                    Percentage

                  (Rating
                    of Certificates)

                
	 	 	
                  AAA

                	
                  AA

                	
                  A

                	
                  BBB

                
	
                  (A)

                	
                  Cash:
                    U.S. Dollars in depositary account form

                	
                  100%

                	
                  100%

                	
                  100%

                	
                  100%

                
	
                  (B)

                	
                  U.S.
                    Treasury Securities:
                    negotiable debt obligations issued by the U.S. Treasury Department
                    after
                    July 18, 1984 (“Treasuries”)
                    having a remaining maturity of up to and not more than 1
                    year.

                	
                  97.5%

                	
                  97.8%

                	
                  98.4%

                	
                  98.9%

                
	
                  (C)

                	
                  Treasuries
                    having a remaining maturity of greater than 1 year but not more
                    than 2
                    years.

                	
                  94.7%

                	
                  95.3%

                	
                  95.9%

                	
                  96.5%

                
	
                  (D)

                	
                  Treasuries
                    having a remaining maturity of greater than 2 years but not more
                    than 3
                    years.

                	
                  94.7%

                	
                  95.3%

                	
                  95.9%

                	
                  96.5%

                
	
                  (E)

                	
                  Treasuries
                    having a remaining maturity of greater than 3 years but not more
                    than 5
                    years.

                	
                  91.5%

                	
                  92.5%

                	
                  93.5%

                	
                  94.5%

                
	
                  (F)

                	
                  Treasuries
                    having a remaining maturity of greater than 5 years but not more
                    than 7
                    years.

                	
                  89.0%

                	
                  90.1%

                	
                  91.2%

                	
                  92.3%

                
	
                  (G)

                	
                  Treasuries
                    having a remaining maturity of greater than 7 years but not more
                    than 10
                    years.

                	
                  86.3%

                	
                  87.5%

                	
                  88.8%

                	
                  90.0%

                
	
                  (H)

                	
                  Treasuries
                    having a remaining maturity of greater than 10 years but not
                    more than 20
                    years.

                	
                  83.0%

                	
                  84.5%

                	
                  86.0%

                	
                  87.5%

                
	
                  (I)

                	
                  Treasuries
                    having a remaining maturity of greater than 20 years but not
                    more than 30
                    years.

                	
                  79.0%

                	
                  80.7%

                	
                  82.3%

                	
                  84.0%

                
	
                  (J)

                	
                  Agency
                    Securities:
                    negotiable debt obligations of the Federal National Mortgage
                    Association
                    (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal
                    Home Loan
                    Banks (FHLB), Federal Farm Credit Banks (FFCB), Tennessee Valley
                    Authority
                    (TVA) (collectively, “Agency
                    Securities”)
                    issued after July 18, 1984 and having a remaining maturity of
                    not more
                    than 1 year.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (K)

                	
                  Agency
                    Securities having a remaining maturity of greater than 1 year
                    but not more
                    than 2 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (L)

                	
                  Agency
                    Securities having a remaining maturity of greater than 2 years
                    but not
                    more than 3 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (M)

                	
                  Agency
                    Securities having a remaining maturity of greater than 3 years
                    but not
                    more than 5 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (N)

                	
                  Agency
                    Securities having a remaining maturity of greater than 5 years
                    but not
                    more than 7 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (O)

                	
                  Agency
                    Securities having a remaining maturity of greater than 7 years
                    but not
                    more than 10 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (P)

                	
                  Agency
                    Securities having a remaining maturity of greater than 10 years
                    but not
                    more than 20 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                
	
                  (Q)

                	
                  Agency
                    Securities having a remaining maturity of greater than 20 years
                    but not
                    more than 30 years.

                	
                  *

                	
                  *

                	
                  *

                	
                  *

                

        

        *
          percentage to be determined when such other Item of Credit Support (including,
          without limitation, Agency Securities, FHLMC Certificates , FNMA Certificates
          ,
          GNMA Certificates , Commercial Mortgage-Backed Securities and Commercial
          Paper)
          has been approved by Fitch.

         

        IN
          WITNESS WHEREOF, the parties have executed this Annex by their duly authorized
          representatives as of the date of the Agreement.

         

        

         

        
          	
                  The
                    Bank of New York

                	 	
                  Wells
                    Fargo Bank, N.A., not in its individual capacity, but solely
                    as Trustee
                    Administrator with respect to the Soundview Home Loan Trust 2006-EQ2,
                    Asset-Backed Certificates, Series 2006-EQ2

                
	 	 	 	 	 
	 	 	 	 	 
	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	 	 	
                  Name:

                	 
	
                  Title:

                	 	 	
                  Title:

                	 
	
                  Date:

                	 	 	
                  Date:

                	 

        

        

         

        

         

        

         

        

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

       

      SCHEDULE
        I

       

      PREPAYMENT
        CHARGE SCHEDULE

       

      [AVAILABLE
        UPON REQUEST]

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II

       

      SCHEDULE
        OF PMI MORTGAGE LOANS

       

      [AVAILABLE
        UPON REQUEST]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]