Document:

Amended and Restated Borrower Agreement

Exhibit 10.4

 

AMENDED AND RESTATED AGREEMENT OF BORROWER

THIS AMENDED AND RESTATED AGREEMENT OF BORROWER is made and entered into this 31st day of January 2005, by and among T-BIRD NEVADA, LLC, a Nevada limited liability company, (“Borrower”), THOMAS J. SHANNON, JR. (“Member”), OUTBACK STEAKHOUSE, INC., a Delaware corporation ("OSI"), and the franchisees listed on Exhibit A, attached hereto and incorporated herein (the “Franchisees”).

W I T N E S S E T H:

WHEREAS, Borrower is a party to that certain Loan Agreement dated March 17, 1997 (the “Original Loan Agreement”) pursuant to which Borrower obtained a non-revolving line of credit from Barnett Bank, N.A., a national banking association (“Barnett”), with a maximum aggregate principal amount of twenty-five million and no/100 dollars ($25,000,000) (the "Original Line of Credit") to finance the construction and operation of Outback Steakhouse® restaurants owned and operated by the Franchisees; and

WHEREAS, Borrower and Bank of America, N.A. (“Lender”), the successor in interest to Barnett, renewed the Original Line of Credit and increased the maximum aggregate principal amount to thirty-five million and no/100 dollars ($35,000,000) (the “Existing Line of Credit”) pursuant to that certain Amended and Restated Loan Agreement dated February 6, 2001 (“Existing Loan Agreement”); and

WHEREAS, the Borrower has requested that the Lender renew the Existing Line of Credit and Lender has agreed the make available to Borrower a thirty-five million and no/100 dollar ($35,000,000) revolving line of credit (the “Line of Credit”) upon the execution of that certain Second Amended and Restated Loan Agreement dated as of December 31, 2004 (the “Loan Agreement”); and

WHEREAS, to induce the Lender to execute the Original Loan Agreement and Existing Loan Agreement and to grant the Original Line of Credit and Existing Line of Credit to Borrower, OSI executed that certain Unconditional Guaranty Agreement dated effective March 17, 1997 (the “Original Guaranty Agreement”) and the Amended and Restated Unconditional Guaranty Agreement dated February 6, 2001; and 

WHEREAS, to induce the Lender to renew the Existing Line of Credit, OSI has agreed to execute that certain Second Amended and Restated Unconditional Guaranty Agreement dated effective December 31, 2004 (the “Guaranty Agreement”); and

WHEREAS, to induce OSI to execute the Original Guaranty Agreement, the Borrower, the Franchisees and the Member entered into that certain Agreement dated May 11, 1998 (the “Original Agreement”) with OSI, pursuant to which the Borrower, the Franchisees and the Member granted to OSI a reduction in purchase price, should OSI, or any of its subsidiaries or Affiliates, as defined below, (each an “OSI Entity”) opted to purchase any Outback Steakhouse® restaurant then owned or later acquired by the Franchisees and granted OSI the right succeed to all rights of the Lender with respect to any amounts OSI became obligated to pay to the Lender under the Original Guaranty Agreement.

WHEREAS, to induce OSI to execute the Guaranty Agreement, the Borrower, the Franchisees and the Member agree to amend and restate the Original Agreement to add additional Franchisees as parties to the Agreement; and to make such other changes as provided herein; and

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.  Incorporation of Recitals. The foregoing recitals are true and correct and are incorporated as a part of this Agreement.

 

	  
	 		 
	

	 

2.  Definitions.

 

a)    Affiliate. As used in this Agreement, the term “affiliate” shall include any corporation, partnership or other entity which controls, or is controlled by, or is under common control with, the party at issue, and all directors, officers, and partners of such corporation, partnership or entity, as the case may be.

b)    Additional Franchisees. The parties hereto agree that for all purposes of this Agreement, the term “Franchisee” shall include, in addition to those individuals or entities listed on Exhibit A, the owners of all Outback Steakhouse® restaurants, now existing or hereafter opened, that are owned or operated by the Borrower, any Franchisee, the Member, or any Affiliate of any them and for which funds from the Line of Credit have been used (each an “Additional Franchisee”). OSI shall have the right to unilaterally amend Exhibit A of this Agreement, from time to time, to add any Additional Franchisee.

3.  Default under Franchise Agreement. The parties agree that any default under the Line of Credit, Loan Agreement, or related documents shall constitute a default under all of the Franchise Agreements entered into by the Borrower, the Member, any Franchisee, and/or any Affiliate of them, with respect to the Outback Steakhouse® restaurants owned or operated by the Franchises (the “Franchise Agreements”). In such event, in addition to any other rights which OSI may have pursuant to this Agreement, the Loan Agreement, the Guarantee Agreement or applicable law, OSI shall have the right to exercise any and all of its rights upon default under the Franchise Agreements.

4.  Rights of Lender. The parties agree that n the event of any default under the Line of Credit, Loan Agreement or related documents for which OSI pays and/or performs any of the obligations of the Borrower pursuant to the Guaranty, OSI shall have the right to succeed to any and all rights of the Lender with respect to any and all obligations, liabilities, damages, losses, interest, costs, expenses and other charges on account of, arising from, or relating to the Line of Credit, the Loan Agreement and/or the Guaranty Agreement, regardless of when the same may be assessed or imposed.

5.  Reduction in Purchase Price. As consideration for executing the Guaranty, Borrower, the Member and the Franchisees agree that in the event that any OSI Entity elects to purchase any Outback Steakhouse® restaurant owned by any Franchisee whether or not as a result of the right to do so under the Franchise Agreements, the purchase price for such restaurant, as determined pursuant to the Franchise Agreement governing such restaurant or as negotiated by the parties, shall be reduced by five percent (5%).

6.  Representation of Member. Member represents and warrants to OSI that he has the power and authority to enter into this Agreement, in his individual capacity, as an authorized representative of Borrower, and as an authorized representative of the general partner of each Franchisee.

7.  Notices. All notices, demands, requests or other communications or deliveries that may be or are required to be given, served or sent by either OSI, the Borrower, the Franchisees or the Member pursuant to this Agreement shall be in writing and shall be mailed by registered or certified mail, return receipt requested, postage prepaid or transmitted by hand delivery, recognized national overnight delivery service, telegram or telex, addressed as follows:

	
If to the Borrower,
	
Mr. Thomas J. Shannon, Jr.

	 	
the Member or
	
13000 North Dale Mabry Highway

	 	
any Franchisee
	
Tampa, Florida 33618

	 	 	 
	
If to OSI or any:
	
OUTBACK STEAKHOUSE, INC.

	 	
OSI Entity
	
2202 N. Westshore, Blvd., 5th Floor

	 	 	
Tampa, Florida 33607

	 	 	
Attention: Joseph J. Kadow, General Counsel

	  
	 	2	 
	

	 

OSI, the Borrower, the Franchisees, and the Member may designate, by written notice, a new address, to which any notice, demand, request, or communication may thereafter be so given, served or sent. Each notice, demand, request or communication that is mailed, delivered or transmitted in the manner described above shall be deemed sufficiently given, served, sent and received for all purposes at such time as it is delivered to the addressee (with the return receipt, the delivery receipt, the affidavit of messenger or (with respect to a telex) the answer back being deemed conclusive evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation.

8.  Counterparts. This Agreement may be executed in any number of identical counterparts, each of which when so executed and delivered shall be deemed an original and such counterparts together shall constitute only one original.

9.  Successors and Assigns. This Agreement and the rights, interests and obligations hereunder shall be binding upon and shall inure to the benefit of the Borrower, the Member, the Franchisees and OSI and their respective successors and assigns.

10.  Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Florida without giving effect to principles of comity or conflicts of law thereof.

11.  Headings. All headings and captions in this Agreement are intended solely for the convenience of the Borrower, the Franchisees, the Member and OSI and none shall be deemed to affect the meaning or construction of any provision hereof.

12.  Construction. All references herein to the masculine, neuter or singular shall be construed to include the masculine, feminine, neuter, or plural, where applicable. 

13.  Jurisdiction and Venue. The Borrower, the Franchisees and the Member agree that any action relating to this Agreement, brought by either OSI, the Borrower, the Franchisees or the Member in any court, whether federal or state, shall be brought within the State of Florida in the judicial circuit in which OSI has its principal place of business. The Borrower, the Franchisee and the Member agree to submit to the personal jurisdiction of such courts and hereby waives all questions of personal jurisdiction or venue for the purpose of carrying out this provision, including, without limitation, the claim or defense therein that such courts constitute an inconvenient forum.

14.  No Waiver. The failure of OSI to enforce any of the provisions of this Agreement or to assert of any of its rights hereunder shall not be construed as a waiver of any such provisions or the relinquishment of any such rights, and the same shall continue in full force and effect. No single or partial exercise of OSI’s rights hereunder shall preclude the further exercise of such rights or the assertion of OSI of any other right or remedy.

15.  Enforcement. In the event it is necessary for OSI to retain legal counsel or institute legal proceedings to enforce the terms of this Agreement, if OSI is the prevailing party, OSI shall be entitled to receive from the Borrower, Franchisees and/ or the Member, in addition to all other remedies, all costs of such enforcement including, without limitation, attorney's fees and court costs and including appellate proceedings.

	  
	 	3	 
	

	 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

	
“Member”    
	 
	 	 
	 	 
	
THOMAS J. SHANNON, JR.
	 
	
individually
	 

	
“Borrower”
	 
	 	 
	
T-BIRD NEVADA, LLC
	 
	
a Nevada limited liability company
	 
	 	 
	
By:
	 	 
	 	
Thomas J. Shannon, Jr.
	 
	
Title:
	 	 

	
“OSI”
	 
	 	 
	
OUTBACK STEAKHOUSE, INC.
	 
	
a Delaware corporation
	 
	 	 
	
By:
	 	 
	 	
Robert S. Merritt, Senior Vice President
	 

	
“Franchisees”

	
Westminster Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Westminster Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

 

	
Chico Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Chico Steakhouse, Inc.

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Redding Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Redding Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

	 	 
	
Salinas Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Salinas Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President

 

 

	
Golden Gate Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Golden Gate Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Stockton Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Stockton Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

	 	 

	
Great Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Great Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Pinole Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Pinole Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Daly City Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Daly City Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Vacaville Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Vacaville Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

	  
	 	4	 
	

	 

	
Puente Hills Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Puente Hills Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

 

	
Elk Grove Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Elk Grove Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Arcadia Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Arcadia Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Thousand Oaks Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Thousand Oaks Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Santa Barbara Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Santa Barbara Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Almaden Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Almaden Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Norwalk Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Norwalk Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Newport Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Newport Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Corona Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Corona Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

	  
	 	5	 
	

	 

	
Irvine Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Irvine Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
South San Diego Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
South San Diego Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Covina Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Covina Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Victorville Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Victorville Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Garden Grove Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Garden Grove Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Buena Park Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Buena Park Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Long Beach Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Long Beach Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Ontario Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Ontario Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Oceanside Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Oceanside Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Mission Valley Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Mission Valley Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

	  
	 	6	 
	

	 

 

	
Temecula Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Temecula Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Roseville Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Roseville Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Burbank Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Burbank Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Foothill Ranch Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Foothill Ranch Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
880 Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
880 Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

 

	
Rohnert Park Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Rohnert Park Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Dublin Steakhouse, L.P.,

	
a California limited partnership

	 	 
	
By:
	
Dublin Steakhouse, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	
Sacramento Steakhouse II, L.P.,

	
a California limited partnership

	 	 
	
By:
	
SAC Steakhouse II, Inc.,

	 	
a California corporation, 

	 	
its sole general partner

	 	 
	
By:
	                                                  
	 	
Thomas J. Shannon, Jr., President 

 

	  
	 	7	 
	

	 

Exhibit A

Westminster Steakhouse, L.P., a California limited partnership

Chico Steakhouse, L.P., a California limited partnership

Redding Steakhouse, L.P., a California limited partnership

Salinas Steakhouse, L.P., a California limited partnership

Golden Gate Steakhouse, L.P., a California limited partnership

Stockton Steakhouse, L.P., a California limited partnership

Daly City Steakhouse, L.P., a California limited partnership

Vacaville Steakhouse, L.P., a California limited partnership

Almaden Steakhouse, L.P., a California limited partnership

Pinole Steakhouse, L.P., a California limited partnership

Great Steakhouse, L.P., a California limited partnership

Elk Grove Steakhouse, L.P., a California limited partnership

Arcadia Steakhouse, L.P., a California limited partnership

Thousand Oaks Steakhouse, L.P., a California limited partnership

Santa Barbara Steakhouse, L.P., a California limited partnership

Victorville Steakhouse, L.P., a California limited partnership

Long Beach Steakhouse, L.P., a California limited partnership

Irvine Steakhouse, L.P., a California limited partnership

Newport Steakhouse, L.P., a California limited partnership

Norwalk Steakhouse, L.P., a California limited partnership

Puente Hills Steakhouse, L.P., a California limited partnership

Covina Steakhouse, L.P., a California limited partnership

Corona Steakhouse, L.P., a California limited partnership

Garden Grove Steakhouse, L.P., a California limited partnership

Buena Park Steakhouse, L.P., a California limited partnership

Burbank Steakhouse, L.P., a California limited partnership

Foothill Ranch Steakhouse, L.P., a California limited partnership

Oceanside Steakhouse, L.P., a California limited partnership

Mission Valley Steakhouse, L.P., a California limited partnership

Temecula Steakhouse, L.P., a California limited partnership

South San Diego Steakhouse, L.P., a California limited partnership

Ontario Steakhouse, L.P., a California limited partnership

880 Steakhouse, L.P., a California limited partnership

Rohnert Park Steakhouse, L.P., a California limited partnership

Roseville Steakhouse, L.P., a California limited partnership

Dublin Steakhouse, L.P., a California limited partnership

Sacramento Steakhouse II, L.P., a California limited partnershipExhibit 4.2
                                   -----------

                         SUBSEQUENT TRANSFER INSTRUMENT

         Pursuant to this Subsequent Transfer Instrument, dated January 20, 2005
(the "Instrument"), between Financial Asset Securities Corp. as seller (the
"Depositor"), and Deutsche Bank National Trust Company as trustee (the
"Trustee") of the Fremont Home Loan Trust 2004-4, Asset-Backed Certificates,
Series 2004-4 and pursuant to the Pooling and Servicing Agreement, dated as of
September 1, 2004 (the "Pooling and Servicing Agreement"), among the Depositor,
Litton Loan Servicing LP as servicer and the Trustee, the Depositor and the
Trustee agree to the sale by the Depositor and the purchase by the Trustee in
trust, on behalf of the Trust, of the Mortgage Loans listed on the attached
Schedule of Mortgage Loans (the "Subsequent Mortgage Loans").

         Capitalized terms used but not otherwise defined herein shall have the
meanings set forth in the Pooling and Servicing Agreement.

         Section 1. CONVEYANCE OF SUBSEQUENT MORTGAGE LOANS.

         (a) The Depositor does hereby sell, transfer, assign, set over and
convey to the Trustee in trust, on behalf of the Trust, without recourse, all of
its right, title and interest in and to the Subsequent Mortgage Loans, and
including all amounts due on the Subsequent Mortgage Loans after the related
Subsequent Cut-off Date, and all items with respect to the Subsequent Mortgage
Loans to be delivered pursuant to Section 2.01 of the Pooling and Servicing
Agreement; provided, however that the Depositor reserves and retains all right,
title and interest in and to amounts due on the Subsequent Mortgage Loans on or
prior to the related Subsequent Cut-off Date. The Depositor, contemporaneously
with the delivery of this Agreement, has delivered or caused to be delivered to
the Trustee each item set forth in Section 2.01 of the Pooling and Servicing
Agreement. The transfer to the Trustee by the Depositor of the Subsequent
Mortgage Loans identified on the Mortgage Loan Schedule shall be absolute and is
intended by the Depositor, the Servicer, the Trustee and the Certificateholders
to constitute and to be treated as a sale by the Depositor to the Trust Fund.

         (b) The Depositor, concurrently with the execution and delivery hereof,
does hereby transfer, assign, set over and otherwise convey to the Trustee
without recourse for the benefit of the Certificateholders all the right, title
and interest of the Depositor, in, to and under the Subsequent Mortgage Loan
Purchase Agreement, dated the date hereof, between the Depositor as purchaser
and the Servicer as seller, to the extent of the Subsequent Mortgage Loans.

         (c) Additional terms of the sale are set forth on Attachment A hereto.

         Section 2. REPRESENTATIONS AND WARRANTIES; CONDITIONS PRECEDENT.

         (a) The Depositor hereby confirms that each of the conditions and the
representations and warranties set forth in Section 2.08 of the Pooling and
Servicing Agreement are satisfied as of the date hereof.

         (b) All terms and conditions of the Pooling and Servicing Agreement are
hereby ratified and confirmed; provided, however, that in the event of any
conflict, the provisions of this Instrument shall control over the conflicting
provisions of the Pooling and Servicing Agreement.

<PAGE>

         Section 3. RECORDATION OF INSTRUMENT.

         To the extent permitted by applicable law, this Instrument, or a
memorandum thereof if permitted under applicable law, is subject to recordation
in all appropriate public offices for real property records in all of 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 Certificateholders' expense on direction of the related
Certificateholders, but only when accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders or is necessary for the administration or servicing of
the Mortgage Loans.

         Section 4. GOVERNING LAW.

         This Instrument 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, without giving
effect to principles of conflicts of law.

         Section 5. COUNTERPARTS.

         This Instrument may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same instrument.

         Section 6. SUCCESSORS AND ASSIGNS.

         This Instrument shall inure to the benefit of and be binding upon the
Depositor and the Trustee and their respective successors and assigns.

<PAGE>

                                              FINANCIAL ASSET SECURITIES CORP.

                                              By:
                                                 -----------------------------
                                              Name:
                                              Title:

                                              DEUTSCHE BANK NATIONAL TRUST
                                              COMPANY, as Trustee for Fremont
                                              Home Loan Trust 2004-4,
                                              Asset-Backed Certificates, Series
                                              2004-4

                                              By:
                                                 -----------------------------
                                              Name:
                                              Title:

Attachments
-----------
A.       Additional terms of sale.
B.       Schedule of Subsequent Mortgage Loans.

<PAGE>

                                  ATTACHMENT A

                            ADDITIONAL TERMS OF SALE

         A.       General

         1.       Subsequent Cut-off Date: January 1, 2005
         2.       Subsequent Transfer Date: January 20, 2005
         3.       Aggregate Stated Principal Balance of the Subsequent Mortgage
                  Loans as of the Subsequent Cut-off Date: $399,535,043.82
         4.       Purchase Price: 100.00%

         B. The obligation of the Trust Fund to purchase a Subsequent Mortgage
Loan on any Subsequent Transfer Date is subject to the satisfaction of the
conditions set forth in the following paragraphs and the accuracy of the
following representations and warranties with respect to each such Subsequent
Mortgage Loan determined as of the applicable Subsequent Cut-off Date: (i) such
Subsequent Mortgage Loan may not be 30 or more days delinquent as of the last
day of the month preceding the Subsequent Cut-off Date; (ii) the original term
to stated maturity of such Subsequent Mortgage Loan will not be less than 60
months and will not exceed 360 months; (iii) the Subsequent Mortgage Loan may
not provide for negative amortization; (iv) such Subsequent Mortgage Loan will
not have a loan-to-value ratio greater than 100.00%; (v) such Subsequent
Mortgage Loans will have, as of the Subsequent Cut-off Date, a weighted average
term since origination not in excess of 5 months; (vi) such Subsequent Mortgage
Loan, if a Fixed Rate Mortgage Loan, shall have a Mortgage Rate that is not less
than 4.500% per annum or greater than 14.000% per annum; (vii) such Subsequent
Mortgage Loan must have a first payment date occurring on or before December
2004 and will include 30 days' interest thereon; (viii) if the Subsequent
Mortgage Loan is an Adjustable-Rate Mortgage Loan, the Subsequent Mortgage Loan
will have a Gross Margin not less than 1.000% per annum, will have a Maximum
Mortgage Rate not less than 9.500% per annum and will have a Minimum Mortgage
Rate not less than 3.500% per annum and (ix) such Subsequent Mortgage Loan shall
have been underwritten in accordance with the criteria set forth under "Fremont
Investment & Loan--Underwriting Standards" in the Prospectus Supplement.

         C. Following the purchase of any Subsequent Group I Mortgage Loan by
the Trust, the Group I Mortgage Loans (including such Subsequent Group I
Mortgage Loans) will: (i) have a weighted average original term to stated
maturity of not more than 360 months; (ii) have a weighted average Mortgage Rate
of not less than 6.000% per annum and not more than 7.750% per annum; (iii) have
a weighted average Loan-to-Value Ratio of not more than 86.00%; (iv) have no
Mortgage Loan with a Stated Principal Balance in excess of Fannie Mae and
Freddie Mac limits; (v) will consist of Mortgage Loans with Prepayment Charges
representing no less than 81.00% by aggregate Stated Principal Balance of the
Group I Mortgage Loans; and (vi) have no more than 20.00% of Fixed-Rate Mortgage
Loans by aggregate Stated Principal Balance of the Group I Mortgage Loans. In
addition, the Adjustable-Rate Group I Mortgage Loans will have a weighted
average Gross Margin not less than 4.000% per annum. For purposes of the
calculations described in this paragraph, percentages of the Group I Mortgage
Loans will be based on the Stated Principal Balance of the Initial Group I
Mortgage Loans as of the Cut-off Date and the Stated Principal Balance of the
Subsequent Group I Mortgage Loans as of the related Subsequent Cut-off Date.

         D. Following the purchase of any Subsequent Group II Mortgage Loan by
the Trust, the Group II Mortgage Loans (including such Subsequent Group II
Mortgage Loans) will: (i) have a weighted average original term to stated
maturity of not more than 360 months; (ii) have a weighted average

<PAGE>

Mortgage Rate of not less than 5.750% per annum and not more than 7.750% per
annum; (iii) have a weighted average Loan-to-Value Ratio of not more than
86.00%; (iv) have no Mortgage Loan with a Stated Principal Balance in excess of
$1,100,000; (v) will consist of Mortgage Loans with Prepayment Charges
representing no less than 81.00% by aggregate Stated Principal Balance of the
Group II Mortgage Loans; and (vi) have no more than 19.000% of Fixed-Rate
Mortgage Loans by aggregate Stated Principal Balance of the Group II Mortgage
Loans. In addition, the Adjustable-Rate Group II Mortgage Loans will have a
weighted average Gross Margin not less than 4.000% per annum. For purposes of
the calculations described in this paragraph, percentages of the Group II
Mortgage Loans will be based on the Stated Principal Balance of the Initial
Group II Mortgage Loans as of the Cut-off Date and the Stated Principal Balance
of the Subsequent Group II Mortgage Loans as of the related Subsequent Cut-off
Date.

         E. Notwithstanding the foregoing, any Subsequent Mortgage Loan may be
rejected by any Rating Agency if the inclusion of any such Subsequent Mortgage
Loan would adversely affect the ratings of any Class of Certificates. At least
one Business Day prior to the Subsequent Transfer Date, each Rating Agency shall
notify the Trustee as to which Subsequent Mortgage Loans, if any, shall not be
included in the transfer on the Subsequent Transfer Date; provided, however,
that the Seller shall have delivered to each Rating Agency at least three
Business Days prior to such Subsequent Transfer Date a computer file acceptable
to each Rating Agency describing the characteristics specified in paragraphs
(b), (c) and (d) above.

<PAGE>

                                  ATTACHMENT B

                      SCHEDULE OF SUBSEQUENT MORTGAGE LOANS

                                [FILED BY PAPER]

<PAGE>

                                  ATTACHMENT A
                                  ------------

                            ADDITIONAL TERMS OF SALE

<PAGE>

                                  ATTACHMENT B
                                  ------------

                                 FILED BY PAPER

<PAGE>

                                  ATTACHMENT C
                                  ------------

                             AVAILABLE UPON REQUEST

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