Document:

Unassociated Document

    

    
      

      

    

     

    FINANCIAL
      ASSET SECURITIES CORP.,

    Depositor

     

     

    OPTION
      ONE MORTGAGE CORPORATION

    Servicer

     

    and

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee

    

    

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of June 1, 2006

     

     

     

    ___________________________

     

    Soundview
      Home Loan Trust 2006-OPT5

     

    Asset-Backed
      Certificates, Series 2006-OPT5

     

    

    
      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF CONTENTS

     

    
      
        	
                ARTICLE
                  I DEFINITIONS

              
	
                SECTION
                  1.01

              	
                Defined
                  Terms.

              
	
                SECTION
                  1.02

              	
                Accounting.

              
	
                SECTION
                  1.03

              	
                Allocation
                  of Certain Interest Shortfalls.

              
	
                SECTION
                  1.04

              	
                Rights
                  of the NIMS Insurer.

              
	
                ARTICLE
                  II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                  CERTIFICATES

              
	
                SECTION
                  2.01

              	
                Conveyance
                  of Mortgage Loans.

              
	
                SECTION
                  2.02

              	
                Acceptance
                  by Trustee.

              
	
                SECTION
                  2.03

              	
                Repurchase
                  or Substitution of Mortgage Loans by the Originator.

              
	
                SECTION
                  2.04

              	
                Intentionally
                  Omitted.

              
	
                SECTION
                  2.05

              	
                Representations,
                  Warranties and Covenants of the Servicer.

              
	
                SECTION
                  2.06

              	
                Representations
                  and Warranties of the Depositor.

              
	
                SECTION
                  2.07

              	
                Issuance
                  of Certificates.

              
	
                SECTION
                  2.08

              	
                [Reserved].

              
	
                SECTION
                  2.09

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

              
	
                ARTICLE
                  III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

              
	
                SECTION
                  3.01

              	
                Servicer
                  to Act as Servicer.

              
	
                SECTION
                  3.02

              	
                Sub-Servicing
                  Agreements Between Servicer and Sub-Servicers.

              
	
                SECTION
                  3.03

              	
                Successor
                  Sub-Servicers.

              
	
                SECTION
                  3.04

              	
                Liability
                  of the Servicer.

              
	
                SECTION
                  3.05

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

              
	
                SECTION
                  3.06

              	
                Assumption
                  or Termination of Sub-Servicing Agreements by Trustee.

              
	
                SECTION
                  3.07

              	
                Collection
                  of Certain Mortgage Loan Payments.

              
	
                SECTION
                  3.08

              	
                Sub-Servicing
                  Accounts.

              
	
                SECTION
                  3.09

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

              
	
                SECTION
                  3.10

              	
                Collection
                  Account and Distribution Account.

              
	
                SECTION
                  3.11

              	
                Withdrawals
                  from the Collection Account and Distribution Account.

              
	
                SECTION
                  3.12

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

              
	
                SECTION
                  3.13

              	
                [Reserved].

              
	
                SECTION
                  3.14

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

              
	
                SECTION
                  3.15

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

              
	
                SECTION
                  3.16

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                SECTION
                  3.17

              	
                Trustee
                  to Cooperate; Release of Mortgage Files.

              
	
                SECTION
                  3.18

              	
                Servicing
                  Compensation.

              
	
                SECTION
                  3.19

              	
                Reports
                  to the Trustee; Collection Account Statements.

              
	
                SECTION
                  3.20

              	
                Statement
                  as to Compliance.

              
	
                SECTION
                  3.21

              	
                Assessments
                  of Compliance and Attestation Reports.

              
	
                SECTION
                  3.22

              	
                Access
                  to Certain Documentation; Filing of Reports by Trustee.

              
	
                SECTION
                  3.23

              	
                Title,
                  Management and Disposition of REO Property.

              
	
                SECTION
                  3.24

              	
                Obligations
                  of the Servicer in Respect of Prepayment Interest
                  Shortfalls.

              
	
                SECTION
                  3.25

              	
                [Reserved].

              
	
                SECTION
                  3.26

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

              
	
                SECTION
                  3.27

              	
                Solicitations.

              
	
                SECTION
                  3.28

              	
                [Reserved].

              
	
                SECTION
                  3.29

              	
                Advance
                  Facility.

              
	
                ARTICLE
                  IV FLOW OF FUNDS

              
	
                SECTION
                  4.01

              	
                Distributions.

              
	
                SECTION
                  4.02

              	
                [Reserved].

              
	
                SECTION
                  4.03

              	
                Statements.

              
	
                SECTION
                  4.04

              	
                Remittance
                  Reports; Advances.

              
	
                SECTION
                  4.05

              	
                Swap
                  Account.

              
	
                SECTION
                  4.06

              	
                Tax
                  Treatment of Swap Payments and Swap Termination
                  Payments.

              
	
                SECTION
                  4.07

              	
                Commission
                  Reporting.

              
	
                SECTION
                  4.08

              	
                Net
                  WAC Rate Carryover Reserve Account.

              
	
                SECTION
                  4.09

              	
                Distributions
                  on the REMIC Regular Interests.

              
	
                SECTION
                  4.10

              	
                Allocation
                  of Realized Losses.

              
	
                ARTICLE
                  V THE CERTIFICATES

              
	
                SECTION
                  5.01

              	
                The
                  Certificates.

              
	
                SECTION
                  5.02

              	
                Registration
                  of Transfer and Exchange of Certificates.

              
	
                SECTION
                  5.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                SECTION
                  5.04

              	
                Persons
                  Deemed Owners.

              
	
                SECTION
                  5.05

              	
                Appointment
                  of Paying Agent.

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

              
	
                SECTION
                  6.01

              	
                Liability
                  of the Servicer and the Depositor.

              
	
                SECTION
                  6.02

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

              
	
                SECTION
                  6.03

              	
                Limitation
                  on Liability of the Servicer and Others.

              
	
                SECTION
                  6.04

              	
                Servicer
                  Not to Resign.

              
	
                SECTION
                  6.05

              	
                Delegation
                  of Duties.

              
	
                SECTION
                  6.06

              	
                [Reserved].

              
	
                SECTION
                  6.07

              	
                Inspection.

              
	
                SECTION
                  6.08

              	
                Credit
                  Risk Manager.

              
	
                ARTICLE
                  VII DEFAULT

              
	
                SECTION
                  7.01

              	
                Servicer
                  Events of Termination.

              
	
                SECTION
                  7.02

              	
                Trustee
                  to Act; Appointment of Successor.

              
	
                SECTION
                  7.03

              	
                Waiver
                  of Defaults.

              
	
                SECTION
                  7.04

              	
                Notification
                  to Certificateholders.

              
	
                SECTION
                  7.05

              	
                Survivability
                  of Servicer Liabilities.

              
	
                ARTICLE
                  VIII THE TRUSTEE

              
	
                SECTION
                  8.01

              	
                Duties
                  of Trustee.

              
	
                SECTION
                  8.02

              	
                Certain
                  Matters Affecting the Trustee.

              
	
                SECTION
                  8.03

              	
                Trustee
                  Not Liable for Certificates or Mortgage Loans.

              
	
                SECTION
                  8.04

              	
                Trustee
                  May Own Certificates.

              
	
                SECTION
                  8.05

              	
                Trustee
                  Compensation, Custodial Fee and Expenses.

              
	
                SECTION
                  8.06

              	
                Eligibility
                  Requirements for Trustee.

              
	
                SECTION
                  8.07

              	
                Resignation
                  or Removal of Trustee.

              
	
                SECTION
                  8.08

              	
                Successor
                  Trustee.

              
	
                SECTION
                  8.09

              	
                Merger
                  or Consolidation of Trustee.

              
	
                SECTION
                  8.10

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                SECTION
                  8.11

              	
                Limitation
                  of Liability.

              
	
                SECTION
                  8.12

              	
                Trustee
                  May Enforce Claims Without Possession of Certificates.

              
	
                SECTION
                  8.13

              	
                Suits
                  for Enforcement.

              
	
                SECTION
                  8.14

              	
                Waiver
                  of Bond Requirement.

              
	
                SECTION
                  8.15

              	
                Waiver
                  of Inventory, Accounting and Appraisal Requirement.

              
	
                SECTION
                  8.16

              	
                Appointment
                  of the Custodian.

              
	
                ARTICLE
                  IX REMIC ADMINISTRATION

              
	
                SECTION
                  9.01

              	
                REMIC
                  Administration.

              
	
                SECTION
                  9.02

              	
                Prohibited
                  Transactions and Activities.

              
	
                SECTION
                  9.03

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

              
	
                ARTICLE
                  X TERMINATION

              
	
                SECTION
                  10.01

              	
                Termination.

              
	
                SECTION
                  10.02

              	
                Additional
                  Termination Requirements.

              
	
                ARTICLE
                  XI MISCELLANEOUS PROVISIONS

              
	
                SECTION
                  11.01

              	
                Amendment.

              
	
                SECTION
                  11.02

              	
                Recordation
                  of Agreement; Counterparts.

              
	
                SECTION
                  11.03

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                SECTION
                  11.04

              	
                Governing
                  Law; Jurisdiction.

              
	
                SECTION
                  11.05

              	
                Notices.

              
	
                SECTION
                  11.06

              	
                Severability
                  of Provisions.

              
	
                SECTION
                  11.07

              	
                Article
                  and Section References.

              
	
                SECTION
                  11.08

              	
                Notice
                  to the Rating Agencies, the Swap Provider and the NIMS
                  Insurer.

              
	
                SECTION
                  11.09

              	
                Further
                  Assurances.

              
	
                SECTION
                  11.10

              	
                Third
                  Party Rights.

              
	
                SECTION
                  11.11

              	
                Benefits
                  of Agreement.

              
	
                SECTION
                  11.12

              	
                Acts
                  of Certificateholders.

              
	
                SECTION
                  11.13

              	
                Intention
                  of the Parties and Interpretation.

              

      

      

        
          
             

             

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

    

    Exhibits:

     

    
      
        	
                Exhibit
                  A-1

              	
                Form
                  of Class I-A-1 Certificates

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class II-A-1 Certificates

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class II-A-2 Certificates

              
	
                Exhibit
                  A-4

              	
                Form
                  of Class II-A-3 Certificates

              
	
                Exhibit
                  A-5

              	
                Form
                  of Class II-A-4 Certificates

              
	
                Exhibit
                  A-6

              	
                Form
                  of Class M-1 Certificates

              
	
                Exhibit
                  A-7

              	
                Form
                  of Class M-2 Certificates

              
	
                Exhibit
                  A-8

              	
                Form
                  of Class M-3 Certificates

              
	
                Exhibit
                  A-9

              	
                Form
                  of Class M-4 Certificates

              
	
                Exhibit
                  A-10

              	
                Form
                  of Class M-5 Certificates

              
	
                Exhibit
                  A-11

              	
                Form
                  of Class M-6 Certificates

              
	
                Exhibit
                  A-12

              	
                Form
                  of Class M-7 Certificates

              
	
                Exhibit
                  A-13

              	
                Form
                  of Class M-8 Certificates

              
	
                Exhibit
                  A-14

              	
                Form
                  of Class M-9 Certificates

              
	
                Exhibit
                  A-15

              	
                Form
                  of Class M-10 Certificates

              
	
                Exhibit
                  A-16

              	
                Form
                  of Class M-11 Certificates

              
	
                Exhibit
                  A-17

              	
                Form
                  of Class M-12 Certificates

              
	
                Exhibit
                  A-18

              	
                Form
                  of Class C Certificates

              
	
                Exhibit
                  A-19

              	
                Form
                  of Class P Certificates

              
	
                Exhibit
                  A-20

              	
                Form
                  of Class R Certificates

              
	
                Exhibit
                  A-21

              	
                Form
                  of Class R-X Certificates

              
	
                Exhibit
                  B

              	
                [Reserved]

              
	
                Exhibit
                  C

              	
                Form
                  of Mortgage Loan Purchase Agreement

              
	
                Exhibit
                  D

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  E

              	
                Request
                  for Release

              
	
                Exhibit
                  F-1

              	
                Form
                  of Trustee’s/Custodian’s Initial Certification

              
	
                Exhibit
                  F-2

              	
                Form
                  of Trustee’s/Custodian’s Final Certification

              
	
                Exhibit
                  F-3

              	
                Form
                  of Receipt of Mortgage Note

              
	
                Exhibit
                  G

              	
                Form
                  of Custodial Agreement 

              
	
                Exhibit
                  H

              	
                Form
                  of Lost Note Affidavit

              
	
                Exhibit
                  I

              	
                Form
                  of Limited Power of Attorney

              
	
                Exhibit
                  J

              	
                Form
                  of Investment Letter

              
	
                Exhibit
                  K

              	
                Form
                  of Transfer Affidavit for Residual Certificates

              
	
                Exhibit
                  L

              	
                Form
                  of Transferor Certificate

              
	
                Exhibit
                  M

              	
                Form
                  of ERISA Representation Letter

              
	
                Exhibit
                  N-1

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

              
	
                Exhibit
                  N-2

              	
                Form
                  Certification to be Provided to the Depositor by the
                  Trustee

              
	
                Exhibit
                  N-3

              	
                Form
                  Certification to be Provided to the Depositor by the
                  Servicer

              
	
                Exhibit
                  O

              	
                [Reserved]

              
	
                Exhibit
                  P

              	
                Form
                  of Annual Statement as to Compliance

              
	
                Exhibit
                  Q

              	
                Form
                  of Interest Rate Swap Agreement

              
	
                Exhibit
                  R

              	
                Form
                  of Swap Administration Agreement

              
	
                Exhibit
                  S

              	
                Servicing
                  Criteria

              
	
                Exhibit
                  T

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

              
	 	 
	
                Schedule
                  I

              	
                Prepayment
                  Charge Schedule

              
	
                Schedule
                  II

              	
                Swap
                  Payment Schedule

              

      

      

        
           

          
            
            

            
              

            

          

          
            
            

            
            

          

        

    

    This
      Pooling and Servicing Agreement is dated as of June 1, 2006 (the “Agreement”),
      among FINANCIAL ASSET SECURITIES CORP., as depositor (the “Depositor”), OPTION
      ONE MORTGAGE CORPORATION, as servicer (the “Servicer”) and DEUTSCHE BANK
      NATIONAL TRUST COMPANY, as trustee and supplemental interest trust trustee
      (the
“Trustee” and the “Supplemental Interest Trust Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates (collectively, the
“Certificates”), to be issued hereunder in multiple classes, which in the
      aggregate will evidence the entire beneficial ownership interest in the Trust
      Fund created hereunder. The Certificates will consist of twenty-one classes
      of
      certificates, designated as (i) the Class I-A-1 Certificates, (ii) the Class
      II-A-1 Certificates, (iii) the Class II-A-2 Certificates, (iv) Class II-A-3
      Certificates, (v) the Class II-A-4 Certificates, (vi) the Class M-1 Certificates
      (vii) the Class M-2 Certificates, (viii) the Class M-3 Certificates, (ix) the
      Class M-4 Certificates, (x) the Class M-5 Certificates, (xi) the Class M-6
      Certificates, (xii) the Class M-7 Certificates, (xiii) the Class M-8
      Certificates, (xiv) the Class M-9 Certificates, (xv) the Class M-10
      Certificates, (xvi) the Class M-11 Certificates, (xvii) the Class M-12
      Certificates, (xviii) the Class C Certificates, (xix) the Class P Certificates,
      (xx) the Class R Certificates and (xxi) the Class R-X Certificates.

     

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      1

     

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

    
      

        
          	
                  Designation

                	 	
                  Uncertificated
                    REMIC 1

                  Pass-Through
                    Rate

                	 	
                  Initial

                  Uncertificated
                    Principal Balance

                	 	
                  Latest
                    Possible

                  Maturity
                    Date(1)

                	 
	
                  I

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  45,563,741.98
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-1-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  11,431,443.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-1-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  11,431,443.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-2-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  17,073,813.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-2-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  17,073,813.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-3-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  22,583,438.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-3-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  22,583,438.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-4-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  25,242,048.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-4-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  25,242,048.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-5-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  27,826,558.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-5-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  27,826,558.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-6-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  30,321,713.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-6-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  30,321,713.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-7-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  32,712,483.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-7-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  32,712,483.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-8-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  34,969,683.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-8-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  34,969,683.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-9-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  37,092,448.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-9-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  37,092,448.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-10-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  38,766,076.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-10-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  38,766,076.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-11-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  40,078,308.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-11-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  40,078,308.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-12-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  41,255,345.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-12-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  41,255,345.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-13-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  42,289,261.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-13-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  42,289,261.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-14-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  43,172,228.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-14-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  43,172,228.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-15-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  43,897,460.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-15-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  43,897,460.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-16-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  44,459,272.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-16-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  44,459,272.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-17-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  44,853,375.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-17-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  44,853,375.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-18-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  45,072,413.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-18-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  45,072,413.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-19-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  45,119,548.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-19-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  45,119,548.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-20-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  44,974,500.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-20-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  44,974,500.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-21-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  44,556,567.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-21-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  44,556,567.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-22-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  41,912,701.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-22-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  41,912,701.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-23-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  39,519,251.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-23-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  39,519,251.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-24-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  37,266,366.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-24-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  37,266,366.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-25-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  35,145,457.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-25-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  35,145,457.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-26-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  33,148,678.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-26-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  33,148,678.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-27-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  31,268,662.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-27-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  31,268,662.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-28-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  29,494,027.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-28-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  29,494,027.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-29-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  27,827,653.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-29-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  27,827,653.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-30-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  26,258,425.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-30-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  26,258,425.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-31-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  24,780,580.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-31-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  24,780,580.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-32-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  23,388,567.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-32-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  23,388,567.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-33-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  22,077,458.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-33-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  22,077,458.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-34-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  20,840,657.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-34-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  20,840,657.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-35-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  19,677,546.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-35-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  19,677,546.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-36-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  18,581,835.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-36-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  18,581,835.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-37-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  17,549,483.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-37-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  17,549,483.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-38-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  16,576,756.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-38-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  16,576,756.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-39-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  15,660,115.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-39-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  15,660,115.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-40-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  14,796,216.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-40-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  14,796,216.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-41-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  13,982,091.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-41-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  13,982,091.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-42-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  13,214,728.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-42-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  13,214,728.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-43-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  12,491,380.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-43-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  12,491,380.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-44-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  11,809,456.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-44-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  11,809,456.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-45-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  11,166,522.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-45-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  11,166,522.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-46-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  10,560,295.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-46-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  10,560,295.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-47-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  9,988,623.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-47-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  9,988,623.75
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-48-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  9,449,482.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-48-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  9,449,482.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-49-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  8,940,966.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-49-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  8,940,966.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-50-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  8,461,286.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-50-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  8,461,286.25
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-51-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  8,008,755.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-51-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  8,008,755.00
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-52-A

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  155,625,977.50
                    

                	 	
                  July
                    25, 2036

                	 
	
                  I-52-B

                	 	
                  Variable
                    (2)

                	 	
                  $

                	
                  155,625,977.50
                    

                	 	
                  July
                    25, 2036

                	 

        

      

    

    ________________

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

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

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

     

    
      
        	
                Designation

              	 	
                Uncertificated
                  REMIC 2

                Pass-Through
                  Rate

              	 	
                Initial
                  Uncertificated

                Principal
                  Balance

              	 	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                LTAA

              	 	
                Variable(2)

              	 	
                $

              	
                3,037,999,641.79
                  

              	 	
                July
                  25, 2036

              
	
                LTIA1

              	 	
                Variable(2)

              	 	
                $

              	
                12,333,080.00
                  

              	 	
                July
                  25, 2036

              
	
                LTIIA1

              	 	
                Variable(2)

              	 	
                $

              	
                4,432,670.00
                  

              	 	
                July
                  25, 2036

              
	
                LTIIA2

              	 	
                Variable(2)

              	 	
                $

              	
                2,616,880.00
                  

              	 	
                July
                  25, 2036

              
	
                LTIIA3

              	 	
                Variable(2)

              	 	
                $

              	
                3,507,790.00
                  

              	 	
                July
                  25, 2036

              
	
                LTIIA4

              	 	
                Variable(2)

              	 	
                $

              	
                1,258,580.00
                  

              	 	
                July
                  25, 2036

              
	
                LTM1

              	 	
                Variable(2)

              	 	
                $

              	
                1,224,500.00
                  

              	 	
                July
                  25, 2036

              
	
                LTM2

              	 	
                Variable(2)

              	 	
                $

              	
                935,000.00
                  

              	 	
                July
                  25, 2036

              
	
                LTM3

              	 	
                Variable(2)

              	 	
                $

              	
                770,000.00
                  

              	 	
                July
                  25, 2036

              
	
                LTM4

              	 	
                Variable(2)

              	 	
                $

              	
                558,000.00
                  

              	 	
                July
                  25, 2036

              
	
                LTM5

              	 	
                Variable(2)

              	 	
                $

              	
                542,500.00
                  

              	 	
                July
                  25, 2036

              
	
                LTM6

              	 	
                Variable(2)

              	 	
                $

              	
                496,000.00
                  

              	 	
                July
                  25, 2036

              
	
                LTM7

              	 	
                Variable(2)

              	 	
                $

              	
                465,000.00
                  

              	 	
                July
                  25, 2036

              
	
                LTM8

              	 	
                Variable(2)

              	 	
                $

              	
                387,500.00
                  

              	 	
                July
                  25, 2036

              
	
                LTM9

              	 	
                Variable(2)

              	 	
                $

              	
                341,000.00
                  

              	 	
                July
                  25, 2036

              
	
                LTM10

              	 	
                Variable(2)

              	 	
                $

              	
                279,000.00
                  

              	 	
                July
                  25, 2036

              
	
                LTM11

              	 	
                Variable(2)

              	 	
                $

              	
                232,500.00
                  

              	 	
                July
                  25, 2036

              
	
                LTM12

              	 	
                Variable(2)

              	 	
                $

              	
                232,500.00
                  

              	 	
                July
                  25, 2036

              
	
                LTZZ

              	 	
                Variable(2)

              	 	
                $

              	
                31,387,492.69
                  

              	 	
                July
                  25, 2036

              
	
                LTP

              	 	
                Variable(2)

              	 	
                $

              	
                100.00
                  

              	 	
                July
                  25, 2036

              
	
                LTIO

              	 	
                Variable(2) 

              	 	 	
                (3)

              	 	
                July
                  25, 2036

              

      

    

    

    ________________

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

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

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

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      3

     

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

     

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

     

    
      
        	
                Designation

              	 	
                Original
                  Class Certificate

                Principal
                  Balance

              	 	
                Pass-Through
                  Rate

              	 	
                Latest
                  Possible

                Maturity
                  Date(1)

              
	
                Class
                  I-A-1

              	 	
                $

              	
                1,233,308,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  II-A-1

              	 	
                $

              	
                443,267,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  II-A-2

              	 	
                $

              	
                261,688,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  II-A-3

              	 	
                $

              	
                350,779,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  II-A-4

              	 	
                $

              	
                125,858,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  M-1

              	 	
                $

              	
                122,450,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  M-2

              	 	
                $

              	
                93,500,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  M-3

              	 	
                $

              	
                77,000,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  M-4

              	 	
                $

              	
                55,800,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  M-5

              	 	
                $

              	
                54,250,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  M-6

              	 	
                $

              	
                49,600,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  M-7

              	 	
                $

              	
                46,500,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  M-8

              	 	
                $

              	
                38,750,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  M-9

              	 	
                $

              	
                34,100,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  M-10

              	 	
                $

              	
                27,900,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  M-11

              	 	
                $

              	
                23,250,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  M-12

              	 	
                $

              	
                23,250,000.00

              	 	
                Variable(2)

              	 	
                July
                  25, 2036

              
	
                Class
                  C Interest

              	 	
                $

              	
                38,749,634.48

              	 	
                Variable(4)

              	 	
                July
                  25, 2036

              
	
                Class
                  P Interest

              	 	
                $

              	
                100.00

              	 	
                Variable(5)

              	 	
                July
                  25, 2036

              
	
                Class
                  IO Interest

              	 	 	
                (6)

              	 	
                (7)

              	 	
                July
                  25, 2036

              

      

    

    ________________

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

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

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

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

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

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      4

     

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

     

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

     

    
      	
              Designation

            	 	
              Original
                Class Certificate

              Principal
                Balance

            	 	
              Pass-Through
                Rate

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            	 
	
              Class
                C

            	 	
              $

            	
              38,749,634.48

            	 	 	
              Variable(2)

            	
               

            	 	
              July
                25, 2036

            	 

    

    ________________

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      5

     

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

     

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

     

    
      	
              Designation

            	 	
              Original
                Class Certificate

              Principal
                Balance

            	 	
              Pass-Through
                Rate

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            	 
	
              Class
                P

            	 	
              $

            	
              100.00

            	 	 	
              Variable(2)

            	
               

            	 	
              July
                25, 2036

            	 

    

    ________________

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

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      6

     

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

     

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

     

    
      	
              Class
                Designation

            	 	
              Original
                Class Certificate

              Principal
                Balance

            	 	
              Pass-Through
                Rate

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            	 
	
              SWAP
                IO

            	 	 	
              N/A

            	
               

            	
               

            	
              Variable(2)

            	
               

            	
               

            	
              July
                25, 2036

            	 

    

    ________________

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

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

     

    ARTICLE
      I

    DEFINITIONS

     

    
      	SECTION
              1.01  	
              Defined
                Terms.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Certificate”:
      Any Regular Certificate or Residual Certificate.

     

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

     

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

     

    
      	
              Class

            	
              REMIC
                2

              Regular

              Interest

            	
              Certificate
                Margin

            
	
              (1)
                (%)

            	
              (2)
                (%)

            
	
              I-A-1

            	
              LTIA1

            	
              0.1400%

            	
              0.2800%

            
	
              II-A-1

            	
              LTIIA1

            	
              0.0300%

            	
              0.0600%

            
	
              II-A-2

            	
              LTIIA2

            	
              0.0900%

            	
              0.1800%

            
	
              II-A-3

            	
              LTIIA3

            	
              0.1500%

            	
              0.3000%

            
	
              II-A-4

            	
              LTIIA4

            	
              0.2400%

            	
              0.4800%

            
	
              M-1

            	
              LTM1

            	
              0.2500%

            	
              0.3750%

            
	
              M-2

            	
              LTM2

            	
              0.2800%

            	
              0.4200%

            
	
              M-3

            	
              LTM3

            	
              0.3200%

            	
              0.4800%

            
	
              M-4

            	
              LTM4

            	
              0.3600%

            	
              0.5400%

            
	
              M-5

            	
              LTM5

            	
              0.3800%

            	
              0.5700%

            
	
              M-6

            	
              LTM6

            	
              0.4600%

            	
              0.6900%

            
	
              M-7

            	
              LTM7

            	
              0.8800%

            	
              1.3200%

            
	
              M-8

            	
              LTM8

            	
              1.1000%

            	
              1.6500%

            
	
              M-9

            	
              LTM9

            	
              2.0000%

            	
              3.0000%

            
	
              M-10

            	
              LTM10

            	
              2.5000%

            	
              3.7500%

            
	
              M-11

            	
              LTM11

            	
              2.5000%

            	
              3.7500%

            
	
              M-12

            	
              LTM12

            	
              2.5000%

            	
              3.7500%

            

    

    __________

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

    (2) For
      each
      other Accrual Period.

    

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

     

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

     

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

     

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

     

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

     

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

     

    “Class
      C
      Certificates”: Any one of the Class C Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-18, representing (i) a Regular Interest in
      REMIC 4, (ii) the obligation to pay Net WAC Rate Carryover Amounts and Swap
      Termination Payments and (iii) the right to receive the Class IO Distribution
      Amount.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Class
      M-1/M-2/M-3 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date) 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) 74.70% 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 related
      Overcollateralization Floor.

     

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

     

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

     

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

     

    “Class
      M-4 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2/M-3 Principal Distribution Amount
      on such Distribution Date) (iv) the Certificate Principal Balance of the Class
      M-3 Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date) and (v) the Certificate
      Principal Balance of the Class M-4 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 78.30% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

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

     

    “Class
      M-5 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2/M-3 Principal Distribution Amount
      on such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3 Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (vi) the Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 81.80% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

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

     

    “Class
      M-6 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2/M-3 Principal Distribution Amount
      on such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3 Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date) and (vii) the Certificate
      Principal Balance of the Class M-6 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 85.00% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

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

     

    “Class
      M-7 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2/M-3 Principal Distribution Amount
      on such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3 Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date) and (viii) the Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 88.00% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

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

     

    “Class
      M-8 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2/M-3 Principal Distribution Amount
      on such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3 Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date) and (ix) the Certificate
      Principal Balance of the Class M-8 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 90.50% 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.

     

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

     

    “Class
      M-9 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2/M-3 Principal Distribution Amount
      on such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3 Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date) and (x) the Certificate Principal Balance of the Class M-9 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 92.70% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Class
      M-10 Certificate”: Any one of the Class M-10 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-15, representing (i)
      a
      Regular Interest in REMIC 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 Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2/M-3 Principal Distribution Amount
      on such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3 Certificates (after taking into account the distribution of the Class
      M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (v) the
      Certificate Principal Balance of the Class M-4 Certificates (after taking into
      account the distribution of the Class M-4 Principal Distribution Amount on
      such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates (after taking into account the distribution of the Class M-5
      Principal Distribution Amount on such Distribution Date), (vii) the Certificate
      Principal Balance of the Class M-6 Certificates (after taking into account
      the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (x) 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 (xi) 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) 94.50% 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.

     

    “Class
      M-11 Certificate”: Any one of the Class M-11 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-16, 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-11 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2/M-3 Principal Distribution Amount
      on such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3 Certificates (after taking into account the distribution of the Class
      M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (v) the
      Certificate Principal Balance of the Class M-4 Certificates (after taking into
      account the distribution of the Class M-4 Principal Distribution Amount on
      such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates (after taking into account the distribution of the Class M-5
      Principal Distribution Amount on such Distribution Date), (vii) the Certificate
      Principal Balance of the Class M-6 Certificates (after taking into account
      the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (x) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-8 Principal
      Distribution Amount on such Distribution Date), (xi) the Certificate Principal
      Balance of the Class M-10 Certificates (after taking into account the
      distribution of the Class M-10 Principal Distribution Amount on such
      Distribution Date) and (xii) the Certificate Principal Balance of the Class
      M-11
      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 related Overcollateralization Floor.

     

    “Class
      M-12 Certificate”: Any one of the Class M-11 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-17, 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-12 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1 Certificates (after taking into account the distribution of the Class
      M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (iii)
      the
      Certificate Principal Balance of the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2/M-3 Principal Distribution Amount
      on such Distribution Date), (iv) the Certificate Principal Balance of the Class
      M-3 Certificates (after taking into account the distribution of the Class
      M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (v) the
      Certificate Principal Balance of the Class M-4 Certificates (after taking into
      account the distribution of the Class M-4 Principal Distribution Amount on
      such
      Distribution Date), (vi) the Certificate Principal Balance of the Class M-5
      Certificates (after taking into account the distribution of the Class M-5
      Principal Distribution Amount on such Distribution Date), (vii) the Certificate
      Principal Balance of the Class M-6 Certificates (after taking into account
      the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (x) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-8 Principal
      Distribution Amount on such Distribution Date), (xi) the Certificate Principal
      Balance of the Class M-10 Certificates (after taking into account the
      distribution of the Class M-10 Principal Distribution Amount on such
      Distribution Date), (xii) the Certificate Principal Balance of the Class M-11
      Certificates (after taking into account the distribution of the Class M-11
      Principal Distribution Amount on such Distribution Date), (xiii) the Certificate
      Principal Balance of the Class M-12 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 97.50% 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.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-19, representing a Regular Interest in REMIC
      5.

     

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

     

    “Class
      R
      Certificate”: The Class R Certificate executed by the Trustee, and authenticated
      and delivered by the Certificate Registrar, substantially in the form annexed
      hereto as Exhibit A-20 and evidencing the ownership of the Class R-1 Interest,
      the Class R-2 Interest and the Class R-3 Interest.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Class
      R-X Certificate”: The Class R-X Certificate executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-21 and evidencing the ownership of the Class
      R-4 Interest, the Class R-5 Interest and the Class R-6 Interest.

     

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

     

    “Closing
      Date”: June 19, 2006.

     

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

     

    “Collection
      Account”: The account or accounts created and maintained by the Servicer
      pursuant to Section 3.10(a), which shall be entitled “Deutsche Bank National
      Trust Company, as Trustee, in trust for registered Holders of Soundview Home
      Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5,” which must
      be an Eligible Account.

     

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

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee at which at
      any particular time its corporate trust business in connection with this
      Agreement shall be administered, which office at the date of the execution
      of
      this instrument is located at 1761 East St. Andrew Place, Santa Ana, CA
      92705-4934, Attention: Trust Administration- GC06O5, or at such other address
      as
      the Trustee may designate from time to time by notice to the Certificateholders,
      the Depositor, the Servicer and the Originator.

     

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

     

    
      	
              REMIC
                2 Regular Interest

            	
              Regular
                Certificate

            
	
              LTIA1

            	
              Class
                I-A-1

            
	
              LTIIA1

            	
              Class
                II-A-1

            
	
              LTIIA2

            	
              Class
                II-A-2

            
	
              LTIIA3

            	
              Class
                II-A-3

            
	
              LTIIA4

            	
              Class
                II-A-4

            
	
              LTM1

            	
              Class
                M-1

            
	
              LTM2

            	
              Class
                M-2

            
	
              LTM3

            	
              Class
                M-3

            
	
              LTM4

            	
              Class
                M-4

            
	
              LTM5

            	
              Class
                M-5

            
	
              LTM6

            	
              Class
                M-6

            
	
              LTM7

            	
              Class
                M-7

            
	
              LTM8

            	
              Class
                M-8

            
	
              LTM9

            	
              Class
                M-9

            
	
              LTM10

            	
              Class
                M-10

            
	
              LTM11

            	
              Class
                M-11

            
	
              LTM12

            	
              Class
                M-12

            
	
              LTP

            	
              Class
                P

            

    

    

    “Credit
      Risk Management Agreement”: The Credit Risk Management Agreement, dated June 19,
      2006, between the Servicer and the Credit Risk Manager.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Custodial
      Fee Rate”: for any Distribution Date is 0.0055% per annum.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trustee
      pursuant to Section 3.10(b) which shall be entitled “Distribution Account,
      Deutsche Bank National Trust Company, as Trustee, in trust for the registered
      Certificateholders of Soundview Home Loan Trust 2006-OPT5, Asset-Backed
      Certificates, Series 2006-OPT5” 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 July 2006.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Floating
      Swap Payment”: With respect to any Distribution Date, a floating amount equal to
      the product of (i) Swap LIBOR, (ii) the related Base Calculation 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 Date (or, for the first Floating Rate Payer Payment
      Date, the actual number of days elapsed from the Closing Date to but excluding
      the first Floating Rate Payer Payment Date), and the denominator of which is
      360.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Group
      I
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group I with a Stated Principal
      Balance at origination that conforms to Fannie Mae and Freddie Mac loan limits.
      The aggregate principal balance of the Group I Mortgage Loans as of the Cut-off
      Date is equal to $1,583,194,489.16.

     

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

     

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

     

    “Group
      I
      Senior Principal Distribution Amount”: The excess of (x) the Certificate
      Principal Balance of the Group I Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 55.80% and
      (ii)
      the aggregate Stated Principal Balance of the Group I Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Group I Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) minus the related Overcollateralization
      Floor.

     

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

     

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

     

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

     

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

     

    “Group
      II
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group II with a Stated
      Principal Balance at origination that may or may not conform to Fannie Mae
      and
      Freddie Mac loan limits. The aggregate principal balance of the Group II
      Mortgage Loans as of the Cut-off Date is equal to
      $1,516,805,245.32.

     

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

     

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

     

    “Group
      II
      Senior Principal Distribution Amount”: The excess of (x) the aggregate
      Certificate Principal Balance of the Group II Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 55.80%
      and
      (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans
      as of
      the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the aggregate Stated Principal Balance of
      the
      Group II Mortgage Loans as of the last day of the related Due Period (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Highest
      Priority”: As
      of any
      date of determination, the Class of Mezzanine Certificates then outstanding
      with
      a Certificate Principal Balance greater than zero, with the highest priority
      for
      payments pursuant to Section 4.01, in the following order of decreasing
      priority: Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6,
      Class M-7, Class M-8, Class M-9, Class M-10, Class M-11, Class M-12
      Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Interest
      Rate Swap Agreement”: The 1992 ISDA Master Agreement (Multicurrency-Cross
      Border) dated as of June 19, 2006 (together with the schedule thereto, the
      Master Agreement) and the confirmation thereto between the Swap Provider and
      the
      Trustee (in its capacity as Supplemental Interest Trust Trustee).

     

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

     

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

     

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

     

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

     

    Notwithstanding
      the foregoing, LIBOR for the Class A and Floating Rate Certificates for the
      first Accrual Period will be 5.268% per annum.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Losses”:
      As defined in Section 9.03.

     

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

     

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

     

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

     

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

     

    “Maximum
      Uncertificated Accrued Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (a) accrued interest at the Uncertificated
      REMIC 2 Pass-Through Rate applicable to REMIC 2 Regular Interest LTZZ for such
      Distribution Date on a balance equal to the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LTZZ minus the REMIC 2 Overcollateralization Amount,
      in
      each case for such Distribution Date, over (b) the sum of the Uncertificated
      Accrued Interest on REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest
      LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC
      2 Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular
      Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4,
      REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular
      Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9,
      REMIC 2 Regular Interest LTM10, REMIC 2 Regular Interest LTM11 and REMIC 2
      Regular Interest LTM12 with the rate on each such REMIC 2 Regular Interest
      subject to a cap equal to the Pass-Through Rate for the related Corresponding
      Certificate for the purpose of this calculation; provided, however, that for
      this purpose, calculations of the Uncertificated REMIC 2 Pass-Through Rate
      and
      the related caps with respect to each such REMIC 2 Regular Interest (other
      than
      REMIC 2 Regular Interest LTZZ) shall be multiplied by a fraction, the numerator
      of which is the actual number of days elapsed in the related Accrual Period
      and
      the denominator of which is 30.

    

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

     

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

     

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

     

    “Mezzanine
      Certificate”: Any Class M-1 Certificate, Class M-2 Certificate, Class M-3
      Certificate, Class M-4 Certificate, Class M-5 Certificate, Class M-6
      Certificate, Class M-7 Certificate, Class M-8 Certificate, Class M-9
      Certificate, Class M-10 Certificate, Class M-11 Certificate or Class M-12
      Certificate.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Mortgage
      Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement, dated as of May
      24, 2006, among the Originator, the Sellers and the Depositor.

     

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

     

    
      
        	 	
                (1)

              	
                the
                  Mortgage Loan identifying number;

              
	 	 	 
	 	
                (2)

              	
                [reserved];

              
	 	 	 
	 	
                (3)

              	
                the
                  state and zip code of the Mortgaged Property;

              
	 	 	 
	 	
                (4)

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

              
	 	 	 
	 	
                (5)

              	
                the
                  type of Residential Dwelling constituting the Mortgaged
                  Property;

              
	 	 	 
	 	
                (6)

              	
                the
                  original months to maturity;

              
	 	 	 
	 	
                (7)

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

              
	 	 	 
	 	
                (8)

              	
                the
                  Loan-to-Value Ratio at origination;

              
	 	 	 
	 	
                (9)

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

              
	 	 	 
	 	
                (10)

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

              
	 	 	 
	 	
                (11)

              	
                the
                  stated maturity date;

              
	 	 	 
	 	
                (12)

              	
                the
                  amount of the Monthly Payment at origination;

              
	 	 	 
	 	
                (13)

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

              
	 	 	 
	 	
                (14)

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

              
	 	 	 
	 	
                (15)

              	
                the
                  original principal amount of the Mortgage Loan;

              
	 	 	 
	 	
                (16)

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

              
	 	 	 
	 	
                (17)

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

              
	 	 	 
	 	
                (18)

              	
                the
                  Mortgage Rate at origination;

              
	 	 	 
	 	
                (19)

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

              
	 	 	 
	 	
                (20)

              	
                the
                  risk grade;

              
	 	 	 
	 	
                (21)

              	
                the
                  Value of the Mortgaged Property;

              
	 	 	 
	 	
                (22)

              	
                the
                  sale price of the Mortgaged Property, if applicable;

              
	 	 	 
	 	
                (23)

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

              
	 	 	 
	 	
                (24)

              	
                the
                  type and term of the related Prepayment Charge;

              
	 	 	 
	 	
                (25)

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

              
	 	 	 
	 	
                (26)

              	
                the
                  program code;

              
	 	 	 
	 	
                (27)

              	
                the
                  Loan Group; and

              
	 	 	 
	 	
                (28)

              	
                the
                  lien priority.

              

      

    

     

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

     

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

     

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

     

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

     

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

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Overcollateralization
      Floor”: With respect to the Group I Certificates, $7,915,972.45. With respect to
      the Group II Certificates, $7,584,026.23. With respect to the Mezzanine
      Certificates, $15,499,988.67.

     

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

     

    “Overcollateralization
      Target Amount”: With respect to any Distribution Date (x) prior to the Stepdown
      Date, an amount equal to 1.25% of the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the Cut-off Date and (y) on or after the Stepdown Date
      provided a Trigger Event is not in effect, the greater of (A) 2.50% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period) after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and (B) 0.50% of the aggregate Principal Balance of the Mortgage Loans
      as of the Cut-off Date and (z) on
      or
      after the Stepdown Date if a Trigger Event is in effect, the
      Overcollateralization Target Amount for the immediately preceding Distribution
      Date.
      Notwithstanding the foregoing, on and after any Distribution Date following
      the
      reduction of the aggregate Certificate Principal Balance of the Class A and
      Mezzanine Certificates to zero, the Overcollateralization Target Amount shall
      be
      zero.

     

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

     

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

     

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

     

    With
      respect to the Class C Interest and any Distribution Date, a per annum rate
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      the sum of (i) 100% of the interest on REMIC 2 Regular Interest LTP and (ii)
      interest on the Uncertificated Balance of each REMIC 2 Regular Interest listed
      in clause (y) at a rate equal to the related Uncertificated REMIC 2 Pass-Through
      Rate minus the Marker Rate and the denominator of which is (y) the aggregate
      Uncertificated Principal Balance of REMIC 2 Regular Interests LTAA, LTIA1,
      LTIIA1, LTIIA2, LTIIA3, LTIIA4, LTM1, LTM2, LTM3, LTM4, LTM5, LTM6, LTM7, LTM8,
      LTM9, LTM10, LTM11, LTM12 and LTZZ.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “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:

     

    (i)  the
      Mortgage Loan identifying number;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Prospectus
      Supplement”: That certain Prospectus Supplement dated May 24, 2006 relating to
      the public offering of the Class A Certificates and the Mezzanine Certificates
      (other than the Class M-10, Clas M-11 and Class M-12 Certificates).

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Reimbursement
      amount”: As defined in Section 3.29.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “REMIC
      2
      Overcollateralization Amount”: With respect to any date of determination, (i)
      1.00% of the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
      Interests (other than REMIC 2 Regular Interest LTP) minus (ii) the aggregate
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTIA1, REMIC 2
      Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular
      Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular Interest
      LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
      Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC 2 Regular Interest LTM11
      and REMIC 2 Regular Interest LTM12 in each case as of such date of
      determination.

    

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

     

    “REMIC
      2
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to the product of (i) the aggregate Stated Principal Balance of
      the
      Mortgage Loans and related REO Properties then outstanding and (ii) 1 minus
      a
      fraction, the numerator of which is two times the aggregate Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest
      LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC
      2 Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular
      Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4,
      REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular
      Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9,
      REMIC 2 Regular Interest LTM10, REMIC 2 Regular Interest LTM11, REMIC 2 Regular
      Interest LTM12 and the denominator of which is the aggregate Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest
      LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC
      2 Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular
      Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4,
      REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular
      Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM10,
      REMIC 2 Regular Interest LTM11 and REMIC 2 Regular Interest LTM12 REMIC 2
      Regular Interest LTM9 and REMIC 2 Regular Interest LTZZ.

     

    “REMIC
      2
      Regular Interests”: One of the separate non-certificated beneficial ownership
      interests in REMIC 2 issued hereunder and designated as a Regular Interest
      in
      REMIC 2. Each REMIC 2 Regular Interest shall accrue interest at the related
      Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal (other than REMIC 2 Regular Interest
      LTIO), subject to the terms and conditions hereof, in an aggregate amount equal
      to its initial Uncertificated Principal Balance as set forth in the Preliminary
      Statement hereto. The following is a list of each of the REMIC 2 Regular
      Interests: REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTIA1, REMIC
      2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular
      Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular Interest
      LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
      Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC 2 Regular Interest LTM11,
      REMIC 2 Regular Interest LTM12, REMIC 2 Regular Interest LTZZ and REMIC 2
      Regular Interest LTP.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “SEC”:
      Securities and Exchange Commission. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Servicing
      Standard”: As defined in Section 3.01.

     

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

     

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

     

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

     

    “Stepdown
      Date”: The earlier to occur of (i) the Distribution Date on which the aggregate
      Certificate Principal Balance of the Class A Certificates have been reduced
      to
      zero and (ii) the later to occur of (x) the Distribution Date occurring in
      July
      2009 and (y) the first Distribution Date on which the Senior Credit Enhancement
      Percentage (calculated for this purpose only after taking into account payments
      of principal on the Mortgage Loans but prior to distribution of the Group I
      Principal Distribution Amount and the Group II Principal Distribution Amount
      to
      the Certificates then entitled to distributions of principal on such
      Distribution Date) is equal to or greater than 44.20%.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Swap
      Provider”: The Royal Bank of Scotland plc.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (b)  the
      Delinquency
      Percentage exceeds
      36.15% of the Senior Credit Enhancement Percentage; or

     

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

     

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	
              July
                2008 through June 2009

            	
              1.50%
                for the first month, plus an additional 1/12th
                of
                1.80% for each month thereafter.

            
	
              July
                2009 through June 2010

            	
              3.30%
                for the first month, plus an additional 1/12th
                of
                1.90% for each month thereafter.

            
	
              July
                2010 through June 2011

            	
              5.20%
                for the first month, plus an additional 1/12th
                of
                1.50% for each month thereafter.

            
	
              July
                2011 through June 2012

            	
              6.70%
                for the first month, plus an additional 1/12th
                of
                0.80% for each month thereafter.

            
	
              July
                2012 and thereafter

            	
              7.50%
                for each month.

            

    

    

    “Trust”:
      Soundview Home Loan Trust 2006-OPT5, the trust created hereunder.

     

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

     

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

     

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

     

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

     

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

     

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interests

            
	
              1st
                through 2nd

            	
              I-1-A
                through I-52-A

            
	
              3

            	
              I-2-A
                through I-52-A

            
	
              4

            	
              I-3-A
                through I-52-A

            
	
              5

            	
              I-4-A
                through I-52-A

            
	
              6

            	
              I-5-A
                through I-52-A

            
	
              7

            	
              I-6-A
                through I-52-A

            
	
              8

            	
              I-7-A
                through I-52-A

            
	
              9

            	
              I-8-A
                through I-52-A

            
	
              10

            	
              I-9-A
                through I-52-A

            
	
              11

            	
              I-10-A
                through I-52-A

            
	
              12

            	
              I-11-A
                through I-52-A

            
	
              13

            	
              I-12-A
                through I-52-A

            
	
              14

            	
              I-13-A
                through I-52-A

            
	
              15

            	
              I-14-A
                through I-52-A

            
	
              16

            	
              I-15-A
                through I-52-A

            
	
              17

            	
              I-16-A
                through I-52-A

            
	
              18

            	
              I-17-A
                through I-52-A

            
	
              19

            	
              I-18-A
                through I-52-A

            
	
              20

            	
              I-19-A
                through I-52-A

            
	
              21

            	
              I-20-A
                through I-52-A

            
	
              22

            	
              I-21-A
                through I-52-A

            
	
              23

            	
              I-22-A
                through I-52-A

            
	
              24

            	
              I-23-A
                through I-52-A

            
	
              25

            	
              I-24-A
                through I-52-A

            
	
              26

            	
              I-25-A
                through I-52-A

            
	
              27

            	
              I-26-A
                through I-52-A

            
	
              28

            	
              I-27-A
                through I-52-A

            
	
              29

            	
              I-28-A
                through I-52-A

            
	
              30

            	
              I-29-A
                through I-52-A

            
	
              31

            	
              I-30-A
                through I-52-A

            
	
              32

            	
              I-31-A
                through I-52-A

            
	
              33

            	
              I-32-A
                through I-52-A

            
	
              34

            	
              I-33-A
                through I-52-A

            
	
              35

            	
              I-34-A
                through I-52-A

            
	
              36

            	
              I-35-A
                through I-52-A

            
	
              37

            	
              I-36-A
                through I-52-A

            
	
              38

            	
              I-37-A
                through I-52-A

            
	
              39

            	
              I-38-A
                through I-52-A

            
	
              40

            	
              I-39-A
                through I-52-A

            
	
              41

            	
              I-40-A
                through I-52-A

            
	
              42

            	
              I-41-A
                through I-52-A

            
	
              43

            	
              I-42-A
                through I-52-A

            
	
              44

            	
              I-43-A
                through I-52-A

            
	
              45

            	
              I-44-A
                through I-52-A

            
	
              46

            	
              I-45-A
                through I-52-A

            
	
              47

            	
              I-46-A
                through I-52-A

            
	
              48

            	
              I-47-A
                through I-52-A

            
	
              49

            	
              I-48-A
                through I-52-A

            
	
              50

            	
              I-49-A
                through I-52-A

            
	
              51

            	
              I-50-A
                through I-52-A

            
	
              52

            	
              I-51-A
                and I-52-A

            
	
              53

            	
              I-52-A

            
	
              thereafter

            	
              $0.00

            

    

    

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

     

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

     

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

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”: With respect to REMIC 1 Regular Interest I, a per
      annum rate equal to the weighted average Net Mortgage Rate of the Mortgage
      Loans. With respect to each REMIC 1 Regular Interest ending with the designation
      “A”, a per annum rate equal to the weighted average Net Mortgage Rate of the
      Mortgage Loans multiplied by 2, subject to a maximum rate of 10.720%. With
      respect to each REMIC 1 Regular Interest ending with the designation “B”, the
      greater of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied
      by the weighted average Net Mortgage Rate of the Mortgage Loans over (ii)
      10.720% and (y) 0.00%.

     

    “Uncertificated
      REMIC 2 Pass-Through Rate”: With respect to REMIC 2 Regular Interest LTAA, REMIC
      2 Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular
      Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC 2 Regular Interest
      LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC
      2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
      LTM10, REMIC 2 Regular Interest LTM11, REMIC 2 Regular Interest LTM12, REMIC
      2
      Regular Interest LTZZ and REMIC 2 Regular Interest LTP, a
      per
      annum rate (but not less than zero) equal to the weighted average of (v) with
      respect to REMIC 1 Regular Interest I, the Uncertificated REMIC 1 Pass-Through
      Rate for such REMIC 1 Regular Interest for each such Distribution Date, (w)
      with
      respect to REMIC 1 Regular Interests ending with the designation “B”, the
      weighted average of the Uncertificated REMIC 1 Pass-Through Rates for such
      REMIC
      1 Regular Interests, weighted on the basis of the Uncertificated Principal
      Balance of such REMIC 1 Regular Interests for each such Distribution Date and
      (x) with respect to REMIC 1 Regular Interests ending with the designation “A”,
      for each Distribution Date listed below, the weighted average of the rates
      listed below for each such REMIC 1 Regular Interest listed below, weighted
      on
      the basis of the Uncertificated Principal Balance of each such REMIC 1 Regular
      Interest for each such Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	
              1

            	
              I-1-A
                through I-52-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              2

            	
              I-1-A
                through I-52-A

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

            
	
              3

            	
              I-2-A
                through I-52-A

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

            
	 	
              I-1-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              4

            	
              I-3-A
                through I-52-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              5

            	
              I-4-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              6

            	
              I-5-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              7

            	
              I-6-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              8

            	
              I-7-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              9

            	
              I-8-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              10

            	
              I-9-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              11

            	
              I-10-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              12

            	
              I-11-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              13

            	
              I-12-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              14

            	
              I-13-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              15

            	
              I-14-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              16

            	
              I-15-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              17

            	
              I-16-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              18

            	
              I-17-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              19

            	
              I-18-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              20

            	
              I-19-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              21

            	
              I-20-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              22

            	
              I-21-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              23

            	
              I-22-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              24

            	
              I-23-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-22-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              25

            	
              I-24-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              26

            	
              I-25-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              27

            	
              I-26-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              28

            	
              I-27-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              29

            	
              I-28-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              30

            	
              I-29-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              31

            	
              I-30-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              32

            	
              I-31-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              33

            	
              I-32-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              34

            	
              I-33-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              35

            	
              I-34-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              36

            	
              I-35-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              37

            	
              I-36-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              38

            	
              I-37-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              39

            	
              I-38-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              40

            	
              I-39-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              41

            	
              I-40-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	
              I-41-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	
              I-42-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-41-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	
              I-43-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	
              I-44-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-43-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              46

            	
              I-45-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-44-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              47

            	
              I-46-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-45-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              48

            	
              I-47-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-46-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              49

            	
              I-48-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-47-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              50

            	
              I-49-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-48-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              51

            	
              I-50-A
                through I-52-A

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

            
	 	
              I-1-A
                through I-49-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              52

            	
              I-51-A
                and I-52-A

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

            
	 	
              I-1-A
                through I-50-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              53

            	
              I-52-A

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

            
	 	
              I-1-A
                through I-51-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	
              I-1-A
                through I-52-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    

    With
      respect to REMIC 2 Regular Interest LTIO and (a) the first Distribution Date,
      the excess of (i) the weighted average of the Uncertificated REMIC 1
      Pass-Through Rates for REMIC 1 Regular Interests ending with the designation
“A”
over (ii) the weighted average of the Uncertificated REMIC 1 Pass-Through Rates
      for REMIC 1 Regular Interests ending with the designation “A” and (b) the second
      Distribution Date through the 53rd
      Distribution Date, the excess of (i) the weighted average of the Uncertificated
      REMIC 1 Pass-Through Rates for REMIC 1 Regular Interests ending with the
      designation “A”, over (ii) 2 multiplied by Swap LIBOR and (c) thereafter, 0.00%.

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              1.02  	
              Accounting.

            

    

     

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

     

    
      	SECTION
              1.03  	
              Allocation
                of Certain Interest Shortfalls.

            

    

     

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

     

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

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 2 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans for any Distribution Date shall be
      allocated among REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTIA1,
      REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC
      2
      Regular Interest LTIIA3, REMIC
      2
      Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest
      LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2
      Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest
      LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2
      Regular Interest LTM10, REMIC 2 Regular Interest LTM11, REMIC 2 Regular Interest
      LTM12 and REMIC 2 Regular Interest LTZZ pro
      rata based
      on,
      and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 2 Pass-Through Rate on the respective Uncertificated
      Principal Balance of each such REMIC 2 Regular Interest.

     

    
      	SECTION
              1.04  	
              Rights
                of the NIMS Insurer.

            

    

     

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

     

    ARTICLE
      II

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    
      	SECTION
              2.01  	
              Conveyance
                of Mortgage Loans.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              2.02  	
              Acceptance
                by Trustee.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              2.04  	
              Intentionally
                Omitted.

            

    

     

    
      	SECTION
              2.05  	
              Representations,
                Warranties and Covenants of the
                Servicer.

            

    

     

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

     

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

     

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

     

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

     

    (iv)  [Reserved];

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              2.06  	
              Representations
                and Warranties of the Depositor.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              2.07  	
              Issuance
                of Certificates.

            

    

     

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

     

    
      	SECTION
              2.08  	
              [Reserved].

            

    

     

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

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    ARTICLE
      III

     

    DMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    
      	SECTION
              3.01  	
              Servicer
                to Act as Servicer.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

            

    

     

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

     

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

     

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

     

    
      	SECTION
              3.03  	
              Successor
                Sub-Servicers.

            

    

     

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

     

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

     

    
      	SECTION
              3.04  	
              Liability
                of the Servicer.

            

    

     

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

     

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

            

    

     

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

     

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

            

    

     

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

     

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

     

    
      	SECTION
              3.07  	
              Collection
                of Certain Mortgage Loan Payments.

            

    

     

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

     

    
      	SECTION
              3.08  	
              Sub-Servicing
                Accounts.

            

    

     

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

     

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

            

    

     

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

     

    
      	SECTION
              3.10  	
              Collection
                Account and Distribution Account.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              3.11  	
              Withdrawals
                from the Collection Account and Distribution
                Account.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (ix)  to
      pay
      itself any Prepayment Interest Excess;

     

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

     

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

     

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

     

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

     

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

     

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

     

    (ii)  [Reserved];

     

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

     

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

     

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

     

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

     

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

     

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

     

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

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              3.13  	
              [Reserved].

            

    

     

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

            

    

     

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

     

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

     

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

     

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

            

    

     

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

     

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

     

    
      	SECTION
              3.16  	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              3.17  	
              Trustee
                to Cooperate; Release of Mortgage
                Files.

            

    

     

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

     

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

     

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

     

    
      	SECTION
              3.18  	
              Servicing
                Compensation.

            

    

     

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

     

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

     

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

     

    
      	SECTION
              3.19  	
              Reports
                to the Trustee; Collection Account
                Statements.

            

    

     

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

     

    
      	SECTION
              3.20  	
              Statement
                as to Compliance.

            

    

     

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

     

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

     

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

     

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

     

    
      	SECTION
              3.21  	
              Assessments
                of Compliance and Attestation
                Reports.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

            

    

     

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

     

    
      	SECTION
              3.23  	
              Title,
                Management and Disposition of REO
                Property.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

            

    

     

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

     

    
      	SECTION
              3.25  	
              [Reserved].

            

    

     

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

            

    

     

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

     

    
      	SECTION
              3.27  	
              Solicitations.

            

    

     

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

     

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

    

    
      	SECTION
              3.28  	
              [Reserved].

            

    

     

    
      	SECTION
              3.29  	
              Advance
                Facility.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

     

    ARTICLE
      IV

    FLOW
      OF
      FUNDS

     

    
      	SECTION
              4.01  	
              Distributions.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    (III) On
      each
      Distribution Date, distributions to the extent of the sum of the Group I
      Interest Remittance Amount and the Group II Interest Remittance Amount remaining
      undistributed for such Distribution Date shall be distributed sequentially,
      to
      the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class
      M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the
      Class M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates,
      the Class M-9 Certificates, the Class M-10 Certificates, the Class M-11
      Certificates and the Class M-12 Certificates, in that order, in an amount equal
      to the Monthly Interest Distributable Amount for each such Class.

     

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

     

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

     

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

     

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

     

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

     

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

     

    (III) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, distributions in respect of principal to the extent of the sum
      of
      the Group I Principal Distribution Amount and the Group II Principal
      Distribution Amount remaining undistributed for such Distribution Date shall
      be
      distributed sequentially, to the Holders of the Class M-1 Certificates, the
      Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates,
      the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7
      Certificates, the Class M-8 Certificates, the Class M-9 Certificates, the Class
      M-10 Certificates, the Class M-11 Certificates and the Class M-12 Certificates,
      in that order, in each case, until the Certificate Principal Balance thereof
      has
      been reduced to zero.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (i)  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;

     

    (ii)  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;

     

    (iii)  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;

     

    (iv)  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;

     

    (v)  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;

     

    (vi)  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;

     

    (vii)  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;

     

    (viii)  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;

     

    (ix)  to
      the
      Holders of the Class M-11 Certificates, the Class M-11 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;
      and

     

    (x)  to
      the
      Holders of the Class M-12 Certificates, the Class M-12 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero.

     

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

     

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

     

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

     

    (ii)  sequentially,
      to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class
      M-3
      Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
      Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9
      Certificates, Class M-10 Certificates, Class M-11 Certificates and Class M-12
      Certificates in that order, in each case, first, up to the Unpaid Interest
      Shortfall Amount for each such Class and second, up to the Allocated Realized
      Loss Amount, for each such Class;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (ii)  sequentially,
      to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
      the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
      Certificates, the Class M-9 Certificates, the Class M-10 Certificates, the
      Class
      M-11 Certificates and the Class M-12 Certificates in that order, the related
      Net
      WAC Rate Carryover Amount.

     

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

     

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

     

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

     

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

     

    (iv)  sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10, Class M-11 and Class M-12 Certificates,
      in that order, the related Monthly Interest Distributable Amount and Unpaid
      Interest Shortfall Amount, to the extent remaining undistributed after the
      distributions of the Group I Interest Remittance Amount, the Group II Interest
      Remittance Amount and the Net Monthly Excess Cashflow;

     

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

     

    (vi)  sequentially
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10, Class M-11 and Class M-12 Certificates,
      in that order, in each case up to the related Allocated Realized Loss Amount
      related to such Certificates for such Distribution Date remaining undistributed
      after distribution of the Net Monthly Excess Cashflow;

     

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

     

    (viii)  sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8 Class M-9, Class M-10, Class M-11 and Class M-12 Certificates,
      in
      that order, the related Net WAC Rate Carryover Amount, to the extent remaining
      undistributed after distributions are made from the Net WAC Rate Carryover
      Reserve Account; and

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              4.02  	
              [Reserved].

            

    

     

    
      	SECTION
              4.03  	
              Statements.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              4.04  	
              Remittance
                Reports; Advances.

            

    

     

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

     

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

     

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

     

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

     

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

     

    
      	SECTION
              4.05  	
              Swap
                Account.

            

    

     

    (a)  On
      the
      Closing Date, there is hereby established a separate trust (the “Supplemental
      Interest Trust”), into which the Depositor shall deposit: (i) the Interest Rate
      Swap Agreement and (ii) the Swap Administration Agreement. The Supplemental
      Interest Trust shall be maintained by the Supplemental Interest Trust Trustee,
      who initially, shall be the Trustee. No later than the Closing Date, the
      Supplemental Interest Trust Trustee shall establish and maintain a separate,
      segregated trust account to be held in the Supplemental Interest Trust, titled,
      “Swap Account, Deutsche Bank National Trust Company, as Supplemental Interest
      Trust Trustee, in trust for the registered Certificateholders of Soundview
      Home
      Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5.” Such account
      shall be an Eligible Account and funds on deposit therein shall be held separate
      and apart from, and shall not be commingled with, any other moneys, including,
      without limitation, other moneys of the Trustee held pursuant to this Agreement.
      Amounts therein shall be held uninvested.

     

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

     

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

     

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

     

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

     

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

            

    

     

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

     

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

     

    
      	SECTION
              4.07  	
              Commission
                Reporting.

            

    

     

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

     

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

     

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

     

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

     

    For
      so
      long as the Trust is subject to the Exchange Act reporting requirements, no
      later than the end of business on the second Business Day after the occurrence
      of a Reportable Event, the entity that is indicated in Exhibit T as the
      responsible party for providing Form 8-K Disclosure Information shall be
      required to provide to the Depositor, to the extent known, the form and
      substance of any Form 8-K Disclosure Information, if applicable. The Depositor
      shall compile the information provided to it, and prepare and file the Form
      8-K,
      which shall be signed by an officer of the Depositor.

     

    (iii) Prior
      to
      January 30 of the first year in which the Trustee is able to do so under
      applicable law, the Trustee shall, in accordance with industry standards, file
      a
      Form 15 Suspension Notice with respect to the Trust Fund, if applicable. On
      or
      before (x) March 15, 2007 and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, on or before March 15 of each year thereafter, the
      Servicer shall provide the Trustee with an Annual Compliance Statement, together
      with a copy of the Assessment of Compliance and Attestation Report to be
      delivered by the Servicer pursuant to Sections 3.20 and 3.21 (including with
      respect to any Sub-Servicer or any subcontractor, if required to be filed).
      Prior to (x) March 31, 2007 and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, March 31 of each year thereafter, the Trustee shall
      file
      a Form 10-K, in substance as required by applicable law or applicable Securities
      and Exchange Commission staff’s interpretations and conforming to industry
      standards, with respect to the Trust Fund. Such Form 10-K shall include the
      Assessment of Compliance, Attestation Report, Annual Compliance Statements
      and
      other documentation provided by the Servicer pursuant to Sections 3.20 and
      3.21
      (including with respect to any Sub-Servicer or subcontractor, if required to
      be
      filed) and Section 3.21 with respect to the Trustee, and the Form 10-K
      certification in the form attached hereto as Exhibit N-1 (the “Certification”)
      signed by the senior officer of the Depositor in charge of securitization.
      The
      Trustee shall receive the items described in the preceding sentence no later
      than March 15 of each calendar year prior to the filing deadline for the Form
      10-K.

     

    Any
      disclosure or information in addition to that described in the preceding
      paragraph that is required to be included on Form 10-K (“Additional Form 10-K
      Disclosure”) shall be determined and prepared by the entity that is indicated in
      Exhibit T as the responsible party for providing that information, if other
      than
      the Trustee, and the Trustee will have no duty or liability to verify the
      accuracy or sufficiency of any such Additional Form 10-K
      Disclosure.

     

    If
      information, data and exhibits to be included in the Form 10-K are not so timely
      delivered, the Trustee shall file an amended Form 10-K including such
      documents as exhibits reasonably promptly after they are delivered to the
      Trustee. The Trustee shall have no liability with respect to any failure to
      properly prepare or file such periodic reports resulting from or relating to
      the
      Trustee’s inability or failure to timely obtain any information from any other
      party.

     

    Prior
      to
      (x) March 1, 2007 and (y) unless and until a Form 15 Suspension Notice shall
      have been filed, prior to March 1 of each year thereafter, each entity that
      is
      indicated in Exhibit T as the responsible party for providing Additional Form
      10-K Disclosure shall be required to provide to the Trustee and the Depositor,
      to the extent known, the form and substance of any Additional Form 10-K
      Disclosure Information, if applicable. The Trustee shall compile the information
      provided to it, prepare the Form 10-K and forward the Form 10-K to the Depositor
      for verification. The Depositor will approve, as to form and substance, or
      disapprove, as the case may be, the Form 10-K by no later than March 25 of
      the
      relevant year (or the immediately preceding Business Day if March 25 is not
      a
      Business Day), an officer of the Depositor shall sign the Form 10-K and return
      an electronic or fax copy of such signed Form 10-K (with an original executed
      hard copy to follow by overnight mail) to the Trustee.

     

    The
      Servicer shall be responsible for determining the pool concentration applicable
      to any Sub-Servicer to which the Servicer delegated any of its responsibilities
      with respect to the Mortgage Loans at any time, for purposes of disclosure
      as
      required by Items 1117 and 1119 of Regulation AB. The Trustee will provide
      electronic or paper copies of all Form 10-D, 8-K and 10-K filings free of charge
      to any Certificateholder upon request. Any expenses incurred by the Trustee
      in
      connection with the previous sentence shall be reimbursable to the Trustee
      out
      of the Trust Fund. The Indenture Trustee shall have no liability with respect
      to
      any failure to properly file any Form 10-K resulting from or relating to the
      Depositor’s failure to timely comply with the provisions of this
      section.

     

    The
      Trustee shall sign a certification (in the form attached hereto as
      Exhibit N-2) for the benefit of the Depositor and its officers, directors
      and Affiliates in respect of items 1 through 3 of the Certification (provided,
      however, that the Trustee shall not undertake an analysis of the Attestation
      Report attached as an exhibit to the Form 10-K), and the Servicer shall sign
      a
      certification (the “Servicer Certification) solely with respect to the Servicer
      (in the form attached hereto as Exhibit N-3) for the benefit of the
      Depositor, the Trustee and each Person, if any, who “controls” the Depositor or
      the Trustee within the meaning of the Securities Act of 1933, as amended, and
      their respective officers and directors. Each such certification shall be
      delivered to the Depositor and the Trustee by March 15th
      of each
      year (or if not a Business Day, the immediately preceding Business Day). The
      Certification attached hereto as Exhibit N-1 shall be delivered to the
      Trustee by March 20th
      for
      filing on or prior to March 30th
      of each
      year (or if not a Business Day, the immediately preceding Business
      Day).

     

    (c)  (A)
      The
      Trustee shall indemnify and hold harmless the Depositor, the Servicer and their
      respective officers, directors and Affiliates from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon (i) a breach of the Trustee’s obligations under this Section 4.07 caused by
      the Trustee’s negligence, bad faith or willful misconduct in connection
      therewith or (ii) any material misstatement or omission in the Assessment of
      Compliance delivered by the Trustee pursuant to Section 3.21, and (B) the
      Servicer shall indemnify and hold harmless the Depositor, the Trustee and their
      respective officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon (i) the failure of the Servicer to timely deliver the Servicer
      Certification or (ii) any material misstatement or omission in the Statement
      as
      to Compliance delivered by the Servicer pursuant to Section 3.20, the Assessment
      of Compliance delivered by the Servicer pursuant to Section 3.21 or the Servicer
      Certification. If the indemnification provided for herein is unavailable or
      insufficient to hold harmless the Depositor, then (i) the Trustee agrees that
      it
      shall contribute to the amount paid or payable by the Depositor as a result
      of
      the losses, claims, damages or liabilities of the Depositor in such proportion
      as is appropriate to reflect the relative fault of the Depositor on the one
      hand
      and the Trustee on the other in connection with a breach of the Trustee’s
      obligations under this Section 4.07 caused by the Trustee’s negligence, bad
      faith or willful misconduct in connection therewith and (ii) the Servicer agrees
      that it shall contribute to the amount paid or payable by the Depositor and
      the
      Trustee as a result of the losses, claims, damages or liabilities of the
      Depositor and the Trustee in such proportion as is appropriate to reflect the
      relative fault of the Depositor and the Trustee on the one hand and the Servicer
      on the other in connection with the Servicer Certification and the related
      obligations of the Servicer under this Section 4.07.

     

    Upon
      any
      filing with the Securities and Exchange Commission, the Trustee shall promptly
      deliver to the Depositor a copy of any such executed report, statement or
      information.

     

    
      	SECTION
              4.08  	
              Net
                WAC Rate Carryover Reserve Account.

            

    

     

    No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself
      a
      separate, segregated trust account titled, “Net WAC Rate Carryover Reserve
      Account, Deutsche Bank National Trust Company, as Trustee, in trust for
      registered Holders of Soundview Home Loan Trust 2006-OPT5 Asset-Backed
      Certificates, Series 2006-OPT5” All amounts deposited in the Net WAC Rate
      Carryover Reserve Account shall be distributed to the Holders of the Class
      A and
      Mezzanine Certificates in the manner set forth in Section 4.01(d).

     

    On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to the Class A or Mezzanine Certificates, the Trustee has been directed by
      the
      Class C Certificateholders to, and therefore will, deposit into the Net WAC
      Rate
      Carryover Reserve Account the amounts described in Section 4.01(d)(iv), rather
      than distributing such amounts to the Class C Certificateholders. On each such
      Distribution Date, the Trustee shall hold all such amounts for the benefit
      of
      the Holders of the Class A and Mezzanine Certificates, and will distribute
      such
      amounts to the Holders of the Class A and Mezzanine Certificates in the amounts
      and priorities set forth in Section 4.01(d).

     

    It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be
      disregarded as an entity separate from the Holder of the Class C Certificates
      unless and until the date when either (a) there is more than one Class C
      Certificateholder or (b) any Class of Certificates in addition to the Class
      C
      Certificates is recharacterized as an equity interest in the Net WAC Rate
      Carryover Reserve Account for federal income tax purposes, in which case it
      is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
      be
      treated as a partnership. All amounts deposited into the Net WAC Rate Carryover
      Reserve Account shall be treated as amounts distributed by REMIC 3 to the Holder
      of the Class C Interest and by REMIC 4 to the Holder of the Class C
      Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside
      reserve fund” within the meaning of Treasury regulation Section 1.860G-2(h).
      Upon the termination of the Trust, or the payment in full of the Class A and
      Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate
      Carryover Reserve Account will be released by the Trust and distributed to
      the
      Holders of the Class C Certificates or their designees. The Net WAC Rate
      Carryover Reserve Account will be part of the Trust but not part of any REMIC
      and any payments to the Holders of the Class A and Mezzanine Certificates of
      Net
      WAC Rate Carryover Amounts will not be payments with respect to a “regular
      interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

    By
      accepting a Class C Certificate, each Class C Certificateholder hereby agrees
      to
      direct the Trustee, and the Trustee hereby is directed, to deposit into the
      Net
      WAC Rate Carryover Reserve Account the amounts described above on each
      Distribution Date as to which there is any Net WAC Rate Carryover Amount rather
      than distributing such amounts to the Class C Certificateholders. By accepting
      a
      Class C Certificate, each Class C Certificateholder further agrees that such
      direction is given for good and valuable consideration, the receipt and
      sufficiency of which is acknowledged by such acceptance.

     

    Amounts
      on deposit in the Net WAC Rate Carryover Reserve Account shall remain
      uninvested.

     

    For
      federal tax return and information reporting, the right of the Holders of the
      Class A Certificates and the Class M Certificates to receive payments from
      the
      Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover
      Amount may have more than a de
      minimis
      value.

     

    
      	SECTION
              4.09  	
              Distributions
                on the REMIC Regular Interests.

            

    

     

    On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts which shall be deemed to be distributed by REMIC 1 to
      REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-1 Interest), as the case may be:

     

    (i)  to
      Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest
      I-1-A
      through I-52-B, on a pro
      rata
      basis,
      in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1
      Regular Interests for such Distribution Date, plus (B) any amounts payable
      in
      respect thereof remaining unpaid from previous Distribution Dates;

     

    (ii)  to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (A)
      above, payments of principal shall be allocated as follows: first, to REMIC
      1
      Regular Interest I and then to REMIC Regular Interests I-1-A through I-52-B
      starting with the lowest numerical denomination until the Uncertificated
      Principal Balance of each such REMIC 1 Regular Interest is reduced to zero,
      provided that, for REMIC 1 Regular Interests with the same numerical
      denomination, such payments of principal shall be allocated pro rata between
      such REMIC 1 Regular Interests; and

     

    (iii)  to
      the
      Holders of REMIC 1 Regular Interest I-52-B, (A) on each Distribution Date,
      100%
      of the amount paid in respect of Prepayment Charges and (B) on the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date thereafter
      until $100 has been distributed pursuant to this clause.

     

    (b)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts which shall be deemed to be distributed by REMIC 2 to
      REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-2 Interest), as the case may be:

     

    (i)  first,
      to
      the Holders of REMIC 2 Regular Interest LTIO, in an amount equal to (A)
      Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates;

     

    (ii)  second,
      to the extent of Available Funds, to Holders of REMIC 2 Regular Interest LTAA,
      REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular
      Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC 2 Regular Interest
      LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC
      2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
      LTM10, REMIC 2 Regular Interest LTM11, REMIC 2 Regular Interest LTM12, REMIC
      2
      Regular Interest LTZZ and REMIC 2 Regular Interest LTP, on a pro
      rata
      basis,
      in an amount equal to (A) the Uncertificated Accrued Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest
      in respect of REMIC 2 Regular Interest LTZZ shall be reduced and deferred when
      the REMIC 2 Overcollateralization Amount is less than the REMIC 2
      Overcollateralization Target Amount, by the lesser of (x) the amount of such
      difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount
      and such amount will be payable to the Holders of REMIC 2 Regular Interest
      LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC
      2
      Regular Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular
      Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3,
      REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular
      Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8,
      REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC 2 Regular
      Interest LTM11 and REMIC 2 Regular Interest LTM12 in the same proportion as
      the
      Overcollateralization Deficiency Amount is allocated to the Corresponding
      Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular
      Interest LTZZ shall be increased by such amount; and

     

    (iii)  third,
      to
      the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder
      of
      the Available Funds for such Distribution Date after the distributions made
      pursuant to clause (i) above, allocated as follows:

     

    (a) 98.00%
      of
      such remainder to the Holders of REMIC 2 Regular Interest LTAA and REMIC 2
      Regular Interest LTP, until the Uncertificated Principal Balance of such
      Uncertificated REMIC 2 Regular Interest is reduced to zero; provided, however,
      that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date
      thereafter, at which point such amount shall be distributed to REMIC 2 Regular
      Interest LTP, until $100 has been distributed pursuant to this
      clause;

     

    (b) 2.00%
      of
      such remainder first, to the Holders of REMIC 2 Regular Interest LTIA1, REMIC
      2
      Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular
      Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular Interest
      LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
      Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC 2 Regular Interest LTM11
      and REMIC 2 Regular Interest LTM12 1.00% of and in the same proportion as
      principal payments are allocated to the Corresponding Certificates, until the
      Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced
      to zero, and second, to the Holders of REMIC 2 Regular Interest LTZZ, 1.00%
      of
      such remainder,until the Uncertificated Principal Balance of such REMIC 2
      Regular Interest is reduced to zero; and

     

    (c) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-1 Interest);

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Overcollateralization Release Amount shall be allocated
      to
      Holders of (i) REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP,
      in that order and (ii) REMIC 2 Regular Interest LTZZ, respectively; provided
      that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date
      thereafter, at which point such amount shall be distributed to REMIC 2 Regular
      Interest LTP, until $100 has been distributed pursuant to this
      clause.

     

    
      	SECTION
              4.10  	
              Allocation
                of Realized Losses.

            

    

     

    (a)  All
      Realized Losses on the Mortgage Loans allocated to any Regular Certificate
      shall
      be allocated by the Trustee on each Distribution Date as follows: first, to
      Net
      Monthly Excess Cashflow; second, to Net Swap Payments received under the
      Interest Rate Swap Agreement; third, to the Class C Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; fourth, to
      the
      Class M-12 Certificates, until the Certificate Principal Balance thereof has
      been reduced to zero; fifth, to the Class M-11 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; sixth, to the
      Class M-10 Certificates, until the Certificate Principal Balance thereof has
      been reduced to zero; seventh, to the Class M-9 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; eighth, to
      the
      Class M-8 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; ninth, to the Class M-7 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; tenth, to the Class M-6
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; eleventh, to the Class M-5 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero, twelfth, to the Class M-4
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero, thirteenth, to the Class M-3 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero, fourteenth, to the Class
      M-2
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero and fifteenth, to the Class M-1 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero. All Realized Losses to
      be
      allocated to the Certificate Principal Balances of all Classes on any
      Distribution Date shall be so allocated after the actual distributions to be
      made on such date as provided above. All references above to the Certificate
      Principal Balance of any Class of Certificates shall be to the Certificate
      Principal Balance of such Class immediately prior to the relevant Distribution
      Date, before reduction thereof by any Realized Losses, in each case to be
      allocated to such Class of Certificates, on such Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated; any allocation of Realized Losses to a Class C Certificates
      shall be made first by reducing the amount otherwise payable in respect thereof
      pursuant to Section 4.01(d)(iv). No allocations of any Realized Losses shall
      be
      made to the Certificate Principal Balances of the Class A Certificates or the
      Class P Certificates.

     

    (b)  With
      respect to the REMIC 1 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated shall be allocated by the Securities Administrator
      on
      each Distribution Date, first to REMIC 1 Regular Interest I until the
      Uncertificated Principal Balance has been reduced to zero, and second, to REMIC
      1 Regular Interest I-1-A through REMIC 1 Regular Interest I-52-B, starting
      with
      the lowest numerical denomination until such REMIC 1 Regular Interest has been
      reduced to zero, provided that, for REMIC 1 Regular Interests with the same
      numerical denomination, such Realized Losses shall be allocated pro rata between
      such REMIC 1 Regular Interests.

     

    (c)  With
      respect to the REMIC 2 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be deemed to have been allocated in the specified percentages,
      as
      follows: first, to Uncertificated Accrued Interest payable to the REMIC 2
      Regular Interest LTAA and REMIC 2 Regular Interest LTZZ up to an aggregate
      amount equal to the REMIC 2 Interest Loss Allocation Amount, 98% and 2%,
      respectively; second, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA and REMIC 2 Regular Interest LTZZ up to an aggregate
      amount equal to the REMIC 2 Principal Loss Allocation Amount, 98% and 2%,
      respectively; third, to the Uncertificated Principal Balances of REMIC 2 Regular
      Interest LTAA, REMIC 2 Regular Interest LTM12 and REMIC 2 Regular Interest
      LTZZ,
      98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
      REMIC 2 Regular Interest LTM12 has been reduced to zero; fourth, to the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
      Regular Interest LTM11 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM11 has been reduced to zero; fifth, 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; sixth, 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; seventh,
      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; eighth, 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; ninth, 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; tenth, 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; eleventh, 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; twelfth, 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; thirteenth,
      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; fourteenth, to the Uncertificated
      Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest
      LTM1 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until
      the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM1 has been
      reduced to zero.

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    
      	SECTION
              5.01  	
              The
                Certificates.

            

    

     

    Each
      of
      the Class A Certificates, the Mezzanine Certificates, the Class P Certificates,
      the Class C Certificates and the Residual Certificates shall be substantially
      in
      the forms annexed hereto as exhibits, and shall, on original issue, be executed,
      authenticated and delivered by the Trustee to or upon the order of the Depositor
      concurrently with the sale and assignment to the Trustee of the Trust Fund.
      The
      Class A and Mezzanine Certificates shall be initially evidenced by one or more
      Certificates representing a Percentage Interest with a minimum dollar
      denomination of $25,000 and integral dollar multiples of $1.00 in excess
      thereof, provided that Class A and Mezzanine Certificates must be purchased
      in
      minimum total investments of $100,000 per class, except that one Certificate
      of
      each such Class of Certificates may be in a different denomination so that
      the
      sum of the denominations of all outstanding Certificates of such Class shall
      equal the Certificate Principal Balance of such Class on the Closing Date.
      The
      Class P Certificates, the Class C Certificates and the Residual Certificates
      are
      issuable in any Percentage Interests; provided, however, that the sum of all
      such percentages for each such Class totals 100% and no more than ten
      Certificates of each Class may be issued and outstanding at any one
      time.

     

    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature on behalf of the Trustee by a Responsible Officer. Certificates
      bearing the manual or facsimile signatures of individuals who were, at the
      time
      when such signatures were affixed, authorized to sign on behalf of the Trustee
      shall bind the Trust, notwithstanding that such individuals or any of them
      have
      ceased to be so authorized prior to the authentication and delivery of such
      Certificates or did not hold such offices at the date of such Certificate.
      No
      Certificate shall be entitled to any benefit under this Agreement or be valid
      for any purpose, unless such Certificate shall have been manually authenticated
      by the Trustee substantially in the form provided for herein, and such
      authentication upon any Certificate shall be conclusive evidence, and the only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their authentication.
      Subject to Section 5.02(c), the Class A and Mezzanine Certificates shall be
      Book-Entry Certificates. The other Classes of Certificates shall not be
      Book-Entry Certificates.

     

    
      	SECTION
              5.02  	
              Registration
                of Transfer and Exchange of
                Certificates.

            

    

     

    (a)  The
      Certificate Registrar shall cause to be kept at the Corporate Trust Office
      a
      Certificate Register in which, subject to such reasonable regulations as it
      may
      prescribe, the Certificate Registrar shall provide for the registration of
      Certificates and of transfers and exchanges of Certificates as herein provided.
      The Trustee shall initially serve as Certificate Registrar for the purpose
      of
      registering Certificates and transfers and exchanges of Certificates as herein
      provided.

     

    Upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph which office shall initially be the offices designated
      by
      the Trustee and, in the case of a Residual Certificate, upon satisfaction of
      the
      conditions set forth below, the Trustee on behalf of the Trust shall execute,
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Certificates of the same aggregate Percentage
      Interest.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Trustee shall execute on behalf of the Trust and authenticate and deliver the
      Certificates which the Certificateholder making the exchange is entitled to
      receive. Every Certificate presented or surrendered for registration of transfer
      or exchange shall (if so required by the Trustee or the Certificate Registrar)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      satisfactory to the Trustee and the Certificate Registrar duly executed by,
      the
      Holder thereof or his attorney duly authorized in writing. In addition, (i)
      with
      respect to each Class R Certificate, the holder thereof may exchange, in the
      manner described above, such Class R Certificate for two separate certificates,
      each representing such holder’s respective Percentage Interest in the Class R-1
      Interest, the Class R-2 Interest and the Class R-3 Interest that was evidenced
      by the Class R Certificate being exchanged and (ii) with respect to each Class
      R-X Certificate, the holder thereof may exchange, in the manner described above,
      such Class R-X Certificate for three separate certificates, each representing
      such holder’s respective Percentage Interest in the Class R-4 Interest, the
      Class R-5 Interest and the Class R-6 Interest that was evidenced by the Class
      R-X Certificate being exchanged.

     

    (b)  Except
      as
      provided in paragraph (c) below, the Book-Entry Certificates shall at all times
      remain registered in the name of the Depository or its nominee and at all times:
      (i) registration of such Certificates may not be transferred by the Trustee
      except to another Depository; (ii) the Depository shall maintain book-entry
      records with respect to the Certificate Owners and with respect to ownership
      and
      transfers of such Certificates; (iii) ownership and transfers of registration
      of
      such Certificates on the books of the Depository shall be governed by applicable
      rules established by the Depository; (iv) the Depository may collect its usual
      and customary fees, charges and expenses from its Depository Participants;
      (v)
      the Trustee shall for all purposes deal with the Depository as representative
      of
      the Certificate Owners of the Certificates for purposes of exercising the rights
      of Holders under this Agreement, and requests and directions for and votes
      of
      such representative shall not be deemed to be inconsistent if they are made
      with
      respect to different Certificate Owners; (vi) the Trustee may rely and shall
      be
      fully protected in relying upon information furnished by the Depository with
      respect to its Depository Participants and furnished by the Depository
      Participants with respect to indirect participating firms and Persons shown
      on
      the books of such indirect participating firms as direct or indirect Certificate
      Owners; and (vii) the direct participants of the Depository shall have no rights
      under this Agreement under or with respect to any of the Certificates held
      on
      their behalf by the Depository, and the Depository may be treated by the Trustee
      and its agents, employees, officers and directors as the absolute owner of
      the
      Certificates for all purposes whatsoever.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute a Letter of Representations with the Depository or take such other
      action as may be necessary or desirable to register a Book-Entry Certificate
      to
      the Depository. In the event of any conflict between the terms of any such
      Letter of Representation and this Agreement, the terms of this Agreement shall
      control.

     

    (c)  If
      (i)(x)
      the Depository or the Depositor advises the Trustee in writing that the
      Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Trustee or the Depositor is unable
      to
      locate a qualified successor or (ii) after the occurrence of a Servicer Event
      of
      Termination, the Certificate Owners of the Book-Entry Certificates representing
      Percentage Interests of such Classes aggregating not less than 51% advise the
      Trustee and Depository through the Financial Intermediaries and the Depository
      Participants in writing that the continuation of a book-entry system through
      the
      Depository to the exclusion of definitive, fully registered certificates (the
      “Definitive Certificates”) to Certificate Owners is no longer in the best
      interests of the Certificate Owners. Upon surrender to the Certificate Registrar
      of the Book-Entry Certificates by the Depository, accompanied by registration
      instructions from the Depository for registration, the Trustee shall, in the
      case of (i) and (ii) above, execute on behalf of the Trust and authenticate
      the
      Definitive Certificates. Neither the Depositor nor the Trustee shall be liable
      for any delay in delivery of such instructions and may conclusively rely on,
      and
      shall be protected in relying on, such instructions. Upon the issuance of
      Definitive Certificates, the Trustee, the Certificate Registrar, the Servicer,
      any Paying Agent and the Depositor shall recognize the Holders of the Definitive
      Certificates as Certificateholders hereunder.

     

    (d)  No
      transfer, sale, pledge or other disposition of any Class C Certificate, Class
      P
      Certificate or Residual Certificate (the “Private Certificates”) shall be made
      unless such disposition is exempt from the registration requirements of the
      Securities Act of 1933, as amended (the “1933 Act”), and any applicable state
      securities laws or is made in accordance with the 1933 Act and laws. In the
      event of any such transfer (other than in connection with (i) the initial
      transfer of any such Certificate by the Depositor to an Affiliate of the
      Depositor or, in the case of the Class R-X Certificates, the first transfer
      by
      an Affiliate of the Depositor, (ii) the transfer of any such Class C, Class
      P or
      Residual Certificate to the issuer under the Indenture or the indenture trustee
      under the Indenture or (iii) a transfer of any such Class C, Class P or Residual
      Certificate from the issuer under the Indenture or the indenture trustee under
      the Indenture to the Depositor or an Affiliate of the Depositor), (i) unless
      such transfer is made in reliance upon Rule 144A (as evidenced by the investment
      letter delivered to the Trustee, in substantially the form attached hereto
      as
      Exhibit J) under the 1933 Act, the Trustee and the Depositor shall require
      a
      written Opinion of Counsel (which may be in-house counsel) acceptable to and
      in
      form and substance reasonably satisfactory to the Trustee and the Depositor
      that
      such transfer may be made pursuant to an exemption, describing the applicable
      exemption and the basis therefor, from the 1933 Act or is being made pursuant
      to
      the 1933 Act, which Opinion of Counsel shall not be an expense of the Trustee
      or
      the Depositor or (ii) the Trustee shall require the transferor to execute a
      transferor certificate (in substantially the form attached hereto as Exhibit
      L)
      and the transferee to execute an investment letter (in substantially the form
      attached hereto as Exhibit J) acceptable to and in form and substance reasonably
      satisfactory to the Depositor and the Trustee certifying to the Depositor and
      the Trustee the facts surrounding such transfer, which investment letter shall
      not be an expense of the Trustee or the Depositor. The Holder of a Private
      Certificate desiring to effect such transfer shall, and does hereby agree to,
      indemnify the Trustee and the Depositor against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with such federal
      and
      state laws.

     

    Notwithstanding
      the foregoing, in the event of any such transfer of any Ownership Interest
      in
      any Private Certificate that is a Book-Entry Certificate, except with respect
      to
      the initial transfer of any such Ownership Interest by the Depositor, such
      transfer shall be required to be made in reliance upon Rule 144A under the
      1933
      Act, and the transferor will be deemed to have made each of the transferor
      representations and warranties set forth Exhibit L hereto in respect of such
      interest as if it was evidenced by a Definitive Certificate and the transferee
      will be deemed to have made each of the transferee representations and
      warranties set forth Exhibit J hereto in respect of such interest as if it
      was
      evidenced by a Definitive Certificate. The Certificate Owner of any such
      Ownership Interest in any such Book-Entry Certificate desiring to effect such
      transfer shall, and does hereby agree to, indemnify the Trustee and the
      Depositor against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    Notwithstanding
      the foregoing, no certification or Opinion of Counsel described above in this
      Section 5.02(d) will be required in connection with the transfer, on the Closing
      Date, of any Residual Certificate by the Depositor to an “accredited investor”
within the meaning of Rule 501 of the 1933 Act.

     

    No
      transfer of a Private Certificate or any interest therein shall be made to
      any
      Plan, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person acquiring such Certificates with “Plan Assets” of a Plan within the
      meaning of the Department of Labor regulation promulgated at 29 C.F.R. §
2510.3-101 (“Plan Assets”), as certified by such transferee in the form of
      Exhibit M, unless the Trustee is provided with an Opinion of Counsel for the
      benefit of the Depositor, the Trustee and the Servicer and on which they may
      rely which establishes to the satisfaction of the Trustee that the purchase
      of
      such Certificates is permissible under applicable law, will not constitute
      or
      result in any prohibited transaction under ERISA or Section 4975 of the Code
      and
      will not subject the Depositor, the Servicer, the Trustee or the Trust Fund
      to
      any obligation or liability (including obligations or liabilities under ERISA
      or
      Section 4975 of the Code) in addition to those undertaken in this Agreement,
      which Opinion of Counsel shall not be an expense of the Depositor, the Servicer,
      the Trustee or the Trust Fund. Neither a certification nor an Opinion of Counsel
      will be required in connection with (i) the initial transfer of any such
      Certificate by the Depositor to an Affiliate of the Depositor, (ii) the transfer
      of any such Class C, Class P or Residual Certificate to the issuer under the
      Indenture or the indenture trustee under the Indenture or (iii) a transfer
      of
      any such Class C, Class P or Residual Certificate from the issuer under the
      Indenture or the indenture trustee under the Indenture to the Depositor or
      an
      Affiliate of the Depositor (in which case, the Depositor or any Affiliate
      thereof shall have deemed to have represented that such Affiliate is not a
      Plan
      or a Person investing Plan Assets) and the Trustee shall be entitled to
      conclusively rely upon a representation (which, upon the request of the Trustee,
      shall be a written representation) from the Transferor of the status of such
      transferee as an affiliate of the Depositor.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, no Transfer of a Class
      A or
      Mezzanine Certificate shall be made unless either (i) the Trust Administrator
      shall have received a representation from the transferee (in the form of Exhibit
      M) of such Certificate acceptable to and in form and substance satisfactory
      to
      the Trustee, to the effect that such transferee is not a Plan, or a Person
      acting on behalf of a Plan or using the assets a Plan, or (ii) the transferee
      is
      deemed to represent that (a) such Plan is an accredited invester within the
      meaning of Prohibited Transaction Exemption (“PTE”) 2002-41, 67 Fed. Reg 54487
      (August 22, 2002), and (b) the proposed transfer or holding of such Certificate
      is eligible for exemptive relief under an individual or class prohibited
      transaction exemption, including, but not limited to, for the Class A
      Certificates, Prohibited Transaction Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE
      90-1, PTCE 95-60 or PTE 96-23 and for the Class M-10, Class M-11 and Class
      M-12
      Certificates, PTCE 95-60.

     

    Subsequent
      to the termination of the Supplemental Interest Trust, each Transferee of a
      Mezzanine Certificate will be deemed to have represented by virtue of its
      purchase or holding of such Certificate (or interest therein) that either (a)
      such Transferee is not a Plan or purchasing such Certificate with Plan Assets,
      (b) in the case of a Certificate other than a Class M-10, Class M-11 or Class
      M-12 Certificate it has acquired and is holding such Certificate in reliance
      on
      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 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 two
      preceding paragraphs shall indemnify and hold harmless the Depositor, the
      Servicer, the NIMS Insurer, the Trustee and the Trust from and against any
      and
      all liabilities, claims, costs or expenses incurred by those parties as a result
      of that acquisition or holding.

     

    Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

     

    (i)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Trustee of any
      change or impending change in its status as a Permitted Transferee.

     

    (ii)  No
      Person
      shall acquire an Ownership Interest in a Residual Certificate unless such
      Ownership Interest is a pro
      rata
      undivided interest.

     

    (iii)  In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Trustee shall as a condition to registration of the transfer,
      require delivery to it, in form and substance satisfactory to it, of each of
      the
      following:

     

    (A)  an
      affidavit in the form of Exhibit K hereto from the proposed transferee to the
      effect that such transferee is a Permitted Transferee and that it is not
      acquiring its Ownership Interest in the Residual Certificate that is the subject
      of the proposed transfer as a nominee, trustee or agent for any Person who
      is
      not a Permitted Transferee; and

     

    (B)  a
      covenant of the proposed transferee to the effect that the proposed transferee
      agrees to be bound by and to abide by the transfer restrictions applicable
      to
      the Residual Certificates.

     

    (iv)  Any
      attempted or purported transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of a Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. The Trustee shall be under no liability to any Person for any
      registration of transfer of a Residual Certificate that is in fact not permitted
      by this Section or for making any distributions due on such Residual Certificate
      to the Holder thereof or taking any other action with respect to such Holder
      under the provisions of this Agreement so long as the Trustee received the
      documents specified in clause (iii). The Trustee shall be entitled to recover
      from any Holder of a Residual Certificate that was in fact not a Permitted
      Transferee at the time such distributions were made all distributions made
      on
      such Residual Certificate. Any such distributions so recovered by the Trustee
      shall be distributed and delivered by the Trustee to the prior Holder of such
      Residual Certificate that is a Permitted Transferee.

     

    (v)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee shall have the right but not the obligation, without notice to the
      Holder of such Residual Certificate or any other Person having an Ownership
      Interest therein, to notify the Depositor to arrange for the sale of such
      Residual Certificate. The proceeds of such sale, net of commissions (which
      may
      include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the Trustee
      to the previous Holder of such Residual Certificate that is a Permitted
      Transferee, except that in the event that the Trustee determines that the Holder
      of such Residual Certificate may be liable for any amount due under this Section
      or any other provisions of this Agreement, the Trustee may withhold a
      corresponding amount from such remittance as security for such claim. The terms
      and conditions of any sale under this clause (v) shall be determined in the
      sole
      discretion of the Trustee and it shall not be liable to any Person having an
      Ownership Interest in a Residual Certificate as a result of its exercise of
      such
      discretion.

     

    (vi)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee upon receipt of reasonable compensation will provide to the Internal
      Revenue Service, and to the persons specified in Sections 860E(e)(3) and (6)
      of
      the Code, information needed to compute the tax imposed under Section 860E(e)(5)
      of the Code on transfers of residual interests to disqualified
      organizations.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Trustee
      and
      the NIMS Insurer, in form and substance satisfactory to the Trustee and the
      NIMS
      Insurer, (i) written notification from each Rating Agency that the removal
      of
      the restrictions on transfer set forth in this Section will not cause such
      Rating Agency to downgrade its rating of the Certificates and (ii) an Opinion
      of
      Counsel to the effect that such removal will not cause any REMIC created
      hereunder to fail to qualify as a REMIC.

     

    (e)  No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, but the Certificate Registrar may require payment
      of
      a sum sufficient to cover any tax or governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      canceled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    
      	SECTION
              5.03  	
              Mutilated,
                Destroyed, Lost or Stolen
                Certificates.

            

    

     

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

     

    
      	SECTION
              5.04  	
              Persons
                Deemed Owners.

            

    

     

    The
      Servicer, the Depositor, the Trustee, the NIMS Insurer, the Certificate
      Registrar, any Paying Agent and any agent of the Servicer, the Depositor, the
      Trustee, the NIMS Insurer, the Certificate Registrar or any Paying Agent may
      treat the Person, including a Depository, in whose name any Certificate is
      registered as the owner of such Certificate for the purpose of receiving
      distributions pursuant to Section 4.01 and for all other purposes whatsoever,
      and none of the Servicer, the Trust, the Trustee nor any agent of any of them
      shall be affected by notice to the contrary.

     

    
      	SECTION
              5.05  	
              Appointment
                of Paying Agent.

            

    

     

    (a)  The
      Paying Agent shall make distributions to Certificateholders from the
      Distribution Account pursuant to Section 4.01 and shall report the amounts
      of
      such distributions to the Trustee. The duties of the Paying Agent may include
      the obligation (i) to withdraw funds from the Collection Account pursuant to
      Section 3.11(a) and for the purpose of making the distributions referred to
      above and (ii) to distribute statements and provide information to
      Certificateholders as required hereunder. The Paying Agent hereunder shall
      at
      all times be an entity duly organized and validly existing under the laws of
      the
      United States of America or any state thereof, authorized under such laws to
      exercise corporate trust powers and subject to supervision or examination by
      federal or state authorities. The Paying Agent shall initially be the Trustee.
      The Trustee may appoint a successor to act as Paying Agent, which appointment
      shall be reasonably satisfactory to the Depositor and the NIMS
      Insurer.

     

    (b)  The
      Trustee shall cause the Paying Agent (if other than the Trustee) to execute
      and
      deliver to the Trustee an instrument in which such Paying Agent shall agree
      with
      the Trustee that such Paying Agent shall hold all sums, if any, held by it
      for
      payment to the Certificateholders in trust for the benefit of the
      Certificateholders entitled thereto until such sums shall be paid to such
      Certificateholders and shall agree that it shall comply with all requirements
      of
      the Code regarding the withholding of payments in respect of Federal income
      taxes due from Certificate Owners and otherwise comply with the provisions
      of
      this Agreement applicable to it.

     

    ARTICLE
      VI

    THE
      SERVICER, THE DEPOSITOR
      AND THE
      CREDIT RISK MANAGER

     

    
      	SECTION
              6.01  	
              Liability
                of the Servicer and the Depositor.

            

    

     

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

     

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

            

    

     

    Any
      entity into which the Servicer or Depositor may be merged or consolidated,
      or
      any entity resulting from any merger, conversion or consolidation to which
      the
      Servicer or the Depositor shall be a party, or any corporation succeeding to
      the
      business of the Servicer or the Depositor, shall be the successor of the
      Servicer or the Depositor, as the case may be, hereunder, without the execution
      or filing of any paper or any further act on the part of any of the parties
      hereto, anything herein to the contrary notwithstanding; provided, however,
      that
      the successor Servicer shall satisfy all the requirements of Section 7.02 with
      respect to the qualifications of a successor Servicer.

     

    
      	SECTION
              6.03  	
              Limitation
                on Liability of the Servicer and
                Others.

            

    

     

    Neither
      the Servicer nor the Depositor nor any of the directors or officers or employees
      or agents of the Servicer or the Depositor shall be under any liability to
      the
      Trust or the Certificateholders for any action taken or for refraining from
      the
      taking of any action by the Servicer or the Depositor in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided, however, that this
      provision shall not protect the Servicer, the Depositor or any such Person
      against any liability which would otherwise be imposed by reason of its willful
      misfeasance, bad faith or negligence in the performance of duties of the
      Servicer or the Depositor, as the case may be, or by reason of its reckless
      disregard of its obligations and duties of the Servicer or the Depositor, as
      the
      case may be, hereunder. The Servicer and any director or officer or employee
      or
      agent of the Servicer may rely in good faith on any document of any kind prima
      facie properly executed and submitted by any Person respecting any matters
      arising hereunder. The Servicer and the Depositor, and any director or officer
      or employee or agent of the Servicer or the Depositor, shall be indemnified
      by
      the Trust and held harmless against any loss, liability or expense incurred
      in
      connection with (i) any legal action relating to this Agreement or the
      Certificates, other than any loss, liability or expense incurred by reason
      of
      its willful misfeasance, bad faith or negligence or by reason of its reckless
      disregard of its obligations and duties hereunder or by reason of its failure
      to
      perform its obligations or duties hereunder and (ii) any breach of a
      representation or warranty regarding the Mortgage Loans. The Servicer or the
      Depositor may initiate any such action which it may deem necessary or desirable
      in respect of this Agreement, and the rights and duties of the parties hereto
      and the interests of the Certificateholders hereunder. In such event, unless
      the
      Depositor or the Servicer acts without the consent of the Holders of
      Certificates entitled to at least 51% of the Voting Rights, the reasonable
      legal
      expenses and costs of such action and any liability resulting therefrom shall
      be
      expenses, costs and liabilities of the Trust and the Servicer shall be entitled
      to be reimbursed therefor from the Collection Account as and to the extent
      provided in Section 3.11, any such right of reimbursement being prior to the
      rights of the Certificateholders to receive any amount in the Collection
      Account. The Servicer’s right to indemnity or reimbursement pursuant to this
      Section shall survive any resignation or termination of the Servicer pursuant
      to
      Section 6.04 or 7.01 with respect to any losses, expenses, costs or liabilities
      arising prior to such resignation or termination (or arising from events that
      occurred prior to such resignation or termination). This paragraph shall apply
      to the Servicer solely in its capacity as Servicer hereunder and in no other
      capacities. Without limiting the foregoing, the Servicer shall undertake to
      defend any claims against the Trust Fund, the Trustee and/or itself initiated
      by
      a Borrower or otherwise related to the servicing of any Mortgage Loan, the
      reasonable legal expenses and costs of such action and any liability resulting
      therefrom shall be expenses, costs and liabilities of the Trust and the Servicer
      shall be entitled to be reimbursed therefor from the Collection Account as
      and
      to the extent provided in Section 3.11, any such right of reimbursement being
      prior to the rights of the Certificateholders to receive any amount in the
      Collection Account.

     

    Neither
      the Credit Risk Manager, nor any of the directors, officers, employees or agents
      of the Credit Risk Manager, shall be under any liability to the Trustee, the
      Certificateholders or the Depositor for any action taken or for refraining
      from
      the taking of any action in good faith pursuant to this Agreement, in reliance
      upon information provided by Servicer under the Credit Risk Management Agreement
      or for errors in judgment; provided, however, that this provision shall not
      protect the Credit Risk Manager or any such person against liability that would
      otherwise be imposed by reason of willful malfeasance, bad faith or negligence
      in its performance of its duties or by reason of reckless disregard for its
      obligations and duties under this Agreement or the Credit Risk Management
      Agreement. The Credit Risk Manager and any director, officer, employee or agent
      of the Credit Risk Manager may rely in good faith on any document of any kind
      prima facie properly executed and submitted by any Person respecting any matters
      arising hereunder, and may rely in good faith upon the accuracy of information
      furnished by the Servicer pursuant to the Credit Risk Management Agreement
      in
      the performance of its duties thereunder and hereunder.

    

    
      	SECTION
              6.04  	
              Servicer
                Not to Resign.

            

    

     

    The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except (i) upon determination that its duties hereunder are no longer
      permissible under applicable law or are in material conflict by reason of
      applicable law with any other activities carried on by it or its subsidiaries
      or
      Affiliates, the other activities of the Servicer so causing such a conflict
      being of a type and nature carried on by the Servicer or its subsidiaries or
      Affiliates at the date of this Agreement or (ii) upon satisfaction of the
      following conditions: (a) the Servicer has proposed a successor servicer to
      the
      Trustee and the NIMS Insurer in writing and such proposed successor servicer
      is
      reasonably acceptable to the Trustee and the NIMS Insurer and (b) each Rating
      Agency shall have delivered a letter to the Trustee and the NIMS Insurer prior
      to the appointment of the successor servicer stating that the proposed
      appointment of such successor servicer as Servicer hereunder will not result
      in
      the reduction or withdrawal of the then current rating of the Certificates;
      provided, however, that no such resignation by the Servicer shall become
      effective until such successor servicer or, in the case of (i) above, the
      Trustee shall have assumed the Servicer’s responsibilities and obligations
      hereunder or the Trustee shall have designated, with the consent of the NIMS
      Insurer, a successor servicer in accordance with Section 7.02. Except as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges hereunder to any other Person, or delegate to
      or
      subcontract with, or authorize or appoint any other Person to perform any of
      the
      duties, covenants or obligations to be performed by the Servicer hereunder.
      The
      foregoing prohibition on assignment shall not prohibit the Servicer from
      designating a Sub-Servicer as payee of any indemnification amount payable to
      the
      Servicer hereunder; provided, however, no Sub-Servicer shall be a third-party
      beneficiary hereunder and the parties hereto shall not be required to recognize
      any Subservicer as an indemnitee under this Agreement.

     

    
      	SECTION
              6.05  	
              Delegation
                of Duties.

            

    

     

    In
      the
      ordinary course of business, the Servicer at any time may delegate any of its
      duties hereunder to any Person, including any of its Affiliates, who agrees
      to
      conduct such duties in accordance with standards comparable to those set forth
      in Section 3.01. Such delegation shall not relieve the Servicer of its
      liabilities and responsibilities with respect to such duties and shall not
      constitute a resignation within the meaning of Section 6.04. Except as provided
      in Section 3.02, no such delegation is permitted that results in the delegee
      subservicing any Mortgage Loans. The Servicer shall provide the Trustee and
      the
      NIMS Insurer with 60 days prior written notice prior to the delegation of any
      of
      its duties to any Person other than any of the Servicer’s Affiliates or their
      respective successors and assigns.

     

    
      	SECTION
              6.06  	
              [Reserved].

            

    

     

    
      	SECTION
              6.07  	
              Inspection.

            

    

     

    The
      Servicer, in its capacity as Servicer, shall afford the Trustee and the NIMS
      Insurer, upon reasonable notice, during normal business hours, access to all
      records maintained by the Servicer in respect of its rights and obligations
      hereunder and access to officers of the Servicer responsible for such
      obligations.

     

    
      	SECTION
              6.08  	
              Credit
                Risk Manager.

            

    

     

    For
      and
      on behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment Charges with respect to the Mortgage
      Loans.  Such reports and recommendations will be based upon information
      provided to the Credit Risk Manager pursuant to the Credit Risk Management
      Agreement, and the Credit Risk Manager shall look solely to the Servicer for
      all
      information and data (including loss and delinquency information and data)
      relating to the servicing of the Mortgage Loans.  Upon any termination of
      the Credit Risk Manager or the appointment of a successor Credit Risk Manager,
      the Trustee, if it has been notified in writing of such termination or
      appointment, shall give written notice thereof to the Servicer and the
      Depositor.

     

    If
      Holders of the Certificates entitled to 66 2/3% or more of the Voting Rights
      request in writing to the Trustee to terminate the Credit Risk Manager under
      this Agreement, the Credit Risk Manager shall be removed pursuant to this
      Section 6.08.  Upon receipt of such notice, the Trustee shall provide
      written notice to the Credit Risk Manager and the Servicer of the Credit Risk
      Manager’s removal, which shall be effective upon receipt of such notice by the
      Credit Risk Manager.

     

    ARTICLE
      VII

     

    DEFAULT

     

    
      	SECTION
              7.01  	
              Servicer
                Events of Termination.

            

    

     

    (a)  If
      any
      one of the following events (“Servicer Events of Termination”) shall occur and
      be continuing:

     

    (i)  (A)
      The
      failure by the Servicer to make any Advance;
      or (B)
      any other failure by the Servicer to deposit in the Collection Account or the
      Distribution Account any deposit required to be made under the terms of this
      Agreement which continues unremedied for a period of one Business Day after
      the
      date upon which written notice of such failure shall have been given to the
      Servicer by the Trustee or to the Servicer and the Trustee by the NIMS Insurer
      or any Holders of a Regular Certificate evidencing at least 25% of the Voting
      Rights; or

     

    (ii)  The
      failure by the Servicer to make any required Servicing Advance which failure
      continues unremedied for a period of 30 days, or the failure by the Servicer
      duly to observe or perform, in any material respect, any other covenants,
      obligations or agreements of the Servicer as set forth in this Agreement, which
      failure continues unremedied for a period of 30 days (or
      if
      such failure or breach cannot be remedied within 30 days, then such remedy
      shall
      have been commenced within 30 days and diligently pursued thereafter; provided,
      however, that in no event shall such failure or breach be allowed to exist
      for a
      period of greater than 90 days), after the date (A) on which written notice
      of
      such failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Trustee or to the Trustee by the NIMS Insurer or any Holders
      of
      a Regular Certificate evidencing at least 25% of the Voting Rights or (B) of
      actual knowledge of such failure by a Servicing Officer of the Servicer;
      or

     

    (iii)  The
      entry
      against the Servicer of a decree or order by a court or agency or supervisory
      authority having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any insolvency, conservatorship,
      receivership, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings, or for the winding up or liquidation of its affairs, and
      the continuance of any such decree or order unstayed and in effect for a period
      of 60 days; or

     

    (iv)  The
      Servicer shall voluntarily go into liquidation, consent to the appointment
      of a
      conservator or receiver or liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings of or relating to the Servicer or of or relating to all or
      substantially all of its property; or a decree or order of a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver, liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Servicer and such decree or order shall have remained
      in force undischarged, unbonded or unstayed for a period of 60 days; or the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors
      or
      voluntarily suspend payment of its obligations;

     

    (v)  A
      Delinquency Servicer Termination Trigger has occurred and is
      continuing;

     

    (b)  then,
      and
      in each and every such case, so long as a Servicer Event of Termination shall
      not have been remedied within the applicable grace period, (x) with respect
      solely to clause (i)(A) above, if such Advance is not made by 5:00 P.M., New
      York time, on the Business Day immediately following the Servicer Remittance
      Date (provided the Trustee shall give the Servicer notice of such failure to
      advance by 5:00 P.M. New York time on the Servicer Remittance Date), the Trustee
      shall, at the direction of the NIMS Insurer, terminate all of the rights and
      obligations of the Servicer under this Agreement, to the extent permitted by
      law, and in and to the Mortgage Loans and the proceeds thereof and the Trustee,
      or a successor servicer appointed in accordance with Section 7.02, shall
      immediately make such Advance and assume, pursuant to Section 7.02, the duties
      of a successor Servicer and (y) in the case of (i)(B), (ii), (iii) or (iv)
      above, the Trustee shall, at the direction of the NIMS Insurer or the Holders
      of
      each Class of Regular Certificates evidencing Percentage Interests aggregating
      not less than 51%, by notice then given in writing to the Servicer (and to
      the
      Trustee if given by the NIMS Insurer or the Holders of Certificates), terminate
      all of the rights and obligations of the Servicer as servicer under this
      Agreement. Any such notice to the Servicer shall also be given to each Rating
      Agency, the Depositor and the Servicer. On or after the receipt by the Servicer
      (and by the Trustee if such notice is given by the Holders) of such written
      notice, all authority and power of the Servicer under this Agreement, whether
      with respect to the Certificates or the Mortgage Loans or otherwise, shall
      pass
      to and be vested in the Trustee pursuant to and under this Section; and, without
      limitation, and the Trustee is hereby authorized and empowered to execute and
      deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any and
      all documents and other instruments, and to do or accomplish all other acts
      or
      things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement of each Mortgage
      Loan and related documents or otherwise. The Servicer agrees to cooperate with
      the Trustee (or the applicable successor Servicer) in effecting the termination
      of the responsibilities and rights of the Servicer hereunder, including, without
      limitation, the delivery to the Trustee of all documents and records requested
      by it to enable it to assume the Servicer’s functions under this Agreement
      within ten Business Days subsequent to such notice, the transfer within one
      Business Day subsequent to such notice to the Trustee (or the applicable
      successor Servicer) for the administration by it of all cash amounts that shall
      at the time be held by the Servicer and to be deposited by it in the Collection
      Account, the Distribution Account, any REO Account or any Servicing Account
      or
      that have been deposited by the Servicer in such accounts or thereafter received
      by the Servicer with respect to the Mortgage Loans or any REO Property received
      by the Servicer. All reasonable costs and expenses (including attorneys’ fees)
      incurred in connection with transferring the Mortgage Files to the successor
      Servicer and amending this Agreement to reflect such succession as Servicer
      pursuant to this Section shall be paid by the predecessor Servicer (or if the
      predecessor Servicer is the Trustee, the initial Servicer) upon presentation
      of
      reasonable documentation of such costs and expenses and to the extent not paid
      by the Servicer, by the Trust.

     

    
      	SECTION
              7.02  	
              Trustee
                to Act; Appointment of Successor.

            

    

     

    (a)  From
      the
      time the Servicer (and the Trustee, if notice is sent by the Holders) receives
      a
      notice of termination pursuant to Section 7.01 or 6.04, the Trustee (or such
      other successor Servicer as is approved in accordance with this Agreement)
      shall
      be the successor in all respects to the Servicer in its capacity as servicer
      under this Agreement and the transactions set forth or provided for herein
      and
      shall be subject to all the responsibilities, duties and liabilities relating
      thereto placed on the Servicer by the terms and provisions hereof arising on
      and
      after its succession. Notwithstanding the foregoing, the parties hereto agree
      that the Trustee, in its capacity as successor Servicer, immediately will assume
      all of the obligations of the Servicer to make advances. Notwithstanding the
      foregoing, the Trustee, in its capacity as successor Servicer, shall not be
      responsible for the lack of information and/or documents that it cannot obtain
      through reasonable efforts. It is understood and agreed by the parties hereto
      that there will be a period of transition (not to exceed 90 days) before the
      transition of servicing obligations is fully effective. As compensation
      therefor, the Trustee (or such other successor Servicer) shall be entitled
      to
      such compensation as the Servicer would have been entitled to hereunder if
      no
      such notice of termination had been given. Notwithstanding the above, (i) if
      the
      Trustee is unwilling to act as successor Servicer or (ii) if the Trustee is
      legally unable so to act, the Trustee shall appoint or petition a court of
      competent jurisdiction to appoint, any established housing and home finance
      institution, bank or other mortgage loan or home equity loan servicer having
      a
      net worth of not less than $50,000,000 as the successor to the Servicer
      hereunder in the assumption of all or any part of the responsibilities, duties
      or liabilities of the Servicer hereunder; provided, that the appointment of
      any
      such successor Servicer shall be approved by the NIMS Insurer (such approval
      not
      to be unreasonably withheld), as evidenced by the prior written consent of
      the
      NIMS Insurer, and will not result in the qualification, reduction or withdrawal
      of the ratings assigned to the Certificates by the Rating Agencies as evidenced
      by a letter to such effect from the Rating Agencies. Pending appointment of
      a
      successor to the Servicer hereunder, the Trustee shall act in such capacity
      as
      hereinabove provided. In connection with such appointment and assumption, the
      successor shall be entitled to receive compensation out of payments on Mortgage
      Loans in an amount equal to the compensation which the Servicer would otherwise
      have received pursuant to Section 3.18 (or such other compensation as the
      Trustee and such successor shall agree, not to exceed the Servicing Fee). The
      appointment of a successor Servicer shall not affect any liability of the
      predecessor Servicer which may have arisen under this Agreement prior to its
      termination as Servicer to pay any deductible under an insurance policy pursuant
      to Section 3.14, to reimburse the Trustee pursuant to Section 3.06 or to
      indemnify the Trustee or the NIMS Insurer pursuant to Section 8.05(c)), nor
      shall any successor Servicer be liable for any acts or omissions of the
      predecessor Servicer or for any breach by such Servicer of any of its
      representations or warranties contained herein or in any related document or
      agreement. The Trustee and such successor shall take such action, consistent
      with this Agreement, as shall be necessary to effectuate any such succession.
      All Servicing Transfer Costs shall be paid by the predecessor Servicer upon
      presentation of reasonable documentation of such costs, and if such predecessor
      Servicer defaults in its obligation to pay such costs, such costs shall be
      paid
      by the successor Servicer or the Trustee (in which case the successor Servicer
      or the Trustee, as applicable, shall be entitled to reimbursement therefor
      from
      the assets of the Trust).

     

    (b)  Any
      successor to the Servicer, including the Trustee, shall during the term of
      its
      service as servicer continue to service and administer the Mortgage Loans for
      the benefit of Certificateholders, and maintain in force a policy or policies
      of
      insurance covering errors and omissions in the performance of its obligations
      as
      Servicer hereunder and a fidelity bond in respect of its officers, employees
      and
      agents to the same extent as the Servicer is so required pursuant to Section
      3.14.

     

    
      	SECTION
              7.03  	
              Waiver
                of Defaults.

            

    

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders and with
      the consent of the NIMS Insurer, waive any events permitting removal of the
      Servicer as servicer pursuant to this Article VII, provided, however, that
      the
      Majority Certificateholders may not waive a default in making a required
      distribution on a Certificate without the consent of the Holder of such
      Certificate and the consent of the NIMS Insurer. Upon any waiver of a past
      default, such default shall cease to exist and any Servicer Event of Termination
      arising therefrom shall be deemed to have been remedied for every purpose of
      this Agreement. No such waiver shall extend to any subsequent or other default
      or impair any right consequent thereto except to the extent expressly so waived.
      Notice of any such waiver shall be given by the Trustee to the Rating Agencies
      and the NIMS Insurer.

     

    
      	SECTION
              7.04  	
              Notification
                to Certificateholders.

            

    

     

    (a)  Upon
      any
      termination or appointment of a successor to the Servicer pursuant to this
      Article VII or Section 6.04, the Trustee shall give prompt written notice
      thereof to the Certificateholders at their respective addresses appearing in
      the
      Certificate Register, the NIMS Insurer and each Rating Agency.

     

    (b)  No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute a Servicer Event of
      Termination for five Business Days after a Responsible Officer of the Trustee
      becomes aware of the occurrence of such an event, the Trustee shall transmit
      by
      mail to all Certificateholders and to the NIMS Insurer notice of such occurrence
      unless such default or Servicer Event of Termination shall have been waived
      or
      cured.

     

    
      	SECTION
              7.05  	
              Survivability
                of Servicer Liabilities.

            

    

     

    Notwithstanding
      anything herein to the contrary, upon termination of the Servicer hereunder,
      any
      liabilities of the Servicer which accrued prior to such termination shall
      survive such termination.

     

    ARTICLE
      VIII

    THE
      TRUSTEE

     

    
      	SECTION
              8.01  	
              Duties
                of Trustee.

            

    

     

    The
      Trustee, prior to the occurrence of a Servicer Event of Termination and after
      the curing of all Servicer Events of Termination which may have occurred,
      undertakes to perform such duties and only such duties as are specifically
      set
      forth in this Agreement. If a Servicer Event of Termination has occurred (which
      has not been cured) of which a Responsible Officer has knowledge, the Trustee
      shall exercise such of the rights and powers vested in it by this Agreement,
      and
      use the same degree of care and skill in their exercise, as a prudent man would
      exercise or use under the circumstances in the conduct of his own
      affairs.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement; provided, however, that the Trustee will not
      be
      responsible for the accuracy or content of any such resolutions, certificates,
      statements, opinions, reports, documents or other instruments. If any such
      instrument is found not to conform to the requirements of this Agreement in
      a
      material manner the Trustee shall take such action as it deems appropriate
      to
      have the instrument corrected, and if the instrument is not corrected to the
      Trustee’s satisfaction, the Trustee will provide notice thereof to the
      Certificateholders and the NIMS Insurer.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act or
      its
      own misconduct; provided, however, that:

     

    (i)  prior
      to
      the occurrence of a Servicer Event of Termination, and after the curing of
      all
      such Servicer Events of Termination which may have occurred, the duties and
      obligations of the Trustee shall be determined solely by the express provisions
      of this Agreement, the Trustee shall not be liable except for the performance
      of
      such duties and obligations as are specifically set forth in this Agreement,
      no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee and, in the absence of bad faith on the part of the Trustee, the Trustee
      may conclusively rely, as to the truth of the statements and the correctness
      of
      the opinions expressed therein, upon any certificates or opinions furnished
      to
      the Trustee and conforming to the requirements of this Agreement;

     

    (ii)  the
      Trustee shall not be personally liable for an error of judgment made in good
      faith by a Responsible Officer of the Trustee, unless it shall be proved that
      the Trustee was negligent in ascertaining the pertinent facts;

     

    (iii)  the
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      direction of the NIMS Insurer or the Majority Certificateholders relating to
      the
      time, method and place of conducting any proceeding for any remedy available
      to
      the Trustee, or exercising or omitting to exercise any trust or power conferred
      upon the Trustee, under this Agreement; and

     

    (iv)  the
      Trustee shall not be charged with knowledge of any failure by the Servicer
      to
      comply with the obligations of the Servicer referred to in clauses (i) and
      (ii)
      of Section 7.01(a) or of the existence of any Servicer Event of Termination
      unless a Responsible Officer of the Trustee at the Corporate Trust Office
      obtains actual knowledge of such failure or the Trustee receives written notice
      of such failure from the Depositor, the Servicer, the NIMS Insurer or the
      Majority Certificateholders.

     

    The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial liability in the performance of any of its duties hereunder, or in
      the
      exercise of any of its rights or powers, if there is reasonable ground for
      believing that the repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Servicer under this Agreement, except during such time, if any, as the
      Trustee shall be the successor to, and be vested with the rights, duties, powers
      and privileges of, the Servicer in accordance with the terms of this
      Agreement.

     

    
      	SECTION
              8.02  	
              Certain
                Matters Affecting the Trustee.

            

    

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (i)  the
      Trustee may request and rely upon, and shall be protected in acting or
      refraining from acting upon, any resolution, Officers’ Certificate, certificate
      of auditors or any other certificate, statement, instrument, opinion, report,
      notice, request, consent, order, appraisal, bond or other paper or document
      reasonably believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties, and the manner of obtaining consents and of
      evidencing the authorization of the execution thereof by Certificateholders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe;

     

    (ii)  the
      Trustee may consult with counsel and any Opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken or suffered
      or omitted by it hereunder in good faith and in accordance with such Opinion
      of
      Counsel;

     

    (iii)  the
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Agreement, or to institute, conduct or defend any
      litigation hereunder or in relation hereto, at the request, order or direction
      of any of the Certificateholders or the NIMS Insurer, pursuant to the provisions
      of this Agreement, unless such Certificateholders or the NIMS Insurer, as
      applicable shall have offered to the Trustee reasonable security or indemnity
      against the costs, expenses and liabilities which may be incurred therein or
      thereby; the right of the Trustee to perform any discretionary act enumerated
      in
      this Agreement shall not be construed as a duty, and the Trustee shall not
      be
      answerable for other than its negligence or willful misconduct in the
      performance of any such act;

     

    (iv)  the
      Trustee shall not be personally liable for any action taken, suffered or omitted
      by it in good faith and believed by it to be authorized or within the discretion
      or rights or powers conferred upon it by this Agreement;

     

    (v)  prior
      to
      the occurrence of a Servicer Event of Termination and after the curing of all
      Servicer Events of Termination which may have occurred, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or documents, unless
      requested in writing to do so by the NIMS Insurer or the Majority
      Certificateholder; provided, however, that if the payment within a reasonable
      time to the Trustee of the costs, expenses or liabilities likely to be incurred
      by it in the making of such investigation is, in the opinion of the Trustee,
      not
      reasonably assured to the Trustee by the security afforded to it by the terms
      of
      this Agreement, the Trustee may require reasonable indemnity against such cost,
      expense or liability as a condition to such proceeding. The reasonable expense
      of every such examination shall be paid by the Servicer or the NIMS Insurer
      (if
      requested by the NIMS Insurer) or, if paid by the Trustee, shall be reimbursed
      by the Servicer or the NIMS Insurer (if requested by the NIMS Insurer) upon
      demand and, if not reimbursed by the Servicer or the NIMS Insurer (if requested
      by the NIMS Insurer), shall be reimbursed by the Trust. Nothing in this clause
      (v) shall derogate from the obligation of the Servicer to observe any applicable
      law prohibiting disclosure of information regarding the Mortgagors;

     

    (vi)  the
      Trustee shall not be accountable, shall have no liability and makes no
      representation as to any acts or omissions hereunder of the Servicer until
      such
      time as the Trustee may be required to act as Servicer pursuant to Section
      7.02
      and thereupon only for the acts or omissions of the Trustee as successor
      Servicer;

     

    (vii)  the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys, custodians
      or
      nominees;

     

    (viii)  the
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of such
      act;

     

    (ix)  the
      Trustee shall not be personally liable for any loss resulting from the
      investment of funds held in the Collection Account or the REO Account made
      at
      the direction of the Servicer pursuant to Section 3.12; and

     

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

     

    In
      order
      to comply with its duties under the U.S. Patriot Act, the Trustee shall obtain
      and verify certain information and documentation from the other parties hereto,
      including, but not limited to, such parties’ name, address and other identifying
      information.

     

    
      	SECTION
              8.03  	
              Trustee
                Not Liable for Certificates or Mortgage
                Loans.

            

    

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Trustee on the Certificates) shall be taken as the statements of the
      Depositor, and the Trustee assumes no responsibility for the correctness of
      the
      same. The Trustee makes no representations as to the validity or sufficiency
      of
      this Agreement or of the Certificates (other than the signature and
      authentication of the Trustee on the Certificates) or of any Mortgage Loan
      or
      related document or MERS or the MERS System other than with respect to the
      Trustee’s execution and authentication of the Certificates. The Trustee shall
      not be accountable for the use or application by the Servicer, or for the use
      or
      application of any funds paid to the Servicer in respect of the Mortgage Loans
      or deposited in or withdrawn from the Collection Account by the Servicer. The
      Trustee shall at no time have any responsibility or liability for or with
      respect to the legality, validity and enforceability of any Mortgage or any
      Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance
      of any such perfection and priority, or for or with respect to the sufficiency
      of the Trust or its ability to generate the payments to be distributed to
      Certificateholders under this Agreement, including, without limitation: the
      existence, condition and ownership of any Mortgaged Property; the existence
      and
      enforceability of any hazard insurance thereon (other than if the Trustee shall
      assume the duties of the Servicer pursuant to Section 7.02); the validity of
      the
      assignment of any Mortgage Loan to the Trustee or of any intervening assignment;
      the completeness of any Mortgage Loan; the performance or enforcement of any
      Mortgage Loan (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02); the compliance by the Depositor, the Originator
      or
      the Servicer with any warranty or representation made under this Agreement
      or in
      any related document or the accuracy of any such warranty or representation
      prior to the Trustee’s receipt of notice or other discovery of any
      non-compliance therewith or any breach thereof; any investment of monies by
      or
      at the direction of the Servicer or any loss resulting therefrom, it being
      understood that the Trustee shall remain responsible for any Trust property
      that
      it may hold in its individual capacity; the acts or omissions of any of the
      Servicer (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02), any Sub-Servicer or any Mortgagor; any action of
      the
      Servicer (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02), or any Sub- Servicer taken in the name of the
      Trustee; the failure of the Servicer or any Sub-Servicer to act or perform
      any
      duties required of it as agent of the Trustee hereunder; or any action by the
      Trustee taken at the instruction of the Servicer (other than if the Trustee
      shall assume the duties of the Servicer pursuant to Section 7.02); provided,
      however, that the foregoing shall not relieve the Trustee of its obligation
      to
      perform its duties under this Agreement, including, without limitation, the
      Trustee’s duty to review the Mortgage Files pursuant to Section 2.01. The
      Trustee shall have no responsibility for filing any financing or continuation
      statement in any public office at any time or to otherwise perfect or maintain
      the perfection of any security interest or lien granted to it hereunder (unless
      the Trustee shall have become the successor Servicer).

     

    
      	SECTION
              8.04  	
              Trustee
                May Own Certificates.

            

    

     

    The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Certificates with the same rights as it would have if it were not Trustee
      and
      may transact any banking and trust business with the Originator, the Servicer,
      the Depositor or their Affiliates.

     

    
      	SECTION
              8.05  	
              Trustee
                Compensation, Custodial Fee and
                Expenses.

            

    

     

    (a)  On
      each
      Distribution Date, prior to making any distributions to Certificateholders,
      the
      Trustee shall withdraw from the Distribution Account and pay to itself the
      Trustee Compensation payable on such Distribution Date consisting of all income
      earned on amounts on deposit in the Distribution Account. The Trustee shall
      be
      provided a copy of the separate fee schedule between the Depositor and the
      Custodian. The Trustee shall withdraw from the Distribution Account on each
      Distribution Date and pay to the Custodian, the Custodial Fee prior to making
      any distributions to Certificateholders.

     

    (b)  The
      Trustee, or any director, officer, employee or agent of the Trustee, shall
      be
      indemnified by the Trust Fund and held harmless against any loss, liability
      or
      expense (not including expenses and disbursements incurred or made by the
      Trustee, including the compensation and the expenses and disbursements of its
      agents and counsel, in the ordinary course of the Trustee’s performance in
      accordance with the provisions of this Agreement) incurred by the Trustee
      arising out of or in connection with the acceptance or administration of its
      obligations and duties under this Agreement, other than any loss, liability
      or
      expense (i) resulting from a breach of the Servicer’s obligations and duties
      under this Agreement for which the Trustee is indemnified under Section 8.05(b)
      or (ii) any loss, liability or expense incurred by reason of willful
      misfeasance, bad faith or negligence of the Trustee in
      the
      performance of its duties hereunder or by reason of the Trustee’s reckless
      disregard of obligations and duties hereunder
      or as a
      result of a breach of the Trustee’s obligations under Article X hereof. It is
      understood by the parties hereto that a “claim” as used in the preceding
      sentence includes any claim for indemnification made by the Custodian under
      Section 22 of the Custodial Agreement; provided, however, that the Trustee
      shall
      not lose any right it may have to indemnification under this Section 8.05 due
      to
      the willful misfeasance, bad faith or negligence of the Custodian in the
      performance of its duties under the Custodial Agreement or by reason of the
      Custodian’s reckless disregard of its obligations and duties under the Custodial
      Agreement. Any amounts payable to the Trustee, or any director, officer,
      employee or agent of the Trustee, in respect of the indemnification provided
      by
      this Section 8.05(a), or pursuant to any other right of reimbursement from
      the
      Trust Fund that the Trustee, or any director, officer, employee or agent of
      the
      Trustee, may have hereunder in its capacity as such, may be withdrawn by the
      Trustee from the Distribution Account at any time. The foregoing indemnity
      shall
      survive the resignation or removal of the Trustee.

     

    (c)  The
      Servicer agrees to indemnify the Trustee, the NIMS Insurer, the Custodian or
      any
      director, officer, employee or agent of the Trustee, the NIMS Insurer or
      Custodian from, and hold it harmless against, any loss, liability or expense
      resulting from a breach of the Servicer’s obligations and duties under this
      Agreement. Such indemnity shall survive the termination or discharge of this
      Agreement and the resignation or removal of the Trustee and the Servicer for
      actions prior to such resignation or removal. Any payment hereunder made by
      the
      Servicer to the Trustee shall be from the Servicer’s own funds, without
      reimbursement from the Trust Fund therefor.

     

    
      	SECTION
              8.06  	
              Eligibility
                Requirements for Trustee.

            

    

     

    The
      Trustee hereunder shall at all times be an entity duly organized and validly
      existing under the laws of the United States of America or any state thereof,
      authorized under such laws to exercise corporate trust powers, having a combined
      capital and surplus of at least $50,000,000 and subject to supervision or
      examination by federal or state authority. If such entity publishes reports
      of
      condition at least annually, pursuant to law or to the requirements of the
      aforesaid supervising or examining authority, then for the purposes of this
      Section 8.06, the combined capital and surplus of such entity shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. The principal office of the Trustee (other than the
      initial Trustee) shall be in a state with respect to which an Opinion of Counsel
      has been delivered to such Trustee and the NIMS Insurer at the time such Trustee
      is appointed Trustee to the effect that the Trust will not be a taxable entity
      under the laws of such state. In case at any time the Trustee shall cease to
      be
      eligible in accordance with the provisions of this Section 8.06, the Trustee
      shall resign immediately in the manner and with the effect specified in Section
      8.07.

     

    
      	SECTION
              8.07  	
              Resignation
                or Removal of Trustee.

            

    

     

    The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving written notice thereof to the NIMS Insurer, the Depositor, the
      Servicer and each Rating Agency. Upon receiving such notice of resignation,
      the
      Depositor shall promptly appoint a successor Trustee acceptable to the NIMS
      Insurer by written instrument, in duplicate, one copy of which instrument shall
      be delivered to the resigning Trustee and one copy to the successor Trustee.
      If
      no successor Trustee shall have been so appointed and having accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Trustee may petition any court of competent jurisdiction for the
      appointment of a successor Trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 8.06 and shall fail to resign after written request therefor by the
      Depositor or the NIMS Insurer if at any time the Trustee shall be legally unable
      to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the
      Trustee or of its property shall be appointed, or any public officer shall
      take
      charge or control of the Trustee or of its property or affairs for the purpose
      of rehabilitation, conservation or liquidation, then the Depositor, the Servicer
      or the NIMS Insurer may remove the Trustee. If the Depositor, the Servicer
      or
      the NIMS Insurer removes the Trustee under the authority of the immediately
      preceding sentence, the Depositor, with the consent of the NIMS Insurer, shall
      promptly appoint a successor Trustee by written instrument, in duplicate, one
      copy of which instrument shall be delivered to the Trustee so removed and one
      copy to the successor trustee.

     

    The
      Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee
      to perform its obligations hereunder) may at any time remove the Trustee by
      written instrument or instruments delivered to the Servicer, the Depositor
      and
      the Trustee; the Depositor shall thereupon use its best efforts to appoint
      a
      successor trustee acceptable to the NIMS Insurer in accordance with this
      Section.

     

    Any
      resignation or removal of the Trustee and appointment of a successor Trustee
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee as provided
      in Section 8.08.

     

    
      	SECTION
              8.08  	
              Successor
                Trustee.

            

    

     

    Any
      successor Trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the NIMS Insurer, the Depositor, the Servicer and
      to
      its predecessor Trustee an instrument accepting such appointment hereunder,
      and
      thereupon the resignation or removal of the predecessor Trustee shall become
      effective, and such successor Trustee, without any further act, deed or
      conveyance, shall become fully vested with all the rights, powers, duties and
      obligations of its predecessor hereunder, with like effect as if originally
      named as Trustee. The Depositor, the Servicer and the predecessor Trustee shall
      execute and deliver such instruments and do such other things as may reasonably
      be required for fully and certainly vesting and confirming in the successor
      Trustee all such rights, powers, duties and obligations.

     

    No
      successor Trustee shall accept appointment as provided in this Section 8.08
      unless at the time of such acceptance such successor Trustee shall be eligible
      under the provisions of Section 8.06 and the appointment of such successor
      Trustee shall not result in a downgrading of the Regular Certificates by either
      Rating Agency, as evidenced by a letter from each Rating Agency.

     

    Upon
      acceptance of appointment by a successor Trustee as provided in this Section
      8.08, the successor Trustee shall mail notice of the appointment of a successor
      Trustee hereunder to all Holders of Certificates at their addresses as shown
      in
      the Certificate Register and to each Rating Agency.

     

    
      	SECTION
              8.09  	
              Merger
                or Consolidation of Trustee.

            

    

     

    Any
      entity into which the Trustee may be merged or converted or with which it may
      be
      consolidated, or any entity resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any entity succeeding
      to
      the business of the Trustee, shall be the successor of the Trustee hereunder,
      provided such entity shall be eligible under the provisions of Section 8.06
      and
      8.08, without the execution or filing of any paper or any further act on the
      part of any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    
      	SECTION
              8.10  	
              Appointment
                of Co-Trustee or Separate Trustee.

            

    

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust or
      any
      Mortgaged Property may at the time be located, the Depositor and the Trustee
      acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee and the
      NIMS
      Insurer to act as co-trustee or co-trustees, jointly with the Trustee, or
      separate trustee or separate trustees, of all or any part of the Trust, and
      to
      vest in such Person or Persons, in such capacity and for the benefit of the
      Certificateholders, such title to the Trust, or any part thereof, and, subject
      to the other provisions of this Section 8.10, such powers, duties, obligations,
      rights and trusts as the Servicer and the Trustee may consider necessary or
      desirable. Any such co-trustee or separate trustee shall be subject to the
      written approval of the Servicer and the NIMS Insurer. If the Servicer and
      the
      NIMS Insurer shall not have joined in such appointment within 15 days after
      the
      receipt by it of a request so to do, or in the case a Servicer Event of
      Termination shall have occurred and be continuing, the Trustee alone shall
      have
      the power to make such appointment. No co-trustee or separate trustee hereunder
      shall be required to meet the terms of eligibility as a successor trustee under
      Section 8.06, and no notice to Certificateholders of the appointment of any
      co-trustee or separate trustee shall be required under Section 8.08. The
      Servicer shall be responsible for the fees of any co-trustee or separate trustee
      appointed hereunder.

     

    Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i)  all
      rights, powers, duties and obligations conferred or imposed upon the Trustee
      shall be conferred or imposed upon and exercised or performed by the Trustee
      and
      such separate trustee or co-trustee jointly (it being understood that such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Trustee joining in such act), except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed (whether
      as
      Trustee hereunder or as successor to the Servicer hereunder), the Trustee shall
      be incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to the
      Trust or any portion thereof in any such jurisdiction) shall be exercised and
      performed singly by such separate trustee or co-trustee, but solely at the
      direction of the Trustee;

     

    (ii)  no
      trustee hereunder shall be held personally liable by reason of any act or
      omission of any other trustee hereunder; and

     

    (iii)  the
      Servicer and the Trustee, acting jointly and with the consent of the NIMS
      Insurer, may at any time accept the resignation of or remove any separate
      trustee or co-trustee except that following the occurrence of a Servicer Event
      of Termination, the Trustee acting alone may accept the resignation or remove
      any separate trustee or co-trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. Each separate trustee and co-trustee, upon its acceptance of the trusts
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy thereof given to
      the
      Depositor, the Servicer and the NIMS Insurer.

     

    Any
      separate trustee or co-trustee may, at any time, constitute the Trustee, its
      agent or attorney-in-fact, with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor Trustee.

     

    
      	SECTION
              8.11  	
              Limitation
                of Liability.

            

    

     

    The
      Certificates are executed by the Trustee, not in its individual capacity but
      solely as Trustee of the Trust, in the exercise of the powers and authority
      conferred and vested in it by the Trust Agreement. Each of the undertakings
      and
      agreements made on the part of the Trustee in the Certificates is made and
      intended not as a personal undertaking or agreement by the Trustee but is made
      and intended for the purpose of binding only the Trust.

     

    
      	SECTION
              8.12  	
              Trustee
                May Enforce Claims Without Possession of
                Certificates.

            

    

     

    (a)  All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee, its agents and counsel, be for the
      ratable benefit of the Certificateholders in respect of which such judgment
      has
      been recovered.

     

    (b)  The
      Trustee shall afford the Originator, the Depositor, the Servicer, the NIMS
      Insurer and each Certificateholder upon reasonable prior notice during normal
      business hours, access to all records maintained by the Trustee in respect
      of
      its duties hereunder and access to officers of the Trustee responsible for
      performing such duties. Upon request, the Trustee shall furnish the Depositor,
      the Servicer, the NIMS Insurer and any requesting Certificateholder with its
      most recent financial statements. The Trustee shall cooperate fully with the
      Originator, the Servicer, the NIM Insurer, the Depositor and such
      Certificateholder and shall make available to the Originator, the Servicer,
      the
      Depositor, the NIMS Insurer and such Certificateholder for review and copying
      such books, documents or records as may be requested with respect to the
      Trustee’s duties hereunder. The Originator, the Depositor, the Servicer and the
      Certificateholders shall not have any responsibility or liability for any action
      or failure to act by the Trustee and are not obligated to supervise the
      performance of the Trustee under this Agreement or otherwise.

     

    
      	SECTION
              8.13  	
              Suits
                for Enforcement.

            

    

     

    In
      case a
      Servicer Event of Termination or other default by the Servicer or the Depositor
      hereunder shall occur and be continuing, the Trustee, shall, at the direction
      of
      the Majority Certificateholders or the NIMS Insurer, or may, proceed to protect
      and enforce its rights and the rights of the Certificateholders or the NIMS
      Insurer under this Agreement by a suit, action or proceeding in equity or at
      law
      or otherwise, whether for the specific performance of any covenant or agreement
      contained in this Agreement or in aid of the execution of any power granted
      in
      this Agreement or for the enforcement of any other legal, equitable or other
      remedy, as the Trustee, being advised by counsel, and subject to the foregoing,
      shall deem most effectual to protect and enforce any of the rights of the
      Trustee, the NIMS Insurer and the Certificateholders.

     

    
      	SECTION
              8.14  	
              Waiver
                of Bond Requirement.

            

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee post a bond or other surety with any court, agency
      or
      body whatsoever.

     

    
      	SECTION
              8.15  	
              Waiver
                of Inventory, Accounting and Appraisal
                Requirement.

            

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee file any inventory, accounting or appraisal of the
      Trust with any court, agency or body at any time or in any manner
      whatsoever.

     

    
      	SECTION
              8.16  	
              Appointment
                of the Custodian.

            

    

     

    The
      Trustee shall, at the direction of the Depositor and with the consent of the
      Servicer, appoint the Custodian to hold all or a portion of the Mortgage Files.
      The appointment of the Custodian may at any time be terminated and a substitute
      Custodian appointed therefor at the direction of the Depositor to the Trustee,
      the consent to which shall not be unreasonably withheld. The Custodian shall
      be
      entitled to its fees and expenses in accordance with the Custodial Agreement,
      which fees and expenses shall be paid to the Custodian from the Trust in
      accordance with Section 8.05. Subject to Article VIII hereof, the Trustee agrees
      to comply with the terms of the Custodial Agreement, which agreement may be
      amended from time to time, and shall have the right to enforce the terms and
      provisions thereof against the Custodian for the benefit of the
      Certificateholders having an interest in any Mortgage File held by the
      Custodian. Notwithstanding anything to the contrary in this Agreement, the
      Custodian is not an agent of the Trustee and in no event shall the Trustee
      be
      liable for any acts, omission, duties, obligations, or liabilities of the
      Custodian. In no event shall the appointment of the Custodian pursuant to the
      Custodial Agreement diminish the obligations of the Trustee
      hereunder.

     

    ARTICLE
      IX

    REMIC
      ADMINISTRATION

     

    
      	SECTION
              9.01  	
              REMIC
                Administration.

            

    

     

    (a)  REMIC
      elections as set forth in the Preliminary Statement shall be made by the Trustee
      on Form 1066 or other appropriate federal tax or information return for the
      taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement. The Securities
      Administrator and the Trustee shall not permit the creation of any “interests”
(within the meaning of Section 860G of the Code) in any REMIC created hereunder
      other than (a) the REMIC 1 Regular Interests, the REMIC 2 Regular Interests,
      the
      REMIC 3 Regular Interests, the REMIC 4 Regular Interests, the REMIC 5 Regular
      Interests or the REMIC 6 Regular Interests, the ownership of which is
      represented by the Class A and Class M Certificates, REMIC 6 Regular Interest
      SWAP IO, the Class C Certificates and the Class P Certificates and (b) the
      Class
      R-1 Interest, the Class R-2 Interest, the Class R-3 Interest, the Class R-4
      Interest, the Class R-5 Interest and the Class R-6 Interest. The Securities
      Administrator will apply for an Employee Identification Number from the IRS
      via
      form SS-4 or any other acceptable method for each Trust REMIC

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code.

     

    (c)  The
      Trustee shall pay any and all expenses relating to any tax audit of any REMIC
      (including, but not limited to, any professional fees or any administrative
      or
      judicial proceedings with respect to any Trust REMIC that involve the Internal
      Revenue Service or state tax authorities), including the expense of obtaining
      any tax related Opinion of Counsel. The Trustee shall be entitled to
      reimbursement of expenses incurred pursuant to this Section 9.01(c) to the
      extent provided in Section 8.05.

     

    (d)  The
      Trustee shall prepare, sign and file, all of the REMICs’ federal and state tax
      and information returns (including Form 8811) as the direct representative
      each
      REMIC created hereunder. The expenses of preparing and filing such returns
      shall
      be borne by the Trustee.

     

    (e)  The
      Holder of the Class R Certificate at any time holding the largest Percentage
      Interest thereof shall be the “tax matters person” as defined in the REMIC
      Provisions (the related “Tax Matters Person”) with respect to REMIC 1, REMIC 2
      and REMIC 3 and shall act as Tax Matters Person for REMIC 1, REMIC 2 and REMIC
      3. The Holder of the Class R-X Certificate at any time holding the largest
      Percentage Interest thereof shall be the Tax Matters Person with respect to
      REMIC 4, REMIC 5 and REMIC 6 and shall act as Tax Matters Person for REMIC 4,
      REMIC 5 and REMIC 6. The Trustee, as agent for the Tax Matters Person, shall
      perform on behalf of each REMIC all reporting and other tax compliance duties
      that are the responsibility of such REMIC under the Code, the REMIC Provisions,
      or other compliance guidance issued by the Internal Revenue Service or any
      state
      or local taxing authority. Among its other duties, if required by the Code,
      the
      REMIC Provisions, or other such guidance, the Trustee, as agent for the Tax
      Matters Person, shall provide (i) to the Treasury or other governmental
      authority such information as is necessary for the application of any tax
      relating to the transfer of a Residual Certificate to any disqualified person
      or
      organization and (ii) to the Certificateholders such information or reports
      as
      are required by the Code or REMIC Provisions. The Trustee, as agent for the
      Tax
      Matters Person, shall represent each REMIC in any administrative or judicial
      proceedings relating to an examination or audit by any governmental taxing
      authority, request an administrative adjustment as to any taxable year of any
      REMIC, enter into settlement agreements with any government taxing agency,
      extend any statute of limitations relating to any item of any REMIC and
      otherwise act on behalf of any REMIC in relation to any tax matter involving
      the
      Trust.

     

    (f)  The
      Trustee, the Servicer and the Holders of Certificates shall take any action
      or
      cause the REMIC to take any action necessary to create or maintain the status
      of
      each REMIC as a REMIC under the REMIC Provisions and shall assist each other
      as
      necessary to create or maintain such status. Neither the Trustee, the Servicer
      nor the Holder of any Residual Certificate shall take any action, cause any
      REMIC created hereunder to take any action or fail to take (or fail to cause
      to
      be taken) any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could (i) endanger the status of such REMIC as a REMIC or
      (ii)
      result in the imposition of a tax upon such REMIC (including but not limited
      to
      the tax on prohibited transactions as defined in Code Section 860F(a)(2) and
      the
      tax on prohibited contributions set forth on Section 860G(d) of the Code)
      (either such event, an “Adverse REMIC Event”) unless the Trustee, the NIMS
      Insurer and the Servicer have received an Opinion of Counsel (at the expense
      of
      the party seeking to take such action) to the effect that the contemplated
      action will not endanger such status or result in the imposition of such a
      tax.
      In addition, prior to taking any action with respect to any REMIC created
      hereunder or the assets therein, or causing such REMIC to take any action,
      which
      is not expressly permitted under the terms of this Agreement, any Holder of
      a
      Residual Certificate will consult with the Trustee, the NIMS Insurer and the
      Servicer, or their respective designees, in writing, with respect to whether
      such action could cause an Adverse REMIC Event to occur with respect to any
      REMIC, and no such Person shall take any such action or cause any REMIC to
      take
      any such action as to which the Trustee, the NIMS Insurer or the Servicer has
      advised it in writing that an Adverse REMIC Event could occur.

     

    (g)  Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      each REMIC created hereunder by federal or state governmental authorities.
      To
      the extent that such Trust taxes are not paid by a Residual Certificateholder,
      the Trustee shall pay any remaining REMIC taxes out of current or future amounts
      otherwise distributable to the Holder of the Residual Certificate in the REMICs
      or, if no such amounts are available, out of other amounts held in the
      Distribution Account, and shall reduce amounts otherwise payable to Holders
      of
      regular interests in the related REMIC. Subject to the foregoing, in the event
      that a REMIC incurs a state or local tax, including franchise taxes, as a result
      of a determination that such REMIC is domiciled in the State of California
      for
      state tax purposes by virtue of the location of the Servicer, the Servicer
      agrees to pay on behalf of such REMIC when due, any and all state and local
      taxes imposed as a result of such a determination, in the event that the Holder
      of the related Residual Certificate fails to pay such taxes, if any, when
      imposed.

     

    (h)  The
      Trustee, as agent for the Tax Matters Person, shall, for federal income tax
      purposes, maintain books and records with respect to each REMIC created
      hereunder on a calendar year and on an accrual basis.

     

    (i)  No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to eligible
      substitute mortgage loans.

     

    (j)  Neither
      the Trustee nor the Servicer shall enter into any arrangement by which any
      REMIC
      created hereunder will receive a fee or other compensation for
      services.

     

    (k)  On
      or
      before April 15 of each calendar year beginning in 2006, the Servicer shall
      deliver to the NIMS Insurer, the Trustee and each Rating Agency an Officers’
Certificate stating the Servicer’s compliance with the provisions of this
      Section 9.01.

     

    (l)  The
      Trustee will apply for an Employee Identification Number from the Internal
      Revenue Service via a Form SS-4 or other acceptable method for all tax entities
      and shall complete the Form 8811.

     

    
      	SECTION
              9.02  	
              Prohibited
                Transactions and Activities.

            

    

     

    Neither
      the Depositor, the Servicer nor the Trustee shall sell, dispose of, or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of any REMIC created hereunder pursuant to Article X
      of
      this Agreement, (iv) a substitution pursuant to Article II of this Agreement
      or
      (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement,
      nor
      acquire any assets for any REMIC, nor sell or dispose of any investments in
      the
      Distribution Account for gain, nor accept any contributions to either REMIC
      after the Closing Date, unless it and the NIMS Insurer have received an Opinion
      of Counsel (at the expense of the party causing such sale, disposition, or
      substitution) that such disposition, acquisition, substitution, or acceptance
      will not (a) affect adversely the status of any REMIC created hereunder as
      a
      REMIC or of the interests therein other than the Residual Certificates as the
      regular interests therein, (b) affect the distribution of interest or principal
      on the Certificates, (c) result in the encumbrance of the assets transferred
      or
      assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
      or (d) cause any REMIC created hereunder to be subject to a tax on prohibited
      transactions or prohibited contributions pursuant to the REMIC
      Provisions.

     

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

            

    

     

    (a)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Servicer of its duties and obligations set forth herein,
      the
      Servicer shall indemnify the NIMS Insurer, the Trustee and the Trust Fund
      against any and all losses, claims, damages, liabilities or expenses (“Losses”)
      resulting from such negligence; provided, however, that the Servicer shall
      not
      be liable for any such Losses attributable to the action or inaction of the
      Trustee, the Depositor or the Holder of such Residual Certificate, as
      applicable, nor for any such Losses resulting from misinformation provided
      by
      the Holder of such Residual Certificate on which the Servicer has relied. The
      foregoing shall not be deemed to limit or restrict the rights and remedies
      of
      the Holder of such Residual Certificate now or hereafter existing at law or
      in
      equity. Notwithstanding the foregoing, however, in no event shall the Servicer
      have any liability (1) for any action or omission that is taken in accordance
      with and in compliance with the express terms of, or which is expressly
      permitted by the terms of, this Agreement, (2) for any Losses other than arising
      out of a negligent performance by the Servicer of its duties and obligations
      set
      forth herein, and (3) for any special or consequential damages to
      Certificateholders (in addition to payment of principal and interest on the
      Certificates).

     

    (b)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Trustee of its duties and obligations set forth herein,
      the
      Trustee shall indemnify the Trust Fund against any and all Losses resulting
      from
      such negligence; provided, however, that the Trustee shall not be liable for
      any
      such Losses attributable to the action or inaction of the Servicer, the
      Depositor or the Holder of such Residual Certificate, as applicable, nor for
      any
      such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Trustee has relied. The foregoing shall not
      be
      deemed to limit or restrict the rights and remedies of the Holder of such
      Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Trustee have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement, (2) for any Losses other than arising out of a
      negligent performance by the Trustee of its duties and obligations set forth
      herein, and (3) for any special or consequential damages to Certificateholders
      (in addition to payment of principal and interest on the
      Certificates).

     

    ARTICLE
      X

    TERMINATION

     

    
      	SECTION
              10.01  	
              Termination.

            

    

     

    (a)  The
      respective obligations and responsibilities of the Servicer, the Depositor
      and
      the Trustee created hereby (other than the obligation of the Trustee to make
      certain payments to Certificateholders after the final Distribution Date and
      the
      obligation of the Servicer to send certain notices as hereinafter set forth)
      shall terminate upon notice to the Trustee upon the earliest of (i) the
      Distribution Date on which the Certificate Principal Balances of the Regular
      Certificates have been reduced to zero, (ii) the final payment or other
      liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
      by the Terminator of the Mortgage Loans as described below and (iv) the Assumed
      Final Maturity Date as defined in the Preliminary Statement. Notwithstanding
      the
      foregoing, in no event shall the trust created hereby continue beyond the
      expiration of 21 years from the death of the last survivor of the descendants
      of
      Joseph P. Kennedy, the late ambassador of the United States to the Court of
      St.
      James’s, living on the date hereof.

     

    The
      Servicer (in such context, the “Terminator”), may, at its option, terminate this
      Agreement on any date on which the aggregate of the Stated Principal Balances
      of
      the Mortgage Loans (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) on such date is equal to or less than 10% of the aggregate Stated
      Principal Balances of the Mortgage Loans on the Cut-off Date, by purchasing,
      on
      the next succeeding Distribution Date, all of the outstanding Mortgage Loans
      and
      REO Properties at a price equal to the greater of (i) the Stated Principal
      Balance of the Mortgage Loans (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and the appraised value of the REO Properties and (ii) fair market
      value
      of the Mortgage Loans and REO Properties (as determined and as agreed upon
      in
      their good faith business judgment (determined as provided in the last sentence
      of this paragraph) as of the Close of Business on the third Business Day next
      preceding the date upon which notice of any such termination is furnished to
      the
      related Certificateholders pursuant to Section 10.01(c) by (x) the Terminator,
      (y) the Holders of a majority in Percentage Interest in the Class C Certificates
      and (z) if the Floating-Rate Certificates will not receive all amounts owed
      to
      it as a result of the termination, the Trustee (provided that if this clause
      (z)
      applies to such determination, such determination shall, notwithstanding
      anything to the contrary herein, be based solely upon an appraisal obtained
      as
      provided in the last sentence of this paragraph)), plus accrued and unpaid
      interest thereon at the weighted average of the Mortgage Rates through the
      end
      of the Due Period preceding the final Distribution Date plus unreimbursed
      Servicing Advances, Advances, any unpaid Servicing Fees allocable to such
      Mortgage Loans and REO Properties, any accrued and unpaid Net WAC Rate Carryover
      Amounts and any Swap Termination Payment payable to the Swap Provider then
      remaining unpaid or which is due to the exercise of such option (the
“Termination Price”); provided, however, such option may only be exercised if
      the Termination Price is sufficient to result in the payment of all interest
      accrued on, as well as amounts necessary to retire the principal balance of,
      each class of notes issued pursuant to the Indenture and any amounts owed to
      the
      NIMS Insurer (as it notifies the Trustee and Servicer in writing). If the
      determination of the fair market value of the Mortgage Loans and REO Properties
      shall be required to be made and agreed upon by the Terminator, the Holders
      of a
      majority in Percentage Interest in the Class C Certificates and the Trustee
      as
      provided in (ii) above in their good faith business judgment, such determination
      shall be based on an appraisal of the value of the Mortgage Loans and REO
      Properties conducted by an independent appraiser mutually agreed upon by the
      Terminator, the Holders of a majority in Percentage Interest in the Class C
      Certificates and the Trustee in their reasonable discretion, and (A) such
      appraisal shall be obtained at no expense to the Trustee and (B) notwithstanding
      anything to the contrary above, the Trustee may solely and conclusively rely
      on,
      and shall be protected in relying on, such appraisal in making such
      determination.

     

    In
      connection with any such purchase pursuant to the preceding paragraph, the
      Terminator shall deposit in the Distribution Account all amounts then on deposit
      in the Collection Account, which deposit shall be deemed to have occurred
      immediately preceding such purchase.

     

    Any
      such
      purchase shall be accomplished by deposit into the Distribution Account on
      the
      Determination Date before such Distribution Date of the Termination
      Price.

     

    (b)  Notice
      of
      any termination, specifying the Distribution Date (which shall be a date that
      would otherwise be a Distribution Date) upon which the Certificateholders may
      surrender their Certificates to the Trustee for payment of the final
      distribution and cancellation, shall be given promptly by the Trustee upon
      the
      Trustee receiving notice of such date from the Terminator, by letter to the
      Certificateholders mailed not earlier than the 15th
      day and
      not later than the 25th
      day of
      the month next preceding the month of such final distribution specifying (1)
      the
      Distribution Date upon which final distribution of the Certificates will be
      made
      upon presentation and surrender of such Certificates at the office or agency
      of
      the Trustee therein designated, (2) the amount of any such final distribution
      and (3) that the Record Date otherwise applicable to such Distribution Date
      is
      not applicable, distributions being made only upon presentation and surrender
      of
      the Certificates at the office or agency of the Trustee therein
      specified.

     

    (c)  Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Holders of the Certificates on the Distribution Date for
      such
      final distribution, in proportion to the Percentage Interests of their
      respective Class and to the extent that funds are available for such purpose,
      an
      amount equal to the amount required to be distributed to such Holders in
      accordance with the provisions of Section 4.01 for such Distribution Date.
      By
      acceptance of the Residual Certificates, the Holders of the Residual
      Certificates agree, in connection with any termination hereunder, to assign
      and
      transfer any amounts in excess of the par value of the Mortgage Loans, and
      to
      the extent received in respect of such termination, to pay any such amounts
      to
      the Holders of the Class C Certificates.

     

    (d)  In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Trustee shall promptly following such date cause all funds in the Distribution
      Account not distributed in final distribution to Certificateholders to be
      withdrawn therefrom and credited to the remaining Certificateholders by
      depositing such funds in a separate Servicing Account for the benefit of such
      Certificateholders, and the Servicer (if the Servicer has exercised its right
      to
      purchase the Mortgage Loans) or the Trustee (in any other case) shall give
      a
      second written notice to the remaining Certificateholders, to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. If within nine months after the second notice all the Certificates
      shall not have been surrendered for cancellation, the Residual
      Certificateholders shall be entitled to all unclaimed funds and other assets
      which remain subject hereto, and the Trustee upon transfer of such funds shall
      be discharged of any responsibility for such funds, and the Certificateholders
      shall look to the Residual Certificateholders for payment.

     

    
      	SECTION
              10.02  	
              Additional
                Termination Requirements.

            

    

     

    (a)  In
      the
      event that the Terminator exercises its purchase option as provided in Section
      10.01, each REMIC shall be terminated in accordance with the following
      additional requirements, unless the Trustee shall have been furnished with
      an
      Opinion of Counsel to the effect that the failure of the Trust to comply with
      the requirements of this Section will not (i) result in the imposition of taxes
      on “prohibited transactions” of the Trust as defined in Section 860F of the Code
      or (ii) cause any REMIC constituting part of the Trust Fund to fail to qualify
      as a REMIC at any time that any Certificates are outstanding:

     

    (i)  Within
      90
      days prior to the final Distribution Date, the Terminator shall adopt and the
      Trustee shall sign a plan of complete liquidation of each REMIC created
      hereunder meeting the requirements of a “Qualified Liquidation” under Section
      860F of the Code and any regulations thereunder; and

     

    (ii)  At
      or
      after the time of adoption of such a plan of complete liquidation and at or
      prior to the final Distribution Date, the Trustee shall sell all of the assets
      of the Trust Fund to the Terminator for cash pursuant to the terms of the plan
      of complete liquidation.

     

    (b)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee as their attorney in fact to: (i) adopt such a plan of complete
      liquidation (and the Certificateholders hereby appoint the Trustee as their
      attorney in fact to sign such plan) as appropriate and (ii) to take such other
      action in connection therewith as may be reasonably required to carry out such
      plan of complete liquidation all in accordance with the terms
      hereof.

     

    ARTICLE
      XI

    MISCELLANEOUS
      PROVISIONS

     

    
      	SECTION
              11.01  	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer and
      the Trustee with the consent of the NIMS Insurer and without the consent of
      the
      Certificateholders (i) to cure any ambiguity, (ii) to correct or supplement any
      provisions herein which may be defective or inconsistent with any other
      provisions herein (iii) to amend the provisions of Section 3.22(b) or (iv)
      to
      make any other provisions with respect to matters or questions arising under
      this Agreement which shall not be inconsistent with the provisions of this
      Agreement; provided that such action shall not, as evidenced by either (a)
      an
      Opinion of Counsel delivered to the Trustee or (b) written notice to the
      Depositor, the Servicer and the Trustee from each Rating Agency that such action
      will not result in the reduction or withdrawal of the rating of any outstanding
      Class of Certificates with respect to which it is a Rating Agency, adversely
      affect in any material respect the interests of any Certificateholder. No
      amendment shall be deemed to adversely affect in any material respect the
      interests of any Certificateholder who shall have consented thereto, and no
      Opinion of Counsel or Rating Agency confirmation shall be required to address
      the effect of any such amendment on any such consenting Certificateholder.
      Notwithstanding the foregoing, neither an Opinion of Counsel nor written notice
      to the Depositor, the Servicer and the Trustee from the Rating Agencies will
      be
      required in connection with an amendment to the provisions of Section
      3.22(b).

     

    In
      addition, this Agreement may be amended from time to time by the Depositor,
      the
      Servicer and the Trustee with the consent of the NIMS Insurer, the Swap Provider
      and the Majority Certificateholders for the purpose of adding any provisions
      to
      or changing in any manner or eliminating any of the provisions of this Agreement
      or of modifying in any manner the rights of the Holders of Certificates;
      provided, however, that no such amendment or waiver shall (x) reduce in any
      manner the amount of, or delay the timing of, payments on the Certificates
      or
      distributions which are required to be made on any Certificate without the
      consent of the Holder of such Certificate, (y) adversely affect in any material
      respect the interests of the Swap Provider or Holders of any Class of
      Certificates (as evidenced by either (i) an Opinion of Counsel delivered to
      the
      Trustee or (ii) written notice to the Depositor, the Servicer and the Trustee
      from each Rating Agency that such action will not result in the reduction or
      withdrawal of the rating of any outstanding Class of Certificates with respect
      to which it is a Rating Agency) in a manner other than as described in clause
      (x) above, without the consent of the Holders of Certificates of such Class
      evidencing at least a 66% Percentage Interest in such Class, or (z) reduce
      the
      percentage of Voting Rights required by clause (y) above without the consent
      of
      the Holders of all Certificates of such Class then outstanding. Upon approval
      of
      an amendment, a copy of such amendment shall be sent to the Rating
      Agencies.

     

    Notwithstanding
      any provision of this Agreement to the contrary, the Trustee shall not consent
      to any amendment to this Agreement unless it shall have first received an
      Opinion of Counsel, delivered by (and at the expense of) the Person seeking
      such
      Amendment and satisfactory to the NIMS Insurer, to the effect that such
      amendment will not result in the imposition of a tax on any REMIC created
      hereunder constituting part of the Trust Fund pursuant to the REMIC Provisions
      or cause any REMIC created hereunder constituting part of the Trust to fail
      to
      qualify as a REMIC at any time that any Certificates are outstanding and that
      the amendment is being made in accordance with the terms hereof.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the Depositor, the
      Servicer or the Trustee shall enter into any amendment to this Agreement, if
      such amendment would have a material adverse effect on the Swap Provider,
      without the prior written consent of the Swap Provider (which consent shall
      not
      be unreasonably withheld or delayed).

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the
      Servicer (but in no event at the expense of the Trustee), otherwise at the
      expense of the Trust, a copy of such amendment and the Opinion of Counsel
      referred to in the immediately preceding paragraph to the Servicer, the NIMS
      Insurer and each Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      to approve the particular form of any proposed amendment; instead it shall
      be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    The
      Trustee may, but shall not be obligated to, enter into any amendment pursuant
      to
      this Section 11.01 that affects its rights, duties and immunities under this
      Agreement or otherwise.

     

    
      	SECTION
              11.02  	
              Recordation
                of Agreement; Counterparts.

            

    

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Servicer at the expense
      of
      the Trust, but only upon direction of Certificateholders accompanied by an
      Opinion of Counsel to the effect that such recordation materially and
      beneficially affects the interests of the Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall together constitute but one and the same
      instrument.

     

    
      	SECTION
              11.03  	
              Limitation
                on Rights of Certificateholders.

            

    

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate this
      Agreement or the Trust, (ii) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust, or (iii)
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control the operation and management of the Trust,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third person
      by
      reason of any action taken by the parties to this Agreement pursuant to any
      provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue of any provision of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 11.03 each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    
      	SECTION
              11.04  	
              Governing
                Law; Jurisdiction.

            

    

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York, and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws. With respect to any claim arising
      out
      of this Agreement, each party irrevocably submits to the exclusive jurisdiction
      of the courts of the State of New York and the United States District Court
      located in the Borough of Manhattan in The City of New York, and each party
      irrevocably waives any objection which it may have at any time to the laying
      of
      venue of any suit, action or proceeding arising out of or relating hereto
      brought in any such courts, irrevocably waives any claim that any such suit,
      action or proceeding brought in any such court has been brought in any
      inconvenient forum and further irrevocably waives the right to object, with
      respect to such claim, suit, action or proceeding brought in any such court,
      that such court does not have jurisdiction over such party, provided that
      service of process has been made by any lawful means.

     

    
      	SECTION
              11.05  	
              Notices.

            

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, by facsimile or by express delivery service, to
      (a)
      in the case of the Servicer, Option One Mortgage Corporation, 3 Ada, Irvine,
      California 92618, or such other address or telecopy number as may hereafter
      be
      furnished to the Depositor, the NIMS Insurer and the Trustee in writing by
      the
      Servicer, (b) in the case of the Trustee, Deutsche Bank National Trust Company,
      1761 East St. Andrew Place, Santa Ana, California 92705-4934, Attention: Trust
      Administration - GC06O5 (telecopy number: (714) 247-6478), or such other address
      or telecopy number as may hereafter be furnished to the Depositor, the NIMS
      Insurer and the Servicer in writing by the Trustee (c) in the case of the
      Depositor, Financial Asset Securities Corp., 600 Steamboat Road, Greenwich,
      Connecticut 06830, Attention: Legal, or such other address as may be furnished
      to the Servicer, the NIMS Insurer and the Trustee in writing by the Depositor
      or
      (d) in the case of the NIMS Insurer, such address furnished to the Depositor,
      the Servicer and the Trustee in writing by the NIMS Insurer, or such other
      address or telecopy number as may hereafter be furnished to the Depositor,
      the
      Servicer and the Trustee in writing by the NIMS Insurer. Any notice required
      or
      permitted to be mailed to a Certificateholder shall be given by first class
      mail, postage prepaid, at the address of such Holder as shown in the Certificate
      Register. Notice of any Servicer Event of Termination shall be given by telecopy
      and by certified mail. Any notice so mailed within the time prescribed in this
      Agreement shall be conclusively presumed to have duly been given when mailed,
      whether or not the Certificateholder receives such notice. A copy of any notice
      required to be telecopied hereunder shall also be mailed to the appropriate
      party in the manner set forth above.

     

    
      	SECTION
              11.06  	
              Severability
                of Provisions.

            

    

     

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

     

    
      	SECTION
              11.07  	
              Article
                and Section References.

            

    

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    
      	SECTION
              11.08  	
              Notice
                to the Rating Agencies and the NIMS
                Insurer.

            

    

     

    (a)  Each
      of
      the Trustee and the Servicer shall be obligated to use its best reasonable
      efforts promptly to provide notice to the Rating Agencies and the NIMS Insurer
      with respect to each of the following of which a Responsible Officer of the
      Trustee or Servicer, as the case may be, has actual knowledge:

     

    (i)  any
      material change or amendment to this Agreement;

     

    (ii)  the
      occurrence of any Servicer Event of Termination that has not been cured or
      waived;

     

    (iii)  the
      resignation or termination of the Servicer or the Trustee;

     

    (iv)  the
      final
      payment to Holders of the Certificates of any Class;

     

    (v)  any
      change in the location of any Account; and

     

    (vi)  if
      the
      Trustee is acting as successor Servicer pursuant to Section 7.02 hereof, any
      event that would result in the inability of the Trustee to make
      Advances.

     

    (b)  In
      addition, the Trustee shall promptly make available to each Rating Agency copies
      of each Statement to Certificateholders described in Sections 4.03 and 3.19
      hereof and the Servicer shall promptly furnish to each Rating Agency copies
      of
      the following:

     

    (i)  each
      annual statement as to compliance described in Section 3.20 hereof;

     

    (ii)  each
      annual independent public accountants’ servicing report described in Section
      3.21 hereof; and

     

    (iii)  each
      notice delivered pursuant to Section 7.01(a) hereof which relates to the fact
      that the Servicer has not made an Advance.

     

    Any
      such
      notice pursuant to this Section 11.08 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to (i) Fitch Ratings, 1 State
      Street Plaza, New York, New York 10004 and (ii) Standard & Poor’s, a
      division of The McGraw-Hill Companies, Inc., 55 Water Street, 41st Floor, New
      York, NY 10041, Attention: Residential Mortgage Surveillance Group.

     

    
      	SECTION
              11.09  	
              Further
                Assurances.

            

    

     

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

     

    
      	SECTION
              11.10  	
              Third
                Party Rights.

            

    

     

    The
      NIMS
      Insurer and the Swap Provider shall each be deemed third-party beneficiaries
      of
      this Agreement to the same extent as if they were parties hereto, and shall
      have
      the right to enforce the provisions of this Agreement.

     

    
      	SECTION
              11.11  	
              Benefits
                of Agreement.

            

    

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders, the NIMS Insurer and the parties
      hereto and their successors hereunder, any benefit or any legal or equitable
      right, remedy or claim under this Agreement.

     

    
      	SECTION
              11.12  	
              Acts
                of Certificateholders.

            

    

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee and the Servicer. Such
      instrument or instruments (and the action embodied therein and evidenced
      thereby) are herein sometimes referred to as the “act” of the Certificateholders
      signing such instrument or instruments. Proof of execution of any such
      instrument or of a writing appointing any such agent shall be sufficient for
      any
      purpose of this Agreement and conclusive in favor of the Trustee and the Trust,
      if made in the manner provided in this Section 11.11.

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee or the Trust in
      reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    
      	SECTION
              11.13  	
              Intention
                of the Parties and Interpretation. 

            

    

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
      and
      4.07 of this Agreement is to facilitate compliance by the Depositor with the
      provisions of Regulation AB promulgated by the SEC under the 1934 Act (17 C.F.R.
      §§ 229.1100-229.1123), as such may be amended from time to time and subject to
      clarification and interpretive advice as may be issued by the staff of the
      SEC
      from time to time. Therefore, each of the parties agrees that (a) the
      obligations of the parties hereunder shall be interpreted in such a manner
      as to
      accomplish that purpose, (b) the parties’ obligations hereunder will be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB, (c) the parties
      shall comply with requests made by the Depositor for delivery of additional
      or
      different information as the Depositor may determine in good faith is necessary
      to comply with the provisions of Regulation AB, and (d) no amendment of this
      Agreement shall be required to effect any such changes in the parties’
obligations as are necessary to accommodate evolving interpretations of the
      provisions of Regulation AB.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

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

     

    
      	 	 	 
	 	
              FINANCIAL
                ASSET
                SECURITIES CORP.,

              as Depositor

            
	 
 	 
 	 
 
	 	By:  	/s/ Pat
              Leo
	 	Name: 	
              
Pat
              Leo
	 	Title:     	Vice
              President

    

     

    
      
        	 	 	 
	 	
                
                  OPTION
                    ONE MORTGAGE CORPORATION., 

                  as
                    Servicer

                

              
	 
 	 
 	 
 
	 	By:  	/s/ Philip
                Laren
	 	Name: 	
                
Philip
                Laren
	 	Title:     	Senior
                Vice President

      

       

      
        
          
            	 	 	 
	 	
                    
                      DEUTSCHE
                        BANK NATIONAL TRUST COMPANY, as Trustee and Supplemental
                        Interest Trust
                        Trustee

                    

                  
	 
 	 
 	 
 
	 	By:  	/s/ Ronaldo
                    Reyes
	 	Name: 	
                    
Ronaldo
                    Reyes
	 	Title:     	Vice
                    President

          

           

          
            
              
                	 	 	 
	 	By:  	/s/ Karlene
                        Benvenuto
	 	Name: 	
                        
Karlene
                        Benvenuto
	 	Title:     	Authorized
                        Signer

              

               

              

                
                  
                     

                    
                    

                  

                  
                    
                    

                    
                      

                    

                  

                  
                    
                    

                  

                

            

          

        

      

    

    

    
      	
              STATE
                OF CONNECTICUT

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF 

            	
              )

            

    

    

    On
      the
      ____ day of June, 2006 before me, a notary public in and for said State,
      personally appeared ___________________known to me to be a ____________________
      of Financial Asset Securities Corp., a Delaware corporation that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    _____________________________

    Notary
      Public

     

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            

    

    

     

    On
      the____ day of June, 2006 before me, a notary public in and for said State,
      personally appeared ________________________known to me to be a
      ___________________ of Option One Mortgage Corporation, a corporation that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    _____________________________

    Notary
      Public

     

    
      
         

         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            

    

    

     

    On
      the
      ___ day of June, 2006 before me, a notary public in and for said State,
      personally appeared_______________________, known to me to be
      a(n)________________________ and ________________________, known to me to be
      a(n) ________________________of Deutsche Bank National Trust Company, one of
      the
      entities that executed the within instrument, and also known to me to be the
      person who executed it on behalf of said association, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    _____________________________

    Notary
      Public

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-1

     

    FORM
      OF
      CLASS I-A-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $1,233,308,000.00

            
	 	 	 
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $1,233,308,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AA 7

            
	 	 	 
	
              Class

            	
              :

            	
              I-A-1

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      I-A-1

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class I-A-1 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class I-A-1 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class I-A-1 Certificate (obtained by dividing the Denomination
      of this Class I-A-1 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class I-A-1 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class I-A-1 Certificate by
      virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Reference
      is hereby made to the further provisions of this Class I-A-1 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class I-A-1 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

     

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class I-A-1 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-2

     

    FORM
      OF
      CLASS II-A-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $443,267,000.00

            
	 	 	 
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $443,267,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AB 5

            
	 	 	 
	
              Class

            	
              :

            	
              II-A-1

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      II-A-1

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class II-A-1 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class II-A-1 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class II-A-1 Certificate (obtained by dividing the
      Denomination of this Class II-A-1 Certificate by the Original Class Certificate
      Principal Balance) in certain monthly distributions with respect to a Trust
      consisting primarily of the Mortgage Loans deposited by Financial Asset
      Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
      and Servicing Agreement dated as of June 1, 2006 (the “Agreement”) among the
      Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
      Deutsche Bank National Trust Company, a national banking association, as trustee
      (the “Trustee”). To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Class II-A-1
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Class II-A-1
      Certificate by virtue of the acceptance hereof assents and by which such Holder
      is bound.

     

    Reference
      is hereby made to the further provisions of this Class II-A-1 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class II-A-1 Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose unless manually countersigned by an
      authorized signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

     

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class II-A-1 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-3

     

    FORM
      OF
      CLASS II-A-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $261,688,000.00

            
	 	 	 
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $261,688,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AC 3 

            
	 	 	 
	
              Class

            	
              :

            	
              II-A-2

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      II-A-2

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class II-A-2 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class II-A-2 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class II-A-2 Certificate (obtained by dividing the
      Denomination of this Class II-A-2 Certificate by the Original Class Certificate
      Principal Balance) in certain monthly distributions with respect to a Trust
      consisting primarily of the Mortgage Loans deposited by Financial Asset
      Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
      and Servicing Agreement dated as of June 1, 2006 (the “Agreement”) among the
      Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
      Deutsche Bank National Trust Company, a national banking association, as trustee
      (the “Trustee”). To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Class II-A-2
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Class II-A-2
      Certificate by virtue of the acceptance hereof assents and by which such Holder
      is bound.

     

    Reference
      is hereby made to the further provisions of this Class II-A-2 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class II-A-2 Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose unless manually countersigned by an
      authorized signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

     

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class II-A-2 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-4

     

    FORM
      OF
      CLASS II-A-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $350,779,000.00

            
	 	 	 
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $350,779,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AD 1

            
	 	 	 
	
              Class

            	
              :

            	
              II-A-3

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      II-A-3

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class II-A-3 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class II-A-3 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class II-A-3 Certificate (obtained by dividing the
      Denomination of this Class II-A-3 Certificate by the Original Class Certificate
      Principal Balance) in certain monthly distributions with respect to a Trust
      consisting primarily of the Mortgage Loans deposited by Financial Asset
      Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
      and Servicing Agreement dated as of June 1, 2006 (the “Agreement”) among the
      Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
      Deutsche Bank National Trust Company, a national banking association, as trustee
      (the “Trustee”). To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Class II-A-3
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Class II-A-3
      Certificate by virtue of the acceptance hereof assents and by which such Holder
      is bound.

     

    Reference
      is hereby made to the further provisions of this Class II-A-3 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class II-A-3 Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose unless manually countersigned by an
      authorized signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

     

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class II-A-3 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date the Servicer may purchase, in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-5

     

    FORM
      OF
      CLASS II-A-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $125,858,000.00

            
	 	 	 
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $125,858,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AE 9

            
	 	 	 
	
              Class

            	
              :

            	
              II-A-4

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      II-A-4

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class II-A-4 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class II-A-4 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class II-A-4 Certificate (obtained by dividing the
      Denomination of this Class II-A-4 Certificate by the Original Class Certificate
      Principal Balance) in certain monthly distributions with respect to a Trust
      consisting primarily of the Mortgage Loans deposited by Financial Asset
      Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
      and Servicing Agreement dated as of June 1, 2006 (the “Agreement”) among the
      Depositor, Option One Mortgage Corporation, as servicer (the “Servicer”), and
      Deutsche Bank National Trust Company, a national banking association, as trustee
      (the “Trustee”). To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Class II-A-4
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Class II-A-4
      Certificate by virtue of the acceptance hereof assents and by which such Holder
      is bound.

     

    Reference
      is hereby made to the further provisions of this Class II-A-4 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class II-A-4 Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose unless manually countersigned by an
      authorized signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class II-A-4 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-6

     

    FORM
      OF
      CLASS M-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES AND THE CLASS
      II-A-4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT 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

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $122,450,000.00

            
	 	 	 
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $122,450,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AF 6

            
	 	 	 
	
              Class

            	
              :

            	
              M-1

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      M-1

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-1 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-1 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-1 Certificate (obtained by dividing the Denomination
      of this Class M-1 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-1 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-1 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-1 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-1 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class M-1 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-7

     

    FORM
      OF
      CLASS M-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS
      I-A-1 CERTIFICATES, THE CLASS II-A-1 CERTIFICATES, THE CLASS II-A-2, THE CLASS
      II-A-3 CERTIFICATES, THE CLASS II-A-4 CERTIFICATES
      AND THE
      CLASS M-1 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT 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

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $93,500,000.00

            
	 	 	 
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $93,500,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AG 4

            
	 	 	 
	
              Class

            	
              :

            	
              M-2

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      M-2

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-2 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-2 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-2 Certificate (obtained by dividing the Denomination
      of this Class M-2 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-2 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-2 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-2 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-2 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class M-2 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    EXHIBIT
      A-8

     

    FORM
      OF
      CLASS M-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES AND THE CLASS M-2 CERTIFICATES TO
      THE
      EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT 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

            	
              :

            	
              June
                1, 2006

            
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $77,000,000.00

            
	 	 	 
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $77,000,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AH 2

            
	 	 	 
	
              Class

            	
              :

            	
              M-3

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      M-3

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-3 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-3 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-3 Certificate (obtained by dividing the Denomination
      of this Class M-3 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-3 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-3 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-3 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-3 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class M-3 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date the Servicer may purchase, in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-9

     

    FORM
      OF
      CLASS M-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE
      CLASS M-3 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT 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

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $55,800,000.00

            
	 	 	 
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $55,800,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AJ 8

            
	 	 	 
	
              Class

            	
              :

            	
              M-4

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      M-4

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-4 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-4 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-4 Certificate (obtained by dividing the Denomination
      of this Class M-4 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-4 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-4 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-4 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-4 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class M-4 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-10

     

    FORM
      OF
      CLASS M-5 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS
      M-3 CERTIFICATES AND THE CLASS M-4 CERTIFICATES TO THE EXTENT DESCRIBED IN
      THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT 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

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $54,250,000.00

            
	 	 	 
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $54,250,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AK 5

            
	 	 	 
	
              Class

            	
              :

            	
              M-5

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      M-5

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-5 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-5 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-5 Certificate (obtained by dividing the Denomination
      of this Class M-5 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-5 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-5 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-5 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-5 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class M-5 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-11

     

    FORM
      OF
      CLASS M-6 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS
      M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES
      TO
      THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT 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

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $49,600,000.00

            
	 	 	 
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $49,600,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AL 3

            
	 	 	 
	
              Class

            	
              :

            	
              M-6

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      M-6

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-6 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-6 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-6 Certificate (obtained by dividing the Denomination
      of this Class M-6 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-6 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-6 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-6 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-6 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class M-6 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-12

     

    FORM
      OF
      CLASS M-7 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS
      M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES AND
      THE
      CLASS M-6 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT 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

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $46,500,000.00

            
	 	 	 
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $46,500,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AM 1

            
	 	 	 
	
              Class

            	
              :

            	
              M-7

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      M-7

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-7 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-7 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-7 Certificate (obtained by dividing the Denomination
      of this Class M-7 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-7 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-7 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-7 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-7 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class M-7 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-13

     

    FORM
      OF
      CLASS M-8 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS
      M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE
      CLASS M-6 CERTIFICATES AND THE CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED
      IN
      THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT 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

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $38,750,000.00

            
	 	 	 
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $38,750,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AN 9

            
	 	 	 
	
              Class

            	
              :

            	
              M-8

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      M-8

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-8 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-8 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-8 Certificate (obtained by dividing the Denomination
      of this Class M-8 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-8 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-8 Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-8 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-8 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class M-8 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-14

     

    FORM
      OF
      CLASS M-9 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS
      M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE
      CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES AND THE CLASS M-8
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE WHO IS AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
      (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
      IN SECTION 5.02(d)
      OF THE
      AGREEMENT 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

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $34,100,000.00

            
	 	 	 
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $34,100,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AP 4

            
	 	 	 
	
              Class

            	
              :

            	
              M-9

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      M-9

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-9 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-9 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-9 Certificate (obtained by dividing the Denomination
      of this Class M-9 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-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.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate who is a Plan subject to ERISA or Section 4975 of the Code, any
      Person acting, directly or indirectly, on behalf of any such Plan or any person
      using Plan Assets to acquire this Certificate shall be deemed to have made
      the
      representation made except in accordance with Section 5.02(d) of the
      Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-9 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-9 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class M-9 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-15

     

    FORM
      OF
      CLASS M-10 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS
      M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE
      CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES
      AND THE CLASS M-9 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
      SERVICING AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY TRANSFEREE WHO IS AN EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), EXCEPT IN
      ACCORDANCE WITH SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”)
      AND
      MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT TO A PERSON
      THAT IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
      THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
      QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF
      RULE
      144A, IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
      SECURITIES ACT, IN WHICH THE TRANSFEREE MAKES OR IS DEEMED TO MAKE CERTAIN
      REPRESENTATIONS AND UNDERTAKINGS SET FORTH IN THE AGREEMENT AND IN ACCORDANCE
      WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
      STATES.

    
 

     

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                27,900,000.00

            
	 	 	 
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                27,900,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AQ 2

            
	 	 	 
	
              Class

            	
              :

            	
              M-10

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    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 lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-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, 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 June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-10 Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class M-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 state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. The Holder hereof desiring to effect such transfer shall, and does
      hereby agree to, indemnify the Trustee and the Depositor against any liability
      that may result if the transfer is not so exempt or is not made in accordance
      with such federal and state laws.

     

    No
      transfer of this Certificate shall be made to any transferee of this Certificate
      who is a Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any person using Plan
      Assets to acquire this Certificate except in accordance with Section 5.02(d)
      of
      the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-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 Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class M-10 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-16

     

    FORM
      OF
      CLASS M-11 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS
      M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE
      CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES,
      THE CLASS M-9 CERTIFICATES AND THE CLASS M-10 CERTIFICATES TO THE EXTENT
      DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY TRANSFEREE WHO IS AN EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), EXCEPT IN
      ACCORDANCE WITH SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”)
      AND
      MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT TO A PERSON
      THAT IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
      THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
      QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF
      RULE
      144A, IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
      SECURITIES ACT, IN WHICH THE TRANSFEREE MAKES OR IS DEEMED TO MAKE CERTAIN
      REPRESENTATIONS AND UNDERTAKINGS SET FORTH IN THE AGREEMENT AND IN ACCORDANCE
      WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
      STATES.

    
 

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                23,250,000.00

            
	 	 	 
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                23,250,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AR 0

            
	 	 	 
	
              Class

            	
              :

            	
              M-11

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      M-11

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-11 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-11 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-11 Certificate (obtained by dividing the Denomination
      of this Class M-11 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 June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-11 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-11 Certificate by
      virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. The Holder hereof desiring to effect such transfer shall, and does
      hereby agree to, indemnify the Trustee and the Depositor against any liability
      that may result if the transfer is not so exempt or is not made in accordance
      with such federal and state laws.

     

    No
      transfer of this Certificate shall be made to any transferee of this Certificate
      who is a Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any person using Plan
      Assets to acquire this Certificate except in accordance with Section 5.02(d)
      of
      the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-11 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-11 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class M-11 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    EXHIBIT
      A-17

     

    FORM
      OF
      CLASS M-12 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS
      M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE
      CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES,
      THE CLASS M-9 CERTIFICATES, THE CLASS M-10 CERTIFICATES AND THE CLASS M-11
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY TRANSFEREE WHO IS AN EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), EXCEPT IN
      ACCORDANCE WITH SECTION 5.02(d)
      OF THE
      AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”)
      AND
      MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT TO A PERSON
      THAT IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
      THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
      QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF
      RULE
      144A, IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
      SECURITIES ACT, IN WHICH THE TRANSFEREE MAKES OR IS DEEMED TO MAKE CERTAIN
      REPRESENTATIONS AND UNDERTAKINGS SET FORTH IN THE AGREEMENT AND IN ACCORDANCE
      WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
      STATES.

    

     

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $23,250,000.00

            
	 	 	 
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $23,250,000.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

            
	 	 	 
	
              CUSIP

            	
              :

            	
              83612C
                AS 8

            
	 	 	 
	
              Class

            	
              :

            	
              M-12

            
	 	 	 
	
              Assumed
                Maturity Date

            	
              :

            	
              July
                2036

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      M-12

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-12 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-12 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-12 Certificate (obtained by dividing the Denomination
      of this Class M-12 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 June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class M-12 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-12 Certificate by
      virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. The Holder hereof desiring to effect such transfer shall, and does
      hereby agree to, indemnify the Trustee and the Depositor against any liability
      that may result if the transfer is not so exempt or is not made in accordance
      with such federal and state laws.

     

    No
      transfer of this Certificate shall be made to any transferee of this Certificate
      who is a Plan subject to ERISA or Section 4975 of the Code, any Person acting,
      directly or indirectly, on behalf of any such Plan or any person using Plan
      Assets to acquire this Certificate except in accordance with Section 5.02(d)
      of
      the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-12 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-12 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class M-12 Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-18

     

    FORM
      OF
      CLASS C CERTIFICATES

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE CLASS I-A-1 CERTIFICATES, THE CLASS II-A-1
      CERTIFICATES, THE CLASS II-A-2, THE CLASS II-A-3 CERTIFICATES, THE CLASS II-A-4
      CERTIFICATES, THE CLASS A-6 CERTIFICATES, THE CLASS M-1 CERTIFICATES, THE CLASS
      M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4 CERTIFICATES, THE
      CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE CLASS M-7 CERTIFICATES,
      THE CLASS M-8 CERTIFICATES, THE CLASS M-9 CERTIFICATES, THE CLASS M-10
      CERTIFICATES, THE CLASS M-11 CERTIFICATES AND THE CLASS M-12 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

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $
                38,749,634.48

            
	 	 	 
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $
                38,749,634.48

               

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Class

            	
              :

            	
              C

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      C

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class C Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class C Certificate does not evidence
      an obligation of, or an interest in, and is not guaranteed by the Depositor,
      the
      Servicer, or the Trustee referred to below or any of their respective
      affiliates.

     

    This
      certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of the
      Percentage Interest evidenced by this Class C Certificate (obtained by dividing
      the Denomination of this Class C Certificate by the Original Class Certificate
      Principal Balance) in certain distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class C Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the Holder of this Class C Certificate by virtue of the
      acceptance hereof assents and by which such Holder is bound.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Depositor
      of an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Servicer or the Depositor; or there shall be delivered to the
      Trustee and the Depositor a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Depositor against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

    

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class C Certificate set forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class C Certificate shall not be entitled to any benefit under the Agreement
      or
      be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class C Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-19

     

    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

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

            	
              :

            	
              $100.00

            
	 	 	 
	
              Original
                Class Certificate

              Principal
                Balance of this Class

            	
              :

            	
              $100.00

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Class

            	
              :

            	
              P

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      P

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class P Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class P Certificate does not evidence
      an obligation of, or an interest in, and is not guaranteed by the Depositor,
      the
      Servicer, or the Trustee referred to below or any of their respective
      affiliates.

     

    This
      certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of the
      Percentage Interest evidenced by this Class P Certificate (obtained by dividing
      the Denomination of this Class P Certificate by the Original Class Certificate
      Principal Balance) in certain distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of June 1, 2006 (the “Agreement”) among the Depositor, Option
      One Mortgage Corporation, as servicer (the “Servicer”), and Deutsche Bank
      National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class P Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the Holder of this Class P Certificate by virtue of the
      acceptance hereof assents and by which such Holder is bound.

     

    This
      Certificate does not have a pass-through rate and will be entitled to
      distributions only to the extent set forth in the Agreement.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Depositor
      of an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Servicer or the Depositor; or there shall be delivered to the
      Trustee and the Depositor a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Depositor against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class P Certificate set forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class P Certificate shall not be entitled to any benefit under the Agreement
      or
      be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class P Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-20

     

    FORM
      OF
      CLASS R CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND WILL
      NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
      THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Class

            	
              :

            	
              R

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      R

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      a
      pool of first lien adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Servicer or the Trustee referred to below
      or
      any of their respective affiliates.

     

    This
      certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of the
      Percentage Interest evidenced by this Certificate specified above in the
      interest represented by all Certificates of the Class to which this Certificate
      belongs in a Trust consisting primarily of the Mortgage Loans deposited by
      Financial Asset Securities Corp. (the “Depositor”). The Trust was created
      pursuant to a Pooling and Servicing Agreement dated as of June 1, 2006 (the
      “Agreement”) among the Depositor, Option One Mortgage Corporation, as servicer
      (the “Servicer”), and Deutsche Bank National Trust Company, a national banking
      association, as trustee (the “Trustee”). To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the Agreement.
      This
Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    This
      Certificate does not have a principal balance or pass-through rate and will
      be
      entitled to distributions only to the extent set forth in the Agreement. In
      addition, any distribution of the proceeds of any remaining assets of the Trust
      will be made only upon presentment and surrender of this Certificate at the
      Office or the office or agency maintained by the Trustee.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Depositor
      of an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Servicer or the Depositor; or there shall be delivered to the
      Trustee and the Depositor a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Depositor against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this
      Certificate may be transferred without delivery to the Trustee of (a) a transfer
      affidavit of the proposed transferee and (b) a transfer certificate of the
      transferor, each of such documents to be in the form described in the Agreement,
      (iii) each person holding or acquiring any Ownership Interest in this
      Certificate must agree to require a transfer affidavit and to deliver a transfer
      certificate to the Trustee as required pursuant to the Agreement, (iv) each
      person holding or acquiring an Ownership Interest in this Certificate must
      agree
      not to transfer an Ownership Interest in this Certificate if it has actual
      knowledge that the proposed transferee is not a Permitted Transferee and (v)
      any
      attempted or purported transfer of any Ownership Interest in this Certificate
      in
      violation of such restrictions will be absolutely null and void and will vest
      no
      rights in the purported transferee. Pursuant to the Agreement, The Trustee
      will
      provide the Internal Revenue Service and any pertinent persons with the
      information needed to compute the tax imposed under the applicable tax laws
      on
      transfers of residual interests to disqualified organizations, if any person
      other than a Permitted Transferee acquires an Ownership Interest on a Class
      R
      Certificate in violation of the restrictions mentioned above.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized officer of the
      Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class R Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5 Asset-Backed Certificates, Series 2006-OPT5
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-21

     

    FORM
      OF
      CLASS R-X CERTIFICATES

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CLASS R-X CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
      WILL
      NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
      THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
      PROCEDURES DESCRIBED HEREIN.

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

            
	 	 	 
	
              Cut-off
                Date

            	
              :

            	
              June
                1, 2006

            
	 	 	 
	
              First
                Distribution Date

            	
              :

            	
              July
                25, 2006

            
	 	 	 
	
              Percentage
                Interest

            	
              :

            	
              100.00%

            
	 	 	 
	
              Class

            	
              :

            	
              R-X

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    Series
      2006-OPT5

    CLASS
      R-X

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      a
      pool of first lien adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Servicer or the Trustee referred to below
      or
      any of their respective affiliates.

     

    This
      certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of the
      Percentage Interest evidenced by this Certificate specified above in the
      interest represented by all Certificates of the Class to which this Certificate
      belongs in a Trust consisting primarily of the Mortgage Loans deposited by
      Financial Asset Securities Corp. (the “Depositor”). The Trust was created
      pursuant to a Pooling and Servicing Agreement dated as of June 1, 2006 (the
      “Agreement”) among the Depositor, Option One Mortgage Corporation, as servicer
      (the “Servicer”), and Deutsche Bank National Trust Company, a national banking
      association, as trustee (the “Trustee”). To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the Agreement.
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    This
      Certificate does not have a principal balance or pass-through rate and will
      be
      entitled to distributions only to the extent set forth in the Agreement. In
      addition, any distribution of the proceeds of any remaining assets of the Trust
      will be made only upon presentment and surrender of this Certificate at the
      Office or the office or agency maintained by the Trustee.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Depositor
      of an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Servicer or the Depositor; or there shall be delivered to the
      Trustee and the Depositor a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Depositor against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this
      Certificate may be transferred without delivery to the Trustee of (a) a transfer
      affidavit of the proposed transferee and (b) a transfer certificate of the
      transferor, each of such documents to be in the form described in the Agreement,
      (iii) each person holding or acquiring any Ownership Interest in this
      Certificate must agree to require a transfer affidavit and to deliver a transfer
      certificate to the Trustee as required pursuant to the Agreement, (iv) each
      person holding or acquiring an Ownership Interest in this Certificate must
      agree
      not to transfer an Ownership Interest in this Certificate if it has actual
      knowledge that the proposed transferee is not a Permitted Transferee and (v)
      any
      attempted or purported transfer of any Ownership Interest in this Certificate
      in
      violation of such restrictions will be absolutely null and void and will vest
      no
      rights in the purported transferee. Pursuant to the Agreement, The Trustee
      will
      provide the Internal Revenue Service and any pertinent persons with the
      information needed to compute the tax imposed under the applicable tax laws
      on
      transfers of residual interests to disqualified organizations, if any person
      other than a Permitted Transferee acquires an Ownership Interest on a Class
      R-X
      Certificate in violation of the restrictions mentioned above.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized officer of the
      Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      June __, 2006

     

    
      	 	
              SOUNDVIEW
                HOME LOAN TRUST 2006-OPT5

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Reverse
      of Class R-X Certificate]

     

    Soundview
      Home Loan Trust 2006-OPT5

    Asset-Backed
      Certificates,

    SERIES
      2006-OPT5

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      (herein collectively called the “Certificates”), and representing a beneficial
      ownership interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in July 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

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

    
      	 

    

    

     

    Dated:_________________

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    [RESERVED]

     

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    FORM
      OF
      MORTGAGE LOAN PURCHASE AGREEMENT

     

    

      OPTION
        ONE MORTGAGE CORPORATION,

       

      as
        Originator and Seller

       

       

      OPTION
        ONE OWNER TRUST 2001-1A,

       

      OPTION
        ONE OWNER TRUST 2001-2,

       

      OPTION
        ONE OWNER TRUST 2002-3,

       

      OPTION
        ONE OWNER TRUST 2003-4,

       

      OPTION
        ONE OWNER TRUST 2003-5,

       

      OPTION
        ONE OWNER TRUST 2005-6,

       

      OPTION
        ONE OWNER TRUST 2005-7,

       

      OPTION
        ONE OWNER TRUST 2005-8,

       

      OPTION
        ONE OWNER TRUST 2005-9

       

      as
        Sellers

       

       

      and

       

      

       

      FINANCIAL
        ASSET SECURITIES CORP.,

       

      as
        Purchaser

       

      

       

      MORTGAGE
        LOAN PURCHASE AGREEMENT

       

      

       

      Dated
        as
        of May 24, 2006

       

      

       

      Adjustable-Rate
        and Fixed-Rate Mortgage Loans

       

      Soundview
        Home Loan Trust 2006-OPT5

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Table
        of Contents

       

      
        	
                ARTICLE
                  I.

              
	
                DEFINITIONS

              
	 
	
                Section
                  1.01

              	
                Definitions

              
	 	 
	
                ARTICLE
                  II.

              
	
                SALE
                  OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

              
	 
	
                Section
                  2.01

              	
                Sale
                  of Mortgage Loans

              
	
                Section
                  2.02

              	
                Obligations
                  of the Originator Upon Sale

              
	
                Section
                  2.03

              	
                Payment
                  of Purchase Price for the Mortgage Loans.

              
	 	 
	
                ARTICLE
                  III.

              
	
                REPRESENTATIONS
                  AND WARRANTIES; REMEDIES FOR BREACH

              
	 
	
                Section
                  3.01

              	
                Originator
                  Representations and Warranties Relating to the Mortgage
                  Loans.

              
	
                Section
                  3.02

              	
                Originator
                  Representations and Warranties Relating to Option One Mortgage
                  Corporation.

              
	
                Section
                  3.03

              	
                Seller
                  Trust Representations and Warranties 

              
	
                Section
                  3.04

              	
                Remedies
                  for Breach of Representations and Warranties

              
	 	 
	
                ARTICLE
                  IV.

              
	
                SELLER’S
                  COVENANTS

              
	 
	
                Section
                  4.01

              	
                Covenants
                  of the Originator

              
	 	 
	
                ARTICLE
                  V.

              
	
                INDEMNIFICATION
                  WITH RESPECT TO THE MORTGAGE LOANS

              
	 
	
                Section
                  5.01

              	
                Indemnification.

              
	 	 
	
                ARTICLE
                  VI.

              
	
                TERMINATION

              
	 
	
                Section
                  6.01

              	
                Termination

              
	 	 
	
                ARTICLE
                  VII.

              
	
                MISCELLANEOUS
                  PROVISIONS

              
	 
	
                Section
                  7.01

              	
                Amendment

              
	
                Section
                  7.02

              	
                Governing
                  Law

              
	
                Section
                  7.03

              	
                Notices

              
	
                Section
                  7.04

              	
                Severability
                  of Provisions

              
	
                Section
                  7.05

              	
                Counterparts

              
	
                Section
                  7.06

              	
                Further
                  Agreements

              
	
                Section
                  7.07

              	
                Intention
                  of the Parties

              
	
                Section
                  7.08

              	
                Successors
                  and Assigns; Assignment of Purchase Agreement

              
	
                Section
                  7.09

              	
                Survival

              
	
                Section
                  7.10

              	
                Owner
                  Trustee

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      MORTGAGE
        LOAN PURCHASE AGREEMENT, dated as of May 24, 2006 (the “Agreement”), among
        Option One Mortgage Corporation (the “Originator”), Option One Owner Trust
        2001-1A (“Seller Trust 1A”), Option One Owner Trust 2001-2 (“Seller Trust 2”),
        Option One Owner Trust 2002-3 (“Seller Trust 3”), Option One Owner Trust 2003-4
        (“Seller Trust 4”), Option One Owner Trust 2003-5 (“Seller Trust 5”), Option One
        Owner Trust 2005-6 (“Seller Trust 6”), Option One Owner Trust 2005-7 (“Seller
        Trust 7”), Option One Owner Trust 2005-8 (“Seller Trust 8) and Option One Owner
        Trust 2005-9 (“Seller Trust 9); each of Seller Trust 1A, Seller Trust 2, Seller
        Trust 3, Seller Trust 4, Seller Trust 5, Seller Trust 6, Seller Trust 7,
        Seller
        Trust 8 and Seller Trust 9, a “Seller
        Trust”
and
        collectively the “Seller
        Trusts”)
        (the
        Originator and each Seller Trust a “Seller” and collectively the “Sellers”) and
        Financial Asset Securities Corp. (the “Purchaser”).

       

      WITNESSETH

       

      WHEREAS,
        each Seller is the owner of (a) the notes or other evidence of indebtedness
        (the
“Mortgage Notes”) so indicated on the applicable Schedule hereto referred to
        below and (b) the other documents or instruments constituting the Mortgage
        File
        (collectively, the “Mortgage Loans”); and

       

      WHEREAS,
        the Sellers, as of the date hereof, own the mortgages (the “Mortgages”) on the
        properties (the “Mortgaged Properties”) securing such Mortgage Loans, including
        rights to (a) any property acquired by foreclosure or deed in lieu of
        foreclosure or otherwise and (b) the proceeds of any insurance policies covering
        the Mortgage Loans or the Mortgaged Properties or the obligors on the Mortgage
        Loans; and

       

      WHEREAS,
        the parties hereto desire that the Sellers sell the Mortgage Loans to the
        Purchaser pursuant to the terms of this Agreement; and

       

      WHEREAS,
        each Seller Trust is an indirect subsidiary of the Originator and the Originator
        is the administrator of each Seller Trust; and

       

      WHEREAS,
        the Originator originated or acquired the Mortgage Loans and subsequently
        sold
        the Mortgage Loans to the applicable Seller Trust; and

       

      WHEREAS,
        pursuant to the terms of a Pooling and Servicing Agreement dated as of June
        1,
        2006 (the “Pooling and Servicing Agreement”) among the Purchaser as depositor,
        the Originator as servicer and Deutsche Bank National Trust Company as trustee
        (the “Trustee”), the Purchaser will convey the Mortgage Loans to Soundview Home
        Loan Trust 2006-OPT5 (the “Trust”); and

       

      WHEREAS,
        the Originator is obligated, in connection with the transactions contemplated
        by
        this Agreement, to make certain representations, warranties and covenants
        with
        respect to itself and the Mortgage Loans; and

       

      WHEREAS,
        each Seller Trust is obligated, in connection with the transactions contemplated
        by this Agreement, to make certain representations, warranties and covenants
        with respect to itself.

       

      NOW,
        THEREFORE, in consideration of the mutual covenants herein contained, the
        parties hereto agree as follows:

       

       

      ARTICLE
        I.

       

      DEFINITIONS

       

      Section
        1.01  Definitions.
        All
        capitalized terms used but not defined herein and below shall have the meanings
        assigned thereto in the Pooling and Servicing Agreement.

       

      “ORIGINATOR
        INFORMATION”:
        The
        information contained in the Prospectus Supplement, read either individually
        or
        collectively under “SUMMARY OF TERMS—Mortgage Loans,” the first sentence of the
        fourth bullet point under “RISK FACTORS—Unpredictability of Prepayments and
        Effect on Yields,” the second sentence under “RISK FACTORS—Payment Status of the
        Mortgage Loans,” the first sentence under “RISK FACTORS—Interest Only Mortgage
        Loans,” the second sentence under “RISK FACTORS—Second Lien Loan Risk,” the
        first sentence under “RISK FACTORS—Interest Only Mortgage Loans,” the second
        sentence of the third bullet point under “RISK FACTORS—Interest Generated by the
        Mortgage Loans May Be Insufficient to Maintain Overcollateralization,” the first
        and second sentence under “RISK FACTORS—Simultaneous Second Lien Risk,” “THE
        MORTGAGE POOL,” the first sentence of the fifth paragraph under “YIELD,
        PREPAYMENT AND MATURITY CONSIDERATIONS”, “THE ORIGINATOR AND THE SPONSOR” and
“THE SERVICER.”

       

       

      ARTICLE
        II.

       

      SALE
        OF
        MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

       

      Section
        2.01  Sale
        of Mortgage Loans.
        The
        applicable Seller, concurrently with the execution and delivery of this
        Agreement, does hereby sell, assign, set over, and otherwise convey to the
        Purchaser, without recourse, (i) all of its right, title and interest in
        and to
        each Mortgage Loan, identified on the related Schedule, including the related
        Cut-off Date Principal Balance, all interest accruing thereon on or after
        the
        Cut-off Date and all collections in respect of interest and principal due
        after
        the Cut-off Date; (ii) property which secured such Mortgage Loan and which
        has
        been acquired by foreclosure or deed in lieu of foreclosure; (iii) its interest
        in any insurance policies in respect of the Mortgage Loans; and (iv) all
        proceeds of any of the foregoing. In addition to the sale of the Mortgage
        Loans,
        the Originator will direct the Trustee to enter into the Interest Rate Swap
        Agreement and Swap Administration Agreement on behalf of the Trust.

       

      Section
        2.02  Obligations
        of the Originator Upon Sale.
        In
        connection with any transfer pursuant to Section 2.01 hereof, the Originator
        further agrees, at its own expense on or prior to the Closing Date, (a) to
        cause
        its books and records and the books and records of each Seller Trust, to
        indicate that the Mortgage Loans have been sold to the Purchaser pursuant
        to
        this Agreement and (b) to deliver to the Purchaser and the Trustee a computer
        file containing a true and complete list of all such Mortgage Loans specifying
        for each such Mortgage Loan, as of the Cut-off Date, (i) its account number
        and
        (ii) the Cut-off Date Principal Balance. Such files, which form a part of
        Exhibit D to the Pooling and Servicing Agreement, shall also be marked as
        Schedule I to this Agreement and are hereby incorporated into and made a
        part of
        this Agreement.

       

      In
        connection with any conveyance by the Sellers, the Originator shall on behalf
        of
        the Purchaser deliver to, and deposit with the Trustee (or the Custodian
        on
        behalf of the Trustee), as assignee of the Purchaser, on or before the Closing
        Date, the following documents or instruments with respect to each Mortgage
        Loan:

       

      (i)  the
        original Mortgage Note, endorsed either (A) in blank, in which case the Trustee
        shall cause the endorsement to be completed or (B) in the following form:
“Pay
        to the order of Deutsche Bank National Trust Company, as Trustee,” or with
        respect to any lost Mortgage Note, an original Lost Note Affidavit stating
        that
        the original mortgage note was lost, misplaced or destroyed, together with
        a
        copy of the related mortgage note; provided,
        however,
        that
        such substitutions of Lost Note Affidavits for original Mortgage Notes may
        occur
        only with respect to Mortgage Loans, the aggregate Cut-off Date Principal
        Balance of which is less than or equal to 1.00% of the Pool Balance as of
        the
        Cut-off Date;

       

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

       

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

       

      (iv)  an
        original of any intervening assignment of Mortgage showing a complete chain
        of
        assignments;

       

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

       

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

       

      The
        Originator hereby confirms to the Purchaser and the Trustee that it has caused
        the appropriate entries to be made in its general accounting records to indicate
        that such Mortgage Loans have been transferred to the Trustee and constitute
        part of the Trust in accordance with the terms of the Pooling and Servicing
        Agreement.

       

      If
        any of
        the documents referred to in Section 2.02(ii), (iii) or (iv) above has as
        of the
        Closing Date been submitted for recording but either (x) has not been returned
        from the applicable public recording office or (y) has been lost or such
        public
        recording office has retained the original of such document, the obligations
        of
        the Originator to deliver such documents shall be deemed to be satisfied
        upon
        (1) delivery to the Trustee or the Custodian, no later than the Closing Date,
        of
        a copy of each such document certified by the Originator in the case of (x)
        above or the applicable public recording office in the case of (y) above
        to be a
        true and complete copy of the original that was submitted for recording and
        (2)
        if such copy is certified by the Originator, delivery to the Trustee or the
        Custodian, promptly upon receipt thereof of either the original or a copy
        of
        such document certified by the applicable public recording office to be a
        true
        and complete copy of the original. If the original lender’s title insurance
        policy, or a certified copy thereof, was not delivered pursuant to Section
        2.02(v) above, the Originator shall deliver or cause to be delivered to the
        Trustee or the Custodian, the original or a copy of a written commitment
        or
        interim binder or preliminary report of title issued by the title insurance
        or
        escrow company, with the original or a certified copy thereof to be delivered
        to
        the Trustee or the Custodian, promptly upon receipt thereof. The Originator
        shall deliver or cause to be delivered to the Trustee or the Custodian promptly
        upon receipt thereof any other documents constituting a part of a Mortgage
        File
        received with respect to any Mortgage Loan, including, but not limited to,
        any
        original documents evidencing an assumption or modification of any Mortgage
        Loan.

       

      Upon
        discovery or receipt of notice of any materially defective document in, or
        that
        a document is missing from, a Mortgage File, the Originator shall have 90
        days
        to cure such defect or deliver such missing document to the Purchaser. If
        the
        Originator does not cure such defect or deliver such missing document within
        such time period, the Originator shall either repurchase or substitute for
        such
        Mortgage Loan pursuant to Section 2.03 of the Pooling and Servicing
        Agreement.

       

      Purchaser
        hereby acknowledges its acceptance of all right, title and interest to the
        Mortgage Loans and other property, now existing and hereafter created, conveyed
        to it pursuant to Section 2.01.

       

      The
        parties hereto intend that the transaction set forth herein be a sale by
        the
        Sellers to the Purchaser of all the applicable Seller’s right, title and
        interest in and to the related Mortgage Loans and other property described
        above. In the event the transaction set forth herein is deemed not to be
        a sale,
        each Seller hereby grants to the Purchaser a security interest in all of
        such
        Seller’s right, title and interest in, to and under the related Mortgage Loans
        and other property described above, whether now existing or hereafter created,
        to secure all of such Seller’s obligations hereunder; and this Agreement shall
        constitute a security agreement under applicable law.

       

      The
        Originator shall cause the Assignments which were delivered in blank to be
        completed and shall cause all Assignments referred to in Section 2.02(iii)
        hereof and, to the extent necessary, in Section 2.02(iv) hereof to be recorded.
        The Originator shall be required to deliver such assignments for recording
        within 180 days of the Closing Date. In the event that any such Assignment
        is
        lost or returned unrecorded because of a defect therein, the Originator shall
        promptly have a substitute Assignment prepared or have such defect cured,
        as the
        case may be, and thereafter cause each such Assignment to be duly recorded.
        Notwithstanding the foregoing, for administrative convenience and facilitation
        of servicing and to reduce closing costs, the Assignments of Mortgage shall
        not
        be required to be submitted for recording (except with respect to any Mortgage
        Loan located in Maryland) unless such failure to record would result in a
        withdrawal or a downgrading by any Rating Agency of the rating on any Class
        of
        Certificates; provided,
        however,
        each
        Assignment shall be submitted for recording by the Originator in the manner
        described above, at no expense to the Trust Fund or Trustee, upon the earliest
        to occur of: (i) reasonable direction by Holders of Certificates entitled
        to at
        least 25% of the Voting Rights, (ii) the occurrence of a Servicer Event of
        Termination, (iii) the occurrence of a bankruptcy, insolvency or foreclosure
        relating to the Servicer, (iv) the occurrence of a servicing transfer as
        described in Section 7.02 of the Pooling and Servicing Agreement, (v) upon
        receipt of notice from the Servicer, the occurrence of a bankruptcy, insolvency
        or foreclosure relating to the Mortgagor under the related Mortgage and (vi)
        upon receipt of notice from the Servicer, any Mortgage Loan that is 90 days
        or
        more Delinquent. Upon receipt of written notice from the Purchaser that
        recording of the Assignments is required pursuant to one or more of the
        conditions set forth in the preceding sentence, the related Seller shall
        be
        required to deliver such Assignments for recording as provided above, promptly
        and in any event within 30 days following receipt of such notice. The related
        Seller shall furnish the Trustee (or the Custodian on behalf of the Trustee),
        or
        its designated agent, with a copy of each Assignment submitted for
        recording.

       

      In
        the
        event that any Mortgage Note is endorsed in blank as of the Closing Date,
        promptly following the Closing Date, the Trustee (or the Custodian on behalf
        of
        the Trustee), at the expense of the related Seller, shall cause to be completed
        such endorsements “Pay to the order of Deutsche Bank National Trust Company, as
        Trustee, without recourse.”

       

      Section
        2.03  Payment
        of Purchase Price for the Mortgage Loans.

       

      (i)  In
        consideration of the sale of the Mortgage Loans from Option One Mortgage
        Corporation to the Purchaser on the Closing Date, the Purchaser agrees to
        pay to
        Option One Mortgage Corporation on the Closing Date immediately available
        funds
        in an amount equal to $83,042,422.83. 

       

      (ii)  In
        consideration of the sale of the Mortgage Loans from Seller Trust 1A to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        1A on
        the Closing Date immediately available funds in an amount equal to
        $108,110,792.51.

       

      (iii)  In
        consideration of the sale of the Mortgage Loans from Seller Trust 2 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        2 on
        the Closing Date immediately available funds in an amount equal to
        $325,808,821.18.

       

      (iv)  In
        consideration of the sale of the Mortgage Loans from Seller Trust 3 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        3 on
        the Closing Date immediately available funds in an amount equal to
        $529,363,315.01. 

       

      (v)  In
        consideration of the sale of the Mortgage Loans from Seller Trust 4 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        4 on
        the Closing Date immediately available funds in an amount equal to
        $280,493,882.93.

       

      (vi)  In
        consideration of the sale of the Mortgage Loans from Seller Trust 5 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        5 on
        the Closing Date immediately available funds in an amount equal to
        $371,074,325.38.

       

      (vii)  In
        consideration of the sale of the Mortgage Loans from Seller Trust 6 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        6 on
        the Closing Date immediately available funds in an amount equal to
        $432,083,064.67.

       

      (viii)  In
        consideration of the sale of the Mortgage Loans from Seller Trust 7 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        7 on
        the Closing Date immediately available funds in an amount equal to
        $303,400,510.75.

       

      (ix)  In
        consideration of the sale of the Mortgage Loans from Seller Trust 8 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        8 on
        the Closing Date immediately available funds in an amount equal to
        $337,904,855.33.

       

      (x)  In
        consideration of the sale of the Mortgage Loans from Seller Trust 9 to the
        Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
        9 on
        the Closing Date immediately available funds in an amount equal to
        $328,717,743.89.

       

       

      ARTICLE
        III.

       

      REPRESENTATIONS
        AND WARRANTIES; REMEDIES FOR BREACH

       

      Section
        3.01  Originator
        Representations and Warranties Relating to the Mortgage Loans. 

       

      The
        Originator and the Purchaser understand, acknowledge and agree that, the
        representations and warranties set forth in Schedule II attached hereto are
        made
        as of the Closing Date or as of the date specifically provided
        herein.

       

      Section
        3.02  Originator
        Representations and Warranties Relating to Option One Mortgage
        Corporation.
        The
        Originator represents, warrants and covenants to the Purchaser as of the
        Closing
        Date or as of such other date specifically provided herein:

       

      (a)  The
        Originator is duly organized, validly existing and in good standing as a
        corporation under the laws of the State of California and is and will remain
        in
        compliance with the laws of each state in which any Mortgaged Property is
        located to the extent necessary to ensure the enforceability of each Mortgage
        Loan in accordance with the terms of this Agreement;

       

      (b)  The
        Originator has the full power and authority to hold each Mortgage Loan, to
        sell
        each Mortgage Loan, to execute, deliver and perform, and to enter into and
        consummate, all transactions contemplated by this Agreement. The Originator
        has
        duly authorized the execution, delivery and performance of this Agreement,
        has
        duly executed and delivered this Agreement and this Agreement, assuming due
        authorization, execution and delivery by the Purchaser and the Seller Trusts,
        constitutes a legal, valid and binding obligation of the Originator, enforceable
        against it in accordance with its terns except as the enforceability thereof
        may
        be limited by bankruptcy, insolvency or reorganization. At the time of the
        sale
        of each Mortgage Loan by the Originator (in its capacity as a Seller), the
        Originator (in its capacity as a Seller) had the full power and authority
        to
        hold each Mortgage Loan and to sell each Mortgage Loan;

       

      (c)  The
        execution and delivery of this Agreement by the Originator and the performance
        of and compliance with the terms of this Agreement will not violate the
        Originator’s articles of incorporation or by-laws or constitute a default under
        or result in a breach or acceleration of, any material contract, agreement
        or
        other instrument to which the Originator is a party or which may be applicable
        to the Originator or its assets;

       

      (d)  The
        Originator is not in violation of, and the execution and delivery of this
        Agreement by the Originator and its performance and compliance with the terms
        of
        this Agreement will not constitute a violation with respect to, any order
        or
        decree of any court or any order or regulation of any federal, state, municipal
        or governmental agency having jurisdiction over the Originator or its assets,
        which violation might have consequences that would materially and adversely
        affect the condition (financial or otherwise) or the operation of the Originator
        or its assets or might have consequences that would materially and adversely
        affect the performance of its obligations and duties hereunder;

       

      (e)  Reserved;

       

      (f)  Immediately
        prior to the payment of the Purchase Price for each Mortgage Loan, the
        Originator (in its capacity as a Seller) was the owner of the related Mortgages
        and the indebtedness evidenced by the related Mortgage Note and upon the
        payment
        of the Purchase Price by the Purchaser, in the event that the Originator
        (in its
        capacity as a Seller) retains record title, the Originator (in its capacity
        as a
        Seller) shall retain such record title to each Mortgage, each related Mortgage
        Note and the related Mortgage Files with respect thereto in trust for the
        Purchaser as the owner thereof,

       

      (g)  The
        Originator (in its capacity as a Seller) has not transferred the Mortgage
        Loans
        to the Purchaser with any intent to hinder, delay or defraud any of its
        creditors;

       

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

       

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

       

      (j)  The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Originator. The sale of the Mortgage Loans
        is
        in the ordinary course of business of the Originator (in its capacity as
        a
        Seller) and the assignment and conveyance of the Mortgage Notes and the
        Mortgages by the Originator (in its capacity as a Seller) are not subject
        to the
        bulk transfer or any similar statutory provisions;

       

      (k)  Except
        with respect to liens released immediately prior to the transfer herein
        contemplated, each Mortgage Note and related Mortgage have not been assigned
        or
        pledged and immediately prior to the transfer and assignment herein
        contemplated, the Originator (in its capacity as a Seller) held good, marketable
        and indefeasible title to, and were the sole owners and holders of, each
        Mortgage Loan subject to no liens, charges, mortgages, claims, participation
        interests, equities, pledges or security interests of any nature, encumbrances
        or rights of others (collectively, a “Lien”); the Originator (in its capacity as
        a Seller) had full right and authority under all governmental and regulatory
        bodies having jurisdiction over the Originator, subject to no interest or
        participation of, or agreement with, any party, to sell and assign the same
        pursuant to this Agreement; and immediately upon the transfers and assignments
        herein contemplated. The Originator (in its capacity as a Seller) shall have
        transferred all of its right, title and interest in and to each Mortgage
        Loan
        and the Trustee will hold good, marketable and indefeasible title to, and
        be the
        sole owner of, each Mortgage Loan subject to no Liens.

       

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

       

      (m)  Except
        with respect to any statement regarding the intentions of the Purchaser,
        or any
        other statement contained herein the truth or falsity of which is dependant
        solely upon the actions of the Purchaser, this Agreement does not contain
        any
        untrue statement of material fact or omit to state a material fact necessary
        to
        make the statements contained herein not misleading. The written statements,
        reports and other documents prepared and furnished or to be prepared and
        furnished by the Originator pursuant to this Agreement or in connection with
        the
        transactions contemplated hereby taken in the aggregate do not contain any
        untrue statement of material fact or omit to state a material fact necessary
        to
        make the statements contained therein not misleading;

       

      (n)  The
        Originator is an approved seller/servicer for Fannie Mae and Freddie Mac
        in good
        standing and is a HUD approved mortgagee pursuant to Section 203 of the
        National Housing Act. No event has occurred, including but not limited to
        a
        change in insurance coverage, which would make the Originator unable to comply
        with Fannie Mae, Freddie Mac or HUD eligibility requirements or which would
        require notification to Fannie Mae, Freddie Mac or HUD;

       

      (o)  The
        Mortgage Note, the Mortgage, the Assignment and any other documents required
        to
        be delivered with respect to each Mortgage Loan, have been delivered to the
        Purchaser all in compliance with the specific requirements hereof. With respect
        to each Mortgage Loan, the Originator/Seller is in possession of a complete
        Mortgage File, except for such documents as have been delivered to the Trustee;
        and

       

      (p)  The
        Originator
        is a
        member of MERS in good standing, will comply in all material respects with
        the
        rules and procedures of MERS in connection with the servicing of the Mortgage
        Loans that are registered with MERS and is current in payment of all fees
        and
        assessments imposed by MERS.

       

      Section
        3.03  Seller
        Trust Representations and Warranties.
        Each
        Seller Trust represents, warrants and covenants to the Purchaser as of the
        Closing Date or as of such other date specifically provided herein:

       

      (i)  The
        Seller Trust is duly organized, validly existing and in good standing as
        a
        business trust under the laws of the State of Delaware and is and will remain
        in
        compliance with the laws of each state in which any Mortgaged Property is
        located to the extent necessary to ensure the enforceability of each Mortgage
        Loan in accordance with the terms of this Agreement;

       

      (ii)  The
        Seller Trust has the full power and authority to hold each Mortgage Loan,
        to
        sell each Mortgage Loan, to execute, deliver and perform, and to enter into
        and
        consummate, all transactions contemplated by this Agreement. The Seller Trust
        has duly authorized the execution, delivery and performance of this Agreement,
        has duly executed and delivered this Agreement and this Agreement, assuming
        due
        authorization, execution and delivery by the Purchaser and the Originator,
        constitutes a legal, valid and binding obligation of the Seller Trust,
        enforceable against it in accordance with its terms except as the enforceability
        thereof may be limited by bankruptcy, insolvency or reorganization;

       

      (iii)  The
        execution and delivery of this Agreement by the Seller Trust and the performance
        of and compliance with the terms of this Agreement will not violate the Seller
        Trust’s certificate of trust or constitute a default under or result in a breach
        or acceleration of, any material contract, agreement or other instrument
        to
        which the Seller Trust is a party or which may be applicable to the Seller
        Trust
        or its assets;

       

      (iv)  The
        Seller Trust is not in violation of, and the execution and delivery of this
        Agreement by the Seller Trust and its performance and compliance with the
        terms
        of this Agreement will not constitute a violation with respect to, any order
        or
        decree of any court or any order or regulation of any federal, state, municipal
        or governmental agency having jurisdiction over such Seller Trust or its
        assets,
        which violation might have consequences that would materially and adversely
        affect the condition (financial or otherwise) or the operation of the Seller
        Trust or its assets or might have consequences that would materially and
        adversely affect the performance of its obligations and duties hereunder;
        and

       

      (v)  Immediately
        prior to the payment of the mortgage loan purchase price for each Mortgage
        Loan,
        the Seller Trust was the owner of the related Mortgage and the indebtedness
        evidenced by the related Mortgage Note and upon the payment of the mortgage
        loan
        purchase price by the Purchaser, in the event that the Seller Trust retains
        record title, the Seller Trust shall retain such record title to each Mortgage,
        each related Mortgage Note and the related Mortgage Files with respect thereto
        in trust for the Purchaser as the owner thereof;

       

      (vi)  The
        Seller Trust has not transferred the Mortgage Loans to the Purchaser with
        any
        intent to hinder, delay or defraud any of its creditors;

       

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

       

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

       

      (ix)  The
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Seller Trust, and the transfer assignment
        and
        conveyance of the related Mortgage Notes and the Mortgages by the Seller
        Trust
        pursuant to this Agreement are not subject to the bulk transfer or any similar
        statutory provisions; and

       

      (x)  Except
        with respect to liens released immediately prior to the transfer herein
        contemplated, the applicable Mortgage Note and related Mortgage have not
        been
        assigned or pledged and immediately prior to the transfer and assignment
        herein
        contemplated, the Seller Trust held good, marketable and indefeasible title
        to,
        and was the sole owner and holder of, the related Mortgage Loan subject to
        no
        liens, charges, mortgages, claims, participation interests, equities, pledges
        or
        security interests of any nature, encumbrances or rights of others
        (collectively, a “Lien”); the Seller Trust has full right and authority under
        all governmental and regulatory bodies having jurisdiction over the Seller
        Trust, subject to no interest or participation of, or agreement with, any
        party,
        to sell and assign the same pursuant to this Agreement; and immediately upon
        the
        transfers and assignments herein contemplated, the Seller Trust shall have
        transferred all of its right, title and interest in and to the related Mortgage
        Loans and the Trustee will hold good, marketable and indefeasible title to,
        and
        be the sole owner of, the related Mortgage Loans subject to no
        Liens.

       

      Section
        3.04  Remedies
        for Breach of Representations and Warranties.
        It is
        understood and agreed that the representations and warranties set forth in
        Subsections 3.01 and 3.02 shall survive the sale of the Mortgage Loans to
        the
        Purchaser and shall inure to the benefit of the Purchaser, notwithstanding
        any
        restrictive or qualified endorsement on any Mortgage Note or Assignment or
        the
        examination or lack of examination of any Mortgage File. Upon discovery by
        either the Originator or the Purchaser of a breach of any of the foregoing
        representations and warranties that materially and adversely affects the
        value
        of the Mortgage Loans or the interest of the Purchaser (or which materially
        and
        adversely affects the interests of the Purchaser in the related Mortgage
        Loan in
        the case of a representation and warranty relating to a particular Mortgage
        Loan), the party discovering such breach shall give prompt written notice
        to the
        other. It is understood by the parties hereto that a breach of the
        representations and warranties made in paragraphs (7), (39), (45), (48),
        (55),
        (60), (61), (76), (85), (87), (88), (89), (90), (91), (92), (93), (94) and
        (95)
        of Schedule II will be deemed to materially and adversely affect the value
        of
        the related Mortgage Loan or the interest of the Purchaser. 

       

      Within
        60
        days of the earlier of either discovery by or notice to the Originator of
        any
        breach of a representation or warranty made by the Originator or the Sellers
        that materially and adversely affects the value of a Mortgage Loan or the
        Mortgage Loans or the interest therein of the Purchaser, the Originator shall
        use its best efforts promptly to cure such breach in all material respects
        and,
        if such breach cannot be cured, the Originator shall, at the Purchaser’s option,
        repurchase such Mortgage Loan at the Purchase Price (as defined in the Pooling
        and Servicing Agreement). In the event that a breach shall involve any
        representation or warranty set forth in Subsection 3.02 and such breach cannot
        be cured within 60 days of the earlier of either discovery by or notice to
        the
        Originator of such breach, all of the Mortgage Loans shall, at the Purchaser’s
        option be repurchased by the Originator at the Purchase Price (as defined
        in the
        Pooling and Servicing Agreement). The Originator may, at the request of the
        Purchaser and assuming the Originator has a Qualified Substitute Mortgage
        Loan,
        rather than repurchase a deficient Mortgage Loan as provided above, remove
        such
        Mortgage Loan and substitute in its place a Qualified Substitute Mortgage
        Loan
        or Loans. If the Originator does not provide a Qualified Substitute Mortgage
        Loan or Loans, it shall repurchase the deficient Mortgage Loan. Any repurchase
        of a Mortgage Loan(s) pursuant to the foregoing provisions of this Section
        3.03
        shall occur on a date designated by the Purchaser and shall be accomplished
        by
        deposit in accordance with Section 2.03 of the Pooling and Servicing Agreement.
        Any repurchase or substitution required by this Section shall be made in
        a
        manner consistent with Section 2.03 of the Pooling and Servicing
        Agreement.

       

      Notwithstanding
        the foregoing, within 90 days of the earlier of discovery by the Originator
        or
        receipt of notice by the Originator of the breach of the representation of
        the
        Originator set forth in paragraphs (52) or (58) of Schedule II which materially
        and adversely affects the interests of the Holders of the Class P Certificates
        in any Prepayment Charge, the Originator shall pay the amount of the scheduled
        Prepayment Charge, for the benefit of the Holders of the Class P Certificates,
        by depositing such amount into the Collection Account, net of any amount
        previously collected by the Servicer and paid by the Servicer, for the benefit
        of the Holders of the Class P Certificates, in respect of such Prepayment
        Charge.

       

      With
        respect to the covenant set forth in paragraph (83) of Schedule II, if the
        reports required to be delivered by the Servicer pursuant to Section 3.01
        of the
        Pooling and Servicing Agreement are not obtained or if any of the related
        Mortgaged Properties appear to have been damaged materially per such reports,
        the Originator shall repurchase or substitute for such Mortgage Loans in
        accordance with the procedures set forth herein within 180 days of the Closing
        Date.

       

      At
        the
        time of substitution or repurchase of any deficient Mortgage Loan, the Purchaser
        and the Originator shall arrange for the reassignment of the repurchased
        or
        substituted Mortgage Loan to the Originator (in its capacity as Seller) and
        the
        delivery to the Originator (in its capacity as Seller) of any documents held
        by
        the Trustee relating to the deficient or repurchased Mortgage Loan. In the
        event
        the Purchase Price (as defined in the Pooling and Servicing Agreement) is
        deposited in the Collection Account. The Originator shall, simultaneously
        with
        such deposit, give written notice to the Purchaser that such deposit has
        taken
        place. Upon such repurchase, the Mortgage Loan Schedule shall be amended
        to
        reflect the withdrawal of the repurchased Mortgage Loan from this
        Agreement.

       

      In
        the
        event that the first Monthly Payment on any Mortgage Loan due to the Trust
        is
        not made within forty-five (45) days of the date on which such Monthly Payment
        was due, then such Mortgage Loan will be repurchased by the Originator at
        the
        Purchase Price (as defined in the Pooling and Servicing Agreement).
        Notwithstanding the foregoing, the Originator’s obligation to repurchase any
        such Mortgage Loan pursuant to this paragraph shall expire 180 days following
        the Closing Date.

       

      As
        to any
        Deleted Mortgage Loan for which the Originator substitutes a Qualified
        Substitute Mortgage Loan or Loans, the Originator shall effect such substitution
        by delivering to the Purchaser or its designee for such Qualified Substitute
        Mortgage Loan or Loans the Mortgage Note, the Mortgage, the Assignment and
        such
        other documents and agreements as are required by the Pooling and Servicing
        Agreement. with the Mortgage Note endorsed as required therein. The Originator
        shall remit for deposit in the Collection Account the Monthly Payment due
        on
        such Qualified Substitute Mortgage Loan or Loans in the month following the
        date
        of such substitution. Monthly payments due with respect to Qualified Substitute
        Mortgage Loans in the month of substitution will be retained by the Originator.
        For the month of substitution, distributions to the Purchaser will include
        the
        Monthly Payment due on such Deleted Mortgage Loan in the month of substitution,
        and the Originator shall thereafter be entitled to retain all amounts
        subsequently received by the Originator in respect of such Deleted Mortgage
        Loan. Upon such substitution, the Qualified Substitute Mortgage Loans shall
        be
        subject to the terms of this Agreement in all respects, and the Originator
        shall
        be deemed to have made with respect to such Qualified Substitute Mortgage
        Loan
        or Loans as of the date of substitution, the covenants, representations and
        warranties set forth in Subsections 3.01 and 3.02.

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive delivery of the respective Mortgage
        Files
        to the Trustee on behalf of the Purchaser.

       

      It
        is
        understood and agreed that the obligations of the Originator set forth in
        this
        Section 3.04 to cure, repurchase and substitute for a defective Mortgage
        Loan
        and to indemnify the Purchaser as provided in Section 5.01 constitute the
        sole
        remedies of the Purchaser respecting a missing or defective document or a
        breach
        of the representations and warranties contained in Section 3.01, 3.02 or
        3.03.

       

       

      ARTICLE
        IV.

       

      ORIGINATOR’S
        COVENANTS

       

      Section
        4.01  Covenants
        of the Originator.
        The
        Originator hereby covenants that except for the transfer hereunder, neither
        the
Originator
        nor any Seller Trust will
        sell, pledge, assign or transfer to any other Person, or grant, create, incur,
        assume or suffer to exist any Lien on any Mortgage Loan, or any interest
        therein; the Originator will notify the Trustee, as assignee of the Purchaser,
        of the existence of any Lien on any Mortgage Loan immediately upon discovery
        thereof, and the Originator will defend the right, title and interest of
        the
        Trust, as assignee of the Purchaser, in, to and under the Mortgage Loans,
        against all claims of third parties claiming through or under the Originator
        or
        any Seller Trust; provided,
        however,
        that
        nothing in this Section 4.01 shall prevent or be deemed to prohibit the
        Originator or any Seller Trust from suffering to exist upon any of the Mortgage
        Loans any Liens for municipal or other local taxes and other governmental
        charges if such taxes or governmental charges shall not at the time be due
        and
        payable or if the Originator or any Seller shall currently be contesting
        the
        validity thereof in good faith by appropriate proceedings and shall have
        set
        aside on its books adequate reserves with respect thereto.

       

       

      ARTICLE
        V.

       

      INDEMNIFICATION
        WITH RESPECT TO THE MORTGAGE LOANS

       

      Section
        5.01  Indemnification. 

       

      (a) The
        Originator indemnifies and holds harmless the Purchaser, its respective officers
        and directors and each person, if any, who controls the Purchaser within
        the
        meaning of Section 15 of the Securities Act or Section 20 of the Exchange
        Act,
        as follows:

       

      (i)  against
        any and all losses, claims, expenses, damages or liabilities, joint or several,
        to which the Purchaser or such controlling person may become subject under
        the
        Securities Act or otherwise, insofar as such losses, claims, damages or
        liabilities (or actions in respect thereof including, but not limited to,
        any
        loss, claim, expense, damage or liability related to purchases and sales
        of the
        Certificates) arise out of or are based upon any untrue statement or alleged
        untrue statement of any material fact contained in the Prospectus Supplement,
        or
        any amendment or supplement thereto, or arise out of, or are based upon,
        the
        omission or alleged omission to state therein a material fact required to
        be
        stated therein or necessary to make the statements made therein not misleading,
        to the extent that any untrue statement or alleged untrue statement therein
        results (or is alleged to have resulted) from an error or material omission
        in
        the information concerning the Originator Information furnished by the
        Originator to the Purchaser for use in the preparation of the Prospectus
        Supplement, which error was not superseded or corrected by the delivery to
        the
        Purchaser of corrected written or electronic information, or for which the
        Originator provided written notice of such error to the Purchaser prior to
        the
        confirmation of the sale of the Certificates; and will reimburse the Purchaser
        and each such controlling person for any legal or other expenses reasonably
        incurred by the Purchaser or such controlling person in connection with
        investigating or defending any such loss, claim, damage. liability or action
        as
        such expenses are incurred;

       

      (ii)  against
        any and all loss, liability, claim, damage and expense whatsoever, to the
        extent
        of the aggregate amount paid in settlement of any litigation, or investigation
        or proceeding by any governmental agency or body, commenced or threatened,
        or of
        any claim whatsoever based upon any such untrue statement or omission, or
        any
        such alleged untrue statement or omission, if such settlement is effected
        with
        the written consent of the Purchaser; and

       

      (iii)  against
        any and all expense whatsoever (including the fees and disbursements of counsel
        chosen by the Purchaser), reasonably incurred in investigating, preparing
        or
        defending against any litigation, or investigation or proceeding by any
        governmental agency or body. commenced or threatened, or any claim whatsoever
        based upon any such untrue statement or omission, or any such alleged untrue
        statement or omission, to the extent that any such expense is not paid under
        clause (i) or clause (ii) above.

       

      This
        indemnity agreement will be in addition to any liability which the Originator
        may otherwise have.

       

      (b) Promptly
        after receipt by any indemnified party under this Article V of notice of
        any
        claim or the commencement of any action, such indemnified party shall, if
        a
        claim in respect thereof is to be made against any indemnifying party under
        this
        Article V, notify the indemnifying party in writing of the claim or the
        commencement of that action; provided,
        however,
        that
        the failure to notify an indemnifying party shall not relieve it from any
        liability which it may have under this Article V except to the extent it
        has
        been materially prejudiced by such failure and, provided further, that the
        failure to notify any indemnifying party shall not relieve it from any liability
        which it may have to any indemnified party otherwise than under this Article
        V.

       

      If
        any
        such claim or action shall be brought against an indemnified party, and it
        shall
        notify the indemnifying party thereof, the indemnifying party shall be entitled
        to participate therein and, to the extent that it wishes, jointly with any
        other
        similarly notified indemnifying party, to assume the defense thereof with
        counsel reasonably satisfactory to the indemnified party. After notice from
        the
        indemnifying party to the indemnified party of its election to assume the
        defense of such claim or action, the indemnifying party shall not be liable
        to
        the indemnified party under this Article V for any legal or other expenses
        subsequently incurred by the indemnified party in connection with the defense
        thereof other than reasonable costs of investigation.

       

      Any
        indemnified party shall have the right to employ separate counsel in any
        such
        action and to participate in the defense thereof, but the fees and expenses
        of
        such counsel shall be at the expense of such indemnified party unless: (i)
        the
        employment thereof has been specifically authorized by the indemnifying party
        in
        writing; (ii) such indemnified party shall have been advised in writing by
        such
        counsel that there may be one or more legal defenses available to it which
        are
        different from or additional to those available to the indemnifying party
        and in
        the reasonable judgment of such counsel it is advisable for such indemnified
        party to employ separate counsel; or (iii) the indemnifying party has failed
        to
        assume the defense of such action and employ counsel reasonably satisfactory
        to
        the indemnified party, in which case, if such indemnified party notifies
        the
        indemnifying party in writing that it elects to employ separate counsel at
        the
        expense of the indemnifying party, the indemnifying party shall not have
        the
        right to assume the defense of such action on behalf of such indemnified
        party,
        it being understood, however, the indemnifying party shall not, in connection
        with any one such action or separate but substantially similar or related
        actions in the same jurisdiction arising out of the same general allegations
        or
        circumstances, be liable for the reasonable fees and expenses of more than
        one
        separate firm of attorneys (in addition to local counsel) at any time for
        all
        such indemnified parties, which firm shall be designated in writing by the
        Purchaser, if the indemnified parties under this Article V consist of the
        Purchaser, by the Originator, if the indemnified parties in this Article
        V
        consist of the Originator, or be the related Seller Trust, if the indemnified
        parties in this Article V consist of such Seller Trust.

       

      Each
        indemnified party, as a condition of the indemnity agreements contained in
        Section 5.01 (a) and (b) hereof, shall use its best efforts to cooperate
        with
        the indemnifying party in the defense of any such action or claim. No
        indemnifying party shall be liable for any settlement of any such action
        effected without its written consent (which consent shall not be unreasonably
        withheld), but if settled with its written consent or if there be a final
        judgment for the plaintiff in any such action, the indemnifying party agrees
        to
        indemnify and hold harmless any indemnified party from and against any loss
        or
        liability by reason of such settlement or judgment. Notwithstanding the
        foregoing sentence, if at any time an indemnified party shall have requested
        an
        indemnifying party to consent to a settlement of any action, the indemnifying
        party agrees that it shall be liable for any settlement of any proceeding
        effected without its written consent if such settlement is entered into more
        than 30 days after receipt by such indemnifying party of the aforesaid request
        and the indemnifying party has not previously provided the indemnified party
        with written notice of its objection to such settlement. No indemnifying
        party
        shall effect any settlement of any pending or threatened proceeding in respect
        of which an indemnified party is or could have been a party and indemnity
        is or
        could have been sought hereunder, without the written consent of such
        indemnified party, unless settlement includes an unconditional release of
        such
        indemnified party from all liability and claims that are the subject matter
        of
        such proceeding.

       

      (c) In
        order
        to provide for just and equitable contribution in circumstances in which
        the
        indemnity agreement provided for in this Article is for any reason held to
        be
        unenforceable although applicable in accordance with its terms, each Seller
        Trust and the Originator, on the one hand, and the Purchaser, on the other,
        shall contribute to the aggregate losses, liabilities, claims, damages and
        expenses of the nature contemplated by said indemnity agreement incurred
        by the
        related Seller Trust, the Originator and the Purchaser in such proportions
        as
        shall be appropriate to reflect the relative fault of each Seller Trust and
        the
        Originator on the one hand and the Purchaser on the other from the sale of
        the
        Mortgage Loans; provided,
        however,
        that no
        person guilty of fraudulent misrepresentation (within the meaning of Section
        11
        (f) of the Securities Act) shall be entitled to contribution from any person
        who
        was not guilty of such fraudulent misrepresentation. For purposes of this
        Section, each officer and director of the Purchaser and each person, if any,
        who
        controls the Purchaser within the meaning of Section 15 of the Securities
        Act
        shall have the same rights to contribution as the Purchaser and each director
        of
        the Originator, each officer of the Originator, and each person, if any,
        who
        controls the Originator within the meaning of Section 15 of the Securities
        Act
        shall have the same rights to contribution as the Originator and each director
        of the related Seller Trust, each officer of such Seller Trust, and each
        person,
        if any, who controls such Seller within the meaning of Section 15 of the
        Securities Act shall have the same rights to contribution as the related
        Seller.

       

      (d) The
        Originator agrees to indemnify and to hold each of the Purchaser, the Trustee,
        each of the officers and directors of each such entity and each person or
        entity
        who controls each such entity or person and each Certificateholder harmless
        against any and all claims, losses, penalties, fines, forfeitures, legal
        fees
        and related costs, judgments, and any other costs, fees and expenses that
        the
        Purchaser, the Trustee, or any such person or entity and any Certificateholder
        may sustain in any way (i) related to the failure of the Originator to perform
        its duties in compliance with the terms of this Agreement or (ii) arising
        from a
        breach by the Originator of its representations and warranties in Sections
        3.01
        and 3.02 of this Agreement. The Originator shall immediately notify the
        Purchaser, the Trustee and each Certificateholder if a claim is made by a
        third
        party with respect to this Agreement. The Originator shall assume the defense
        of
        any such claim and pay all expenses in connection therewith, including
        reasonable counsel fees, and promptly pay, discharge and satisfy any judgment
        or
        decree which may be entered against the Purchaser, the Trustee or any such
        person or entity and/or any Certificateholder in respect of such
        claim.

       

       

      ARTICLE
        VI.

       

      TERMINATION

       

      Section
        6.01  Termination.
        The
        respective obligations and responsibilities of the Originator, each Seller
        and
        the Purchaser created hereby shall terminate, except for the Originator’s
        indemnity obligations as provided herein upon the termination of the Trust
        as
        provided in Article X of the Pooling and Servicing Agreement.

       

       

      ARTICLE
        VII.

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        7.01  Amendment.
        This
        Agreement may be amended from time to time by the Originator, each Seller
        Trust
        and the Purchaser, by written agreement
        signed by the Originator, each Seller Trust and the Purchaser.

       

      Section
        7.02  Governing
        Law.
        This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York and the obligations, rights and remedies of the parties
        hereunder shall be determined in accordance with such laws.

       

      Section
        7.03  Notices.
        All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered at or mailed by
        registered mail, postage prepaid, addressed as follows: (i) if to the
        Originator, Option One Mortgage Corporation, 3 Ada, Irvine, California 92618,
        Attention: C. Robert Fulton, or such other address as may hereafter be furnished
        to the Purchaser in writing by the Originator and (ii) if to the Purchaser,
        Financial Asset Securities Corp., 600 Steamboat Road, Greenwich, Connecticut
        06830, Attention: Legal, or such other address as may hereafter be furnished
        to
        the Purchaser and any Seller Trust in writing by the Originator.

       

      Section
        7.04  Severability
        of Provisions.
        If any
        one or more of the covenants, agreements, provisions of terms of this Agreement
        shall be held invalid for any reason whatsoever, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity of enforceability of the other provisions of this
        Agreement.

       

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

       

      Section
        7.06  Further
        Agreements.
        The
        Purchaser, each Seller and the Originator each agree to execute and deliver
        to
        the other such additional documents, instruments or agreements as may be
        necessary or reasonable and appropriate to effectuate the purposes of this
        Agreement or in connection with the issuance of any Series of Certificates
        representing interests in the Mortgage Loans.

       

      Without
        limiting the generality of the foregoing, as a further inducement for the
        Purchaser to purchase the Mortgage Loans from the Sellers, the Originator
        will
        cooperate with the Purchaser in connection with the sale of any of the
        securities representing interests in the Mortgage Loans. In that connection,
        the
        Originator will provide to the Purchaser any and all information and appropriate
        verification of information, whether through letters of its auditors and
        counsel
        or otherwise, as the Purchaser shall reasonably request and will provide
        to the
        Purchaser such additional representations and warranties, covenants, opinions
        of
        counsel, letters from auditors, and certificates of public officials or officers
        of the Originator as are reasonably required in connection with such
        transactions and the offering of investment grade securities rated by the
        Rating
        Agencies.

       

      Section
        7.07  Intention
        of the Parties.
        It is
        the intention of the parties that the Purchaser is purchasing, and each Seller
        is selling, the Mortgage Loans rather than pledging the Mortgage Loans to
        secure
        a loan by the Purchaser to each Seller. Accordingly, the parties hereto each
        intend to treat the transaction for federal income tax purposes and all other
        purposes as a sale by the related Seller, and a purchase by the Purchaser,
        of
        the Mortgage Loans. The Purchaser will have the right to review the Mortgage
        Loans and the related Mortgage Files to determine the characteristics of
        the
        Mortgage Loans which will affect the federal income tax consequences of owning
        the Mortgage Loans and the related Seller will cooperate with all reasonable
        requests made by the Purchaser in the course of such review.

       

      Section
        7.08  Successors
        and Assigns; Assignment of Purchase Agreement.
        This
        Agreement shall bind and inure to the benefit of and be enforceable by each
        Seller, the Originator, the Purchaser and the Trustee.

       

      The
        obligations of each Seller and the Originator under this Agreement cannot
        be
        assigned or delegated to a third party without the consent of the Purchaser
        which consent shall be at the Purchaser’s sole discretion, except that the
        Purchaser acknowledges and agrees that each Seller or the Originator may
        assign
        its obligations hereunder to any Person into which the related Seller or
        the
        Originator is merged or any corporation resulting from any merger, conversion
        or
        consolidation to which the related Seller or the Originator is a party or
        any
        Person succeeding to the business of the related Seller or the Originator.
        The
        parties hereto acknowledge that the Purchaser is acquiring the Mortgage Loans
        for the purpose of contributing them to a trust that will issue a series
        of
        Certificates representing undivided interests in such Mortgage Loans. As
        an
        inducement to the Purchaser to purchase the Mortgage Loans, the related Seller
        and the Originator acknowledge and consent to the assignment by the Purchaser
        to
        the Trustee of all of the Purchaser’s rights against each Seller and the
        Originator pursuant to this Agreement insofar as such rights relate to Mortgage
        Loans transferred to the Trustee and to the enforcement or exercise of any
        right
        or remedy against each Seller or the Originator pursuant to this Agreement
        by
        the Trustee. Such enforcement of a right or remedy by the Trustee shall have
        the
        same force and effect as if the right or remedy had been enforced or exercised
        by the Purchaser directly.

       

      Section
        7.09 Survival.
        The
        representations and warranties set forth in Sections 3.01, 3.02 and 3.03
        and the
        provisions of Article V hereof shall survive the purchase of the Mortgage
        Loans
        hereunder.

       

      Section
        7.10 Owner
        Trustee.
        It is
        expressly understood and agreed by the parties to this Agreement that (a)
        this
        Agreement is executed and delivered by Wilmington Trust Company, not
        individually or personally but solely as Owner Trustee of the Seller Trusts,
        in
        the exercise of the powers and authority conferred and vested in it as trustee,
        (b) each of the representations undertakings and agreements herein made on
        the
        part of the related Seller Trust is made and intended not as personal
        representations, undertakings and agreements by Wilmington Trust Company
        but is
        made and intended for the purpose of binding only the related Seller Trust,
        (c)
        nothing herein contained shall be construed as creating any liability on
        Wilmington Trust Company, individually or personally, to perform any covenant
        either expressed or implied contained herein, all such liability, if any,
        being
        expressly waived by the parties to this Agreement and by any person claiming
        by,
        through or under the parties to this Agreement and (d) under no circumstances
        shall Wilmington Trust Company be personally liable for the payment of any
        indebtedness or expenses of any Seller Trust or be liable for the breach
        or
        failure of any obligation, representation, warranty or covenant made or
        undertaken by any Seller Trust under this Agreement or any other document.
         

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, each Seller, the Originator and the Purchaser have caused
        their
        names to be signed to this Mortgage Loan Purchase Agreement by their respective
        officers thereunto duly authorized as of the day and year first above
        written.

       

      FINANCIAL
        ASSET SECURITIES CORP.,

      as
        Purchaser

       

      By:_________________________________

      Name: 

      Title: 

       

      OPTION
        ONE MORTGAGE CORPORATION, as Originator

       

      By:_________________________________

      Name: 

      Title: 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      OPTION
        ONE OWNER TRUST 2001-1A,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:____________________________________

      Name:  

      Title:
        

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      OPTION
        ONE OWNER TRUST 2001-2,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:___________________________________

      Name:  

      Title:
        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      OPTION
        ONE OWNER TRUST 2002-3,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:____________________________________

      Name:  

      Title:
        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      OPTION
        ONE OWNER TRUST 2003-4,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:___________________________________

      Name:  

      Title:
        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      OPTION
        ONE OWNER TRUST 2003-5,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:___________________________________

      Name:  

      Title:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      OPTION
        ONE OWNER TRUST 2005-6,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:__________________________________

      Name:  

      Title:
         

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      OPTION
        ONE OWNER TRUST 2005-7,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:____________________________________

      Name:  

      Title:
          

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      OPTION
        ONE OWNER TRUST 2005-8,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:____________________________________

      Name:  

      Title:   

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      OPTION
        ONE OWNER TRUST 2005-9,

      as
        a
        Seller

      

      

      
        	 	
                By:

              	
                Wilmington
                  Trust Company, not in its individual capacity but solely as Owner
                  Trustee.

              

      

      

      

      By:____________________________________

      Name:

      Title:  

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I

       

      MORTGAGE
        LOANS

       

      SEE
        EXHIBIT D TO

      POOLING
        AND SERVICING AGREEMENT

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II

       

      REPRESENTATIONS
        AND WARRANTIES

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
        Originator hereby represents and warrants to the Purchaser and to any subsequent
        Purchaser that, as to each Mortgage Loan, as of the Closing Date for such
        Mortgage Loan:

       

      (1)  The
        information set forth in the Mortgage Loan Schedule is complete, true and
        correct as of the Cut-off Date;

       

      (2)  Except
        with respect to payments not yet 30 days past due, all payments required
        to be
        made up to the close of business on the Closing Date for such Mortgage Loan
        under the terms of the Mortgage Note have been made; the Originator has not
        advanced funds, or induced, solicited or knowingly received any advance of
        funds
        from a party other than the owner of the related Mortgaged Property, directly
        or
        indirectly, for the payment of any amount required by the Mortgage Note or
        Mortgage; and except with respect to payments not yet 30 days past due, there
        has been no delinquency, exclusive of any period of grace, in any payment
        by the
        Mortgagor thereunder since the origination of the Mortgage Loan;

       

      (3)  As
        of the
        origination date of the Mortgage Loan there were no delinquent taxes, ground
        rents, water charges, sewer rents, assessments, insurance premiums, leasehold
        payments, including assessments payable in future installments or other
        outstanding charges affecting the related Mortgaged Property, and as of the
        Closing Date there are no delinquent taxes, insurance premiums, or other
        outstanding charges jeopardizing the lien position of the Mortgage Loan,
        and to
        the best knowledge of the Originator, as of the Closing Date, there are no
        ground rents, water charges, sewer rents, assessments, leasehold payments,
        including assessments payable in future installments or other outstanding
        charges affecting the related Mortgaged Property;

       

      (4)  The
        terms
        of the Mortgage Note and the Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by written instruments, recorded in the
        applicable public recording office if necessary to maintain the lien priority
        of
        the Mortgage, and which have been delivered to the Trustee; the substance
        of any
        such waiver, alteration or modification has been approved by the title insurer,
        to the extent required by the related policy, and is reflected on the Mortgage
        Loan Schedule. No instrument of waiver, alteration or modification has been
        executed, and no Mortgagor has been released, in whole or in part, except
        in
        connection with an assumption agreement approved by the title insurer, to
        the
        extent required by the policy, and which assumption agreement has been delivered
        to the Trustee and the terms of which are reflected in the Mortgage Loan
        Schedule;

       

      (5)  The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including the defense of usury, nor will
        the
        operation of any of the terms of the Mortgage Note and the Mortgage, or the
        exercise of any right thereunder, render the Mortgage unenforceable, in whole
        or
        in part, or subject to any right of rescission, set-off, counterclaim or
        defense, including the defense of usury and no such right of rescission,
        set-off, counterclaim or defense has been asserted with respect thereto.
        Each
        Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
        enforceable and collectible under applicable federal, state and local
        law;

       

      (6)  All
        buildings upon the Mortgaged Property are insured by an insurer acceptable
        to
        Fannie Mae and Freddie Mac against loss by fire, hazards of extended coverage
        and such other hazards as are customary in the area where the Mortgaged Property
        is located, pursuant to insurance policies providing coverage in an amount
        not
        less than the greatest of (i) 100% of the replacement cost of all improvements
        to the Mortgaged Property, (ii) either (A) the outstanding principal balance
        of
        the Mortgage Loan with respect to each first lien Mortgage Loan or (B) with
        respect to each second lien Mortgage Loan, the sum of the outstanding principal
        balance of the first lien Mortgage Loan and the outstanding principal balance
        of
        the second lien Mortgage Loan, (iii) the amount necessary to avoid the operation
        of any co-insurance provisions with respect to the Mortgaged Property, and
        consistent with the amount that would have been required as of the date of
        origination in accordance with the underwriting guidelines of the originator
        or
        (iv) the amount necessary to fully compensate for any damage or loss to the
        improvements that are a part of such property on a replacement cost basis.
        All
        such insurance policies contain a standard mortgagee clause naming the
        Originator, its successors and assigns as mortgagee and all premiums thereon
        have been paid. If the Mortgaged Property is in an area identified on a Flood
        Hazard Map or Flood Insurance Rate Map issued by the Federal Emergency
        Management Agency as having special flood hazards (and such flood insurance
        has
        been made available) a flood insurance policy meeting the requirements of
        the
        current guidelines of the Federal Insurance Administration is in effect which
        policy conforms to the requirements of Fannie Mae and Freddie Mac. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at Mortgagor’s
        cost and expense and to seek reimbursement therefor from the
        Mortgagor;

       

      (7)  Any
        and
        all requirements of any federal, state or local law including, without
        limitation, usury, truth in lending, real estate settlement procedures,
        predatory, abusive and fair lending, consumer credit protection, equal credit
        opportunity, fair housing or disclosure laws applicable to the origination
        and
        servicing of mortgage loans of a type similar to the Mortgage Loans have
        been
        complied with;

       

      (8)  The
        Mortgage has not been satisfied, cancelled, subordinated or rescinded, in
        whole
        or in part, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such satisfaction, cancellation, subordination, rescission
        or
        release;

       

      (9)  The
        Mortgage (including any negative amortization which may arise thereunder)
        is a
        valid, existing and enforceable (A) first lien and first priority security
        interest with respect to each Mortgage Loan which is indicated by the Originator
        to be a first lien (as reflected on the Mortgage Loan Schedule), or (B) second
        lien and second priority security interest with respect to each Mortgage
        Loan
        which is indicated by the Originator to be a second lien (as reflected on
        the
        Mortgage Loan Schedule), in either case, on the Mortgaged Property, including
        all improvements on the Mortgaged Property subject only to (a) the lien of
        current real property taxes and assessments not yet due and payable, (b)
        covenants, conditions and restrictions, rights of way, easements and other
        matters of the public record as of the date of recording being acceptable
        to
        mortgage lending institutions generally and specifically referred to in the
        lender’s title insurance policy delivered to the originator of the Mortgage Loan
        and which do not adversely affect the Value of the Mortgaged Property, (c)
        with
        respect to each Mortgage Loan which is indicated by the Originator to be
        a
        second lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a
        first
        lien on the Mortgaged Property; and (d) other matters to which like properties
        are commonly subject which do not materially interfere with the benefits
        of the
        security intended to be provided by the Mortgage or the use, enjoyment, value
        or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, existing and enforceable first
        or
        second lien and first or second priority security interest (in each case,
        as
        indicated on the Mortgage Loan Schedule) on the property described therein
        and
        the Originator has full right to sell and assign the same to the Purchaser.
        The
        Mortgaged Property was not, as of the date of origination of the Mortgage
        Loan,
        subject to a mortgage, deed of trust, deed to secure debt or other security
        instrument creating a lien subordinate to the lien of the Mortgage;

       

      (10)  The
        Mortgage Note and the related Mortgage are genuine and each is the legal,
        valid
        and binding obligation of the maker thereof, enforceable in accordance with
        its
        terms;

       

      (11)  All
        parties to the Mortgage Note and the Mortgage had legal capacity to enter
        into
        the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage,
        and the Mortgage Note and the Mortgage have been duly and properly executed
        by
        such parties. The Mortgagor is a natural person who executed the related
        Mortgage either in an individual capacity or, provided that the related Mortgage
        is guaranteed by a natural person, as trustee for a family trust;

       

      (12)  The
        proceeds of the Mortgage Loan have been fully disbursed to or for the account
        of
        the Mortgagor and there is no obligation for the Mortgagee to advance additional
        funds thereunder and any and all requirements as to completion of any on-site
        or
        off-site improvement and as to disbursements of any escrow funds therefor
        have
        been complied with. All costs, fees and expenses incurred in making or closing
        the Mortgage Loan and the recording of the Mortgage have been paid, and the
        Mortgagor is not entitled to any refund of any amounts paid or due to the
        Mortgagee pursuant to the Mortgage Note or Mortgage;

       

      (13)  As
        of the
        Closing Date and immediately prior to the sale of the Mortgage Loan hereunder,
        the applicable Seller is the sole legal, beneficial and equitable owner of
        the
        Mortgage Note and the Mortgage and has full right to transfer and sell the
        Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
        lien,
        pledge, charge, claim or security interest;

       

      (14)  All
        parties which have had any interest in the Mortgage Loan, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) in compliance with any and all applicable
        “doing business” and licensing requirements of the laws of the state wherein the
        Mortgaged Property is located;

       

      (15)  The
        Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s
        title insurance policy (which, in the case of an Adjustable-Rate Mortgage
        Loan
        has an Adjustable-Rate mortgage endorsement in the form of ALTA 6.0 or 6.1)
        or
        with respect to any Mortgage Loan for which the related Mortgaged Property
        is
        located in California a CLTA lender’s title insurance policy, or other generally
        acceptable form of policy or insurance acceptable to Fannie Mae and Freddie
        Mac,
        issued by a title insurer acceptable to Fannie Mae and Freddie Mac and qualified
        to do business in the jurisdiction where the Mortgaged Property is located,
        insuring (subject to the exceptions contained in (x)(a) and (b), and with
        respect to any second lien Mortgage Loan (c), above) the Originator, its
        successors and assigns as to the first or second priority lien (as indicated
        on
        the Mortgage Loan Schedule) of the Mortgage in the original principal amount
        of
        the Mortgage Loan and, with respect to any Adjustable-Rate Mortgage Loan,
        against any loss by reason of the invalidity or unenforceability of the lien
        resulting from the provisions of the Mortgage providing for adjustment in
        the
        Mortgage Rate and Monthly Payment and negative amortization provisions of
        the
        Mortgage Note. Additionally, such lender’s title insurance policy affirmatively
        insures ingress and egress to and from the Mortgaged Property, and against
        encroachments by or upon the Mortgaged Property or any interest therein.
        The
        Originator is the sole insured of such lender’s title insurance policy, and such
        lender’s title insurance policy is in full force and effect and will be in full
        force and effect upon the consummation of the transactions contemplated by
        this
        Agreement. No claims have been made under such lender’s title insurance policy,
        and no prior holder of the related Mortgage, including the Originator, has
        done,
        by act or omission, anything which would impair the coverage of such lender’s
        title insurance policy;

       

      (16)  As
        of the
        Closing Date, there
        is
        no default, breach, violation or event of acceleration existing under the
        Mortgage or the Mortgage Note and no event which, with the passage of time
        or
        with notice and the expiration of any grace or cure period, would constitute
        a
        default, breach, violation or event of acceleration, and the Originator has
        not
        waived any default, breach, violation or event of acceleration. With respect
        to
        each second lien Mortgage Loan, as of the Closing Date (i) the related first
        lien mortgage loan is in full force and effect, (ii) there is no default,
        breach, violation or event of acceleration existing under such first lien
        mortgage or the related mortgage note, (iii) no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event of acceleration thereunder,
        and
        either (A) the first lien mortgage contains a provision which allows or (B)
        applicable law requires, the mortgagee under the second lien Mortgage Loan
        to
        receive notice of, and affords such mortgagee an opportunity to cure any
        default
        by payment in full or otherwise under the first lien mortgage. For purposes
        of
        the foregoing, a delinquent payment of less than thirty (30) days on a Mortgage
        Loan in and of itself does not constitute a default, breach, violation or
        event
        of acceleration (or an event which, with the passage of time or with notice
        and
        the expiration of any grace or cure period, has occurred that would constitute
        a
        default, breach, violation or event of acceleration) with respect to such
        Mortgage Loan;

       

      (17)  As
        of the
        Closing Date, there are no mechanics’ or similar liens or claims which have been
        filed for work, labor or material (and no rights are outstanding that under
        law
        could give rise to such lien) affecting the related Mortgaged Property which
        are
        or may be liens prior to, or equal or coordinate with, the lien of the related
        Mortgage;

       

      (18)  All
        improvements which were considered in determining the Value of the related
        Mortgaged Property lay wholly within the boundaries and building restriction
        lines of the Mortgaged Property, and no improvements on adjoining properties
        encroach upon the Mortgaged Property;

       

      (19)  The
        Mortgage Loan was originated or acquired by the Originator (and if acquired
        by
        the Originator, the Mortgage Loan was underwritten in all material respects
        with
        the Originator’s underwriting guidelines, and if a first-lien Mortgage Loan, is
        eligible for inclusion under a Secondary Mortgage Market Enhancement Act
        eligible transaction) or by a savings and loan association, a savings bank,
        a
        commercial bank or similar banking institution which is supervised and examined
        by a federal or state authority, or by a mortgagee approved as such by the
        Secretary of HUD;

       

      (20)  Principal
        payments on the Mortgage Loan commenced no more than sixty days after the
        proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest
        at the Mortgage Rate. With respect to each Mortgage Loan which is not a negative
        amortization loan, the Mortgage Note is payable on the first day of each
        month,
        or such other day of each month as may be specified in the Mortgage Loan
        Schedule, in Monthly Payments, which, in the case of a Fixed-Rate Mortgage
        Loans, are sufficient to fully amortize the original principal balance over
        the
        original term thereof (other than with respect to a Mortgage Loan identified
        on
        the Mortgage Loan Schedule as an interest-only Mortgage Loan during the
        interest-only period) and to pay interest at the related Mortgage Rate, and,
        in
        the case of an Adjustable-Rate Mortgage Loan, are changed on each Adjustment
        Date, and in any case, are sufficient to fully amortize the original principal
        balance over the original term thereof (other than with respect to a Mortgage
        Loan identified on the Mortgage Loan Schedule as an interest-only Mortgage
        Loan
        during the interest-only period) and to pay interest at the related Mortgage
        Rate. With respect to each negative amortization Mortgage Loan, the related
        Mortgage Note requires a Monthly Payment which is sufficient during the period
        following each Payment Adjustment Date, to fully amortize the outstanding
        principal balance as of the first day of such period (including any negative
        amortization) over the then remaining term of such Mortgage Note and to pay
        interest at the related Mortgage Rate; provided, that the Monthly Payment
        shall
        not increase to an amount that exceeds 107.5% of the amount of the Monthly
        Payment that was due immediately prior to the Adjustment Date; provided,
        further, that the payment adjustment cap shall not be applicable with respect
        to
        the adjustment made to the Monthly Payment that occurs in a year in which
        the
        Mortgage Loan has been outstanding for a multiple of 5 years and in any such
        year the Monthly Payment shall be adjusted to fully amortize the Mortgage
        Loan
        over the remaining term. With respect to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule as an interest-only Mortgage Loan, the interest-only
        period shall not exceed ten (10) years (or such other period specified on
        the
        Mortgage Loan Schedule) and following the expiration of such interest-only
        period, the remaining Monthly Payments shall be sufficient to fully amortize
        the
        original principal balance over the remaining term of the Mortgage Loan and
        to
        pay interest at the related Mortgage Rate. The Index for each Adjustable-Rate
        Mortgage Loan is as defined in the Mortgage Loan Schedule. No Mortgage Loan
        is a
        convertible Mortgage Loan;

       

      (21)  The
        origination, servicing and collection practices used by the Originator with
        respect to each Mortgage Note and Mortgage including, without limitation,
        the
        establishment, maintenance and servicing of the Escrow Accounts and Escrow
        Payments, if any, since origination have been in all respects legal, proper,
        prudent and customary in the mortgage origination and servicing industry.
        The
        Mortgage Loan has been serviced by the Originator and any predecessor servicer
        in accordance with the terms of the Mortgage Note. With respect to escrow
        deposits and Escrow Payments, if any, all such payments are in the possession
        of, or under the control of, the Originator and there exist no deficiencies
        in
        connection therewith for which customary arrangements for repayment thereof
        have
        not been made. No escrow deposits or Escrow Payments or other charges or
        payments due the Originator have been capitalized under any Mortgage or the
        related Mortgage Note and no such escrow deposits or Escrow Payments are
        being
        held by the Originator for any work on a Mortgaged Property which has not
        been
        completed;

       

      (22)  As
        of the
        Closing Date, the
        Mortgaged Property is free of material damage and waste and there is no
        proceeding pending for the total or partial condemnation thereof;

       

      (23)  The
        Mortgage and related Mortgage Note contain customary and enforceable provisions
        such as to render the rights and remedies of the holder thereof adequate
        for the
        realization against the Mortgaged Property of the benefits of the security
        provided thereby, including, (a) in the case of a Mortgage designated as
        a deed
        of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. Since
        the date of origination of the Mortgage Loan, the Mortgaged Property has
        not
        been subject to any bankruptcy proceeding or foreclosure proceeding and the
        Mortgagor has not filed for protection under applicable bankruptcy laws.
        There
        is no homestead or other exemption available to the Mortgagor which would
        interfere with the right to sell the Mortgaged Property at a trustee’s sale or
        the right to foreclose the Mortgage. As of the Closing Date, the Mortgagor
        has
        not notified the Originator and the Originator has no knowledge of any relief
        requested or allowed to the Mortgagor under the Servicemembers’ Civil Relief
        Act;

       

      (24)  The
        Mortgage Loan was underwritten in accordance with the underwriting standards
        of
        the Originator in effect at the time the Mortgage Loan was originated. The
        Mortgage Note and Mortgage are on forms generally acceptable to Fannie Mae
        and
        Freddie Mac;

       

      (25)  The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the corresponding Mortgage on the Mortgaged Property and the security
        interest of any applicable security agreement or chattel mortgage referred
        to in
        (x) above;

       

      (26)  The
        Mortgage File contains an appraisal of the related Mortgaged Property which
        satisfied the standards of Fannie Mae and Freddie Mac, was on appraisal form
        1004 or form 2055 (or a form otherwise satisfactory to S&P and Moody’s) and
        was made and signed, prior to the approval of the Mortgage Loan application,
        by
        a qualified appraiser, duly appointed by the originator of the Mortgage Loan,
        who had no interest, direct or indirect in the Mortgaged Property or in any
        loan
        made on the security thereof, whose compensation is not affected by the approval
        or disapproval of the Mortgage Loan and who met the minimum qualifications
        of
        Fannie Mae and Freddie Mac. Each appraisal of the Mortgage Loan was made
        in
        accordance with the relevant provisions of the Financial Institutions Reform,
        Recovery, and Enforcement Act of 1989;

       

      (27)  In
        the
        event the Mortgage constitutes a deed of trust, a trustee, duly qualified
        under
        applicable law to serve as such, has been properly designated and currently
        so
        serves and is named in the Mortgage, and no fees or expenses are or will
        become
        payable by the Purchaser to the trustee under the deed of trust, except in
        connection with a trustee’s sale after default by the Mortgagor;

       

      (28)  No
        Mortgage Loan contains provisions pursuant to which Monthly Payments are
        (a)
        paid or partially paid with funds deposited in any separate account established
        by the Originator, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
        paid
        by any source other than the Mortgagor or (c) contains any other similar
        provisions which may constitute a “buydown” provision. The Mortgage Loan is not
        a graduated payment mortgage loan and the Mortgage Loan does not have a shared
        appreciation or other contingent interest feature;

       

      (29)  The
        Mortgagor has executed a statement to the effect that the Mortgagor has received
        all disclosure materials required by applicable law with respect to the making
        of Fixed-Rate mortgage loans in the case of Fixed-Rate Mortgage Loans, and
        Adjustable-Rate mortgage loans in the case of Adjustable-Rate Mortgage Loans
        and
        rescission materials with respect to Refinanced Mortgage Loans, and such
        statement is and will remain in the Mortgage File;

       

      (30)  No
        Mortgage Loan was made in connection with (a) the construction or rehabilitation
        of a Mortgaged Property or (b) facilitating the trade-in or exchange of a
        Mortgaged Property;

       

      (31)  The
        Originator has no knowledge of any circumstances or condition with respect
        to
        the Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
        standing that can reasonably be expected to cause private institutional
        investors who routinely invest in mortgage loans similar to the Mortgage
        Loan to
        regard the Mortgage Loan to be an unacceptable investment, cause the Mortgage
        Loan to become delinquent, or adversely affect the value of the Mortgage
        Loan;

       

      (32)  No
        Mortgage Loan had a Loan-to Value Ratio or a Combined Loan-to-Value Ratio
        at
        origination in excess of 100%;

       

      (33)  The
        Mortgaged Property is lawfully occupied under applicable law; all inspections,
        licenses and certificates required to be made or issued with respect to all
        occupied portions of the Mortgaged Property and, with respect to the use
        and
        occupancy of the same, including but not limited to certificates of occupancy,
        have been made or obtained from the appropriate authorities;

       

      (34)  No
        error,
        omission, misrepresentation, negligence, fraud or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of the Originator,
        the
        related Seller, or to the best of the Originator’s knowledge, on the part of any
        other person, including without limitation the Mortgagor, any appraiser,
        any
        builder or developer, or any other party involved in the origination of the
        Mortgage Loan or in the application of any insurance in relation to such
        Mortgage Loan;

       

      (35)  The
        Assignment is in recordable form and (other than with respect to the blank
        assignee) is acceptable for recording under the laws of the jurisdiction
        in
        which the Mortgaged Property is located;

       

      (36)  Any
        principal advances made to the Mortgagor prior to the Cut-off Date have been
        consolidated with the outstanding principal amount secured by the Mortgage,
        and
        the secured principal amount, as consolidated, bears a single interest rate
        and
        single repayment term. The lien of the Mortgage securing the consolidated
        principal amount is expressly insured as having first or second (as indicated
        on
        the Mortgage Loan Schedule) lien priority by a title insurance policy, an
        endorsement to the policy insuring the mortgagee’s consolidated interest or by
        other title evidence acceptable to Fannie Mae and Freddie Mac. The consolidated
        principal amount does not exceed the original principal amount of the Mortgage
        Loan plus any negative amortization;

       

      (37)  No
        Mortgage Loan is a balloon mortgage loan that has an original stated maturity
        of
        less than seven (7) years;

       

      (38)  If
        the
        Residential Dwelling on the Mortgaged Property is a condominium unit or a
        unit
        in a planned unit development (other than a de minimis planned unit development)
        such condominium or planned unit development project meets the eligibility
        requirements of Fannie Mae and Freddie Mac;

       

      (39)  With
        respect to each Mortgage Loan, the Originator has fully and accurately furnished
        complete information on the related borrower credit files to Equifax, Experian
        and Trans Union Credit Information Originator, in accordance with the Fair
        Credit Reporting Act and its implementing regulations, on a monthly basis
        and
        the Originator for each Loan will furnish, in accordance with the Fair Credit
        Reporting Act and its implementing regulations, accurate and complete
        information on its primary borrower to Equifax, Experian, and Trans Union
        Credit
        Information Originator, on a monthly basis;

       

      (40)  The
        source of the down payment with respect to each Mortgage Loan has been fully
        verified by the Originator, except as noted on the Mortgage Loan
        Schedule;

       

      (41)  Interest
        on each Mortgage Loan is calculated on the basis of a 360-day year consisting
        of
        twelve 30-day months;

       

      (42)  The
        Originator shall, at its own expense, cause each Mortgage Loan to be covered
        by
        a tax service contract which is assignable to the Purchaser or its designee;
        provided however, that if the Originator fails to purchase such tax service
        contract, the Originator shall be required to reimburse the Purchaser for
        all
        costs and expenses incurred by the Purchaser in connection with the purchase
        of
        any such tax service contract;

       

      (43)  Each
        Mortgage Loan is covered by a flood zone service contract which is assignable
        to
        the Purchaser or its designee or, for each Mortgage Loan not covered by such
        Flood Zone Service Contract, the Originator agrees to purchase such flood
        zone
        service contract;

       

      (44)  As
        of the
        Closing Date. the Mortgaged Property is in material compliance with all
        applicable environmental laws pertaining to environmental hazards including,
        without limitation, asbestos, and neither the Originator nor, to the
        Originator’s knowledge, the related Mortgagor, has received any notice of any
        violation or potential violation of such law;

       

      (45)  No
        Mortgage Loan is (a) subject to the provisions of the Homeownership and Equity
        Protection Act of 1994 as amended (“HOEPA”) or is in violation of any comparable
        state law and no Mortgage Loan has an “annual percentage rate” or “total points
        and fees” payable by the borrower (as each such term is defined under HOEPA)
        that equal or exceed the applicable thresholds defined under HOEPA (Section
        32
        of Regulation Z, 12 C.F.R. Section 226.32(a)(1)(i) and (ii)), (b) a “high cost”
mortgage loan, “covered” mortgage loan, “high risk home” mortgage loan, or
“predatory” mortgage loan or any other comparable term, no matter how defined
        under any federal, state or local law, (c) subject to any comparable federal,
        state or local statutes or regulations, or any other statute or regulation
        providing for heightened regulatory scrutiny or assignee liability to holders
        of
        such mortgage loans, or (d) a High Cost Loan or Covered Loan, as applicable
        (as
        such terms are defined in the current Standard & Poor’s LEVELS® Glossary
        Revised, Appendix E);

       

      (46)  No
        predatory, abusive, or deceptive lending practices, including but not limited
        to, the extension of credit to a mortgagor without regard for the mortgagor’s
        ability to repay the Mortgage Loan and the extension of credit to a mortgagor
        which has no apparent benefit to the mortgagor, were employed in connection
        with
        the origination of the Mortgage Loan. Each Mortgage Loan (other
        than with respect to the points and fees threshold in connection with Mortgage
        Loans that are not Points and Fees Eligible Loans and escrow payment
        requirements) is
        in
        compliance with the anti-predatory lending eligibility for purchase requirements
        of the Fannie Mae Guides;

       

      (47)  The
        debt-to-income ratio of the related Mortgagor was not greater than 65% at
        the
        origination of the related Mortgage Loan;

       

      (48)  No
        Mortgagor was required to purchase any single premium credit insurance product
        (e.g., life, mortgage, disability, accident, unemployment or health insurance
        product) or debt cancellation agreement as a condition of obtaining the
        extension of credit. No Mortgagor obtained a prepaid single premium credit
        insurance policy (e.g., life, mortgage, disability, accident, unemployment,
        property or health insurance product) or debt cancellation in connection
        with
        the origination of the Mortgage Loan. No proceeds from any Mortgage Loan
        were
        used to purchase single premium credit insurance policies (e.g., life, mortgage,
        disability, accident, unemployment, or health insurance product) or debt
        cancellation agreements as part of the origination of, or as a condition
        to
        closing, such Mortgage Loan;

       

      (49)  The
        Mortgage Loans were not selected from the outstanding Fixed-Rate or
        adjustable-rate one to four-family mortgage loans in the Originator’s portfolio
        at the Cut-off Date as to which the representations and warranties set forth
        in
        this Agreement could be made in a manner so as to affect adversely the interests
        of the Purchaser;

       

      (50)  The
        Mortgage contains an enforceable provision for the acceleration of the payment
        of the unpaid principal balance of the Mortgage Loan in the event that the
        Mortgaged Property is sold or transferred without the prior written consent
        of
        the mortgagee thereunder;

       

      (51)  The
        Mortgage Loan complies with all applicable consumer credit statutes and
        regulations, including, without limitation, the respective Uniform Consumer
        Credit Code laws in effect in Alabama, Colorado, Idaho, Indiana, Iowa, Kansas,
        Maine, Oklahoma, South Carolina, Utah, West Virginia and Wyoming, has been
        originated by a properly licensed entity, and in all other respects, complies
        with all of the material requirements of any such applicable laws;

       

      (52)  The
        information set forth in the Prepayment Charge Schedule is complete, true
        and
        correct in all material respects and each Prepayment Charge is permissible,
        enforceable and collectable under applicable federal and state law;

       

      (53)  The
        Mortgage Loan was not prepaid in full prior to the Closing Date and the
        Originator has not received notification from a Mortgagor that a prepayment
        in
        full shall be made after the Closing Date;

       

      (54)  No
        Mortgage Loan is secured by cooperative housing, commercial property or mixed
        use property;

       

      (55)  Any
        Mortgaged Property that is considered manufactured housing shall be legally
        classified as real property under applicable state law, is permanently affixed
        to a foundation and must assume that characteristics of site-built housing
        or
        shall be the principal residence of the borrower and must otherwise conform
        to
        the requirements (A) for inclusion in residential mortgage backed securities
        transactions rated by S&P and (B) of Fannie Mae and Freddie Mac, including,
        but not limited to, the requirements that (i) the related Mortgage Note or
        contract, as applicable, be secured by a “single family residence” within the
        meaning of Section 25(e)(10) of the Code, (ii) the fair market value of the
        manufactured home securing each related Mortgage Note or contract, as
        applicable, was at least equal to 80% of the original principal balance of
        such
        Note or contract, as applicable, and (iii) each related Mortgage Note or
        contract, as applicable, is a “qualified mortgage” under Section 860G(a)(3) of
        the Code;

       

      (56)  Each
        Mortgage Loan is eligible for sale in the secondary market without unreasonable
        credit enhancement;

       

      (57)  All
        points and fees related to each Mortgage Loan were disclosed in writing to
        the
        borrower in accordance with applicable state and federal law and regulation.
        No
        Group I Mortgage Loan borrower was charged “points and fees” (whether or not
        financed) in an amount that exceeds the greater of (1) 5% of the principal
        amount of the Mortgage Loan (such 5% limitation is calculated in accordance
        with
        Fannie Mae’s requirements as set forth in the Fannie Mae Selling Guide or (2)
        $1,000.

       

      (58)  Except
        as
        set forth on the Mortgage Loan Schedule, none of the Mortgage Loans are subject
        to a Prepayment Charge. For any Mortgage Loan originated prior to October
        1,
        2002 that is subject to a prepayment penalty, such prepayment penalty does
        not
        extend beyond five years after the date of origination. For any Mortgage
        Loan
        originated on or following October 1, 2002 that is subject to a prepayment
        penalty, such prepayment penalty does not extend beyond three years after
        the
        date of origination. With respect to any Mortgage Loan that contains a provision
        permitting imposition of a premium upon a prepayment prior to maturity: (i)
        prior to the Mortgage Loan’s origination, the Mortgagor agreed to such premium
        in exchange for a monetary benefit, including but not limited to a rate or
        fee
        reduction, (ii) prior to the Mortgage Loan’s origination, the Mortgagor was
        offered the option of obtaining a Mortgage Loan that did not require payment
        of
        such a premium, (iii) the prepayment premium is disclosed to the Mortgagor
        in
        the loan documents pursuant to applicable state and federal law, (iv) the
        duration of the prepayment period shall not exceed three (3) years from the
        date
        of the note, and (v) notwithstanding any state or federal law to the contrary,
        the Originator shall not impose such prepayment premium in any instance when
        the
        mortgage debt is accelerated as the result of the Mortgagor’s default in making
        the loan payments;

       

      (59)  The
        Originator has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the “Anti-Money Laundering Laws”); the Originator has established
        an anti-money laundering compliance program as required by the Anti-Money
        Laundering Laws, has conducted the requisite due diligence in connection
        with
        the origination of each Mortgage Loan for purposes of the Anti-Money Laundering
        Laws, including with respect to the legitimacy of the applicable Mortgagor
        and
        the origin of the assets used by the said Mortgagor to purchase the property
        in
        question, and maintains, and will maintain, sufficient information to identify
        the applicable Mortgagor for purposes of the Anti-Money Laundering Laws.
        No
        Mortgage Loan is subject to nullification pursuant to Executive Order 13224
        (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
        Assets Control of the United States Department of the Treasury (the “OFAC
        Regulations”) or in violation of the Executive Order or the OFAC Regulations,
        and no Mortgagor is subject to the provisions of such Executive Order or
        the
        OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
        Regulations;

       

      (60)  No
        Mortgage Loan is secured by real property or secured by a manufactured home
        located in the state of Georgia unless (x) such Mortgage Loan was originated
        prior to October 1, 2002 or after March 6, 2003, or (y) the property securing
        the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the
        Mortgagor’s principal dwelling. No Mortgage Loan is a “High Cost Home Loan” as
        defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”). Each
        Mortgage Loan that is a “Home Loan” under the Georgia Act complies with all
        applicable provisions of the Georgia Act. No Mortgage Loan subject to the
        Georgia Act and secured by owner occupied real property or an owner occupied
        manufactured home located in the State of Georgia was originated (or modified)
        on or after October 1, 2002 through and including March 6, 2003;

       

      (61)  No
        Mortgagor was encouraged or required to select a Mortgage Loan product offered
        by the Mortgage Loan’s originator which is a higher cost product designed for
        less creditworthy borrowers, unless at the time of the Mortgage Loan’s
        origination, such Mortgagor did not qualify taking into account credit history
        and debt to income ratios for a lower cost credit product then offered by
        the
        Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
        If, at the time of loan application, the Mortgagor may have qualified for
        a
        lower cost credit product then offered by any mortgage lending affiliate
        of the
        Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
        Mortgagor’s application to such affiliate for underwriting consideration. For a
        Mortgagor who seeks financing through an Originator’s higher-priced subprime
        lending channel, the Mortgagor should be directed towards or offered the
        Originator’s standard mortgage line if the Mortgagor is able to qualify for one
        of the standard products;

       

      (62)  The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the Mortgagor’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the Mortgagor’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the Mortgagor had a reasonable ability to make timely
        payments on the Mortgage Loan;

       

      (63)  With
        respect to any Mortgage Loan which is secured by manufactured housing, such
        Mortgage Loan satisfies the requirements for inclusion in residential mortgage
        backed securities transactions rated by S&P;

       

      (64)  No
        Mortgage Loan (a) is secured by property located in the State of New York;
        (b)
        had an unpaid principal balance at origination of $300,000 or less, and (c)
        has
        an application date on or after April 1, 2003, the terms of which Mortgage
        Loan
        equal or exceed either the APR or the points and fees threshold for “high-cost
        home loans”, as defined in Section 6-1 of the New York State Banking
        Law;

       

      (65)  The
        Originator will transmit full-file credit reporting data for each Mortgage
        Loan
        pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
        Originator agrees it shall report one of the following statuses each month
        as
        follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
        foreclosed, or charged-off;

       

      (66)  No
        Mortgage Loan is a “High-Cost Home Loan” loan as defined under the New York
        Banking Law Section 6-1, effective as of April 1, 2003;

       

      (67)  No
        Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
        Protection Act effective July 16, 2003 (Act 1340 or 2003);

       

      (68)  No
        Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
        loan statute effective June 24, 2003 (Ky. Rev. Stat.
        Section 360.100);

       

      (69)  No
        Mortgage Loan secured by property located in the State of Nevada is a “home
        loan” as defined in the Nevada Assembly Bill No. 284;

       

      (70)  No
        Mortgage Loan is a “manufactured housing loan” or “home improvement home loan”
pursuant to the New Jersey Home Ownership Act. No Mortgage Loan is a “High-Cost
        Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the
        New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22
        et
        seq.);

       

      (71)  Each
        Mortgage Loan constitutes a “qualified mortgage” under
        Section 860G(a)(3)(A) of the Code and Treasury Regulation
        Section 1.860G-2(a)(1);

       

      (72)  No
        Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
        and
        Equity protection Act;

       

      (73)  No
        Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
        Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
        seq.);

       

      (74)  No
        Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
        Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.)
        and
        no Mortgage Loan secured by a Mortgage Property located in the State of Illinois
        is in violation of the provisions of the Illinois Interest Act, including
        Section 4.1a;

       

      (75)  No
        Loan
        that is secured by property located within the State of Maine meets the
        definition of a (i) “high-rate, high-fee” mortgage loan under Article VIII,
        Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home Loan” as
        defined under the Maine House Bill 383 L.D. 494, effective as of September
        13,
        2003;

       

      (76)  No
        Loan
        is a “High Cost Home Loan” governed by the Indiana Home Loan Practices Act
        effective January 1, 2005 (Ind. Code Ann. §§ 24-9-1 et seq.);

       

      (77)  The
        Mortgagor has not made or caused to be made any payment in the nature of
        an
“average” or “yield spread premium” to a mortgage broker or a like Person which
        has not been fully disclosed to the Mortgagor;

       

      (78)  With
        respect to each MOM Loan, a MIN has been assigned by MERS and such MIN is
        accurately provided on the Mortgage Loan Schedule. The related Assignment
        of
        Mortgage to MERS has been duly and properly recorded, or has been delivered
        for
        recording to the applicable recording office;

       

      (79)  With
        respect to each MOM Loan, the Originator has not received any notice of liens
        or
        legal actions with respect to such Mortgage Loan and no such notices have
        been
        electronically posted by MERS;

       

      (80)  With
        respect to each Mortgage Loan, (i) if the related first lien provides for
        negative amortization, the Combined Loan-to Value Ratio was calculated at
        the
        maximum principal balance of such first lien that could result upon application
        of such negative amortization feature, and (ii) either no consent for the
        Mortgage Loan is required by the holder of the first lien or such consent
        has
        been obtained and is contained in the Mortgage File;

       

      (81)  No
        Mortgagor agreed to submit to arbitration to resolve any dispute arising
        out of
        or relating in any way to the Mortgage Loan transaction; 

       

      (82)  No
        Mortgage Loan is
        a
“High-Cost Home Mortgage Loan” as
        defined in the Massachusetts
        Predatory Home
        Loan
        Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C).
        If any
        Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
        of
        Massachusetts was made to pay off or refinance an existing loan or other
        debt of
        the related borrower (as the term “borrower” is defined in the regulations
        promulgated by the Massachusetts Secretary of State in connection with
        Massachusetts House Bill 480 (2004)), such Mortgage Loan is in the “borrower’s
        interest,” as documented by a “borrower’s interest worksheet” for the particular
        Mortgage Loan, which worksheet incorporates the factors set forth in
        Massachusetts House Bill 4880 (2004) and the regulations promulgated thereunder
        for determining “borrower’s interest,” and otherwise complies in all material
        respects with the laws of the Commonwealth of Massachusetts; 

       

      (83)  With
        respect to the Mortgage Loans set forth on Schedule III, the Originator shall
        cause the Servicer to deliver the reports required by Section 3.01 of the
        Pooling and Servicing Agreement;

       

      (84)  [Reserved];

       

      (85)  No
        Mortgage Loan that was originated on or after October 31, 2004, is subject
        to
        mandatory arbitration except when the terms of the arbitration also contain
        a
        waiver provision that provides that in the event of a sale or transfer of
        the
        Mortgage Loan or interest in the Mortgage Loan to Fannie Mae, the terms of
        the
        arbitration are null and void and cannot be reinstated. The seller hereby
        covenants that the seller or servicer of the Mortgage Loan, as applicable,
        will
        notify the borrower in writing within 60 days of the sale or transfer of
        the
        Mortgage Loan to Fannie Mae that the terms of the arbitration are null and
        void.
        With respect to any Mortgage Loan originated on or after August 1, 2004,
        neither
        the related mortgage nor the related mortgage note requires the Mortgagor
        to
        submit to arbitration to resolve any dispute arising out of or relating in
        any
        way to the mortgage loan transaction;

       

      (86)  All
        fees
        and charges (including finance charges) and whether or not financed, assessed,
        collected or to be collected in connection with the origination and servicing
        of
        each Mortgage Loan has been disclosed in writing to the borrower in accordance
        with applicable state and federal law and regulation;

       

      (87)  With
        respect to any mortgage loan underlying the Security that contains a provision
        permitting imposition of a penalty upon a prepayment prior to maturity: (a)
        the
        mortgage loan provides some benefit to the borrower (e.g. a rate or fee
        reduction) in exchange for accepting such prepayment penalty; (b) the mortgage
        loan’s originator had a written policy of offering the borrower, or requiring
        third-party brokers to offer the borrower, the option of obtaining a mortgage
        loan that did not require payment of such a penalty; (c) the prepayment penalty
        was adequately disclosed to the borrower pursuant to applicable state and
        federal law; (d) no subprime loan originated on or after October 1, 2002
        underlying the Security will provide for prepayment penalties for a term
        in
        excess of three years and any loans originated prior to such date, and any
        non-subprime loans, will not provide for prepayment penalties for a term
        in
        excess of five years; in each case unless the loan was modified to reduce
        the
        prepayment period to no more than three years from the date of the note and
        the
        borrower was notified in writing of such reduction in prepayment period;
        and (e)
        such prepayment penalty shall not be imposed in any instance where the mortgage
        loan is accelerated or paid off in connection with the workout of a delinquent
        mortgage or due to the borrower’s default, notwithstanding that the terms of the
        mortgage loan or state or federal law might permit the imposition of such
        penalty;

       

      (88)  The
        methodology used in underwriting the extension of credit for each mortgage
        loan
        in the trust did not rely on the extent of the borrower’s equity in the
        collateral as the principal determining factor in approving such extension
        of
        credit. The methodology employed objective criteria that related such facts
        as,
        without limitation, the borrower’s credit history, income, assets or
        liabilities, to the proposed mortgage payment and, based on such methodology,
        the mortgage loan’s originator made a reasonable determination that at the time
        of origination the borrower had the ability to make timely payments on the
        mortgage loan; 

       

      (89)  No
        Group
        I Mortgage Loan borrower under a mortgage loan in the trust was charged “points
        and fees” in an amount greater than (a) $1,000 or (b) 5% of the principal amount
        of such mortgage loan, whichever is greater. For purposes of this
        representation, “points and fees” (x) include origination, underwriting, broker
        and finder’s fees and charges that the lender imposed as a condition of making
        the mortgage loan, whether they are paid to the lender or a third party;
        and (y)
        exclude bona fide discount points, fees paid for actual services rendered
        in
        connection with the origination of the mortgage (such as attorneys’ fees,
        notaries fees and fees paid for property appraisals, credit reports, surveys,
        title examinations and extracts, flood and tax certifications, and home
        inspections); the cost of mortgage insurance or credit-risk price adjustments;
        the costs of title, hazard, and flood insurance policies; state and local
        transfer taxes or fees; escrow deposits for the future payment of taxes and
        insurance premiums; and other miscellaneous fees and charges that, in total,
        do
        not exceed 0.25 percent of the loan amount;”

       

      (90)  With
        respect to any subordinate lien mortgage loan underlying the Security, such
        lien
        is on a one- to four-family residence that is (or will be) the principal
        residence of the borrower;

       

      (91)  No
        Group
        I Mortgage Loan underlying the Security is “seasoned” (a seasoned mortgage loan
        is one where the date of the mortgage note is more than 1 year before the
        date
        of issuance of the related Security);

       

      (92)  No
        Group
        I subordinate lien Mortgage Loan has an original principal balance that exceeds
        one-half of the one-unit limitation for first lien mortgage loans, or $208,000
        (in Alaska, Guam, Hawaii or Virgin Islands: $312,750), without regard to
        the
        number of units;

       

      (93)  For
        the
        Group I Mortgage Loans, the original principal balance of the first lien
        mortgage loan plus the original principal balance of any subordinate lien
        mortgage loan relating to the same mortgaged property does not exceed the
        applicable Freddie Mac loan limit for first lien mortgage loans for that
        property type;

       

      (94)  
        For the
        Group I Mortgage Loans, the Stated Principal Balance of each Mortgage Loan
        is
        within Freddie Mac loan limits for conforming one-to-four family Mortgage
        Loans;

       

      (95)  No
        Group
        I first lien Mortgage Loan has an original principal balance that exceeds
        that
        applicable Freddie Mac loan limit.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        III

       

      
        	
                Loan
                  #

              	
                Origination
                  Date

              	
                State

              	
                Zip

              	
                Note
                  Date

              
	
                551006069

              	
                4/18/2005

              	
                TX

              	
                77591

              	
                4/18/2005

              

      

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    MORTGAGE
      LOAN SCHEDULE

     

    

    Available
      Upon Request

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    REQUEST
      FOR RELEASE

     

    
      	To:	
              [Address
                for Custodian: Mortgage Document Custody

              
                Wells
                  Fargo Corporate Trust Services

                24
                  Executive Park, Suite 100 

                Irvine,
                  California 92614]

              

            

    

     

     

    
      	
            	Re:	
              Custodial
                Agreement, dated as of June 1, 2006, among Deutsche

              Bank National Trust Company as the
                Trustee,
                Option One Mortgage 

              
                Corporation
                  as Servicer and Wells
                  Fargo Bank, N.A.
                  as the Custodian

              

            

    

     

    In
      connection with the administration of the Mortgage Loans included in the Trust
      Fund established pursuant to the Pooling and Servicing Agreement dated as of
      June 1, 2006, among Financial Asset Securities Corp. as Depositor, Option One
      Mortgage Corporation, as Servicer, and Deutsche Bank National Trust Company,
      a
      national banking association, as Trustee and held by you as Custodian pursuant
      to the above-captioned Custodial Agreement, we request the release, and hereby
      acknowledge receipt of the Custodial File for the Mortgage Loan described below,
      for the reason indicated.

     

    Mortgage
      Loan Number:

     

    Mortgagor
      Name, Address & Zip Code:

     

    Reason
      for Requesting Documents (check one):

     

    
      	
              _________1.

            	
              Mortgage
                Paid in Full

            
	 	 
	
              _________2.

            	
              Foreclosure

            
	 	 
	
              _________3.

            	
              Substitution

            
	 	 
	
              _________4.

            	
              Other
                Liquidation (Repurchases, etc.)

            
	 	 
	
              _________5.

            	
              Nonliquidation Reason:_____________________

            

    

    Address
      to which Trustee should deliver

     

    the
      Custodial File:

     

    
      	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              By:

            	 
	 	 	
              (authorized
                signer)

            
	 	
              Issuer:

            	 
	 	
              Address:

            	 
	 	
              Date:

            	 

    

    

     

    Custodian

    

    Wells
      Fargo Bank, N.A.

    

    Please
      acknowledge the execution of the above request by your signature and date
      below:

     

    
      	
              ____________________________

            	
              __________________

            
	
              Signature

               

            	
              Date

            
	
              Documents
                returned to Custodian:

               

            	 
	
              ______________________________

            	
              __________________

            
	
              Custodian

            	
              Date

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F-1

     

    [FORM
      OF
      TRUSTEE’S INITIAL CERTIFICATION

     

    June
      __,
      2006

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

     

    
      	
            	Re:	
              Pooling
                and Servicing Agreement dated as of June 1, 2006, among

              
                Financial
                  Asset Securities Corp. as Depositor, Option One Mortgage 

                Corporation,
                  as Servicer, and Deutsche Bank National Trust Company, a 

                national
                  banking association, as
                  Trustee

              

            

    

     

    
    

    Ladies
      and Gentlemen:

     

    Attached
      is the Trustee’s preliminary exception report delivered in accordance with
      Section 2.02 of the referenced Pooling and Servicing Agreement (the “Pooling and
      Servicing Agreement”). Capitalized terms used but not otherwise defined herein
      shall have the meanings set forth in the Pooling and Servicing
      Agreement.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement. The Trustee makes no representations as to (i) the
      validity, legality, sufficiency, enforceability or genuineness of any of the
      documents contained in the Mortgage File pertaining to the Mortgage Loans
      identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
      effectiveness or suitability of any such Mortgage Loan or (iii) whether any
      Mortgage File includes any of the documents specified in clause (vi) of Section
      2.01 of the Pooling and Servicing Agreement.

     

    
      	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:]

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [FORM
      OF
      CUSTODIAN’S INITIAL CERTIFICATION

    _____,
      2006

    Trust
      Receipt #: ____ 

    Original
      Principal Balance of the Mortgage Loans:$_______

    

    
      	
              Deutsche
                Bank National Trust Company

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705-4934

              Attention:
                Trust Administration GC04FFH4

            	
              Financial
                Asset Securities Corp.

              600
                Steamboat Road

              Greenwich,
                Connecticut 08630

            
	 	 
	
              Greenwich
                Capital Markets, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 08630

            	 
	 	 

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of June 1, 2006, among Deutsche Bank National
                Trust
                Company as the Trustee, Option One Mortgage Corporation as Servicer
                and
                Wells
                Fargo Bank, N.A.
                as
                the Custodian

            

      	 	 	 

    

    Ladies
      and Gentlemen:

    In
      accordance with the provisions of Section 3 of the above-referenced Custodial
      Agreement, the undersigned, as the Custodian, hereby certifies that it is
      holding the Mortgage Loans identified on the schedule attached hereto for the
      exclusive benefit of the Trustee pursuant to the terms and conditions of the
      Custodial Agreement, and it has received a Custodial File with respect to each
      such Mortgage Loan (other than any Mortgage Loan specifically identified on
      the
      exception report attached hereto) and that with respect to each such Mortgage
      Loan: (i) all documents required to be delivered to it pursuant to Section
      2.01
      of this Agreement are in its possession, (ii) such documents have been reviewed
      by it and have not been mutilated, damaged or torn and appear on their face
      to
      relate to such Mortgage Loan and (iii) based on its examination and only as
      to
      the foregoing, the information set forth in the Mortgage Loan Schedule that
      corresponds to items (1) and (3) of the definition of “Mortgage Loan Schedule”
in the Pooling and Servicing Agreement accurately reflects information set
      forth
      in the Custodial File.

     

    The
      Custodian hereby confirms that it is holding each such Custodial File as agent
      and bailee of and custodian for the exclusive use and benefit of the Trustee
      pursuant to the terms of the Custodial Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used herein shall have the meaning ascribed to them in the Custodial
      Agreement. 

     

    
      	 	
              WELLS
                FARGO
                BANK, N.A. 

              (Custodian)

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:]

            	 

    

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    EXHIBIT
      F-2

     

    [FORM
      OF
      TRUSTEE’S FINAL CERTIFICATION

     

    ________________

    [Date]

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    
      	
              Re:

            	
              Pooling
                and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as
                of June 1, 2006 among Financial Asset Securities Corp., as Depositor,
                Option One Mortgage Corporation, as Servicer and Deutsche Bank National
                Trust Company, as Trustee with respect to Soundview Home Loan Trust
                2006-OPT5, Asset-Backed Certificates, Series
                2006-OPT5

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement, the
      undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed
      in the Mortgage Loan Schedule (other than any Mortgage loan paid in full or
      listed on Schedule I hereto) it (or its custodian) has received the applicable
      documents listed in Section 2.01 of the Pooling and Servicing
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed above and has determined that
      each
      such document appears to be complete and, based on an examination of such
      documents, the information set forth in items 1, 3, 10, 11 and 15 of the
      definition of Mortgage Loan Schedule in the Pooling and Servicing Agreement
      accurately reflects information in the Mortgage File.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement. This Certificate is qualified
      in
      all respects by the terms of said Pooling and Servicing Agreement.

     

    
      	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:]

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [FORM
      OF
      CUSTODIAN’S FINAL CERTIFICATION 

    

    TRUST
      RECEIPT # ___

    ______,
      2006

    Aggregate
      Amount of Mortgage Loans: _____

    Original
      Principal Balance of Aggregate Mortgage Loans: __________

    

    
      	
              Deutsche
                Bank National Trust Company

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705-4934

              Attention:
                Trust Administration GC04FFH4

            	
              Financial
                Asset Securities Corp.

              600
                Steamboat Road

              Greenwich,
                Connecticut 08630

            
	 	 
	
              Greenwich
                Capital Markets, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 08630

            	 
	 	 

    

    
      	 	
              Re:

            	
              Custodial
                Agreement, dated as of June 1, 2006, among Deutsche Bank National
                Trust
                Company as the Trustee, Option One Mortgage Corporation as Servicer
                and
                Wells
                Fargo Bank, N.A.
                as
                the Custodian

            

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with the provisions of Section 4 of the above-referenced Custodial
      Agreement, the undersigned, as the Custodian, hereby certifies that as to each
      Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
      Loan
      paid in full or any Mortgage Loan listed on the attachment hereto) it has
      reviewed the Custodial Files and has determined that (i) all documents required
      to be delivered to it pursuant to Sections 2(i), (ii), (iii), (iv) and (v)
      of
      the Custodial Agreement are in its possession and to the extent provided in
      the
      Custodial Files paragraph (v) of Section 2 of the Custodial Agreement are in
      its
      possession; (ii) such documents have been reviewed by it and appear regular
      on
      their face and relate to such Mortgage Loan; (iii) based on its examination
      and
      only as to the foregoing documents, the information set forth in items (1)
      and
      (3) of the definition of “Mortgage Loan Schedule” in the Pooling and Servicing
      Agreement accurately reflects information set forth in the Custodial File;
      and
      (iv) each Mortgage Note has been endorsed as provided in Section 2 of the
      Custodial Agreement and each Mortgage has been assigned in accordance with
      Section 2 of the Custodial Agreement. The Custodian makes no representations
      as
      to (i) the validity, legality, enforceability, sufficiency, due authorization
      or
      genuineness of any of the documents contained in each Custodial File or of
      any
      of the Mortgage Loans or (ii) the collectability, insurability, effectiveness
      or
      suitability of any such Mortgage Loan.

     

    The
      Custodian hereby confirms that it is holding each such Custodial File as agent
      and bailee of, and custodian for the exclusive use and benefit, and subject
      to
      the sole direction, of the Trustee pursuant to the terms and conditions of
      the
      Custodial Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used herein shall have the meaning ascribed to them in the Custodial
      Agreement.

     

    
      	 	
              WELLS
                FARGO
                BANK, N.A. 

              (Custodian)

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title]

            	 

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F-3

     

    FORM
      OF
      RECEIPT OF MORTGAGE NOTE

     

    

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    
      	
            	Re:	
              Soundview
                Home Loan Trust 2006-OPT5,

              
                Asset-Backed
                  Certificates Series
                  2006-OPT5

              

            

    

     

     

    Ladies
      and Gentlemen:

     

    Pursuant
      to Section 3 of the Custodial Agreement, dated as of June 1, 2006, among
      Deutsche Bank National Trust Company as the Trustee, Option One Mortgage
      Corporation as Servicer and Wells
      Fargo Bank, N.A.
      as the
      Custodian, we hereby acknowledge the receipt of the original Mortgage Notes
      with
      any exceptions thereto listed on Exhibit 2.

    

    
      	 	
              WELLS
                FARGO BANK, N.A.

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF
      CUSTODIAL AGREEMENT

     

    
       

       

      
        

        

      

       

       

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY, as Trustee

      for
        the
        Soundview Home Loan Trust 2006-OPT5,

      Asset
        Backed Certificates, Series 2006-OPT5

       

       

      and

       

       

      WELLS
        FARGO BANK, N.A.,

      as
        Custodian

       

       

      and

       

      OPTION
        ONE MORTGAGE CORPORATION,

      as
        Servicer

       

       

      CUSTODIAL
        AGREEMENT

       

      As
        of
        June 1, 2006

       

      

      
        

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      TABLE
        OF CONTENTS

       

      Section

       

      
        	
                1.

              	
                Definitions.

              
	
                2.

              	
                Delivery
                  of Custodial Files.

              
	
                3.

              	
                Custodian’s
                  Receipt, Examination and Certification of Mortgage Files; Initial
                  Trust
                  Receipt Delivered by the Custodian.

              
	
                4.

              	
                Obligations
                  of the Custodian.

              
	
                5.

              	
                Final
                  Trust Receipt.

              
	
                6.

              	
                Future
                  Defects.

              
	
                7.

              	
                Release
                  for Servicing.

              
	
                8.

              	
                Release
                  for Payment.

              
	
                9.

              	
                Fees
                  and Expenses of Custodian.

              
	
                10.

              	
                Removal
                  of Custodian.

              
	
                11.

              	
                Transfer
                  of Custodial Files.

              
	
                12.

              	
                Examination
                  of Custodial Files.

              
	
                13.

              	
                Insurance
                  of Custodian.

              
	
                14.

              	
                Counterparts.

              
	
                15.

              	
                Periodic
                  Statements.

              
	
                16.

              	
                GOVERNING
                  LAW.

              
	
                17.

              	
                Copies
                  of Mortgage Documents.

              
	
                18.

              	
                No
                  Adverse Interest of Custodian.

              
	
                19.

              	
                Termination
                  by Custodian.

              
	
                20.

              	
                Term
                  of Agreement.

              
	
                21.

              	
                Notices.

              
	
                22.

              	
                Successors
                  and Assigns.

              
	
                23.

              	
                Indemnification
                  of Custodian.

              
	
                24.

              	
                Reliance
                  of Custodian.

              
	
                25.

              	
                Transmission
                  of Custodial Files.

              
	
                26.

              	
                Authorized
                  Representatives.

              
	
                27.

              	
                Reproduction
                  of Documents.

              
	
                28.

              	
                Amendment.

              
	
                29.

              	
                Compliance
                  with Regulation AB.

              
	
                30.

              	
                Limitation
                  of Liability.

              

      

       

      EXHIBITS

       

      
        	
                EXHIBIT
                  1

              	
                FORM
                  OF TRUST RECEIPT AND INITIAL CERTIFICATION

              
	
                EXHIBIT
                  2

              	
                FORM
                  OF FINAL TRUST RECEIPT

              
	
                EXHIBIT
                  3 

              	
                FORM
                  OF REQUEST FOR RELEASE OF DOCUMENTS

              
	
                EXHIBIT
                  4

              	
                AUTHORIZED
                  REPRESENTATIVES OF SERVICER

              
	
                EXHIBIT
                  5

              	
                AUTHORIZED
                  REPRESENTATIVES OF TRUSTEE

              
	
                EXHIBIT
                  6

              	
                AUTHORIZED
                  REPRESENTATIVES OF CUSTODIAN 

              
	
                EXHIBIT
                  7

              	
                MORTGAGE
                  LOAN SCHEDULE

              
	
                EXHIBIT
                  8

              	
                FORM
                  OF RECEIPT OF MORTGAGE NOTE

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      THIS
        CUSTODIAL AGREEMENT, dated as of June 1, 2006, among Deutsche Bank National
        Trust Company, having an address at 1761
        East
        St. Andrew Place, Santa Ana, California 92705-4934, not individually but
        solely
        as trustee for Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates,
        Series 2006-OPT5 (the “Trustee”), Wells Fargo Bank, N.A. as custodian, having an
        address at 24 Executive Park, Suite 100, Irvine, California 92614 (the
“Custodian”) and Option One Mortgage Corporation. as servicer (the “Servicer”),
        having an address at 3 Ada, Irvine, California 92618.

       

      W I T N E S S E T H

       

      WHEREAS,
        Financial Asset Securities Corp. (the “Depositor”) has purchased certain
        conventional fixed-rate and adjustable-rate mortgage loans (the “Mortgage
        Loans”) from Option One Mortgage Corporation, Option One Owner Trust 2001-1A,
        Option One Owner Trust 2001-1B, Option One Owner Trust 2001-2, Option One
        Owner
        Trust 2002-3, Option One Owner Trust 2003-4, Option One Owner Trust 2003-5,
        Option One Owner Trust 2005-6, Option One Owner Trust 2005-7, Option One
        Owner
        Trust 2005-8 and/or Option One Owner Trust 2005-9 (collectively, the “Sellers”),
        pursuant to the terms and conditions of an Mortgage Loan Purchase Agreement,
        dated as of May 24, 2006, among the Depositor and the Sellers (the “Purchase
        Agreement”);

       

      WHEREAS,
        the Servicer is to service the Mortgage Loans on behalf of Soundview Home
        Loan
        Trust 2006-OPT5, under a Pooling and Servicing Agreement, dated as of June
        1,
        2006, among the Depositor, the Servicer and the Trustee (the “Pooling and
        Servicing Agreement”); and

       

      WHEREAS,
        the Custodian is a national banking association chartered under the laws
        of the
        United States of America and regulated by the Comptroller of the Currency,
        and
        is otherwise authorized to act as Custodian pursuant to this Agreement. With
        respect to each of the Mortgage Loans set forth on the Mortgage Loan Schedule
        attached as Exhibit 8 hereto, the Servicer desires to have the Custodian
        take
        possession of the Mortgages and Mortgage Notes, along with certain other
        documents specified herein, as the custodian of the Trustee, in accordance
        with
        the terms and conditions hereof.

       

      NOW
        THEREFORE, in consideration of the mutual undertakings herein expressed,
        the
        parties hereto hereby agree as follows:

       

      1. Definitions.

       

      Any
        capitalized terms used but not defined herein shall have the meanings ascribed
        to them in the Pooling and Servicing Agreement.

       

      2. Delivery
        of Custodial Files.

       

      The
        Depositor has delivered and released, or will cause to be delivered and
        released, to the Custodian on or prior to the Closing Date the following
        documents pertaining to each of the Mortgage Loans identified in the Mortgage
        Loan Schedule (the “Custodial File”):

       

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

       

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

       

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

       

      (iv) an
        original copy of any intervening assignment of Mortgage showing a complete
        chain
        of assignments;

       

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

       

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

       

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

       

      Upon
        discovery or receipt of notice of any materially defective document in, or
        that
        a document is missing from, a Mortgage File, the Custodian shall notify the
        Servicer and the Servicer shall enforce the obligations of the Originator
        under
        the Purchase Agreement to cure such defect or deliver such missing document
        to
        the Trustee or the Custodian within 120 days. If the Originator does not
        cure
        such defect or deliver such missing document within such time period, the
        Servicer shall enforce the obligations of the Originator to either repurchase
        or
        substitute for such Mortgage Loan in accordance with Section 2.03 of the
        Pooling
        and Servicing Agreement. For purposes of this Section, “defect” shall mean a
        failure of a document to correspond to the information set forth in the
        applicable Mortgage Loan Schedule or the absence in a Mortgage File of any
        document required pursuant to this Agreement. In connection with the foregoing,
        it is understood that the Custodian shall have no duty to discover any such
        defects except in the course of performing its review of the Mortgage Files
        to
        the extent set forth herein.

       

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

       

      The
        Custodian hereby agrees to its duties under Section 2.03 of the Pooling and
        Servicing Agreement with respect to Qualified Substitute Mortgage
        Loans.

       

      
        	 	
                3.

              	
                Custodian’s
                  Receipt, Examination and Certification of Mortgage Files; Initial
                  Trust
                  Receipt Delivered by the Custodian.

              

      

       

      The
        Custodian agrees, for the benefit of the Certificateholders, to review each
        Custodial File within 45 days of the Closing Date and to certify in
        substantially the form attached hereto as Exhibit 1 (the “Trust Receipt and
        Initial Certification”) that, as to each Mortgage Loan listed in the Mortgage
        Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage
        Loan
        specifically identified in the exception report annexed thereto as not being
        covered by such certification), (i) all documents required to be delivered
        to it
        pursuant to Section 2.01 of this Agreement are in its possession, (ii) such
        documents have been reviewed by it and have not been mutilated, damaged or
        torn
        and appear on their face to relate to such Mortgage Loan and (iii) based
        on its
        examination and only as to the foregoing, the information set forth in the
        Mortgage Loan Schedule that corresponds to items (1) and (3) of the definition
        of “Mortgage Loan Schedule” in the Pooling and Servicing Agreement accurately
        reflects information set forth in the Custodial File. It is herein acknowledged
        that, in conducting such review, the Custodian was not under any duty or
        obligation (i) to inspect, review or examine any such documents, instruments,
        certificates or other papers to determine whether they are genuine, enforceable,
        or appropriate for the represented purpose or whether they have actually
        been
        recorded or that they are other than what they purport to be on their face
        or
        (ii) to determine whether any Custodial File should include any of the documents
        specified in clause (v) of Section 2. 

       

      The
        Custodian agrees to execute and deliver to the Depositor, the Trustee and
        the
        Servicer on or prior to the Closing Date an acknowledgment of receipt of
        the
        related original Mortgage Note for each Initial Mortgage Loan (with any
        exceptions noted), substantially in the form attached as Exhibit 8 (the “Receipt
        of Mortgage Note”) hereto.

       

      4. Obligations
        of the Custodian.

       

      With
        respect to the Mortgage Note, the Mortgage and the Assignment and other
        documents constituting each Custodial File which is delivered to the Custodian
        or which come into the possession of the Custodian, the Custodian is the
        custodian for the Trustee exclusively. The Custodian shall hold all mortgage
        documents received by it constituting the Custodial File for the exclusive
        use
        and benefit of the Trustee, and shall make disposition thereof only in
        accordance with this Agreement and the instructions furnished by the Trustee.
        The Custodian shall segregate and maintain continuous custody of all mortgage
        documents constituting the Custodial File in secure and fire-resistant
        facilities in accordance with customary standards for such custody. The
        Custodian shall not be responsible to verify (i) the validity, legality,
        enforceability, sufficiency, due authorization or genuineness
        of any document in each Custodial File or of any of the Mortgage Loans or
        (ii)
        the collectability, insurability, effectiveness or suitability of any Mortgage
        Loan.
        The
        Custodian shall not execute any
        endorsements on the Mortgage Notes and Assignments of Mortgages without the
        prior written consent of the Trustee,
        except as otherwise set forth in Section 2 of this Agreement or as otherwise
        agreed to between the Trustee and the Custodian.

       

      5. Final
        Trust Receipt.

       

      Within
        one (1) year
        after
        the Closing Date, the Custodian shall review each Custodial File, and shall
        deliver to the Trustee (with a copy to the Depositor and the Servicer), a
        Final
        Trust Receipt attached hereto as Exhibit 2 to the effect that, as to each
        Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
        Loan
        (i) paid in full,
        or
        (ii)
        specifically identified on such Final Trust Receipt as not covered by such
        Final
        Trust Receipt): (i) all documents required to be delivered to it pursuant
        to
        paragraphs (i), (ii), (iii), (iv) and (vi) and to the extent provided in
        the
        Custodial Files paragraph (v) of Section 2 of this Agreement are in its
        possession; (ii) such documents have been reviewed by it and appear regular
        on
        their face and relate to such Mortgage Loan; (iii) based on its examination
        and
        only as to the foregoing documents,
        the
        information set forth in items (1) and (3) of the definition of “Mortgage Loan
        Schedule” in the Pooling and Servicing Agreement accurately reflects information
        set forth in the Custodial File; and (iv) each Mortgage Note has been endorsed
        as provided in Section 2 of this Agreement and each Mortgage has been assigned
        in accordance with Section 2 of this Agreement.

       

      6. Future
        Defects.

       

      During
        the term of this Agreement, if the Custodian discovers any defect with respect
        to the Custodial File, the Custodian shall give written specification of
        such
        defect to the Servicer and the Trustee. For purposes of this Section, “defect”
shall mean a failure of a document to correspond to the information set forth
        in
        the applicable Mortgage Loan Schedule or the absence in a Mortgage File of
        any
        document required pursuant to this Agreement. 

       

      7. Release
        for Servicing.

       

      From
        time
        to time and as appropriate for the foreclosure or servicing of any of the
        Mortgage Loans, the Custodian shall, upon receipt of two copies (or
        electronic receipt
        from the Servicer in a form acceptable to the Custodian) of a Request for
        Release of Documents and receipt in the form annexed hereto as Exhibit
        3,
        release
        to the Servicer, the related Custodial File or its designee within three
        Business Days, which, shall be sent by overnight mail, at the expense of
        the
        Servicer or the related Mortgagor, and the Custodian shall, at the written
        direction of the Servicer, execute such documents provided to it by the Servicer
        as shall be necessary to the prosecution of any such proceedings. The Servicer
        shall return to the Custodian the Custodial File when the Servicer’s need
        therefor in connection with such foreclosure or servicing no longer exists,
        unless the Mortgage Loan shall be liquidated in which case, upon receipt
        of an
        additional Request for Release of Documents and receipt certifying such
        liquidation in the form annexed hereto as Exhibit
        3,
        the
        request and receipt submitted pursuant to the first sentence of this Section
        7
        shall be released by the Custodian to the Servicer.

       

      8. Release
        for Payment.

       

      Upon
        receipt by the Custodian of two copies (or electronic receipt from the Servicer
        in a form acceptable to the Custodian) of the Servicer’s Request for Release of
        Documents and receipt in the form annexed hereto as Exhibit
        3
        (which
        certification shall include a statement to the effect that all amounts received
        in connection with such payment, repurchase or liquidation have been credited
        to
        the related custodial account), the Custodian shall promptly release the
        related
        Custodial File to the Servicer.

       

      9. Fees
        and Expenses of Custodian.

       

      In
        accordance with the terms of the Pooling and Servicing Agreement, the
        Custodian’s fees and expenses in connection herewith shall be a monthly fee
        equal to one-twelfth of 0.0055% on the unpaid principal balance of the Mortgage
        Loans as of the first day of the related due period. 

       

      10. Removal
        of Custodian.

       

      The
        Trustee, with or without cause, may upon at least 60
        days’
notice remove and discharge the Custodian from the performance of its duties
        under this Agreement by written notice from the Trustee
        to the
        Custodian, with a copy to the Servicer. Having given notice of such removal,
        the
        Trustee promptly shall appoint (at the direction of the Depositor and with
        the
        consent of the Servicer) a successor Custodian to act on behalf of the Trustee
        by written instrument, one original counterpart of which instrument shall
        be
        retained by the Trustee, with a copy to the Servicer, and an original to
        the
        successor Custodian. In the event of any such removal, the Custodian shall,
        upon
        the Trustee’s surrender of the Trust Receipt and Initial Certifications and
        Final Trust Receipt, as applicable, promptly transfer to the successor
        Custodian, as directed, all Custodial Files being administered under this
        Agreement. In
        the
        event of any such removal and appointment the Trust Fund shall be responsible
        for the fees and expenses of the existing and successor Custodian.

       

      11. Transfer
        of Custodial Files.

       

      Upon
        the
        Custodian’s receipt of two (2) Business Days’ written or
        electronic notification
        from the Trustee, the Custodian shall release to such persons as the
Trustee
        shall
        designate all or a portion of the Custodial Files relating to the Mortgage
        Loans
        subject to the Trust Receipt and Initial Certification or Final Trust
        Receipt,
        as
        applicable.
        

       

      12. Examination
        of Custodial Files.

       

      Upon
        reasonable prior written notice to the Custodian but not less than two (2)
        Business Days notice, the Trustee and its agents, accountants, attorneys
        and
        auditors will be permitted during normal business hours to examine the Custodial
        Files, documents, records and other papers in the possession of or under
        the
        control of the Custodian relating to any or all of the Mortgage Loans at
        the
        expense of the Trustee.

       

      13. Insurance
        of Custodian.

       

      At
        its
        own expense, the Custodian shall maintain at all times during the existence
        of
        this Agreement and keep in full force and effect such insurance in amounts,
        with
        standard coverage and subject to deductibles, all as is customary for insurance
        typically maintained by banks which act as Custodian. The minimum coverage
        under
        any such bond and insurance policies shall be at least equal to the
        corresponding amounts required by Fannie Mae in the Fannie Mae Servicing
        Guide
        or by Freddie Mac in the Freddie Mac Sellers’ & Servicers’ Guide. Upon
        request, the Trustee shall be entitled to receive evidence satisfactory to
        the
        Trustee that such insurance is in full force and effect.

       

      14. Counterparts.

       

      For
        the
        purpose of facilitating the execution of this Agreement as herein provided
        and
        for other purposes, this Agreement may be executed simultaneously in any
        number
        of counterparts, each of which counterparts shall be deemed to be an original,
        and such counterparts shall constitute and be one and the same
        instrument.

       

      15. Periodic
        Statements.

       

      Upon
        the
        written request of the Trustee, the Custodian shall provide to the Trustee
        a
        list of all the Mortgage Loans for which the Custodian holds a Custodial
        File
        pursuant to this Agreement. Such list may be in the form of a copy of the
        Mortgage Loan Schedule with manual deletions to specifically denote any Mortgage
        Loans paid off, repurchased or sold since the date of this
        Agreement.

       

      16. GOVERNING
        LAW.

       

      THIS
        AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
        NEW
        YORK AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL
        BE
        DETERMINED IN ACCORDANCE WITH SUCH LAWS.

       

      17. Copies
        of Mortgage Documents.

       

      Upon
        the
        written request of the Trustee
        and at
        the cost and expense of the party requesting such documents, the Custodian
        shall
        provide the Trustee
        with
        copies of the Mortgage Notes, Mortgages, Assignments and other documents
        relating to one or more of the Mortgage Loans.

       

      18. No
        Adverse Interest of Custodian.

       

      By
        execution of this Agreement, the Custodian represents and warrants that it
        currently holds, and during the existence of this Agreement shall hold, no
        interest adverse to the Trustee, by way of security or otherwise, in any
        Mortgage Loan, and hereby waives and releases any such interest which it
        may
        have in any Mortgage Loan as of the date hereof.

       

      19. Termination
        by Custodian.

       

      The
        Custodian may terminate its obligations under this Agreement upon at least
        sixty
        (60) days’ prior notice to the Servicer and the Trustee. In the event of such
        termination, the Trustee shall appoint a successor Custodian. The payment
        of
the
        existing Custodian’s or such
        successor Custodian’s fees and expenses shall be solely the responsibility of
        the Trust Fund. Upon such appointment, the Custodian shall promptly transfer
        to
        the successor Custodian, as directed, all Custodial Files being administered
        under this Agreement.

       

      20. Term
        of Agreement.

       

      Unless
        terminated pursuant to Section 9 or Section 18 hereof, this Agreement shall
        terminate upon the final payment or other liquidation (or advance with respect
        thereto) of the last Mortgage Loan or the disposition of all property acquired
        upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan, and
        the
        final remittance of all funds due under the Pooling and Servicing Agreement.
        In
        such event all documents remaining in the Custodial Files shall be released
        in
        accordance with the written instructions of the Trustee.

      21. Notices.

       

      All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given when received by the recipient party (i) in
        the
        case of the Custodian, the Trustee and the Servicer, at the address shown
        on the
        first page hereof, (ii) in the case of the Depositor, Financial Asset Securities
        Corp., 600 Steamboat Road, Greenwich, Connecticut 08630, Attention: Legal
        and
        (iii) in the case of the Seller, Option One Mortgage Corporation, 3 Ada,
        Irvine,
        California 92618, or in any case, at such other addresses as may hereafter
        be
        furnished to the other party by like notice. Any such demand, notice or
        communication hereunder shall be deemed to have been received on the date
        delivered to or received at the premises of the addressee.

       

      22. Successors
        and Assigns.

       

      This
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto; provided however, that the form of any assignment by any
        party
        of its interests hereunder shall be in a form reasonably acceptable to the
        Trustee, the Servicer and the Custodian. Such assignment shall be executed
        by an
        authorized representative of the assignor and any assignee shall forward
        a list
        of authorized representatives to each party to this Agreement pursuant to
        Section 26 of this Agreement.

       

      23. Indemnification
        of Custodian.

       

      The
        Custodian and its directors, officers, agents and employees shall be indemnified
        and held harmless by the Trust Fund against liabilities, obligations, losses,
        damages, penalties, actions, judgments, suits, costs, expenses or disbursements,
        including reasonable attorney’s fees, that may be imposed on, incurred by, or
        asserted against it or them directly relating to or arising out of this
        Custodial Agreement or any action taken or not taken by it or them hereunder
        unless such liabilities, obligations, losses, damages, penalties, actions,
        judgments, suits, costs, expenses or disbursements were imposed on, incurred
        by
        or asserted against the Custodian because of the breach by the Custodian
        of its
        obligations hereunder, which breach was caused by negligence, lack of good
        faith
        or willful misconduct on the part of the Custodian or any of its directors,
        officers, agents or employees. The indemnification set forth in this section
        shall survive any termination or
        assignment of
        this
        Custodial Agreement and the termination or removal of the
        Custodian.

       

      The
        Custodian agrees to indemnify and hold the Trust Fund and Trustee, its
        employees, officers and directors harmless against liabilities, obligations,
        losses, damages, penalties, actions, judgments, suits, costs, expenses or
        disbursements, including reasonable attorney’s fees, that may be imposed on,
        incurred by, or asserted against them directly relating to or arising out
        of a
        failure to produce a Mortgage Note, Assignment or any other document related
        to
        a Mortgage Loan that was in its possession pursuant to Section 2 within two
        (2)
        Business Days after required or requested by the Trustee, and provided, that
        (i)
        Custodian previously delivered to the Trustee a Trust Receipt and Initial
        Certification with respect to such document (other than any Mortgage Loan
        identified in the exception report annexed thereto as not covered by such
        certification); (ii) such document is not outstanding pursuant to a Request
        for
        Release; and (iii) such document was held by the Custodian on behalf of the
        Trustee. In no event shall the Custodian or its directors, officers, agents
        and
        employees be liable for any special, indirect or consequential damages from
        any
        action taken or omitted to be taken by it or them hereunder or in connection
        herewith even if advised of the possibility of such damages. The foregoing
        indemnification shall survive any termination or assignment of this Agreement
        or
        the removal or resignation of the Custodian hereunder. 

       

      24. Reliance
        of Custodian.

       

      (i) The
        Custodian may conclusively rely, as to the truth of the statements and the
        correctness of the opinions expressed therein, upon any request, instructions,
        certificate, opinion or other document furnished to the Custodian, reasonably
        believed by the Custodian to be genuine and to have been signed or presented
        by
        the proper party or parties and conforming to the requirements of this
        Agreement; but in the case of any loan document or other request, instruction,
        document or certificate which by any provision hereof is specifically required
        to be furnished to the Custodian, the Custodian shall be under a duty to
        examine
        the same to determine, subject to the limitations on the Custodian’s obligations
        set forth herein, whether or not it conforms to the requirements of this
        Agreement.

       

      (ii) The
        Custodian shall have no duties or responsibilities except those that are
        specifically set forth in this Agreement. The Custodian shall have no
        responsibility nor duty with respect to any Custodial File while such Custodial
        File is not in its possession. If the Custodian requests instructions from
        the
Trustee
        with
        respect to any act, action or failure to act in connection with this Agreement,
        the Custodian shall be entitled to refrain from taking such action and continue
        to refrain from acting unless and until the Custodian shall have received
        written instructions from the Trustee
        with
        respect to a Custodial File without incurring any liability therefor to the
        Trustee
        or any
        other Person.

       

      (iii) Other
        than as provided herein, neither the Custodian nor any of its directors,
        officers, agents or employees shall be liable for any action or omission
        to act
        hereunder except for its or their own negligence or lack of good faith or
        willful misconduct. In no event shall the Custodian or any of its directors,
        officers, agents or employees have any responsibility to ascertain or take
        action except as expressly provided herein.

       

      (iv) Neither
        the Custodian nor any of its directors, officers, agents or employees shall
        be
        liable for any action taken or not taken by it in good faith in the performance
        of its obligations under this Agreement. The obligations of the Custodian
        or any
        of its directors, officers, agents or employees shall be determined solely
        by
        the express provisions of this Agreement. No representation, warranty, covenant,
        agreement, obligation or duty of the Custodian or any of its directors,
        officers, agents or employees shall be implied with respect to this Agreement
        or
        the Custodian’s services hereunder.

       

      (v) The
        Custodian, its directors, officers, agents and employees shall be under no
        duty
        or obligation to inspect, review or examine the Custodial Files to determine
        that the contents thereof are genuine, enforceable or appropriate for the
        represented purpose or that they have been actually recorded or that they
        are
        other than what they purport to be on their face.

       

      (vi) The
        Custodian may consult with counsel selected by the Custodian with regard
        to
        legal questions arising out of or in connection with this Agreement, and
        the
        advice or opinion of such counsel shall be full and complete authorization
        and
        protection in respect of any action reasonably taken, omitted or suffered
        by the
        Custodian in good faith and in accordance therewith.

       

      (vii) No
        provision of this Agreement shall require the Custodian to expend or risk
        its
        own funds or otherwise incur financial liability (other than expenses or
        liabilities otherwise required to be incurred by the express terms of this
        Agreement) in the performance of its duties under this Agreement if it shall
        have reasonable grounds for believing that repayment of such funds or adequate
        indemnity is not reasonably assured to it.

       

      (viii) Any
        corporation into which the Custodian may be merged or converted or with which
        it
        may be consolidated, or any corporation resulting from any merger, conversion
        or
        consolidation to which the Custodian shall be a party, or any corporation
        succeeding to the business of the Custodian shall be the successor of the
        Custodian hereunder without the execution or filing of any paper with any
        party
        hereto or any further act on the part of any of the parties hereto except
        where
        an instrument of transfer or assignment is required by law to effect such
        succession, anything herein to the contrary notwithstanding.

       

      (ix) The
        Custodian shall not be responsible for delays or failures in performance
        resulting from acts beyond its control.  Such acts shall include, but not
        limited to, acts of God, strikes, lockouts, riots, acts of war or terrorism,
        epidemics, nationalization, expropriation, currency restrictions, governmental
        regulations superimposed after the fact, fire, communication line failures,
        computer viruses, power failures, earthquakes and other disasters.

       

      (x) The
        Custodian shall not be responsible or liable for, and makes no representation
        or
        warranty with respect to, the validity, adequacy or perfection of any lien
        upon
        or security interest in any Mortgage File.

       

      (xi) The
        Custodian shall not be responsible for preparing or filing any reports or
        returns relating to federal, state or local income taxes with respect to
        this
        Agreement, other than for the Custodian’s compensation or for reimbursement of
        expenses.

       

      (xii) The
        duties and obligations of the Custodian shall only be such as are expressly
        set
        forth in this Agreement or as set forth in a written amendment to this Agreement
        executed by the parties hereto or their successors and assigns.  In the
        event that any provision of this Agreement implies or requires that action
        or
        forbearance be taken by a party, but is silent as to which party has the
        duty to
        act or refrain from acting, the parties agree that the Custodian shall not
        be
        the party required to take the action or refrain from acting.  In no event
        shall the Custodial have any responsibility to ascertain or take actions
        except
        as expressly provided herein.

       

      (xiii) Nothing
        in this Agreement shall be deemed to impose on the Custodian any duty to
        qualify
        to do business in any jurisdiction, other
        than
        (i) any
        jurisdiction where any Mortgage File is or may be held by the Custodian from
        time to time hereunder, and (ii) any jurisdiction where its ownership or
        property or conduct of business requires such qualification and where failure
        to
        qualify could have a material adverse effect on the Custodian or its property
        or
        business or on the ability of the Custodian to perform its duties
        hereunder.

       

      (xiv) The
        Custodian shall have no duty to ascertain whether or not any cash amount
        or
        payment has been received by the Seller, the Buyer or any third
        person.

       

      25. Transmission
        of Custodial Files.

       

      Written
        or
        electronic
        instructions as to the method of shipment and shipper(s) the Custodian is
        directed to utilize in connection with transmission of mortgage files and
        loan
        documents in the performance of the Custodian’s duties hereunder shall be
        delivered by the Servicer (a “Requesting Party”), to the Custodian prior to any
        shipment of any mortgage files and loan documents hereunder. The Requesting
        Party will arrange for the provision of such services at its sole cost and
        expense (or, at the Custodian’s option, reimburse the Custodian for all costs
        and expenses incurred by the Custodian consistent with such instructions)
        and
        will maintain such insurance against loss or damage to mortgage files and
        loan
        documents as the Requesting Party deems appropriate. Without limiting the
        generality of the provisions of Section 23 above, it is expressly agreed
        that in
        no event shall the Custodian have any liability for any losses or damages
        to any
        person, including without limitation, any Requesting Party, arising out of
        actions of the Custodian consistent with instructions of the Requesting
        Party.

       

      26. Authorized
        Representatives.

       

      Each
        individual designated as an authorized representative of the Servicer, the
        Trustee and the Custodian, respectively (an “Authorized
        Representative”),
        is
        authorized to give and receive notices, requests and instructions and to
        deliver
        certificates and documents in connection with this Agreement on behalf of
        the
        Servicer, the Trustee or the Custodian, as the case may be, and the specimen
        signature for each such Authorized Representative of the Servicer, the Trustee
        and the Custodian, initially authorized hereunder, as set forth on Exhibit
        4,
        Exhibit
        5
        and
Exhibit
        6
        hereof,
        respectively. From time to time the parties hereto may, by delivering to
        each
        other a revised exhibit, change the information previously given pursuant
        to
        this Section 25, but each of the parties hereto shall be entitled to rely
        conclusively on the then current exhibit until receipt of a superseding
        exhibit.

       

      27. Reproduction
        of Documents.

       

      This
        Custodial Agreement and all documents relating thereto except with respect
        to
        the Custodial File, including, without limitation, (a) consents, waivers
        and
        modifications which may hereafter be executed, and (b) certificates and other
        information previously or hereafter furnished, may be reproduced by any
        photographic, photostatic, microfilm, microcard, miniature photographic or
        other
        similar process. The parties agree that any such reproduction shall be
        admissible in evidence as the original itself in any judicial or administrative
        proceeding, whether or not the original is in existence and whether or not
        such
        reproduction was made by a party in the regular course of business, and that
        any
        enlargement, facsimile or further reproduction of such reproduction shall
        likewise be admissible in evidence.

       

      28. Amendment.

       

      This
        Custodial Agreement may be amended from time to time by written agreement
        signed
        by the Servicer, the Trustee and the Custodian.

       

      29. Compliance
        with Regulation AB.

       

      (a) Intent
        of the Parties; Reasonableness.
        The
        Custodian acknowledges and agrees that the purpose of this Section 29 is
        to
        facilitate compliance by the Depositor with the provisions of Regulation
        AB and
        related rules and regulations of the Securities and Exchange Commission (the
        “Commission”). The Depositor shall not exercise its right to request delivery of
        information or other performance under these provisions other than in good
        faith, or for purposes other than compliance with the Securities Act of 1933
        (the “1933 Act”), the Securities and Exchange Act of 1934, as amended (the
“Exchange Act”) and the rules and regulations of the Commission under the 1933
        Act and the Exchange Act. The Custodian acknowledges that interpretations
        of the
        requirements of Regulation AB may change over time, due to interpretive guidance
        provided by the Commission or its staff and agrees to comply with requests
        made
        by the Depositor in good faith for delivery of information under these
        provisions on the basis of evolving interpretations of Regulation AB. The
        Custodian shall cooperate reasonably with the Depositor to deliver to the
        Depositor (including any of its assignees or designees), any and all disclosure,
        statements, reports, certifications, records and any other information necessary
        in the reasonable, good faith determination of the Depositor to permit the
        Depositor to comply with the provisions of Regulation AB.

       

      (b) Additional
        Representations and Warranties of the Custodian.

       

      (i) The
        Custodian hereby represents and warrants that the information set forth in
        the
        Prospectus Supplement under the caption “Pooling and Servicing Agreement—The
        Custodian” (the “Custodian Disclosure”) does not contain any untrue statement of
        a material fact or omit to state a material fact required to be stated therein
        or necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading.

       

      (ii) The
        Custodian shall be deemed to represent to the Depositor as of the date hereof
        and on each date on which information is provided to the Depositor under
        Section
        29(c) that, except as disclosed in writing to the Depositor prior to such
        date:
        (i) there are no aspects of its financial condition that could have a material
        adverse effect on the performance by it of its Custodian obligations under
        this
        Custodial Agreement or any other securitization transaction as to which it
        is
        the custodian; (ii) there are no material legal or governmental proceedings
        pending (or known to be contemplated) against it; and (iii) there are no
        affiliations relating to the Custodian with respect to the Depositor or any
        of
        the following and their affiliates: Soundview Home Loan Trust 2006-OPT5
(“Issuing
        Entity”), Option One Mortgage Corporation (“Sponsor”), the Depositor, the
        Servicer, the Trustee, The
        Royal
        Bank of Scotland plc
        (“Swap
        Provider”) or any successor thereto or other material party as identified in
        writing to the Custodian by the Sponsor (each a “Transaction Party”) on any date
        following the date hereof,
        any
        relationships or transaction any relationships or transactions relating to
        the
        Custodian and any Transaction Party of a type described in Item 1119(b) of
        Regulation AB or any specific relationships involving the transaction
        contemplated by the Pooling and servicing Agreement or the Mortgage Loans
        between the Custodian and any Transaction Party.

       

      (iii) If
        so
        requested by the Depositor on any date following the Closing Date, the Custodian
        shall, within five Business Days following such request, confirm in writing
        the
        accuracy of the representations and warranties set forth in paragraph (ii)
        of
        this Section 29(b) or, if any such representation and warranty is not accurate
        as of the date of such confirmation, provide reasonably adequate disclosure
        of
        the pertinent facts, in writing, to the requesting party. Any such request
        from
        the Depositor shall not be given more than once each calendar quarter, unless
        the Depositor shall have a reasonable basis for a determination that any
        of the
        representations and warranties may not be accurate.

       

      (iv) The
        Custodian has not and shall not engage any subcontractor which is “participating
        in the servicing function” within the meaning of Item 1122 of Regulation AB,
        unless such subcontractor provides, beginning March 1, 2007, a report and
        a
        statement of a registered public accounting firm certifying its compliance
        with
        the applicable servicing criteria in Item 1122(d) of Regulation AB.

       

      (c) Additional
        Information to Be Provided by the Custodian.
        For so
        long as the Certificates are outstanding, for the purpose of satisfying the
        Depositor’s reporting obligation under the Exchange Act with respect to any
        class of Certificates, the Custodian shall (a) notify the Depositor and the
        Trustee in writing of any material litigation or governmental proceedings
        pending against the Custodian that would be material to Certificateholders,
        and
        (b) provide to the Depositor and the Trustee a written description of such
        proceedings. Any notices and descriptions required under this Section 29(c)
        shall be given no later than five Business Days prior to the Determination
        Date
        following the month in which the Custodian has knowledge of the occurrence
        of
        the relevant event. As of the date the Depositor or Trustee files each Report
        on
        Form 10-D or Form 10-K with respect to the Certificates, the Custodian will
        be
        deemed to represent that any information previously provided under this Section
        29(c), if any, is materially correct and does not have any material omissions
        unless the Custodian has provided an update to such information.

       

      (d) Report
        on Assessment of Compliance and Attestation.
        On or
        before March 15th of each calendar year, beginning in 2007 until and unless
        a
        Form 15 suspension notification has been filed with respect to the Trust,
        the
        Custodian shall, at its own expense:

       

      (i) deliver
        to the Trustee a report (in form and substance reasonably satisfactory to
        the
        Trustee) regarding the Custodian’s assessment of compliance with the Servicing
        Criteria (set forth in Exhibit 9) applicable to it during the immediately
        preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
        Exchange Act and Item 1122 of Regulation AB. Each such report shall include
        (a)
        a statement of the Custodian’s responsibility for assessing compliance with the
        Servicing Criteria applicable to it, (b) a statement that the Custodian used
        the
        criteria applicable to it identified in Item 1122(d) of Regulation AB
        (§229.1122(d)) to assess compliance with the applicable Servicing Criteria,
        (c)
        disclosure of any material instance of noncompliance identified by the
        Custodian, and (d) a statement that a registered public accounting firm has
        issued an attestation report on the Custodian’s assessment of compliance with
        the applicable Servicing Criteria, which report shall be delivered by the
        Custodian as provided in this Section 29(d). Such report shall be addressed
        to
        the Depositor and signed by an authorized officer of the Custodian, and shall
        address each of the applicable Servicing Criteria; and

       

      (ii) deliver
        to the Trustee a report of a registered public accounting firm (who may also
        render other services to Custodian), which is a member of the American Institute
        of Certified Public Accountants, that attests to, and reports on, the assessment
        of compliance made by the Custodian and delivered pursuant to the preceding
        paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3)
        and
        2-02(g) of Regulation S-X under the 1933 Act and the Exchange Act.

       

      (iii) The
        Custodian has not and shall not engage any subcontractor which is “participating
        in the servicing function” within the meaning of Item 1122 of Regulation AB
        unless such Subcontractor provides, beginning March 1, 2007 a Report on
        Assessment of Compliance and an Attestation from a registered public accounting
        firm certifying its compliance with the applicable Servicing
        Criteria.

       

      (e) Indemnification;
        Remedies.

       

      The
        Custodian shall indemnify the Depositor, each affiliate of the Depositor
        and
        each broker dealer acting as underwriter, placement agent or initial purchaser
        of the Certificates or each Person who controls any of such parties (within
        the
        meaning of Section 15 of the Securities Act and Section 20 of the Exchange
        Act);
        and the respective present and former directors, officers, employees and
        agents
        of each of the foregoing, and shall hold each of them harmless from and against
        any losses, damages, penalties, fines, forfeitures, legal fees and expenses
        and
        related costs, judgments, and any other costs, fees and expenses that any
        of
        them may sustain arising out of or based upon (i) any untrue statement of
        a
        material fact contained or alleged to be contained in the Custodian Disclosure
        and any information, report, certification, accountants’ attestation or other
        material provided under this Section 29 by or on behalf of the Custodian
        (collectively, the “Custodian Information”), or the omission or alleged omission
        to state in the Custodian Information a material fact required to be stated
        in
        the Custodian Information or necessary in order to make the statements therein,
        in the light of the circumstances under which they were made, not misleading;
        or
        (ii) any failure by the Custodian to deliver any information, report,
        certification, accountants’ attestation or other material when and as required
        under this Section 29. This indemnification shall survive the termination
        of
        this Custodial Agreement or the termination, resignation or removal of the
        Custodian.

       

      In
        the
        case of any failure of performance described in clause (ii) of the immediately
        preceding paragraph, the Custodian shall promptly reimburse the Depositor
        for
        all costs reasonably incurred by the Depositor in order to obtain the
        information, report, certification, accountants’ letter or other material not
        delivered as required by the Custodian.

       

      30. Limitation
        of Liability.

       

      It
        is
        expressly understood and agreed by the parties hereto that (a) this Custodial
        Agreement is executed and delivered by Deutsche Bank National Trust Company,
        not
        individually or personally but solely as the Indenture Trustee for Soundview
        Home Loan Trust 2006-OPT5, in the exercise of the powers and authority conferred
        and vested in it, (b) the representations, undertakings and agreements herein
        made on the part of the Soundview Home Loan Trust 2006-OPT5 are made and
        intended not as personal representations, undertakings and agreements by
        Deutsche Bank National Trust Company but are made and intended for the purpose
        of binding only the Soundview Home Loan Trust 2006-OPT5, (c) nothing herein
        contained shall be construed as creating any liability on Deutsche Bank National
        Trust Company, individually or personally, to perform any covenant either
        expressed or implied contained herein, all such liability, if any, being
        expressly waived by the parties who are signatories to this Custodial Agreement
        and by any person claiming by, through or under such parties and (d) under
        no
        circumstances shall Deutsche Bank National Trust Company be personally liable
        for the payment of any indebtedness or expenses of the Soundview Home Loan
        Trust
        2006-OPT5 or be liable for the breach or failure of any obligation,
        representation, warranty or covenant made or undertaken by the Soundview
        Home
        Loan Trust 2006-OPT5 under this Custodial Agreement.

       

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

       

      IN
        WITNESS WHEREOF, the Trustee, the Custodian and the Servicer have caused
        their
        names to be duly signed hereto by their respective officers thereunto duly
        authorized, all as of the date first above written.

       

      

        
          	 	
                  DEUTSCHE
                    BANK NATIONAL TRUST COMPANY,

                  as
                    Trustee for the
                    Soundview
                    Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series
                    2006-OPT5
                    

                
	 	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 

        

         

        

          
            	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 

          

          

            
              	 	
                      
                        WELLS
                          FARGO
                          BANK, N.A.,

                        as
                          Custodian

                      

                    
	 	 	 
	 	
                      By:

                    	 
	 	
                      Name:

                    	 
	 	
                      Title:

                    	 

            

            

              
                	 	
                        
                          
                            OPTION
                              ONE MORTGAGE CORPORATION, 

                            as
                              Servicer

                          

                        

                      
	 	 	 
	 	
                        By:

                      	 
	 	
                        Name:

                      	 
	 	
                        Title:

                      	 

              

              

                
                  
                    
                    

                  

                  
                    
                    

                    
                      

                    

                  

                  
                    
                    

                  

                

            

          

        

      

      EXHIBIT
        1

       

       

      FORM
        OF
        TRUST RECEIPT AND INITIAL CERTIFICATION

       

      _____,
        2006

       

       

      Trust
        Receipt #: ___ 

       

       

      Original
        Principal Balance of the Mortgage Loans:$_______

      

      
        	
                Deutsche
                  Bank National Trust Company

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705-4934

                Attention:
                  Trust Administration GC05O3

              	
                Financial
                  Asset Securities Corp.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 08630

              
	 	 
	
                Greenwich
                  Capital Markets, Inc.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 08630

              	 
	 	 

      

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of June 1, 2006, among Deutsche Bank National
                  Trust
                  Company as the Trustee, Option One Mortgage Corporation as Servicer
                  and
                  Wells
                  Fargo Bank, N.A.
                  as
                  the Custodian

              

      

      Ladies
        and Gentlemen:

      In
        accordance with the provisions of Section 3 of the above-referenced Custodial
        Agreement, the undersigned, as the Custodian, hereby certifies that it is
        holding the Mortgage Loans identified on the schedule attached hereto for
        the
        exclusive benefit of the Trustee pursuant to the terms and conditions of
        the
        Custodial Agreement, and it has received a Custodial File with respect to
        each
        such Mortgage Loan (other than any Mortgage Loan specifically identified
        on the
        exception report attached hereto) and that with respect to each such Mortgage
        Loan: (i) all documents required to be delivered to it pursuant to Section
        2.01
        of this Agreement are in its possession, (ii) such documents have been reviewed
        by it and have not been mutilated, damaged or torn and appear on their face
        to
        relate to such Mortgage Loan and (iii) based on its examination and only
        as to
        the foregoing, the information set forth in the Mortgage Loan Schedule that
        corresponds to items (1) and (3) of the definition of “Mortgage Loan Schedule”
in the Pooling and Servicing Agreement accurately reflects information set
        forth
        in the Custodial File.

       

      The
        Custodian hereby confirms that it is holding each such Custodial File as
        agent
        and bailee of and custodian for the exclusive use and benefit of the Trustee
        pursuant to the terms of the Custodial Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Capitalized
        terms used herein shall have the meaning ascribed to them in the Custodial
        Agreement. 

       

      

        
          	 	
                  
                    WELLS
                      FARGO
                      BANK, N.A.,

                    (Custodian)

                  

                
	 	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      EXHIBIT
        2

       

      FORM
        OF
        FINAL TRUST RECEIPT 

       

      

      TRUST
        RECEIPT # ___

       

      ______,
        2006

       

      Aggregate
        Amount of Mortgage Loans: _____

       

      Original
        Principal Balance of Aggregate Mortgage Loans: __________

      

      
        	
                Deutsche
                  Bank National Trust Company

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705-4934

                Attention:
                  Trust Administration GC05O3

              	
                Financial
                  Asset Securities Corp.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 08630

              
	 	 
	
                Greenwich
                  Capital Markets, Inc.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 08630

              	 
	 	 

      

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of June 1, 2006, among Deutsche Bank National
                  Trust
                  Company as the Trustee, Option One Mortgage Corporation as Servicer
                  and
                  Wells
                  Fargo Bank, N.A.
                  as
                  the Custodian

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with the provisions of Section 4 of the above-referenced Custodial
        Agreement, the undersigned, as the Custodian, hereby certifies that as to
        each
        Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
        Loan
        paid in full or any Mortgage Loan listed on the attachment hereto) it has
        reviewed the Custodial Files and has determined that (i) all documents required
        to be delivered to it pursuant to Sections 2(i), (ii), (iii), (iv) and (v)
        of
        the Custodial Agreement are in its possession and to the extent provided
        in the
        Custodial Files paragraph (v) of Section 2 of the Custodial Agreement are
        in its
        possession; (ii) such documents have been reviewed by it and appear regular
        on
        their face and relate to such Mortgage Loan; (iii) based on its examination
        and
        only as to the foregoing documents, the information set forth in items (1)
        and
        (3) of the definition of “Mortgage Loan Schedule” in the Pooling and Servicing
        Agreement accurately reflects information set forth in the Custodial File;
        and
        (iv) each Mortgage Note has been endorsed as provided in Section 2 of the
        Custodial Agreement and each Mortgage has been assigned in accordance with
        Section 2 of the Custodial Agreement. The Custodian makes no representations
        as
        to (i) the validity, legality, enforceability, sufficiency, due authorization
        or
        genuineness of any of the documents contained in each Custodial File or of
        any
        of the Mortgage Loans or (ii) the collectability, insurability, effectiveness
        or
        suitability of any such Mortgage Loan.

       

      The
        Custodian hereby confirms that it is holding each such Custodial File as
        agent
        and bailee of, and custodian for the exclusive use and benefit, and subject
        to
        the sole direction, of the Trustee pursuant to the terms and conditions of
        the
        Custodial Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Capitalized
        terms used herein shall have the meaning ascribed to them in the Custodial
        Agreement.

       

      

        
          	 	
                  
                    WELLS
                      FARGO
                      BANK, N.A.,

                    (Custodian)

                  

                
	 	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      EXHIBIT
        3

       

      REQUEST
        FOR RELEASE OF DOCUMENTS

       

      

        

        
          	
                  To:

                	
                  Wells
                    Fargo Bank, N.A.

                
	 	
                  24
                    Executive Park, Suite 100

                
	 	
                  Irvine,
                    CA 92614

                
	 	
                  Attn:  Inventory
                    Control

                

        

        

        
          	 	
                  Re:

                	
                  Custodial
                    Agreement, dated as of June 1, 2006, among Deutsche Bank National
                    Trust
                    Company as the Trustee, Option One Mortgage Corporation
                    as Servicer and Wells
                    Fargo Bank, N.A.
                    as
                    the Custodian

                

        

      

      

       

      In
        connection with the administration of the Mortgage Loans included in the
        Trust
        Fund established pursuant to the Pooling and Servicing Agreement dated as
        of
        June 1, 2006, among Financial Asset Securities Corp. as Depositor, Option
        One
        Mortgage Corporation, as Servicer, and Deutsche Bank National Trust Company,
        a
        national banking association, as Trustee and held by you as Custodian pursuant
        to the above-captioned Custodial Agreement, we request the release, and hereby
        acknowledge receipt of the Custodial File for the Mortgage Loan described
        below,
        for the reason indicated.

       

      Mortgage
        Loan Number:

      

      Mortgagor
        Name, Address & Zip Code:

      

      

      Reason
        for Requesting Documents
        (check
        one):

      

      _______  1. Mortgage
        Paid in Full

      

      _______  2. Foreclosure

      

      _______  3.
         Substitution

      

      _______  4. Other
        Liquidation (Repurchases, etc.)

      

      _______  5. Nonliquidation
         Reason:___________________________

       

       

      
        	
                Address
                  to which Custodian should

                Deliver
                  the Custodial File:

              	 
	 	 
	 	 

      

        

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      By:_____________________________________

                               (authorized
        signer)

      

      Issuer:___________________________________

      Address:      

      

      Date:____________________________________

      Custodian

      

      Wells
        Fargo Bank, N.A.

       

      Please
        acknowledge the execution of the above request by your signature and date
        below:

      

      ____________________________________     _________________

      Signature          Date

      

      Documents
        returned to Custodian:

      

      ____________________________________     _________________

      Custodian        
Date

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        4

       

       

      AUTHORIZED
        REPRESENTATIVES OF SERVICER

       

       

       

      

        
          	
                  NAME

                	 	
                  SPECIMEN
                    SIGNATURE

                
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        5

       

       

      AUTHORIZED
        REPRESENTATIVES OF TRUSTEE

       

      
         

        

          
            	
                    NAME

                  	 	
                    SPECIMEN
                      SIGNATURE

                  
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

          

        

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        6

       

       

      AUTHORIZED
        REPRESENTATIVES OF CUSTODIAN

       

      
         

        

          
            	
                    NAME

                  	 	
                    SPECIMEN
                      SIGNATURE

                  
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

          

        

         

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        7

       

       

      SCHEDULE
        OF MORTGAGE LOANS

       

      SEE
        EXHIBIT D TO THE POOLING AND SERVICING AGREEMENT

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        8

       

      FORM
        OF
        RECEIPT OF MORTGAGE NOTE

       

      

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Deutsche
        Bank National Trust Company

      1761
        East
        St. Andrew Place

      Santa
        Ana, California 92705-4934

       

      

       

      
        	 	
                Re:

              	
                Soundview
                  Home Loan Trust 2006-OPT5,

                
                  Asset-Backed
                    Certificates Series
                    2006-OPT5

                

              

      

       

       

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 3 of the Custodial Agreement, dated as of June 1, 2006, among
        Deutsche Bank National Trust Company as the Trustee, Option One Mortgage
        Corporation as Servicer and Wells
        Fargo Bank, N.A.
        as the
        Custodian, we hereby acknowledge the receipt of the original Mortgage Notes
        with
        any exceptions thereto listed on Exhibit 2.

       

      

        
          	 	WELLS
                  FARGO
                  BANK, N.A.
	 	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 

        

        

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      EXHIBIT
        9

       

       

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

       

       

      The
        assessment of compliance to be delivered by the Custodian shall address,
        at a
        minimum, the criteria identified below as “Applicable Servicing
        Criteria”:

      
 

      
        	
                 

                Servicing
                  Criteria

              	
                Applicable

                Servicing
                  Criteria

              
	
                Reference

              	
                Criteria

              	 
	 	
                General
                  Servicing Considerations

              	 
	
                 1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements

              	 
	
                 

                 

                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities

              	 
	
                 

                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained.

              	 
	
                 

                 

                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 
	 	
                 

                Cash
                  Collection and Administration

              	 
	
                 

                 

                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	 
	
                 

                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 
	
                 

                 

                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 
	
                 

                 

                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	 
	
                 

                 

                 

                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institutions” with respect
                  to a foreign financial institution means a foreign financial institution
                  that meets the requirements of Rule 13k-1(b)(1) of the Securities
                  Exchange
                  Act. 

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 
	
                 

                 

                 

                 

                 

                 

                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than ther person who prepared
                  the
                  reconciliations; and (D) contain explanations for reconciling items,
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	 
	 	
                 

                Investor
                  Remittances and Reporting

              	 
	
                 

                 

                 

                 

                 

                 

                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements, (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors; or the trustee’s records as to the total unpaid principal
                  balance and number of pool assets serviced by the
                  servicer.

              	 
	
                 

                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	 
	
                 

                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	 
	
                 

                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	 
	 	
                 

                Pool
                  Asset Administration

              	 
	
                 

                1122(d)(4)(i)

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related asset pool documents.

              	
                √

              
	
                 

                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements.

              	
                √

              
	
                 

                 

                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements

              	 
	
                 

                 

                 

                 

                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents.

              	 
	
                 

                1122(d)(4)(v)

              	
                The
                  servicer’s records regarding the pool assets agree with the servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 
	
                 

                 

                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s pool asset (e.g., loan
                  modifications or re-agings) are made, reviewed and approved by
                  authorized
                  personnel in accordance with the transaction agreements and related
                  pool
                  asset documents.

              	 
	
                 

                 

                 

                1122(d)(4)(vii)

              	
                Loss
                  mitigation of recovery actions (e.g., forbearance plans, modifications
                  and
                  deed in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  documents.

              	 
	
                 

                 

                 

                 

                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.,
                  Such
                  records are maintained in at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 
	
                 

                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents.

              	 
	
                 

                 

                 

                 

                 

                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts);
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 3-
                  calendar
                  days of full repayment of the related pool asset, or such other
                  number of
                  days specified in the transaction agreements.

              	 
	
                 

                 

                 

                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax ore insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the service at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                 

                 

                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 
	
                 

                 

                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible funds are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in item 1114(a)(1)
                  through (3) or item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 

      

       

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    FORM
      OF
      LOST NOTE AFFIDAVIT

     

    Personally
      appeared before me the undersigned authority to administer oaths,
      __________________ who first being duly sworn deposes and says: Deponent is
      __________________________ of ____________________________, successor by merger
      to _________________________ (“Seller”) and who has personal knowledge of the
      facts set out in this affidavit.

     

    On
      _________________________________, _________________________________ did execute
      and deliver a promissory note in the principal amount of
      $____________________.

     

    That
      said
      note has been misplaced or lost through causes unknown and is presently lost
      and
      unavailable after diligent search has been made. Seller’s records show that an
      amount of principal and interest on said note is still presently outstanding,
      due, and unpaid, and Seller is still owner and holder in due course of said
      lost
      note.

     

    Seller
      executes this Affidavit for the purpose of inducing Deutsche Bank National
      Trust
      Company, as trustee on behalf of Soundview Home Loan Trust 2006-OPT5,
      Asset-Backed Certificates Series 2006-OPT5, to accept the transfer of the above
      described loan from Seller.

     

    Seller
      agrees to indemnify Deutsche Bank National Trust Company and Financial Asset
      Securities Corp. harmless for any losses incurred by such parties resulting
      from
      the above described promissory note has been lost or misplaced.

     

    By: _______________________

          
_______________________

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      
        	
                STATE
                  OF 

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

       

    

    On
      this
      ______ day of ______________, 20_, before me, a Notary Public, in and for said
      County and State, appeared , who acknowledged the extension of the foregoing
      and
      who, having been duly sworn, states that any representations therein contained
      are true.

     

    Witness
      my hand and Notarial Seal this _________ day of 20__.

     

    ____________________________

     

    ____________________________

     

    My
      commission expires __________________________.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    FORM
      OF
      LIMITED POWER OF ATTORNEY

     

    KNOW
      ALL
      MEN BY THESE PRESENTS, that [NAME OF MORTGAGEE, ASSIGNEE OR LAST ENDORSEE,
      AS
      APPLICABLE], [a ___________________ corporation][a national banking
      organization], having its principal place of business at
      __________________________, (the “Undersigned”), pursuant to that Pooling and
      Servicing Agreement (the “Pooling and Servicing Agreement”) among Financial
      Asset Securities Corp. (the “Owner”), Deutsche Bank National Trust Company and
      Option One Mortgage Corporation (“OOMC”), hereby constitutes and appoints OOMC,
      by and through OOMC’s officers, the Undersigned’s true and lawful
      Attorney-in-Fact, in the Undersigned’s name, place and stead, as their interests
      may appear, and for the Undersigned’s respective benefit, in connection with all
      Mortgage Loans serviced by OOMC pursuant to the Pooling and Servicing Agreement,
      for the purpose of performing all acts and executing all documents in the name
      of the Undersigned as may be customarily and reasonably necessary and
      appropriate to effectuate the following enumerated transactions in respect
      of
      any of the mortgages, deeds of trust or security instrument (each a “Mortgage”
or a “Deed of Trust” respectively) and promissory notes secured thereby (each a
“Mortgage Note”) for which the Undersigned is acting as Servicer pursuant to the
      Pooling and Servicing Agreement (whether the Undersigned is named therein as
      mortgagee or beneficiary or has become mortgagee by virtue of endorsement of
      the
      Mortgage Note secured by any such Mortgage or Deed of Trust) all subject to
      the
      terms of the related Pooling and Servicing Agreement.

     

    This
      appointment shall apply to the following enumerated transactions
      only:

     

    1. The
      modification or re-recording of a Mortgage or Deed of Trust, where said
      modification or re-recording is for the purpose of correcting the Mortgage
      or
      Deed of Trust to conform same to the original intent of the parties thereto
      or
      to correct title errors discovered after such title insurance was issued and
      said modification or re-recording, in either instance, does not adversely affect
      the lien of the Mortgage or Deed of Trust as insured.

     

    2. The
      subordination of the lien of a Mortgage or Deed of Trust to an easement in
      favor
      of a public utility company or a governmental agency or authority thereunder
      with powers of eminent domain; this section shall include, without limitation,
      the execution of partial satisfaction/release, partial reconveyances or the
      execution of requests to trustees to accomplish same.

     

    3. The
      conveyance of the properties to the mortgage insurer, or the closing of the
      title to the property to be acquired as real estate owned, or conveyance of
      title to real estate owned.

     

    4. The
      completion of loan assumption agreements.

     

    5. The
      full
      satisfaction/release of a Mortgage or Deed of Trust or full reconveyance upon
      payment and discharge of all sums secured thereby, including, without
      limitation, cancellation of the related Mortgage Note.

     

    6. The
      assignment of any Mortgage or Deed of Trust and the related Mortgage Note,
      in
      connection with the repurchase of the mortgage loan secured and evidenced
      thereby.

     

    7. The
      full
      assignment of a Mortgage or Deed of Trust upon payment and discharge of all
      sums
      secured thereby in conjunction with the refinancing thereof, including, without
      limitation, the assignment of the related Mortgage Note.

     

    8. With
      respect to a Mortgage or Deed of Trust, the foreclosure, the taking of a deed
      in
      lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
      or termination, cancellation or rescission of any such foreclosure, including,
      without limitation, any and all of the following acts:

     

    a) the
      substitution of trustee(s) serving under a Deed of Trust, in accordance with
      state law and the Deed of Trust;

     

    b) the
      preparation and issuance of statements of breach or
      non-performance;

     

    c) the
      preparation and filing of notices of default and/or notices of
      sale;

     

    d) the
      cancellation/rescission of notices of default and/or notices of
      sale;

     

    e) the
      taking of a deed in lieu of foreclosure; and

     

    f) the
      preparation and execution of such other documents and performance of such other
      actions as may be necessary under the terms of the Mortgage, Deed of Trust
      or
      state law to expeditiously complete said transactions in paragraphs 8(a) through
      8(e) above.

     

    9. The
      full
      assignment of a Mortgage or Deed of Trust upon sale of a loan pursuant to a
      mortgage loan sale agreement for the sale of a loan or pool of loans, including,
      without limitation, the assignment of the related Mortgage Note.

     

    The
      Undersigned gives said Attorney-in-Fact full power and authority to execute
      such
      instruments and to do and perform all and every act and thing necessary and
      proper to carry into effect the power or powers granted by or under this Limited
      Power of Attorney, each subject to the terms and conditions set forth in the
      related Pooling and Servicing Agreement and in accordance with the standard
      of
      care applicable to servicers in the Pooling and Servicing Agreement as fully
      as
      the undersigned might or could do, and hereby does ratify and confirm to all
      that said Attorney-in-Fact shall lawfully do or cause to be done by authority
      hereof. This Limited Power of Attorney shall be effective as of [SERVICING
      TRANSFER EFFECTIVE DATE].

     

    Nothing
      contained herein shall (i) limit in any manner any indemnification provided
      by
      OOMC to the Owner under the Pooling and Servicing Agreement, or (ii) be
      construed to grant OOMC the power to initiate or defend any suit, litigation
      or
      proceeding in the name of the Undersigned except as specifically provided for
      herein or under the Pooling and Servicing Agreement.

     

    Option
      One Mortgage Corporation hereby agrees to indemnify and hold the Undersigned
      and
      its directors, officers, employees and agents harmless from and against any
      and
      all liabilities, obligations, losses, damages, penalties, actions, judgments,
      suits, costs, expenses or disbursements of any kind or nature whatsoever
      incurred by reason or result of or in connection with the exercise by OOMC
      of
      the powers granted to it hereunder. The foregoing indemnity shall survive the
      termination of this Limited Power of Attorney and the Pooling and Servicing
      Agreement or the earlier resignation or removal of the Undersigned under the
      Pooling and Servicing Agreement.

     

    Any
      third
      party without actual notice of fact to the contrary may rely upon the exercise
      of the power granted under this Limited Power of Attorney; and may be satisfied
      that this Limited Power of Attorney shall continue in full force and effect
      and
      has not been revoked unless an instrument of revocation has been made in writing
      by the undersigned, and such third party put on notice thereof. This Limited
      Power of Attorney shall be in addition to and shall not revoke or in any way
      limit the authority granted by any previous power of attorney executed by the
      Undersigned.

     

    IN
      WITNESS WHEREOF, ____________________ pursuant to the Pooling and Servicing
      Agreement, has caused its corporate seal to be hereto affixed and these presents
      to be signed and acknowledged in its name and behalf by ______________________,
      its duly elected and authorized _________________________ this ___ day of
      _________________, 2006.

     

    By:_____________________________

    Name:___________________________

    Title:____________________________

     

    Acknowledged
      and Agreed

    OPTION
      ONE MORTGAGE CORPORATION

     

    By:_________________________

    Name:

    Title:

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

     

    FORM
      OF
      INVESTMENT LETTER [NON-RULE 144A]

     

    [DATE]

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Deutsche
      Bank National Trust Company

     

    
      	
            	Re:	
              Soundview
                Home Loan Trust 2006-OPT5,

              
                Asset-Backed
                  Certificates Series
                  2006-OPT5

              

            

    

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Certificates, we certify
      that (a) we understand that the Certificates are not being registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we are an
“accredited investor,” as defined in Regulation D under the Act, and have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investments in the Certificates, (c)
      we
      have had the opportunity to ask questions of and receive answers from the
      Depositor concerning the purchase of the Certificates and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificates, (d) we are not an employee benefit plan that is
      subject to the Employee Retirement Income Security Act of 1974, as amended,
      or a
      plan that is subject to Section 4975 of the Internal Revenue Code of 1986,
      as
      amended, nor are we acting on behalf of any such plan, (e) we are acquiring
      the
      Certificates for investment for our own account and not with a view to any
      distribution of such Certificates (but without prejudice to our right at all
      times to sell or otherwise dispose of the Certificates in accordance with clause
      (g) below), (f) we have not offered or sold any Certificates to, or solicited
      offers to buy any Certificates from, any person, or otherwise approached or
      negotiated with any person with respect thereto, or taken any other action
      which
      would result in a violation of Section 5 of the Act, and (g) we will not sell,
      transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
      or other disposition is made pursuant to an effective registration statement
      under the Act or is exempt from such registration requirements, and if
      requested, we will at our expense provide an opinion of counsel satisfactory
      to
      the addressees of this Certificate that such sale, transfer or other disposition
      may be made pursuant to an exemption from the Act, (2) the purchaser or
      transferee of such Certificate has executed and delivered to you a certificate
      to substantially the same effect as this certificate, and (3) the purchaser
      or
      transferee has otherwise complied with any conditions for transfer set forth
      in
      the Pooling and Servicing Agreement.

     

    

     

    
      	 	
              WELLS
                FARGO BANK, N.A., not in its individual capacity, but solely as Trust
                Very
                truly yours,

               

              [NAME
                OF TRANSFEREE]

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Officer

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    FORM
      OF
      RULE 144A INVESTMENT LETTER

     

    [DATE]

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Deutsche
      Bank National Trust Company

    1761
      East
      St. Andrew Place

    Santa
      Ana, California 92705-4934

     

    
      	
            	Re:	
              Soundview
                Home Loan Trust 2006-OPT5,

              
                Asset-Backed
                  Certificates Series
                  2006-OPT5

              

            

    

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates we certify that (a)
      we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we have had the opportunity
      to
      ask questions of and receive answers from the Depositor concerning the purchase
      of the Certificates and all matters relating thereto or any additional
      information deemed necessary to our decision to purchase the Certificates,
      (c)
      we are not an employee benefit plan that is subject to the Employee Retirement
      Income Security Act of 1974, as amended, or a plan that is subject to Section
      4975 of the Internal Revenue Code of 1986, as amended, nor are we acting on
      behalf of any such plan, (d) we have not, nor has anyone acting on our behalf
      offered, transferred, pledged, sold or otherwise disposed of the Certificates,
      any interest in the Certificates or any other similar security to, or solicited
      any offer to buy or accept a transfer, pledge or other disposition of the
      Certificates, any interest in the Certificates or any other similar security
      from, or otherwise approached or negotiated with respect to the Certificates,
      any interest in the Certificates or any other similar security with, any person
      in any manner, or made any general solicitation by means of general advertising
      or in any other manner, or taken any other action, that would constitute a
      distribution of the Certificates under the Securities Act or that would render
      the disposition of the Certificates a violation of Section 5 of the Securities
      Act or require registration pursuant thereto, nor will act, nor has authorized
      or will authorize any person to act, in such manner with respect to the
      Certificates, (e) we are a “qualified institutional buyer” as that term is
      defined in Rule 144A under the Securities Act and have completed either of
      the
      forms of certification to that effect attached hereto as Annex 1 or Annex 2.
      We
      are aware that the sale to us is being made in reliance on Rule 144A. We are
      acquiring the Certificates for our own account or for resale pursuant to Rule
      144A and further, understand that such Certificates may be resold, pledged
      or
      transferred only (i) to a person reasonably believed to be a qualified
      institutional buyer that purchases for its own account or for the account of
      a
      qualified institutional buyer to whom notice is given that the resale, pledge
      or
      transfer is being made in reliance on Rule 144A, or (ii) pursuant to another
      exemption from registration under the Securities Act.

     

    
      	 	
              Very
                truly yours,

               

              [NAME
                OF TRANSFEREE]

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Officer

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      1 TO EXHIBIT J

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    

     

    [For
      Transferees Other Than Registered Investment Companies]

    

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    2. In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
      discretionary basis $                    1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
      category marked below.

     

    _________
      Corporation,
      etc.
      The Buyer is a corporation (other than a bank, savings and loan association
      or
      similar institution), Massachusetts or similar business trust, partnership,
      or
      charitable organization described in Section
      501(c)(3) of the Internal Revenue Code of 1986, as amended.

     

    _________
      Bank.
      The
      Buyer (a) is a national bank or banking institution organized under the laws
      of
      any State, territory or the District of Columbia, the business of which is
      substantially confined to banking and is supervised by the State or territorial
      banking commission or similar official or is a foreign bank or equivalent
      institution, and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a copy of which is
      attached hereto.

     

    _________
      Savings
      and Loan.
      The
      Buyer (a) is a savings and loan association, building and loan association,
      cooperative bank, homestead association or similar institution, which is
      supervised and examined by a State or Federal authority having supervision
      over
      any such institutions or is a foreign savings and loan association or equivalent
      institution and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a copy of which is
      attached hereto.

     

    _________
      Broker-Dealer.
      The
      Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
      Act of 1934.

     

    _________
      Insurance
      Company.
      The
      Buyer is an insurance company whose primary and predominant business activity
      is
      the writing of insurance or the reinsuring of risks underwritten by insurance
      companies and which is subject to supervision by the insurance commissioner
      or a
      similar official or agency of a State, territory or the District of
      Columbia.

     

    _________
      State
      or Local Plan.
      The
      Buyer is a plan established and maintained by a State, its political
      subdivisions, or any agency or instrumentality of the State or its political
      subdivisions, for the benefit of its employees.

     

    _________
      ERISA
      Plan.
      The
      Buyer is an employee benefit plan within the meaning of Title I of the Employee
      Retirement Income Security Act of 1974, as amended.

     

    Investment
      Advisor.
      The
      Buyer is an investment advisor registered under the Investment Advisors Act
      of
      1940.

     

    _________
      Small
      Business Investment Company.
      Buyer
      is a small business investment company licensed by the U.S. Small Business
      Administration under Section 301(c) or (d) of the Small Business Investment
      Act
      of 1958.

     

    _________
      Business
      Development Company.
      Buyer
      is a business development company as defined in Section 202(a)(22) of the
      Investment Advisors Act of 1940.

     

    3. The
      term
“SECURITIES” as used herein DOES NOT INCLUDE (i) securities of issuers that are
      affiliated with the Buyer, (ii) securities that are part of an unsold allotment
      to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities
      issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
      deposit notes and certificates of deposit (v) loan participations, (vi)
      repurchase agreements, (vii) securities owned but subject to a repurchase
      agreement and (viii) currency, interest rate and commodity swaps.

     

    4. For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published. If clause (ii) in the preceding sentence applies, the securities
      may be valued at market. Further, in determining such aggregate amount, the
      Buyer may have included securities owned by subsidiaries of the Buyer, but
      only
      if such subsidiaries are consolidated with the Buyer in its financial statements
      prepared in accordance with generally accepted accounting principles and if
      the
      investments of such subsidiaries are managed under the Buyer’s direction.
      However, such securities were not included if the Buyer is a majority-owned,
      consolidated subsidiary of another enterprise and the Buyer is not itself a
      reporting company under the Securities Exchange Act of 1934, as
      amended.

     

    5. The
      Buyer
      acknowledges that it is familiar with Rule 144A and understands that the seller
      to it and other parties related to the Certificates are relying and will
      continue to rely on the statements made herein because one or more sales to
      the
      Buyer may be in reliance on Rule 144A.

     

    6. Until
      the
      date of purchase of the Rule 144A Securities, the Buyer will notify each of
      the
      parties to which this certification is made of any changes in the information
      and conclusions herein. Until such notice is given, the Buyer’s purchase of the
      Certificates will constitute a reaffirmation of this certification as of the
      date of such purchase. In addition, if the Buyer is a bank or savings and loan
      is provided above, the Buyer agrees that it will furnish to such parties updated
      annual financial statements promptly after they become available.

     

    

     

    
      	 	
              Print
                Name of Buyer

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              Date:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      2 TO EXHIBIT J

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

    

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
      Investment Companies (as defined below), is such an officer of the
      Adviser.

     

    2. In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, as amended and
      (ii)
      as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
      owned at least $100,000,000 in securities (other than the excluded securities
      referred to below) as of the end of the Buyer’s most recent fiscal year. For
      purposes of determining the amount of securities owned by the Buyer or the
      Buyer’s Family of Investment Companies, the cost of such securities was used,
      except (i) where the Buyer or the Buyers Family of Investment Companies reports
      its securities holdings in its financial statements on the basis of their market
      value, and (ii) no current information with respect to the cost of those
      securities has been published. If clause (ii) in the preceding sentence applies,
      the securities may be valued at market.

     

    _________
      The
      Buyer
      owned $_________ in securities (other than the excluded securities referred
      to
      below) as of the end of the Buyer’s most recent fiscal year (such amount being
      calculated in accordance with Rule 144A).

     

    _________
      The
      Buyer
      is part of a Family of Investment Companies which owned in the aggregate
      $___________ in securities (other than the excluded securities referred to
      below) as of the end of the Buyer’s most recent fiscal year (such amount being
      calculated in accordance with Rule 144A).

     

    3. The
      term
“FAMILY OF INVESTMENT COMPANIES” as used herein means two or more registered
      investment companies (or series thereof) that have the same investment adviser
      or investment advisers that are affiliated (by virtue of being majority owned
      subsidiaries of the same parent or because one investment adviser is a majority
      owned subsidiary of the other).

     

    4. The
      term
“SECURITIES” as used herein does not include (i) securities of issuers that are
      affiliated with the Buyer or are part of the Buyer’s Family of Investment
      Companies, (ii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
      (iv) loan participations, (v) repurchase agreements, (vi) securities owned
      but
      subject to a repurchase agreement and (vii) currency, interest rate and
      commodity swaps.

     

    5. The
      Buyer
      is familiar with Rule 144A and understands that the parties listed in the Rule
      144A Transferee Certificate to which this certification relates are relying
      and
      will continue to rely on the statements made herein because one or more sales
      to
      the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
      purchase for the Buyer’s own account.

     

    6. Until
      the
      date of purchase of the Certificates, the undersigned will notify the parties
      listed in the Rule 144A Transferee Certificate to which this certification
      relates of any changes in the information and conclusions herein. Until such
      notice is given, the Buyer’s purchase of the Certificates will constitute a
      reaffirmation of this certification by the undersigned as of the date of such
      purchase.

     

    

     

    
      	 	
              Print
                Name of Buyer or Adviser

               

            
	 	
              By:

            	 
	 	 	
              Name

            
	 	 	
              Title

            
	 	 	 
	 	 	 
	 	
              IF
                AN ADVISER:

            
	 	 	 
	 	 
	 	
              Print
                Name of Buyer

            
	 	 	 
	 	 	 
	 	 	 
	 	
              Date:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    FORM
      OF
      TRANSFER AFFIDAVIT FOR RESIDUAL CERTIFICATES

    PURSUANT
      TO SECTION 5.02(D)

     

    SOUNDVIEW
      HOME LOAN TRUST 2006-OPT5

    ASSET-BACKED
      CERTIFICATES, SERIES 2006-OPT5

     

    
      	
              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 June 1, 2006 (the
      “Agreement”),
      among
      Financial Asset Securities Corp., as depositor (the “Depositor”),
      Option One Mortgage Corporation, as servicer (the “Servicer”)
      and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”).
      Capitalized terms used, but not defined herein or in Exhibit 1 hereto,
      shall have the meanings ascribed to such terms in the Agreement. The Transferee
      has authorized the undersigned to make this affidavit on behalf of the
      Transferee for the benefit of the Depositor and the Trustee.

     

    2. The
      Transferee is, as of the date hereof, and will be, as of the date of the
      Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
      Interest in the Certificate for its own account. The Transferee has no knowledge
      that any such affidavit is false.

     

    3. The
      Transferee has been advised of, and understands that (i) a tax will be
      imposed on Transfers of the Certificate to Persons that are not Permitted
      Transferees; (ii) such tax will be imposed on the transferor, or, if such
      Transfer is through an agent (which includes a broker, nominee or middleman)
      for
      a Person that is not a Permitted Transferee, on the agent; and (iii) the
      Person otherwise liable for the tax shall be relieved of liability for the
      tax
      if the subsequent Transferee furnished to such Person an affidavit that such
      subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
      such Person does not have actual knowledge that the affidavit is
      false.

     

    4. The
      Transferee has been advised of, and understands that a tax will be imposed
      on a
“pass-through entity” holding the Certificate if at any time during the taxable
      year of the pass-through entity a Person that is not a Permitted Transferee
      is
      the record holder of an interest in such entity. The Transferee understands
      that
      such tax will not be imposed for any period with respect to which the record
      holder furnishes to the pass-through entity an affidavit that such record holder
      is a Permitted Transferee and the pass-through entity does not have actual
      knowledge that such affidavit is false. (For this purpose, a “pass-through
      entity” includes a regulated investment company, a real estate investment trust
      or common trust fund, a partnership, trust or estate, and certain cooperatives
      and, except as may be provided in Treasury Regulations, persons holding
      interests in pass-through entities as a nominee for another
      Person.)

     

    5. The
      Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
      and understands the legal consequences of the acquisition of an Ownership
      Interest in the Certificate including, without limitation, the restrictions
      on
      subsequent Transfers and the provisions regarding voiding the Transfer and
      mandatory sales. The Transferee expressly agrees to be bound by and to abide
      by
      the provisions of Section 5.02(d) of the Agreement and the restrictions
      noted on the face of the Certificate. The Transferee understands and agrees
      that
      any breach of any of the representations included herein shall render the
      Transfer to the Transferee contemplated hereby null and void.

     

    6. The
      Transferee agrees to require a Transfer Affidavit from any Person to whom the
      Transferee attempts to Transfer its Ownership Interest in the Certificate,
      and
      in connection with any Transfer by a Person for whom the Transferee is acting
      as
      nominee, trustee or agent, and the Transferee will not Transfer its Ownership
      Interest or cause any Ownership Interest to be Transferred to any Person that
      the Transferee knows is not a Permitted Transferee. In connection with any
      such
      Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
      a
      certificate substantially in the form set forth as Exhibit L to the
      Agreement (a “Transferor
      Certificate”)
      to the
      effect that such Transferee has no actual knowledge that the Person to which
      the
      Transfer is to be made is not a Permitted Transferee.

     

    7. The
      Transferee has historically paid its debts as they have come due, intends to
      pay
      its debts as they come due in the future, and understands that the taxes payable
      with respect to the Certificate may exceed the cash flow with respect thereto
      in
      some or all periods and intends to pay such taxes as they become due. The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the
      Certificate.

     

    8. The
      Transferee’s taxpayer identification number is ___________.

     

    9. The
      Transferee is a U.S. Person as defined in Code
      Section 7701(a)(30).

     

    10. The
      Transferee is aware that the Certificate may be a “noneconomic residual
      interest” within the meaning of proposed Treasury regulations promulgated
      pursuant to the Code and that the transferor of a noneconomic residual interest
      will remain liable for any taxes due with respect to the income on such residual
      interest, unless no significant purpose of the transfer was to impede the
      assessment or collection of tax.

     

    11. The
      Transferee will not cause income from the Certificate to be attributable to
      a
      foreign permanent establishment or fixed base, within the meaning of an
      applicable income tax treaty, of the Transferee or any other U.S.
      person.

     

    12. Check
      one
      of the following:

     

    [_] The
      present value of the anticipated tax liabilities associated with holding the
      Certificate, as applicable, does not exceed the sum of:

     

    
      	 	
              (i)

            	
              the
                present value of any consideration given to the Transferee to acquire
                such
                Certificate;

            

    

     

    
      	 	
              (ii)

            	
              the
                present value of the expected future distributions on such Certificate;
                and

            

    

     

    
      	 	
              (iii)

            	
              the
                present value of the anticipated tax savings associated with holding
                such
                Certificate as the related REMIC generates
                losses.

            

    

     

    For
      purposes of this calculation, (i) the Transferee is assumed to pay tax at the
      highest rate currently specified in Section 11(b) of the Code (but the tax
      rate
      in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
      specified in Section 11(b) of the Code if the Transferee has been subject to
      the
      alternative minimum tax under Section 55 of the Code in the preceding two years
      and will compute its taxable income in the current taxable year using the
      alternative minimum tax rate) and (ii) present values are computed using a
      discount rate equal to the short-term Federal rate prescribed by Section 1274(d)
      of the Code for the month of the transfer and the compounding period used by
      the
      Transferee.

     

    [_] The
      transfer of the Certificate complies with U.S. Treasury Regulations Sections
      1.860E-1(c)(5) and (6) and, accordingly,

     

    
      	 	
              (i)

            	
              the
                Transferee is an “eligible corporation,” as defined in U.S. Treasury
                Regulations Section 1.860E-1(c)(6)(i), as to which income from the
                Certificate will only be taxed in the United
                States;

            

    

     

    
      	 	
              (ii)

            	
              at
                the time of the transfer, and at the close of the Transferee’s two fiscal
                years preceding the year of the transfer, the Transferee had gross
                assets
                for financial reporting purposes (excluding any obligation of a person
                related to the Transferee within the meaning of U.S. Treasury Regulations
                Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                in
                excess of $10 million;

            

    

     

    
      	 	
              (iii)

            	
              the
                Transferee will transfer the Certificate only to another “eligible
                corporation,” as defined in U.S. Treasury Regulations Section
                1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                of
                Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                of
                the U.S. Treasury Regulations;
                and

            

    

     

    
      	 	
              (iv)

            	
              the
                Transferee determined the consideration paid to it to acquire the
                Certificate based on reasonable market assumptions (including, but
                not
                limited to, borrowing and investment rates, prepayment and loss
                assumptions, expense and reinvestment assumptions, tax rates and
                other
                factors specific to the Transferee) that it has determined in good
                faith.

            

    

     

    [_] None
      of
      the above.

     

    13. The
      Transferee is not an employee benefit plan that is subject to Title I of ERISA
      or a plan that is subject to Section 4975 of the Code or a plan subject to
      any Federal, state or local law that is substantially similar to Title I of
      ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
      of
      or investing plan assets of such a plan.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer and its corporate seal to be hereunto affixed, duly attested, this
          
      day
      of
                  ,
      20  .

     

    

    
      	 	
              [NAME
                OF TRANSFEREE]

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

     

     

    [Corporate
      Seal]

     

    ATTEST:

     

    
      	 	 
	
              [Assistant]
                Secretary

            	 

    

     

    Personally
      appeared before me the above-named __________, known or proved to me to be
      the
      same person who executed the foregoing instrument and to be the ___________
      of
      the Transferee, and acknowledged that he executed the same as his free act
      and
      deed and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this     
      day
      of
        
      ,
      20  .

     

    

    
      	 	 
	 	
              NOTARY
                PUBLIC

               

              My
                Commission expires the __ day

              of
                _________, 20__

            

    

     

    

    

      

      
        1 Buyer
          must own and/or invest on a discretionary basis at least $100,000,000 in
          securities unless Buyer is a dealer, and, in that case, Buyer must own
          and/or
          invest on a discretionary basis at least $10,000,000 in
          securities.

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

     

    FORM
      OF
      TRANSFEROR CERTIFICATE

     

    [DATE]

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    
       

      
        	
              	Re:	
                Soundview
                  Home Loan Trust 2006-OPT5,

                
                  Asset-Backed
                    Certificates Series
                    2006-OPT5

                

              

      

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the above Certificates we certify that (a)
      we
      understand that the Certificates have not been registered under the Securities
      Act of 1933, as amended (the “Act”), and are being disposed by us in a
      transaction that is exempt from the registration requirements of the Act, (b)
      we
      have not offered or sold any Certificates to, or solicited offers to buy any
      Certificates from, any person, or otherwise approached or negotiated with any
      person with respect thereto, in a manner that would be deemed, or taken any
      other action which would result in, a violation of Section 5 of the Act, (c)
      to
      the extent we are disposing of a Class [ ] Certificate, we have no knowledge
      the
      Transferee is not a Permitted Transferee and (d) no purpose of the proposed
      disposition of a Class [ ] Certificate is to impede the assessment or collection
      of tax.

     

    
      	 	
              Very
                truly yours,

               

            
	 	
              TRANSFEROR

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

     

    FORM
      OF
      ERISA REPRESENTATION LETTER

     

    _____________,
      20__

     

    

    
      	
              Financial
                Asset Securities Corp.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	
              Deutsche
                Bank National Trust Company

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705-4934

            

    

     

    
       

      
        	
              	Re:	
                Soundview
                  Home Loan Trust 2006-OPT5,

                
                  Asset-Backed
                    Certificates Series
                    2006-OPT5

                

              

      

       

       

    

    Dear
      Sirs:

     

    _______________________
      (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance Soundview Home
      Loan Trust 2006-OPT5, Asset-Backed Certificates Series 2006-OPT5, Class
      [C][P][R[-X]] (the “Certificates”), issued pursuant to a Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”) dated as of June 1, 2006 among
      Financial Asset Securities Corp. as depositor (the “Depositor”), Option One
      Mortgage Corporation as servicer (the “Servicer”) and Deutsche Bank National
      Trust Company as trustee (the “Trustee”). Capitalized terms used herein and not
      otherwise defined shall have the meanings assigned thereto in the Pooling and
      Servicing Agreement. The Transferee hereby certifies, represents and warrants
      to, and covenants with the Depositor, the Trustee and the Servicer the
      following:

     

    The
      Certificates (i) are not being acquired by, and will not be transferred to,
      any
      employee benefit plan within the meaning of section 3(3) of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or other
      retirement arrangement, including individual retirement accounts and annuities,
      Keogh plans and bank collective investment funds and insurance company general
      or separate accounts in which such plans, accounts or arrangements are invested,
      that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
      Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
      acquired with “plan assets” of a Plan within the meaning of the Department of
      Labor (“DOL”) regulation, 29 C.F.R. §2510.3-101, and (iii) will not be
      transferred to any entity that is deemed to be investing in plan assets within
      the meaning of the DOL regulation at 29 C.F.R.§ 2510.3-101.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              Very
                truly yours,

               

            
	 	
              [Transferee]

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N-1

     

    FORM
      CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH FORM 10-K

     

    
       

      
        	
              	Re:	
                Soundview
                  Home Loan Trust 2006-OPT5,

                
                  Asset-Backed
                    Certificates Series
                    2006-OPT5

                

              

      

       

    

     

    I,
      [identify the certifying individual], certify that:

     

    l. I
      have
      reviewed this report on Form 10-K, and all reports on Form 10-D required to
      be
      filed in respect of the period included in the year covered by this report
      in
      Form 10-K of Soundview Home Loan Trust 2006-OPT5 (the “Exchange Act periodic
      reports”);

     

    2. Based
      on
      my knowledge, the Exchange Act periodic reports, taken as a whole, do not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in light of the circumstances under
      which
      such statements were made, not misleading with respect to the period covered
      by
      this report;

     

    3. Based
      on
      my knowledge, all of the distribution, servicing and other information required
      to be provided under Form 10-D for the period covered by this report is included
      in the Exchange Act periodic reports;

     

    4. Based
      on
      my knowledge and upon the annual compliance statement required in this report
      under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act
      periodic reports, the Servicer has fulfilled each of its obligations under
      the
      pooling and servicing agreement; and

     

    5. All
      of
      the reports on assessment of compliance with servicing criteria for asset-backed
      securities and their related attestation reports on assessment of compliance
      with servicing criteria for asset-backed securities required to be included
      in
      this report in accordance with Item 1122 of Regulation AB and Exchange Act
      Rules
      13a-18 and 15d-18 have been included as an exhibit to this report, except as
      otherwise disclosed in this report. Any material instances of noncompliance
      described in such reports have been disclosed in this report on Form
      10-K.

     

    In
      giving
      the certifications above, I have reasonably relied on information provided
      to me
      by the following unaffiliated parties: Option One Mortgage Corporation and
      Deutsche Bank National Trust Company.

     

    
      	 	
              FINANCIAL
                ASSET SECURITIES CORP.

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	
              Date:

            	 

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      N-2

     

    FORM
      CERTIFICATION TO BE

    PROVIDED
      TO DEPOSITOR BY THE TRUSTEE

     

    
       

      
        	
              	Re:	
                Soundview
                  Home Loan Trust 2006-OPT5,

                
                  Asset-Backed
                    Certificates Series
                    2006-OPT5

                

              

      

       

    

     

    I,
      [identify the certifying individual], a [title] of Deutsche Bank National Trust
      Company, as Trustee of the Trust, hereby certify to Financial Asset Securities
      Corp. (the “Depositor”), and its officers, directors and affiliates, and with
      the knowledge and intent that they will rely upon this certification,
      that:

     

    1. I
      have
      reviewed the annual report on Form 10-K for the fiscal year [___], and all
      reports on Form 10-D required to be filed in respect of the period covered
      by
      such Form 10-K of the Depositor relating to the above-referenced trust (the
      “Exchange Act periodic reports”)

     

    2. Based
      on
      my knowledge, the information prepared by the Trustee, contained, in these
      distribution reports taken as a whole, do not contain any untrue statement
      of a
      material fact or omit to state a material fact necessary to make the statements
      made, in light of the circumstances under which such statements were made,
      not
      misleading with respect to the period covered by this report;

     

    3. Based
      on
      my knowledge, the distribution information required to be provided by the
      Trustee under the Pooling and Servicing Agreement is included in these
      reports.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Pooling and Servicing Agreement, dated June 1, 2006 (the “Pooling and Servicing
      Agreement”), among the Depositor as depositor, Option One Mortgage Corporation
      as servicer and Deutsche Bank National Trust Company as trustee.

     

    
      	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, as Trustee

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	
              Date:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N-3

     

    FORM
      CERTIFICATION TO BE

    PROVIDED
      TO DEPOSITOR BY THE SERVICER

    
       

      
        	
              	Re:	
                Soundview
                  Home Loan Trust 2006-OPT5,

                
                  Asset-Backed
                    Certificates Series
                    2006-OPT5

                

              

      

       

    

    I,
      [identify the certifying individual], certify to Financial Asset Securities
      Corp. (the “Depositor”), the Trustee and their respective officers, directors
      and affiliates, and with the knowledge and intent that they will rely upon
      this
      certification, that:

     

    1.
       Based
      on
      my knowledge, the information in the annual compliance statement, the Annual
      Independent Public Accountant's Servicing Report and all servicing reports,
      officer's certificates and other information relating to the servicing of the
      Mortgage Loans taken as a whole, does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the statements
      made, in light of the circumstances under which such statements were made,
      not
      misleading as of the date of this certification;

     

    2. The
      servicing information required to be provided by the Servicer under the Pooling
      and Servicing Agreement has been provided to the Depositor and the
      Trustee;

     

    3. I
      am is
      responsible for reviewing the activities performed by the Servicer under the
      Pooling and Servicing Agreement and based upon the review required by the
      Pooling and Servicing Agreement, and except as disclosed in the annual
      compliance statement or the Annual Independent Public Accountant's Servicing
      Report, the Servicer has, as of the date of this certification fulfilled its
      obligations under the Pooling and Servicing Agreement; and

     

    4. Such
      officer has disclosed to the Depositor and the Trustee all significant
      deficiencies relating to the Servicer’s compliance with the minimum servicing
      standards in accordance with a review conducted in compliance with the Uniform
      Single Attestation Program for Mortgage Bankers or similar standard as set
      forth
      in the Pooling and Servicing Agreement.

     

    5. All
      of
      the reports on assessment of compliance with servicing criteria for asset-backed
      securities and their related attestation reports on assessment of compliance
      with servicing criteria for asset-backed securities required to be included
      in
      this report in accordance with Item 1122 of Regulation AB and Exchange Act
      Rules
      13a-18 and 15d-18 have been included as an exhibit to this report, except as
      otherwise disclosed in this report. Any material instances of noncompliance
      described in such reports have been disclosed in this report on Form
      10-K.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in
      the

    Pooling
      and Servicing Agreement, dated June 1, 2006 (the “Pooling and Servicing
      Agreement”), among the Depositor, Option One Mortgage Corporation as servicer
      and Deutsche Bank National Trust Company as trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	 	
              OPTION
                ONE MORTGAGE CORPORATION

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	
              Date:

            	 

    

    

     

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    EXHIBIT
      O

     

    [RESERVED]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P

     

    FORM
      OF
      ANNUAL STATEMENT AS TO COMPLIANCE

     

    ___________________
      Trust, Series 200_-___

     

    _______________
      Pass-Through Certificates

     

    I,
      _____________________, hereby certify that I am a duly appointed
      __________________________ of _______________________________ (the
“[Servicer]”), and further certify as follows:

     

    1. This
      certification is being made pursuant to the terms of the Pooling and Servicing
      Agreement, dated as of ____________, _____ (the “Agreement”), among
      ______________________, as depositor, the [Servicer], as [servicer] and
      ________________, as trustee.

     

    2. I
      have
      reviewed the activities of the [Servicer] during the preceding year and the
      [Servicer’s] performance under the Agreement and to the best of my knowledge,
      based on such review, the [Servicer] has fulfilled all of its obligations under
      the Agreement throughout the year.

     

    Capitalized
      terms not otherwise defined herein have the meanings set forth in the
      Agreements.

     

    Dated:
      _________________

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Certificate as of
      _____________.

     

    
      	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

     

    I,
      _________________________, a (an) __________________ of the [Servicer], hereby
      certify that _________________ is a duly elected, qualified, and acting
      _______________________ of the [Servicer] and that the signature appearing
      above
      is his/her genuine signature.

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Certificate as of
      ______________.

     

    
      	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q

    

    FORM
      OF
      INTEREST RATE SWAP AGREEMENT

     

    

       

      
        	 	
                Financial
                  Markets

                280
                  Bishopsgate

                London
                  EC2M 4RB

                 

                 

                 

              

      

      

      

      
        	
                Date:

              	
                June
                  19, 2006

              
	 	 
	
                To:

              	
                Deutsche
                  Bank National Trust Company, not individually, but solely as trustee
                  for
                  the Supplemental Interest Trust with respect to Soundview Home
                  Loan Trust
                  2006-OPT5

              
	 	
                1761
                  East Saint Andrew Place

              
	 	
                Santa
                  Ana, CA 92705

              
	 	
                Tel:
                  (714) 247-6248

              
	 	
                Fax:
                  (714) 244-6478

              
	
                Attention:

              	
                Trust
                  Administration - GC0605

              
	 	 
	
                From:

              	
                The
                  Royal Bank of Scotland plc

              
	 	
                c/o
                  RBS Financial Markets

              
	 	
                Level
                  7, 135 Bishopsgate

              
	 	
                London
                  EC2M 3UR

              
	 	
                Attn:
                  Head of Legal, Financial Markets 

              
	 	
                Tel:
                  44 207 085 5000

              
	 	
                Fax:
                  44 207 085 8411

              
	 	 
	
                Copy
                  To:

              	
                600
                  Steamboat Road

              
	 	
                Greenwich,
                  CT 06830

              
	 	
                Attn:
                  Legal Department - Derivatives Documentation

              
	 	
                Tel.:
                  203-618-2531/32

              
	 	
                Fax:
                  203-618-2533/34

              
	 	 
	
                Our
                  Reference No.:

              	
                D16012607

              
	 	 
	
                Re:

              	
                Interest
                  Rate Swap Transaction

              

      

      

      

      Ladies
        and Gentlemen:

      

      The
        purpose of this letter agreement is to set forth the terms and conditions
        of the
        Transaction entered into between Royal Bank of Scotland plc (“Party A”) and
        Deutsche Bank National Trust Company, not individually, but solely as trustee
        for the supplemental interest trust (the “Supplemental Interest Trust”) created
        under the Pooling and Servicing Agreement (“Party B”) on the Trade Date
        specified below (the “Transaction”). This letter agreement constitutes a
“Confirmation” as referred to in the Agreement specified below.

      

      The
        definitions and provisions contained in the 2000 ISDA Definitions (the
“Definitions”) as published by the International Swaps and Derivatives
        Association, Inc. are incorporated by reference herein. In the event of any
        inconsistency between the Definitions and this Confirmation, this Confirmation
        will govern.

      

      For
        the
        purpose of this Confirmation, all references in the Definitions or the Agreement
        to a “Swap Transaction” shall be deemed to be references to this
        Transaction.

      

      1.     This
        Confirmation supplements, forms part of, and is subject to, ISDA Master
        Agreement dated as of June 19, 2006 (as the same may be amended or supplemented
        from time to time, the “Agreement”), between Party A and Party B. All provisions
        contained in the Agreement shall govern this Confirmation except as expressly
        modified below.

      

      2.     The
        terms
        of the particular Transaction to which this Confirmation relates are as
        follows:

      

      
        	
                Notional
                  Amount:

              	
                With
                  respect to any Calculation Period, the amount set forth in the
                  Additional
                  Terms attached hereto.

              
	 	 
	
                Trade
                  Date:

              	
                June
                  1, 2006

              
	 	 
	
                Effective
                  Date:

              	
                June
                  19, 2006

              
	 	 
	
                Termination
                  Date:

              	
                November
                  25, 2010 

              

      

      

      Fixed
        Amounts:

      

      

      
        	
                Fixed
                  Rate Payer:

              	
                Party
                  B

              
	 	 
	
                Fixed
                  Rate Payer Period End Dates:

              	
                The
                  25th day of each month, commencing July 25, 2006, through and including
                  the Termination Date with no adjustment to Period End Dates.
                  

              
	 	 
	
                Fixed
                  Rate Payer Payment Dates:

              	
                The
                  25th day of each month, commencing July 25, 2006, through and including
                  the Termination Date, subject to adjustment in accordance with
                  the
                  Modified Following Business Day Convention.

              
	 	 
	
                Fixed
                  Amounts:

              	
                The
                  Fixed Amount payable by Party B shall be an amount equal to (i)
                  the
                  Notional Amount for such Fixed Rate Payer Payment Date * (ii) Fixed
                  Rate *
                  (iii) 250* (iv) Fixed Rate Day Count Fraction 

              
	 	 
	
                Fixed
                  Rate:

              	
                5.36%

              
	 	 
	
                Fixed
                  Rate Day Count Fraction:

              	
                30/360

              
	 	 
	
                Additional
                  Fixed Amount:

              	
                USD
                  5,930,000 payable on the Effective
                  Date

              

      

      

      

      Floating
        Amounts:

      

      
        	
                Floating
                  Rate Payer:

              	
                Party
                  A

              
	 	 
	
                Floating
                  Rate Payer Period End Dates:

              	
                The
                  25th day of each month, commencing July 25, 2006, through and including
                  the Termination Date, subject to adjustment in accordance with
                  the
                  Modified Following Business Day Convention. For the avoidance of
                  doubt,
                  the Termination Date is subject to adjustment in accordance with
                  the
                  Modified Following Business Day Convention for the purpose of Floating
                  Rate Payer Period End Dates.

              
	 	 
	
                Floating
                  Rate Payer Payment Dates:

              	
                The
                  25th day of each month, commencing July 25, 2006, through and including
                  the Termination Date, subject to adjustment in accordance with
                  the
                  Modified Following Business Day Convention.

              
	 	 
	
                Floating
                  Amounts:

              	
                The
                  Floating Amount payable by Party A shall be an amount equal to
                  (i)
                  Notional Amount * (ii) Floating Rate Option * (iii) 250* (iv) Floating
                  Rate Day Count Fraction

              
	 	 
	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              
	 	 
	
                Designated
                  Maturity:

              	
                1
                  month

              
	 	 
	
                Spread:

              	
                None

              
	 	 
	
                Floating
                  Rate Day Count Fraction:

              	
                Actual/360

              
	 	 
	
                Reset
                  Dates:

              	
                The
                  first day of each Calculation Period

              
	 	 
	
                Compounding:

              	
                Inapplicable:

              
	 	 

      

      

      
        	
                Calculation
                  Agent:

              	
                Party
                  A

              
	 	 
	
                Business
                  Days:

              	
                New
                  York 

              

      

      

      3.     Account
        Details:

      

      Account
        Details for Party A:

      

      For
        the
        account of The Royal Bank of Scotland

      Financial
        Markets Fixed Income and Interest Rate

      Derivative
        Operations, London SWIFT RBOSGB2RTCM

      with
        JPMorgan Chase Bank, New York CHASUS33

      ABA
        #
        021000021

      Account
        Number 400930153

      

      Account
        Details for Party B:

      

      Deutsche
        Bank Trust Company Americas

      ABA
        #
        021-001-033

      Account
        #: 01419663

      Account
        Name: NYLTD Funds Control/Stars West

      Ref:
        Soundview 2006-OPT5 Swap GC605

      

      4.     Offices:

      

      The
        Office of Party A for this Transaction is London, England

      

      
        	
                5.

              	
                It
                  is expressly understood and agreed by the parties hereto that (i)
                  this
                  Confirmation is executed and delivered by Deutsche Bank National
                  Trust
                  Company, not individually or personally but solely as trustee of
                  the
                  Supplemental Interest Trust, in the exercise of the powers and
                  authority
                  conferred and vested in it under the Pooling and Servicing Agreement,
                  (ii)
                  each of the representations, undertakings and agreements herein
                  made on
                  the part of the Supplemental Interest Trust is made and intended
                  not as
                  personal representations, undertakings and agreements by Deutsche
                  Bank
                  National Trust Company but is made and intended for the purpose
                  of binding
                  only the Supplemental Interest Trust, (iii) nothing herein contained
                  shall
                  be construed as creating any liability on the part of Deutsche
                  Bank
                  National Trust Company, individually or personally, to perform
                  any
                  covenant either expressed or implied contained herein, all such
                  liability,
                  if any, being expressly waived by the parties hereto and by any
                  Person
                  claiming by, through or under the parties hereto and (iv) under
                  no
                  circumstances shall Deutsche Bank National Trust Company be personally
                  liable for the payment of any indebtedness or expenses of the Trust
                  or be
                  liable for the breach or failure of any obligation, representation,
                  warranty or covenant made or undertaken by Party B under this Confirmation
                  or any other related documents.

              

      

      

      
        	
                6.

              	
                Agency
                  Role of Greenwich Capital Markets, Inc. This Transaction has been
                  entered
                  into by Greenwich Capital Markets, Inc., as agent for The Royal
                  Bank of
                  Scotland plc. Greenwich Capital Markets, Inc. has not guaranteed
                  and is
                  not otherwise responsible for the obligations of Party A under
                  this
                  Transaction.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Please
        promptly confirm that the foregoing correctly sets forth the terms of the
        Transaction entered into between us by executing this Confirmation and returning
        it to us by facsimile to:

      

      The
        Royal
        Bank of Scotland plc

      Attention:
        Derivatives Documentation

      Fax:
        0207
        375 6724 / 6486 Phone: 0207 375 4225

      

      
        	
                For
                  and on behalf of 

                ROYAL
                  BANK OF SCOTLAND PLC

                By:
                  Greenwich Capital Markets, Inc., its agent

              	
                For
                  and on behalf of

                Deutsche
                  Bank National Trust Company, not individually, but solely as trustee
                  for
                  the Supplemental Interest Trust with respect to Soundview Home
                  Loan Trust
                  2006-OPT5

                 

              
	 	 
	
                Name: 

                Title: 

                Date: 

              	
                Name:

                Title: 

                Date: 

              

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ADDITIONAL
        TERMS

      

      All
        dates
        subject to adjustment in accordance with the Modified Following Business
        Day
        Convention.

      

      
        	
                From
                  and including:

              	
                To
                  but excluding:

              	
                Notional
                  Amount (USD):

              
	
                06/19/06
                  

              	
                07/25/06
                  

              	
                0.00

              
	
                07/25/06
                  

              	
                08/25/06
                  

              	
                12,217,743.97

              
	
                08/25/06
                  

              	
                09/25/06
                  

              	
                12,126,292.42

              
	
                09/25/06
                  

              	
                10/25/06
                  

              	
                11,989,701.91

              
	
                10/25/06
                  

              	
                11/25/06
                  

              	
                11,809,034.40

              
	
                11/25/06
                  

              	
                12/25/06
                  

              	
                11,607,098.00

              
	
                12/25/06
                  

              	
                01/25/07
                  

              	
                11,384,485.54

              
	
                01/25/07
                  

              	
                02/25/07
                  

              	
                11,141,911.83

              
	
                02/25/07
                  

              	
                03/25/07
                  

              	
                10,880,211.96

              
	
                03/25/07
                  

              	
                04/25/07
                  

              	
                10,600,454.49

              
	
                04/25/07
                  

              	
                05/25/07
                  

              	
                10,303,714.90

              
	
                05/25/07
                  

              	
                06/25/07
                  

              	
                9,993,586.29

              
	
                06/25/07
                  

              	
                07/25/07
                  

              	
                9,672,959.82

              
	
                07/25/07
                  

              	
                08/25/07
                  

              	
                9,342,917.06

              
	
                08/25/07
                  

              	
                09/25/07
                  

              	
                9,004,602.97

              
	
                09/25/07
                  

              	
                10/25/07
                  

              	
                8,659,225.14

              
	
                10/25/07
                  

              	
                11/25/07
                  

              	
                8,308,045.46

              
	
                11/25/07
                  

              	
                12/25/07
                  

              	
                7,952,371.28

              
	
                12/25/07
                  

              	
                01/25/08
                  

              	
                7,593,544.28

              
	
                01/25/08
                  

              	
                02/25/08
                  

              	
                7,232,964.97

              
	
                02/25/08
                  

              	
                03/25/08
                  

              	
                6,872,008.58

              
	
                03/25/08
                  

              	
                04/25/08
                  

              	
                6,512,212.58

              
	
                04/25/08
                  

              	
                05/25/08
                  

              	
                6,155,760.04

              
	
                05/25/08
                  

              	
                06/25/08
                  

              	
                5,820,458.43

              
	
                06/25/08
                  

              	
                07/25/08
                  

              	
                5,504,304.42

              
	
                07/25/08
                  

              	
                08/25/08
                  

              	
                5,206,173.49

              
	
                08/25/08
                  

              	
                09/25/08
                  

              	
                4,925,009.83

              
	
                09/25/08
                  

              	
                10/25/08
                  

              	
                4,659,820.40

              
	
                10/25/08
                  

              	
                11/25/08
                  

              	
                4,409,671.09

              
	
                11/25/08
                  

              	
                12/25/08
                  

              	
                4,173,718.88

              
	
                12/25/08
                  

              	
                01/25/09
                  

              	
                3,951,097.65

              
	
                01/25/09
                  

              	
                02/25/09
                  

              	
                3,741,030.25

              
	
                02/25/09
                  

              	
                03/25/09
                  

              	
                3,542,785.61

              
	
                03/25/09
                  

              	
                04/25/09
                  

              	
                3,355,677.07

              
	
                04/25/09
                  

              	
                05/25/09
                  

              	
                3,179,057.40

              
	
                05/25/09
                  

              	
                06/25/09
                  

              	
                3,012,332.14

              
	
                06/25/09
                  

              	
                07/25/09
                  

              	
                2,854,911.77

              
	
                07/25/09
                  

              	
                08/25/09
                  

              	
                2,706,257.09

              
	
                08/25/09
                  

              	
                09/25/09
                  

              	
                2,565,861.22

              
	
                09/25/09
                  

              	
                10/25/09
                  

              	
                2,433,247.17

              
	
                10/25/09
                  

              	
                11/25/09
                  

              	
                2,307,966.25

              
	
                11/25/09
                  

              	
                12/25/09
                  

              	
                2,189,596.52

              
	
                12/25/09
                  

              	
                01/25/10
                  

              	
                2,077,739.79

              
	
                01/25/10
                  

              	
                02/25/10
                  

              	
                1,972,021.96

              
	
                02/25/10
                  

              	
                03/25/10
                  

              	
                1,872,090.92

              
	
                03/25/10
                  

              	
                04/25/10
                  

              	
                1,777,615.27

              
	
                04/25/10
                  

              	
                05/25/10
                  

              	
                1,688,283.09

              
	
                05/25/10
                  

              	
                06/25/10
                  

              	
                1,603,800.73

              
	
                06/25/10
                  

              	
                07/25/10
                  

              	
                1,523,891.74

              
	
                07/25/10
                  

              	
                08/25/10
                  

              	
                1,448,295.88

              
	
                08/25/10
                  

              	
                09/25/10
                  

              	
                1,376,768.15

              
	
                09/25/10
                  

              	
                10/25/10
                  

              	
                1,309,077.86

              
	
                10/25/10
                  

              	
                11/25/10
                  

              	
                1,245,007.82

              

      

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (Multicurrency—Cross
        Border)

      ISDA®

      International
        Swap and Derivatives Association, Inc.

       

      MASTER
        AGREEMENT

      

      

      dated
        as
        of June
        19, 2006

      

      
        	
                THE
                  ROYAL BANK OF SCOTLAND PLC

              	
                and

              	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT
                  SOLELY AS
                  TRUSTEE FOR THE SUPPLEMENTAL INTEREST TRUST
                  WITH RESPECT TO SOUNDVIEW HOME LOAN TRUST
                  2006-OPT5

              

      

      .....................................................................                     
        ....................................................................

      
        	
                ("Party
                  A")

              	 	
                ("Party
                  B")

              
	 	 	 

      

       

      
        	
                have
                  entered and/or anticipate entering into one or more transactions
                  (each a
                  “Transaction”) that are or will be governed by this Master
                  Agreement, which includes the schedule (the “Schedule”),
                  and the documents and other confirming evidence (each
                  a “Confirmation”) exchanged between the parties confirming those
                  Transactions. 

              

      

       

      
        	
                Accordingly,
                  the parties agree as follows:—

              
	 
	
                1. Interpretation

              
	 
	
                (a) Definitions.
                  The
                  terms defined in Section 14 and in the Schedule will have
                  the meanings therein specified for the purpose of this
                  Master Agreement.

              
	 
	
                (b) Inconsistency.
                  In
                  the event of any inconsistency between the provisions of
                  the Schedule and the
                  other provisions of this Master Agreement, the Schedule
                  will prevail. In the event of any inconsistency
                  between the provisions of any Confirmation and this Master
                  Agreement (including the Schedule), such
                  Confirmation will prevail for the purpose of
                  the relevant Transaction.

              
	 
	
                (c) Single
                  Agreement. All
                  Transactions are entered into in reliance on the
                  fact that this Master Agreement and all
                  Confirmations form a single agreement between the parties
                  (collectively referred to as
                  this “Agreement”), and the parties would not otherwise enter
                  into any Transactions.

              
	 
	
                2. Obligations

              
	 
	
                (a) General
                  Conditions.

              
	 
	
                (i) Each
                  party will make each payment or delivery specified in each Confirmation
                  to be made by it, subject to the other provisions
                  of this Agreement.

              
	 
	
                (ii) Payments
                  under this Agreement will be made on the due date for value on
                  that
                  date in the place
                  of the account specified in the relevant Confirmation or
                  otherwise pursuant to this Agreement, in
                  freely transferable funds and in the manner customary for
                  payments in the required currency. Where
                  settlement is by delivery (that is, other than by payment), such
                  delivery will be made for receipt on the due date in
                  the manner customary for the relevant obligation unless
                  otherwise specified in the
                  relevant Confirmation or elsewhere in this
                  Agreement.

              
	 
	
                (iii) Each
                  obligation of each party under Section 2(a)(i) is subject to (1)
                  the condition precedent that no Event of Default
                  or Potential Event of Default with respect to the other
                  party has occurred and is continuing, (2) the
                  condition precedent that no Early Termination Date
                  in respect of the relevant Transaction has
                  occurred or been effectively designated and (3)
                  each other applicable condition precedent specified in
                  this Agreement.

              

      

       

      Copyright
        © 1992 by International Swap and Derivatives Association, Inc.

       

      
        	
                (b) Change
                  of Account. Either
                  party may change its account for receiving a payment
                  or delivery by giving notice to the other party at
                  least five Local Business Days prior to the scheduled date for
                  the payment or delivery to which such change applies unless
                  such other party gives timely notice of a reasonable objection
                  to such change.

              
	 
	
                (c) Netting.
                  If
                  on any date amounts would otherwise be payable:—

              
	 
	
                (i) in
                  the same currency; and

              
	 
	
                (ii) in
                  respect of the same Transaction,

              
	 
	
                by
                  each party to the other, then, on such date, each party's obligation
                  to
                  make payment of any such amount will be automatically
                  satisfied and discharged and, if the aggregate amount that would
                  otherwise have been
                  payable by one party exceeds the aggregate amount that would otherwise
                  have been payable by the other party, replaced by an
                  obligation upon the party by whom the larger aggregate amount
                  would have been payable to pay
                  to the other party the excess of the larger aggregate amount over
                  the
                  smaller aggregate amount.

              
	 
	
                The
                  parties may elect in respect of two or more Transactions that a
                  net amount
                  will be determined in respect of all amounts
                  payable on the same date in the same currency in respect of such
                  Transactions, regardless of
                  whether such amounts are payable in respect of the same
                  Transaction. The election may be made in the
                  Schedule or a Confirmation by specifying that subparagraph (ii)
                  above will not apply to the Transactions identified as being
                  subject to the election, together with the starting date (in which
                  case
                  subparagraph (ii) above will not, or will cease to, apply
                  to such Transactions from such date). This election may be made
                  separately for different groups of Transactions and will apply
                  separately to each pairing of Offices through
                  which the parties make and receive payments or
                  deliveries.

              
	 
	
                (d) Deduction
                  or Withholding for Tax.

              
	
                (i) Gross-Up.
                  All
                  payments under this Agreement will be made without
                  any deduction or withholding for or on account of any Tax
                  unless such deduction or withholding is required by any
                  applicable law, as modified by the practice of any relevant
                  governmental revenue
                  authority, then in
                  effect. If a party is so required to deduct or withhold, then that
                  party
                  (“X”) will:—

              
	 
	
                (1) promptly
                  notify the other party (“Y”) of such requirement;

              
	 
	
                (2) pay
                  to the relevant authorities the full amount required to be
                  deducted or withheld (including the full amount
                  required to be deducted or withheld from any additional amount
                  paid by X to Y under this Section 2(d)) promptly upon the earlier of
                  determining that such deduction or withholding is
                  required or receiving notice that such amount has been assessed
                  against Y;

              
	 
	
                (3) promptly
                  forward to Y an official receipt (or a certified copy), or
                  other documentation reasonably acceptable to Y, evidencing such
                  payment to such authorities; and

              
	 
	
                (4) if
                  such Tax is an Indemnifiable Tax, pay to Y, in addition to the
                  payment
                  to which Y is otherwise entitled under this
                  Agreement, such additional amount as is necessary
                  to ensure that the net amount
                  actually received by Y (free and clear of Indemnifiable Taxes,
                  whether assessed
                  against X or Y) will equal the full amount Y would have received
                  had no such deduction or withholding been required.
                  However, X will not be required to pay any additional amount to
                  Y to the extent that it would not be required to be paid but
                  for:—

              
	 
	
                (A) the
                  failure by Y to comply with or perform any
                  agreement contained in Section 4(a)(i), 4(a)(iii) or
                  4(d); or

              
	 
	
                (B) the
                  failure of a representation made by Y pursuant to Section 3(f)
                  to
                  be accurate and true unless such failure would not
                  have occurred but for (I) 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 (II) a Change in Tax
                  Law.

              
	 
	
                (ii) Liability.
                  If:—

              
	
                (1) X
                  is required by any applicable law, as modified by the practice
                  of
                  any relevant governmental revenue authority, to make any
                  deduction
                  or withholding in respect of which X
                  would not be required to pay an additional amount to Y under
                  Section 2(d)(i)(4);

              
	 
	
                (2) X
                  does not so deduct or withhold; and

              
	 
	
                (3) a
                  liability resulting from such Tax is assessed directly against
                  X,

              
	 
	
                then,
                  except to the extent Y has satisfied or then satisfies the liability
                  resulting from such Tax, Y will promptly pay to X the
                  amount of such liability (including any related liability
                  for interest, but including any related liability for
                  penalties only if Y has failed to comply with or perform any
                  agreement contained in Section 4(a)(i), 4(a)(iii) or
                  4(d)).

              
	 
	
                (e) Default
                  Interest; Other Amounts. Prior
                  to the occurrence or effective designation of an Early
                  Termination Date in respect of the relevant Transaction, a party that
                  defaults in the performance of any payment obligation
                  will, to the extent permitted by law and subject to
                  Section 6(c), be required to pay interest
                  (before as well
                  as after judgment) on the overdue amount to the other party on
                  demand in
                  the same currency
                  as such overdue amount, for the period from (and including) the
                  original due date for payment to (but excluding) the date
                  of actual payment, at the Default Rate. Such interest will be calculated
                  on the basis of daily compounding
                  and the actual number of days elapsed. If, prior to the occurrence
                  or
                  effective designation
                  of an Early Termination Date in respect of the relevant
                  Transaction, a party defaults in the performance of
                  any obligation required to be settled by delivery, it will
                  compensate
                  the other party on demand
                  if
                  and to the extent provided for in the relevant Confirmation
                  or elsewhere in this Agreement.

              
	 
	
                3. Representations

              
	 
	
                Each
                  party represents to the other party (which representations will
                  be
                  deemed to be repeated
                  by each party on each date on which a Transaction is
                  entered into and, in the
                  case of the representations
                  in
                  Section 3(f), at all times until the termination of
                  this Agreement) that:—

              
	 
	
                (a) Basic
                  Representations.

              
	 
	
                (i) Status.
                  It
                  is duly organised and validly existing under the laws of the
                  jurisdiction of its organisation or incorporation and, if
                  relevant under such laws, in good standing;

              
	 
	
                (ii) Powers.
                  It
                  has the power to execute this Agreement and any other
                  documentation relating to this Agreement to which it is a
                  party, to
                  deliver this Agreement and any other
                  documentation relating to this Agreement that it is
                  required by this Agreement to deliver and to perform its obligations
                  under this Agreement and any obligations it has under any Credit
                  Support Document to which it is a party and has taken
                  all necessary action to authorise such execution, delivery and
                  performance;

              
	 
	
                (iii) No
                  Violation or Conflict.
                  Such
                  execution, delivery and
                  performance do not
                  violate or  conflict with any law applicable to it,
                  any provision of its constitutional documents, any order or judgment
                  of any court or other agency of government applicable to it or
                  any of its assets or any contractual restriction binding on
                  or affecting it or any of its assets;

              
	 
	
                (iv) Consents.
                  All
                  governmental and other consents that are required to have been
                  obtained by it with respect to this Agreement or any
                  Credit Support Document to which it is a party have been
                  obtained and are in full force and effect and all conditions of any
                  such consents have been complied with; and

              
	 
	
                (v) Obligations
                  Binding. Its
                  obligations under
                  this Agreement and any
                  Credit Support Document to which it is a party
                  constitute its legal, valid and binding obligations,
                  enforceable in accordance with their respective terms
                  (subject to applicable bankruptcy, reorganisation, insolvency,
                  moratorium or similar laws affecting creditors' rights generally
                  and subject, as to enforceability, to equitable principles of
                  general application (regardless of whether enforcement
                  is sought in a proceeding in equity or at
                  law)).

              
	 
	
                (b) Absence
                  of Certain Events. No
                  Event of Default or Potential Event of Default or,
                  to its knowledge, Termination Event
                  with respect to it has occurred
                  and is continuing and
                  no such event
                  or
                  circumstance would occur as a
                  result of its entering into or performing its
                  obligations under this Agreement
                  or
                  any Credit Support Document to which it is a
                  party.

              
	 
	
                (c) Absence
                  of Litigation.
                  There
                  is not pending or, to its knowledge, threatened against it or
                  any of its Affiliates any action, suit or proceeding
                  at law or in equity or before any court,
                  tribunal, governmental body, agency or official or any
                  arbitrator that is likely to affect the legality, validity or
                  enforceability against it of this Agreement or
                  any Credit Support Document
                  to
                  which it is a party or its ability to perform its obligations
                  under this Agreement or such Credit Support
                  Document.

              
	 
	
                (d) Accuracy
                  of Specified Information. All
                  applicable information
                  that
                  is
                  furnished in writing by or on behalf of it to the
                  other party and is identified for the purpose of this Section 3(d)
                  in the
                  Schedule is, as of the date of the information,
                  true, accurate and complete in every material respect.

              
	 
	
                (e) Payer
                  Tax Representation. Each
                  representation specified in the Schedule as being made by it for
                  the purpose of this Section 3(e) is accurate and
                  true.

              
	 
	
                (f) Payee
                  Tax Representations. Each
                  representation specified in the Schedule as being
                  made by it for the purpose of this Section 3(f)
                  is accurate and true.

              
	 
	
                4. Agreements

              
	 
	
                Each
                  party agrees with the other that, so long as either party has or
                  may have
                  any obligation under this Agreement or under any
                  Credit Support Document to which it is a party:—

              
	 
	
                (a) Furnish
                  Specified Information. It
                  will deliver to the other party or, in certain cases under
                  subparagraph (iii) below, to such government or taxing authority
                  as the other party reasonably directs:—

              
	 
	
                (i) any
                  forms, documents or certificates relating to taxation specified
                  in the
                  Schedule or any Confirmation;

              
	 
	
                (ii) any
                  other documents specified in the Schedule or any Confirmation;
                  and

              
	 
	
                (iii) upon
                  reasonable demand by such other party, any form or document that
                  may
                  be required or reasonably requested in writing in order to
                  allow such other party or its Credit Support Provider to
                  make a payment under this Agreement or any applicable Credit
                  Support Document without any deduction or withholding for
                  or on account of any Tax or with such deduction
                  or withholding at a reduced rate (so long as the
                  completion, execution or submission of such form or document would
                  not materially prejudice the legal or commercial position of the
                  party in receipt of such demand), with any such form or
                  document to be accurate and completed in a manner
                  reasonably satisfactory to such other party and to be
                  executed
                  and to be delivered with any
                  reasonably required certification,

              
	 
	
                in
                  each case by the date specified in the Schedule or such Confirmation
                  or,
                  if none is specified, as soon as
                  reasonably practicable.

              
	 
	
                (b) Maintain
                  Authorisations. It will
                  use all reasonable efforts to maintain in full force
                  and effect all consents of any governmental or other
                  authority that are required to be obtained by it with
                  respect to this Agreement or any
                  Credit Support Document to which
                  it is a party and will use
                  all reasonable efforts to obtain any that may become
                  necessary in the future.

              
	 
	
                (c) Comply
                  with Laws. It
                  will comply in all material respects with all applicable laws
                  and orders to which it may
                  be subject if failure
                  so
                  to comply would materially impair its ability to perform
                  its obligations under this Agreement or any Credit Support
                  Document to which it is a party.

              
	 
	
                (d) Tax
                  Agreement. It
                  will give notice of any failure of a representation made by it
                  under Section 3(f) to be accurate and true promptly
                  upon learning of such failure.

              
	 
	
                (e) Payment
                  of Stamp Tax. Subject
                  to Section 11, it will pay any Stamp Tax levied or imposed upon
                  it or in respect
                  of its execution or performance
                  of
                  this Agreement by
                  a jurisdiction in which it is incorporated,

              
	 
	
                organised,
                  managed and controlled, or considered to have its seat, or in which
                  a
                  branch or office through which it is
                  acting for the purpose of this Agreement is located
                  (“Stamp Tax Jurisdiction”) and will indemnify the other party
                  against any Stamp Tax levied or imposed upon
                  the other party or in respect of the other party's execution or performance
                  of this Agreement by any such
                  Stamp Tax Jurisdiction which is not also a Stamp
                  Tax Jurisdiction with respect to the other party.

              
	 
	
                5. Events
                  of Default and Termination Events

              
	 
	
                (a) Events
                  of Default. The
                  occurrence at any time with respect to a party or, if
                  applicable, any Credit Support Provider of
                  such party or any Specified
                  Entity of such party of any of the following events constitutes
                  an event of default (an “Event of Default”) with respect to such
                  party:—

              
	 
	
                (i) Failure
                  to Pay or Deliver. Failure
                  by the party to make, when due, any payment under this
                  Agreement or delivery under Section 2(a)(i) or 2(e) required to
                  be made by it if such failure is not remedied on or before
                  the third Local Business Day after notice of such failure is given
                  to the
                  party;

              
	 
	
                (ii) Breach
                  of Agreement. Failure
                  by the party to comply with or perform any agreement or
                  obligation (other than an obligation to make any payment under this
                  Agreement or delivery under Section 2(a)(i) or 2(e) or to
                  give notice of a Termination Event or any
                  agreement or obligation under Section 4(a)(i),
                  4(a)(iii) or 4(d)) to be complied with or performed by the
                  party in accordance with this Agreement if such
                  failure is not remedied on or before the thirtieth day
                  after notice of such failure is given to the
                  party;

              
	 
	
                (iii) Credit
                  Support Default.

              
	 
	
                (1) Failure
                  by the party or any Credit Support Provider of such party to
                  comply with or perform any agreement or obligation to
                  be complied with or performed by it in accordance
                  with any Credit Support Document if such failure is continuing
                  after any applicable grace
                  period has elapsed;

              
	 
	
                (2) the
                  expiration or termination
                  of
                  such Credit Support Document or the failing or ceasing
                  of such Credit
                  Support Document to be in full force and
                  effect for the purpose of this Agreement (in either case
                  other than in accordance with its terms)
                  prior to the satisfaction
                  of all obligations of such party
                  under each Transaction to which
                  such Credit Support Document relates without
                  the written consent of the other party; or

              
	 
	
                (3) the
                  party or such
                  Credit Support
                  Provider disaffirms, disclaims, repudiates or rejects, in
                  whole or in part, or challenges the validity of, such Credit
                  Support Document;

              
	 
	
                (iv) Misrepresentation.
                  A
                  representation (other than a representation under
                  Section 3(e) or (f))
                  made or repeated
                  or deemed to have been made or repeated by the party or
                  any Credit Support
                  Provider of such
                  party in this Agreement or any Credit Support Document proves
                  to have been
                  incorrect or misleading
                  in any
                  material respect when made or repeated or deemed to
                  have been made
                  or repeated;

              
	 
	
                (v) Default
                  under Specified Transaction. The
                  party, any Credit Support Provider of such party or
                  any applicable Specified
                  Entity of such party (1) defaults under a Specified
                  Transaction and, after
                  giving effect
                  to any applicable notice requirement or grace period, there occurs
                  a
                  liquidation of, an
                  acceleration of obligations
                  under, or an
                  early termination of, that Specified Transaction, (2) defaults,
                  after giving effect to any applicable notice requirement or
                  grace period, in making any payment or delivery due on
                  the last payment, delivery or exchange date of, or any payment
                  on early termination of, a Specified Transaction (or
                  such default continues for at least three Local
                  Business Days if there is no applicable notice
                  requirement or grace period) or (3) disaffirms,
                  disclaims, repudiates or rejects, in whole or in part,
                  a Specified Transaction (or such action is taken by any
                  person or entity appointed or empowered to operate it
                  or act on its behalf);

              
	 
	
                (vi) Cross
                  Default. If
                  “Cross Default” is specified in
                  the Schedule as applying to the party, the occurrence or existence
                  of (1) a default, event of default or other similar condition or
                  event
                  (however

              
	 
	
                described)
                  in respect of such
                  party, any Credit Support Provider of such party
                  or any applicable Specified Entity of such party under
                  one or more agreements or instruments relating to Specified
                  Indebtedness of any of them (individually or collectively) in an
                  aggregate amount of not less than the applicable Threshold
                  Amount (as
                  specified in the Schedule) which has resulted in such Specified
                  Indebtedness becoming, or becoming capable at such time of being
                  declared, due and payable under such agreements or
                  instruments, before it would
                  otherwise have been due and payable or (2) a default
                  by such party, such Credit Support Provider or such Specified
                  Entity (individually or collectively) in making one or
                  more payments on the due date thereof
                  in an aggregate
                  amount of not less than the applicable Threshold Amount
                  under such agreements or instruments (after giving effect to any
                  applicable notice requirement or grace
                  period);

              
	 
	
                (vii) Bankruptcy.
                  The
                  party, any Credit Support Provider
                  of
                  such party or any applicable Specified Entity of such
                  party:—

              
	 
	
                (1) is
                  dissolved (other than pursuant to a consolidation, amalgamation
                  or
                  merger); (2) becomes
                  insolvent or is
                  unable to
                  pay its debts or fails or admits in writing
                  its inability generally to pay its debts as they
                  become due; (3) makes a general assignment,
                  arrangement or composition with or for the benefit of
                  its creditors; (4) institutes or has instituted
                  against it a proceeding seeking a judgment of
                  insolvency or bankruptcy or any other relief under
                  any bankruptcy or insolvency law or
                  other similar law affecting
                  creditors' rights, or a petition is presented for its
                  winding-up or liquidation, and, in the case of any such
                  proceeding or petition instituted or
                  presented against it, such proceeding or petition (A) results in
                  a judgment of insolvency or bankruptcy or the entry of
                  an order for relief or the making of an order for its winding-up or
                  liquidation or (B) is
                  not dismissed, discharged, stayed or restrained in each
                  case within 30 days of the institution
                  or presentation thereof; (5) has
                  a resolution
                  passed for its winding-up, official management or
                  liquidation (other than pursuant to a consolidation,
                  amalgamation or merger); (6) seeks or becomes subject
                  to the appointment of an administrator, provisional liquidator,
                  conservator, receiver,
                  trustee, custodian or other similar official
                  for it or for all or substantially all its assets; (7)
                  has a secured party take possession of all or substantially all
                  its
                  assets or has a distress, execution, attachment,
                  sequestration
                  or other legal process
                  levied, enforced or sued on or against all or
                  substantially all its assets and such secured party
                  maintains possession, or any such process
                  is not dismissed, discharged, stayed or restrained, in each
                  case within 30 days thereafter; (8) causes or is subject to
                  any event with respect to it which, under the applicable
                  laws of any jurisdiction, has an analogous effect to any of the
                  events specified in clauses (1) to (7) (inclusive);
                  or (9) takes any action in
                  furtherance of, or indicating its consent to, approval
                  of, or acquiescence in, any of the foregoing acts;
                  or

              
	 
	
                (viii) Merger
                  Without Assumption. The
                  party or any Credit Support Provider of such party
                  consolidates or amalgamates
                  with, or merges with or into,
                  or transfers all or substantially all its assets
                  to, another entity and, at the time of such consolidation,
                  amalgamation, merger or transfer:—

              
	 
	
                (1) the
                  resulting, surviving or transferee entity fails
                  to assume all the obligations of such party
                  or such Credit Support Provider under this Agreement or any
                  Credit Support Document to which it or its predecessor
                  was a party by operation of law or pursuant to an agreement
                  reasonably satisfactory to the other party to this Agreement;
                  or

              
	 
	
                (2) the
                  benefits of any Credit Support Document fail to extend (without
                  the
                  consent of the other party) to the performance by such
                  resulting, surviving or transferee entity of its
                  obligations under this Agreement.

              
	 
	
                (b) Termination
                  Events. The
                  occurrence at any time with respect to a party or, if
                  applicable, any Credit Support Provider of
                  such party or any Specified
                  Entity of such party of any event specified below constitutes
                  an Illegality if the event is specified in (i) below, a Tax
                  Event if the event is specified in (ii) below or a Tax
                  Event Upon Merger if the event is specified in (iii) below, and,
                  if specified to be
                  applicable, a Credit Event

              

      

      

      
        	
                Upon
                  Merger if the event is specified pursuant to (iv) below
                  or
                  an Additional Termination Event if the event
                  is specified pursuant to (v) below:—

              
	 
	
                (i) Illegality.
                  Due
                  to
                  the adoption of, or any change in, any
                  applicable law after the date on which
                  a Transaction is entered into, or due to the promulgation
                  of, or any change in, the interpretation by
                  any court, tribunal or regulatory authority with competent
                  jurisdiction of any applicable law after
                  such date, it becomes unlawful (other than as a result of a
                  breach by the party of Section 4(b)) for
                  such party (which will be the Affected
                  Party):—

              
	 
	
                (1) to
                  perform any absolute or contingent obligation to make a payment
                  or delivery or to receive a payment or delivery
                  in respect of such Transaction or to comply with any other
                  material provision of this Agreement relating to such Transaction;
                  or

              
	 
	
                (2) to
                  perform, or for any Credit Support
                  Provider of such
                  party to perform, any contingent
                  or other obligation which the party (or such Credit Support
                  Provider) has under any Credit
                  Support Document relating to such
                  Transaction;

              
	 
	
                (ii) Tax
                  Event. Due
                  to (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) a Change in Tax Law,
                  the party (which will be the Affected Party) will, or there is a
                  substantial likelihood that it will, on
                  the next succeeding Scheduled Payment Date (1) be required to
                  pay to the other party an additional amount in respect
                  of an Indemnifiable Tax under Section 2(d)(i)(4) (except
                  in respect of interest under Section 2(e),
                  6(d)(ii) or 6(e)) or (2) receive a payment from which an amount
                  is required to be deducted or withheld for or on
                  account of a Tax (except in respect of interest
                  under Section 2(e), 6(d)(ii) or 6(e)) and no
                  additional amount is required to be paid in respect of
                  such Tax under Section 2(d)(i)(4) (other than by
                  reason of Section 2(d)(i)(4)(A) or (B));

              
	 
	
                (iii) Tax
                  Event Upon Merger. The
                  party (the “Burdened Party”) on the next succeeding Scheduled
                  Payment Date will
                  either (1) be required to pay an additional
                  amount in respect of an Indemnifiable Tax under Section
                  2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii)
                  or 6(e)) or (2) receive a
                  payment from which an amount has been deducted or withheld for
                  or
                  on account of any Indemnifiable Tax
                  in respect of which the other
                  party is not required to pay an additional amount
                  (other than by reason of Section 2(d)(i)(4)(A) or (B)), in
                  either case as a result of a party
                  consolidating or amalgamating with, or merging with or into, or
                  transferring all or substantially all its assets to,
                  another entity (which will be the Affected Party) where such action
                  does not constitute an event described in Section
                  5(a)(viii);

              
	 
	
                (iv)  Credit
                  Event Upon Merger. If
                  “Credit Event Upon Merger” is specified in the
                  Schedule as applying
                  to the party,
                  such party (“X”), any Credit Support Provider of X or any applicable
                  Specified Entity of X
                  consolidates or amalgamates
                  with, or merges with or into,
                  or transfers all or substantially all its assets
                  to, another entity and such action does
                  not constitute an event described
                  in
                  Section 5(a)(viii) but the creditworthiness of the
                  resulting, surviving or transferee entity is materially
                  weaker than that of X, such Credit Support
                  Provider or such Specified Entity,
                  as
                  the case may be, immediately prior
                  to such action (and, in such event, X or its successor
                  or transferee, as appropriate, will be the Affected Party);
                  or

              
	 
	
                (v) Additional
                  Termination Event. If
                  any “Additional Termination Event” is specified in the
                  Schedule or any Confirmation as applying, the occurrence of such
                  event (and, in such event, the Affected Party or
                  Affected Parties shall be as specified for such Additional
                  Termination Event in the Schedule or such
                  Confirmation).

              
	 
	
                (c) Event
                  of Default and Illegality. If
                  an event or circumstance which would otherwise constitute or
                  give rise to an Event of Default also constitutes an
                  Illegality, it will be treated as an
                  Illegality and will not
                  constitute an Event of
                  Default.

              

      

       

      
        	
                6. Early
                  Termination

              
	 
	
                (a) Right
                  to Terminate Following Event of Default. If
                  at any time an Event of Default with respect to
                  a party (the “Defaulting Party”) has occurred and is then
                  continuing, the other party (the “Non-defaulting
                  Party”) may, by
                  not more than 20 days notice to
                  the Defaulting Party specifying the relevant Event of Default,
                  designate a day not earlier than the day such notice is
                  effective as an Early Termination Date in respect of
                  all outstanding Transactions. If, however, “Automatic Early
                  Termination” is specified in the Schedule as
                  applying to a party, then an Early Termination Date in
                  respect of all outstanding Transactions will occur immediately upon the
                  occurrence with respect to such party of an Event
                  of Default specified in Section 5(a)(vii)(l), (3), (5),
                  (6)
                  or, to the extent analogous thereto, (8), and as of
                  the time immediately preceding the institution of the
                  relevant proceeding or the presentation of the
                  relevant petition upon the occurrence with respect
                  to such party of an Event of Default
                  specified in Section 5(a)(vii)(4) or, to the extent
                  analogous thereto, (8).

              
	 
	
                (b) Right
                  to Terminate Following Termination Event.

              
	 
	
                (i) Notice.
                  If
                  a Termination Event occurs, an Affected Party will, promptly upon
                  becoming aware of
                  it, notify the other
                  party, specifying the nature of that Termination Event
                  and each Affected Transaction
                  and will also give
                  such other information about
                  that Termination Event as the
                  other party may reasonably
                  require.

              
	 
	
                (ii) Transfer
                  to Avoid Termination Event. If
                  either an Illegality under Section 5(b)(i)(l) or a Tax
                  Event occurs and there is only one Affected Party, or if a Tax
                  Event Upon Merger occurs and the Burdened Party is the
                  Affected Party, the Affected Party will, as a condition to its
                  right to designate an Early Termination Date under
                  Section 6(b)(iv), use all reasonable efforts (which
                  will not require such party to incur a loss,
                  excluding
                  immaterial, incidental expenses)
                  to transfer within 20 days after it gives notice under
                  Section 6(b)(i) all its rights and obligations under this
                  Agreement in respect of the Affected Transactions
                  to another of its Offices or Affiliates so that
                  such Termination Event
                  ceases to exist.

              
	 
	
                If
                  the Affected Party is not able to make such a transfer it will
                  give notice
                  to the other party to that effect within such
                  20 day period, whereupon the other party may effect such
                  a transfer within
                  30 days after the notice is given under Section
                  6(b)(i).

              
	 
	
                Any
                  such transfer by a party under this Section 6(b)(ii) will be subject
                  to
                  and conditional upon the prior written consent of the
                  other party, which consent will not be withheld if
                  such other party's policies in effect at such time
                  would permit it to enter into transactions with
                  the transferee on the
                  terms proposed.

              
	 
	
                (iii) Two
                  Affected Parties. If
                  an Illegality under Section 5(b)(i)( 1) or
                  a
                  Tax Event occurs and there are two Affected Parties,
                  each party will use
                  all reasonable efforts to reach agreement within 30 days
                  after notice thereof is given under Section 6(b)(i) on action to
                  avoid that Termination Event.

              
	 
	
                (iv) Right to
                  Terminate. If:—

              
	 
	
                (1) a
                  transfer under
                  Section 6(b)(ii) or an agreement
                  under Section 6(b)(iii), as the case may
                  be, has not been effected with respect to all Affected
                  Transactions within 30 days after an
                  Affected Party gives notice under Section 6(b)(i);
                  or

              
	 
	
                (2) an
                  Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger
                  or an Additional Termination Event occurs,
                  or a Tax Event
                  Upon Merger occurs and the Burdened Party is not
                  the Affected Party,

              
	 
	
                either
                  party in the case of an Illegality, the
                  Burdened Party in the
                  case of a Tax Event Upon Merger,
                  any Affected Party in the case of a Tax Event or an Additional
                  Termination Event if there is more
                  than one Affected Party, or the party which is not the Affected
                  Party in the case of a Credit Event
                  Upon Merger or an Additional Termination Event if there is only
                  one Affected Party may, by not more than 20 days
                  notice to
                  the other party and provided that the relevant
                  Termination Event is then

              

      

      

      
        	
                continuing,
                  designate a day not earlier than the day such notice is effective
                  as
                  an Early Termination Date in respect of all Affected
                  Transactions.

              
	 
	
                (c) Effect
                  of Designation.

              
	 
	
                (i) If
                  notice designating an Early Termination Date is given under Section
                  6(a)
                  or (b), the Early Termination Date will occur on the
                  date so designated, whether or not the
                  relevant Event of Default or Termination Event is
                  then continuing.

              
	 
	
                (ii) Upon
                  the occurrence or effective designation of an Early
                  Termination Date, no further
                  payments or deliveries under Section 2(a)(i) or 2(e) in respect
                  of the Terminated Transactions will be required to
                  be made, but without prejudice to the
                  other provisions of this Agreement. The amount,
                  if any, payable in
                  respect of an Early Termination Date shall
                  be
                  determined pursuant to Section 6(e).

              
	 
	
                (d) Calculations.

              
	 
	
                (i) Statement.
                  On
                  or as soon as reasonably practicable following the
                  occurrence of an Early
                  Termination Date, each
                  party will make the calculations on its
                  part, if any, contemplated by Section 6(e)
                  and will provide to the other party a statement (1) showing, in
                  reasonable detail, such calculations (including all relevant
                  quotations and specifying any amount
                  payable under Section 6(e)) and (2) giving
                  details of the
                  relevant account to which any
                  amount payable to it is to be paid. In the
                  absence of written confirmation from the
                  source of a quotation obtained in determining a Market
                  Quotation, the records of
                  the party obtaining such quotation will be conclusive
                  evidence of the existence and accuracy of such
                  quotation.

              
	 
	
                (ii) Payment
                  Date. An
                  amount calculated as being due in respect of any
                  Early Termination Date under Section 6(e) will
                  be payable on the day that notice of the amount payable
                  is effective (in the case of an Early
                  Termination Date which is designated or occurs as a result of
                  an Event of Default) and on the day
                  which is two Local Business Days after the day on
                  which notice of the amount payable is effective (in
                  the
                  case of an Early Termination Date which
                  is
                  designated as a result of a Termination
                  Event). Such amount will be paid together with (to the extent
                  permitted under applicable law)
                  interest thereon (before as well
                  as after judgment) in the Termination Currency, from (and including)
                  the relevant Early Termination Date to (but excluding) the date
                  such amount is paid, at the Applicable Rate. Such
                  interest will be calculated on the basis of daily
                  compounding and the actual
                  number of days elapsed.

              
	 
	
                (e) Payments
                  on Early Termination. If
                  an Early Termination Date
                  occurs, the following provisions shall apply based
                  on the parties' election in the Schedule of a payment measure,
                  either “Market Quotation” or “Loss”, and a
                  payment method, either the “First Method” or the “Second Method”. If the
                  parties fail to designate a payment
                  measure or payment method in the Schedule, it will be
                  deemed that “Market Quotation”
                  or the “Second Method”, as
                  the case may be, shall apply. 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.

              
	 
	
                (i) Events
                  of Default. If
                  the Early Termination Date results from an Event of
                  Default:—

              
	 
	
                (1) First
                  Method and Market Quotation.
                  If
                  the First Method and Market Quotation apply, the
                  Defaulting Party will
                  pay to the Non-defaulting Party the excess, if a positive
                  number, of (A) the
                  sum of the Settlement Amount (determined by the
                  Non-defaulting Party) in respect of the Terminated Transactions and
                  the Termination Currency Equivalent of the Unpaid Amounts owing
                  to the Non-defaulting Party over (B) the Termination Currency
                  Equivalent of the Unpaid Amounts owing to the
                  Defaulting Party.

              
	 
	
                (2) First
                  Method and Loss. If
                  the First Method and Loss apply, the
                  Defaulting Party will pay
                  to the Non-defaulting Party, if a positive number, the
                  Non-defaulting Party's Loss in respect
                  of this Agreement.

              
	 
	
                (3) Second
                  Method and Market Quotation. If
                  the Second Method and Market Quotation apply,
                  an amount will be payable equal to (A) the sum of the Settlement
                  Amount (determined by
                  the 

              
	 
	
                Non-defaulting
                  Party) in
                  respect of the Terminated Transactions and
                  the Termination Currency
                  Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party less (B) the Termination
                  Currency Equivalent of the Unpaid Amounts owing to the
                  Defaulting Party. If that amount is a positive number, the
                  Defaulting Party will pay it to the Non-defaulting Party; if
                  it is a negative
                  number, the Non-defaulting
                  Party will pay the absolute value of that amount to the Defaulting
                  Party.

              
	 
	
                (4) Second
                  Method and Loss.
                  If
                  the Second Method and Loss apply, an
                  amount will be payable
                  equal to the Non-defaulting Party's Loss in respect of this
                  Agreement. If that amount is a
                  positive number, the
                  Defaulting Party will pay it to the Non-defaulting Party;
                  if it is a negative number, the Non-defaulting
                  Party will pay the absolute value of that amount
                  to the Defaulting Party.

              
	 
	
                (ii) Termination
                  Events. If
                  the Early Termination Date results from a Termination
                  Event:—

              
	 
	
                (1) One
                  Affected Party.
                  If
                  there is one Affected Party, the amount payable will be determined
                  in accordance with Section
                  6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss
                  applies, except that,
                  in either case, references to the Defaulting Party and
                  to the Non-defaulting Party will be deemed to be
                  references to the Affected Party and the party
                  which is not the Affected Party, respectively,
                  and, if Loss applies and fewer than all the Transactions are being
                  terminated, Loss shall be calculated in respect of all
                  Terminated Transactions.

              
	 
	
                (2) Two
                  Affected Parties. If
                  there are two Affected Parties:—

              
	 
	
                (A) if
                  Market Quotation applies, each party will determine
                  a Settlement Amount in respect of the Terminated
                  Transactions, and an amount will be payable
                  equal to (I) the sum of (a) one-half of the
                  difference between the Settlement Amount of the party with
                  the higher Settlement Amount (“X”) and the Settlement
                  Amount of the party with the
                  lower Settlement Amount (“Y”) and (b) the Termination
                  Currency Equivalent of the Unpaid Amounts owing
                  to X less (II) the Termination Currency Equivalent of the Unpaid
                  Amounts owing to Y; and

              
	 
	
                (B) if
                  Loss applies, each party will determine its
                  Loss in respect of this Agreement (or,
                  if fewer than all the Transactions are being terminated, in
                  respect of all Terminated Transactions) and an
                  amount will be payable equal to one-half
                  of
                  the difference between the Loss of
                  the party with the higher Loss (“X”) and
                  the Loss of the party with the lower
                  Loss (“Y”).

              
	 
	
                If
                  the amount payable is a positive number, Y will pay it to X; if
                  it is
                  a negative number, X will pay the absolute
                  value of that amount to Y.

              
	 
	
                (iii) Adjustment
                  for Bankruptcy. In
                  circumstances where an Early Termination Date occurs
                  because “Automatic Early Termination” applies in respect of a
                  party, the amount determined under
                  this Section 6(e) will be subject to such adjustments as
                  are appropriate and permitted by law to
                  reflect any payments or
                  deliveries made by one
                  party to the other under this Agreement (and retained
                  by such other party) during the period from the relevant
                  Early Termination Date to the date for
                  payment determined under Section 6(d)(ii).

              
	 
	
                (iv) Pre-Estimate.
                  The
                  parties
                  agree that if Market Quotation
                  applies an amount recoverable under
                  this Section 6(e) is a reasonable pre-estimate of loss and
                  not a penalty. Such amount is payable for
                  the loss of bargain and the loss of protection against
                  future risks and except as otherwise provided
                  in this Agreement neither party will be entitled to recover
                  any additional damages as a consequence
                  of such losses.

              
	 
	
                7. Transfer

              
	 
	
                Subject
                  to Section 6(b)(ii), neither this Agreement nor any interest or
                  obligation
                  in or under this Agreement
                  may be transferred (whether
                  by way of security or otherwise) by either party without
                  the prior written consent
                  of the other party, except that: —

              
	 
	
                (a) a
                  party may make such a transfer of this Agreement pursuant to
                  a consolidation or amalgamation
                  with, or merger with or into, or transfer of all or
                  substantially all its assets to,
                  another entity (but without
                  prejudice to any other right or remedy under this
                  Agreement); and

              
	 
	
                (b) a
                  party may make such a transfer of all or any part of its interest
                  in
                  any amount payable to it from
                  a Defaulting Party under Section 6(e).

              
	 
	
                Any
                  purported transfer that is not in compliance with this Section
                  will be
                  void.

              
	 
	
                8. Contractual
                  Currency

              
	 
	
                (a) Payment
                  in the Contractual Currency. Each
                  payment under this Agreement will be made in the
                  relevant currency specified
                  in this Agreement for that payment (the “Contractual Currency”). To the extent
                  permitted by applicable law, any obligation to make payments
                  under this Agreement in the Contractual
                  Currency will not be discharged or satisfied by any tender in
                  any currency other than the Contractual
                  Currency, except to the
                  extent such tender results in the actual receipt
                  by
                  the party to which payment is owed,
                  acting in a reasonable manner and
                  in good faith in converting the currency
                  so
                  tendered into the Contractual Currency, of the full amount
                  in the Contractual Currency of all amounts
                  payable in respect of this Agreement.
                  If for any reason the amount in the Contractual Currency so
                  received falls short of the amount in the
                  Contractual Currency payable
                  in respect of this Agreement, the party required
                  to
                  make the payment will, to the extent permitted by
                  applicable law, immediately pay such additional amount
                  in the Contractual Currency
                  as may be necessary to
                  compensate for the shortfall. If for any reason
                  the amount in the Contractual Currency
                  so received exceeds the amount
                  in the Contractual Currency payable
                  in
                  respect of this Agreement, the party
                  receiving the payment will refund promptly the amount of such
                  excess.

              
	 
	
                (b) Judgments.
                  To
                  the extent permitted by applicable law, if any judgment or
                  order expressed in a currency other than the
                  Contractual Currency is rendered (i) for the payment
                  of
                  any amount owing in respect
                  of this Agreement, (ii) for the payment of any
                  amount relating to any early
                  termination in respect of this
                  Agreement or (iii) in respect
                  of a judgment or order of another court for the
                  payment of any amount described
                  in (i) or (ii) above, the party seeking recovery, after
                  recovery in full of the aggregate amount to which such
                  party is entitled pursuant to the judgment or order, will
                  be entitled to receive immediately from the other
                  party the amount of any shortfall of the Contractual
                  Currency received by such party as a consequence of
                  sums paid in such other currency and will refund promptly
                  to the other party any excess of the Contractual
                  Currency received by such party as a consequence of sums paid in
                  such other currency if such shortfall or
                  such excess arises or results from any variation between the
                  rate of exchange at which the Contractual
                  Currency is converted into the
                  currency of the judgment or order for
                  the purposes of such judgment or order
                  and the rate of exchange at which such party is able,
                  acting in a reasonable manner and in good faith in
                  converting the currency received
                  into the Contractual Currency, to purchase
                  the Contractual Currency with
                  the amount of the currency of the judgment or order
                  actually received by such party. The term “rate of
                  exchange” includes, without
                  limitation, any premiums and costs
                  of
                  exchange payable in connection with the
                  purchase of or conversion into the Contractual
                  Currency.

              
	 
	
                (c) Separate
                  Indemnities. To
                  the extent permitted by applicable law,
                  these indemnities constitute separate and independent
                  obligations from the other obligations in this Agreement,
                  will be enforceable as separate and independent
                  causes of action, will apply notwithstanding any indulgence
                  granted by the party to which any payment is
                  owed and will not be affected by judgment being obtained or
                  claim or proof being made for any other sums
                  payable in respect of this Agreement.

              
	 
	
                (d) Evidence
                  of Loss. For
                  the purpose of this Section 8, it will be sufficient for
                  a party to demonstrate that it would have
                  suffered a loss had an actual exchange or purchase been
                  made.

              
	 
	
                9. Miscellaneous

              
	 
	
                (a) Entire
                  Agreement. This
                  Agreement constitutes the entire agreement and understanding of the parties
                  with respect to its subject matter and supersedes all oral
                  communication and prior writings with respect
                  thereto.

              
	 
	
                (b) Amendments.
                  No
                  amendment, modification or waiver in respect of this
                  Agreement will be effective unless in writing
                  (including a writing evidenced by a facsimile transmission) and
                  executed
                  by each of the parties or confirmed by an
                  exchange of telexes or electronic messages on an electronic messaging
                  system.

              
	 
	
                (c) Survival
                  of Obligations. Without
                  prejudice to Sections 2(a)(iii) and 6(c)(ii),
                  the obligations of the parties under this
                  Agreement will survive the termination of any
                  Transaction.

              
	 
	
                (d) Remedies
                  Cumulative. Except
                  as provided in this Agreement, the
                  rights, powers, remedies and
                  privileges provided in this Agreement are cumulative and not
                  exclusive of any rights, powers, remedies
                  and privileges provided by law.

              
	 
	
                (e) Counterparts
                  and Confirmations.

              
	 
	
                (i) This
                  Agreement (and each amendment, modification and waiver in respect
                  of it) may be executed and delivered in
                  counterparts (including by facsimile transmission), each
                  of which will be
                  deemed an original.

              
	 
	
                (ii) The
                  parties intend that they are legally
                  bound by the terms of each Transaction
                  from the moment they agree to those terms
                  (whether orally or otherwise).
                  A Confirmation shall be entered into as
                  soon as practicable and may be executed and delivered in
                  counterparts (including by facsimile
                  transmission) or be created by an exchange of telexes or by an
                  exchange of electronic messages on an electronic messaging system,
                  which in
                  each case will be sufficient
                  for all purposes to evidence a binding supplement to
                  this Agreement. The parties will specify therein or
                  through another effective
                  means that any such counterpart, telex or electronic
                  message constitutes a
                  Confirmation.

              
	 
	
                (f) No
                  Waiver of Rights.
                  A
                  failure
                  or delay in exercising any right,
                  power or privilege in respect of this
                  Agreement will not
                  be presumed to operate
                  as
                  a waiver, and a single or partial exercise
                  of any right, power or privilege will not be
                  presumed to preclude any subsequent or further exercise, of that
                  right, power or privilege or the exercise of any other
                  right, power or privilege.

              
	 
	
                (g) Headings.
                  The
                  headings used in this Agreement are for convenience of reference
                  only and are not to affect the construction
                  of or to be taken into consideration in interpreting this
                  Agreement.

              
	 
	
                10. Offices;
                  Multibranch Parties

              
	 
	
                (a) If
                  Section 10(a) is specified in the Schedule as applying, each party
                  that
                  enters into a Transaction through an Office other
                  than its head or home office represents to the other party
                  that, notwithstanding the place of booking office
                  or jurisdiction
                  of incorporation or organisation
                  of
                  such party, the obligations of such party are the same
                  as if it had entered into the Transaction through its head
                  or
                  home office. This representation
                  will be deemed to be repeated by such party on each date on
                  which a Transaction is entered
                  into.

              
	 
	
                (b) Neither
                  party may change the Office through which it makes and
                  receives payments or deliveries
                  for the purpose of a Transaction without the prior written
                  consent of the other party.

              
	 
	
                (c) If
                  a party is specified as a Multibranch Party in the Schedule, such
                  Multibranch Party may make
                  and receive payments or deliveries under
                  any Transaction through any Office listed
                  in
                  the Schedule, and the
                  Office through which it makes and receives payments or
                  deliveries with respect to a Transaction will be
                  specified in the relevant Confirmation.

              
	 
	
                11. Expenses

              
	 
	
                A
                  Defaulting Party will, on demand, indemnify and hold harmless the
                  other
                  party for and against all
                  reasonable out-of-pocket expenses, including legal fees and
                  Stamp Tax, incurred by such other party by
                  reason of the enforcement
                  and protection of its rights under this Agreement or
                  any Credit Support Document 

              
	 
	
                to which the Defaulting
                  Party is a party or by reason of the early
                  termination of any Transaction, including,
                  but not limited to, costs of collection.

              
	 
	
                12. Notices

              
	 
	
                (a) Effectiveness. Any
                  notice or other
                  communication in respect of this Agreement
                  may be given in any manner set forth below
                  (except that a notice or other communication
                  under Section 5 or 6 may not be given
                  by facsimile transmission or electronic messaging system) to the
                  address or number or in accordance with
                  the electronic messaging system details provided (see the
                  Schedule) and will be deemed effective as
                  indicated:—

              
	 
	
                (i) if
                  in writing and delivered in person or by courier, on the date it
                  is
                  delivered;

              
	 
	
                (ii) if
                  sent by telex, on the date the recipient's answerback is
                  received;

              
	 
	
                (iii) if
                  sent by facsimile transmission, on the date that transmission is
                  received by a responsible employee of  the
                  recipient in legible form (it being agreed that the burden of
                  proving receipt will be on the sender and
                  will not be met by a transmission report generated by
                  the sender's facsimile machine);

              
	 
	
                (iv) if
                  sent by certified or registered mail (airmail, if overseas) or
                  the equivalent (return receipt
                  requested), on the date that mail is delivered or its
                  delivery is attempted; or

              
	 
	
                (v) if
                  sent by electronic messaging system, on the date that electronic
                  message
                  is received,

              
	 
	
                unless
                  the
                  date of that delivery (or attempted delivery) or that receipt,
                  as
                  applicable, is not a Local Business
                  Day or that communication
                  is delivered (or attempted)
                  or
                  received, as applicable, after the close of business
                  on a Local Business Day,
                  in which case that communication
                  shall be deemed given and effective on the first
                  following day that is a Local Business
                  Day.

              
	 
	
                (b) Change
                  of Addresses.
                  Either
                  party may by notice to the other change the
                  address, telex or facsimile
                  number or electronic messaging
                  system details at which notices
                  or
                  other communications are to be given to 
                  it.

                

              
	
                 

              
	
                13. Governing
                  Law and Jurisdiction

              
	 
	
                (a) Governing
                  Law. This
                  Agreement will be governed by and construed
                  in accordance with the law
                  specified in the Schedule.

              
	 
	
                (b) Jurisdiction.
                  With
                  respect to any suit, action or
                  proceedings relating to this Agreement
                  (“Proceedings”), each party irrevocably:—

              
	 
	
                (i) submits
                  to the jurisdiction
                  of the English courts, if this Agreement
                  is expressed to be governed
                  by English law, or to the non-exclusive jurisdiction of the
                  courts of the State of New York and the
                  United States District Court located in the Borough of Manhattan
                  in New York City, if this
                  Agreement is expressed to be governed by the laws of the
                  State of New York; and

              
	 
	
                (ii) waives
                  any objection which it may have at any time to the laying
                  of venue of any Proceedings
                  brought in any such court, waives any claim that such
                  Proceedings have been brought in an
                  inconvenient forum and further waives the right to object,
                  with respect to such Proceedings, that
                  such court does not have any jurisdiction over such
                  party.

              
	 
	
                Nothing
                  in this Agreement precludes either party from bringing Proceedings
                  in any other jurisdiction
                  (outside, if this Agreement is expressed to be
                  governed by English law, the Contracting States, as defined
                  in Section 1(3) of
                  the Civil Jurisdiction and Judgments Act 1982 or
                  any modification, extension or
                  reenactment thereof for the time being in force) nor will
                  the bringing of Proceedings in any one or more
                  jurisdictions preclude the bringing of Proceedings in any
                  other jurisdiction.

              
	 
	
                (c) Service
                  of Process. Each
                  party
                  irrevocably appoints the Process Agent
                  (if any) specified opposite
                  its name in the Schedule
                  to receive, for it and on its behalf, service of process
                  in
                  any Proceedings. If for any

              
	 
	
                reason
                  any party's Process Agent is unable to act as such, such party
                  will
                  promptly notify the other party
                  and within 30 days appoint a substitute process agent
                  acceptable to the other party. The parties irrevocably
                  consent to service of process given in the manner provided
                  for notices in Section 12. Nothing in this
                  Agreement will affect the right of either party to serve
                  process in any other manner permitted by law.

              
	 
	
                (d) Waiver
                  of Immunities. Each
                  party irrevocably waives, to the fullest
                  extent permitted by applicable
                  law, with respect to itself
                  and its
                  revenues and assets (irrespective of their use or
                  intended use), all immunity
                  on the grounds of sovereignty
                  or other similar grounds from
                  (i) suit, (ii) jurisdiction of any court, (iii) relief
                  by way of injunction, order
                  for specific performance or for recovery of property,
                  (iv) attachment of its assets
                  (whether before or after judgment) and (v) execution or
                  enforcement of any judgment to which it or its
                  revenues or assets might otherwise be entitled in any
                  Proceedings in the courts of any jurisdiction and
                  irrevocably agrees, to the extent permitted
                  by applicable law, that it will
                  not claim any such immunity in any
                  Proceedings.

              
	 
	
                14. Definitions

              
	 
	
                As
                  used in this Agreement:—

              
	 
	
                “Additional
                  Termination Event” has
                  the meaning specified in Section 5(b).

              
	 
	
                “Affected
                  Party” has
                  the meaning specified in Section 5(b).

              
	 
	
                “Affected
                  Transactions” means
                  (a) with respect to any Termination Event
                  consisting of an Illegality, Tax
                  Event or Tax Event Upon Merger, all Transactions
                  affected by the occurrence of such Termination Event
                  and (b) with respect to any other Termination Event,
                  all Transactions.

              
	 
	
                “Affiliate”
                  means,
                  subject to the Schedule, in relation to any person, any
                  entity controlled, directly or
                  indirectly, by the person, any entity that controls,
                  directly or indirectly, the person or
                  any entity directly or indirectly under common
                  control with the person. For this
                  purpose, “control” of any entity or person means
                  ownership of a majority of the voting power of the entity
                  or person.

              
	 
	
                “Applicable
                  Rate” means:—

              
	 
	
                (a) in
                  respect of obligations payable or deliverable (or which would have
                  been
                  but for Section 2(a)(iii))
                  by a Defaulting Party, the Default
                  Rate;

              
	 
	
                (b) in
                  respect of an obligation
                  to pay an amount under Section 6(e) of
                  either party from and after the date
                  (determined in accordance with Section 6(d)(ii)) on which
                  that amount is payable, the Default Rate;

              
	 
	
                (c) in
                  respect of
                  all other obligations payable or deliverable
                  (or which would have been but for
                  Section 2(a)(iii)) by a Non-defaulting Party, the
                  Non-default Rate; and

              
	 
	
                (d) in
                  all other cases, the Termination Rate.

              
	 
	
                “Burdened
                  Party” has
                  the meaning specified in Section 5(b).

              
	 
	
                “Change
                  in Tax Law” means
                  the enactment,
                  promulgation, execution or ratification of,
                  or any change in or
                  amendment to, any law (or
                  in the application or official interpretation
                  of
                  any law) that occurs on or after the
                  date on which the relevant Transaction is entered
                  into.

              
	 
	
                “consent”
                  includes
                  a consent, approval, action, authorisation, exemption,
                  notice, filing, registration or
                  exchange control consent.

              
	 
	
                “Credit
                  Event Upon Merger” has
                  the meaning specified in Section 5(b).

              
	 
	
                “Credit
                  Support Document” means
                  any
                  agreement or instrument that is specified as such
                  in
                  this Agreement.

              
	 
	
                “Credit
                  Support Provider” has
                  the meaning specified in the Schedule.

              
	 
	
                “Default
                  Rate” means
                  a rate per annum equal to the cost (without proof or evidence of
                  any actual cost) to the relevant payee (as
                  certified by it) if it were to fund or of funding the relevant
                  amount plus
                  1% per
                  annum.

              
	 
	
                “Defaulting
                  Party” has
                  the meaning specified in Section 6(a).

              
	 
	
                “Early
                  Termination Date” means
                  the date determined in accordance with Section 6(a) or
                  6(b)(iv).

              
	 
	
                “Event
                  of Default” has
                  the meaning specified in Section 5(a) and,
                  if applicable, in the Schedule.

              
	 
	
                “Illegality”
                  has
                  the meaning specified in Section 5(b).

              
	 
	
                “Indemnifiable
                  Tax” means
                  any Tax other than a Tax that would not be imposed
                  in respect of a payment
                  under this Agreement but for a present or former connection
                  between the jurisdiction of the government or
                  taxation authority imposing
                  such Tax and the recipient of such payment or a person
                  related to such recipient
                  (including, without limitation, a connection arising from such
                  recipient or related person being or having
                  been a citizen or resident of such jurisdiction, or
                  being or having been organised,
                  present or engaged in a
                  trade or business in such jurisdiction, or having or having
                  had a permanent establishment or fixed place of
                  business in such jurisdiction,
                  but excluding a connection arising solely from such
                  recipient or related person
                  having executed, delivered, performed its obligations or
                  received a payment under, or enforced, this
                  Agreement or a Credit Support Document).

              
	 
	
                “law” includes
                  any treaty, law, rule
                  or regulation (as modified, in the case of tax matters,
                  by the practice of
                  any relevant governmental revenue authority) and
                  “lawful”
                  and
                  “unlawful”
                  will
                  be construed
                  accordingly.

              
	 
	
                “Local
                  Business Day” means,
                  subject to the Schedule, a day on which commercial
                  banks are open for business (including dealings
                  in foreign exchange and foreign currency deposits) (a)
                  in relation to any
                  obligation under Section 2(a)(i), in
                  the place(s) specified in the relevant Confirmation
                  or, if not so specified,
                  as otherwise agreed by
                  the parties in writing or determined pursuant
                  to
                  provisions contained, or incorporated
                  by reference, in this Agreement, (b) in relation
                  to any other payment, in the place where the relevant account
                  is located and, if different, in the principal
                  financial centre, if any, of the currency of
                  such payment, (c) in relation to any notice
                  or other communication, including notice contemplated under
                  Section 5(a)(i), in the
                  city specified in the address for notice provided by
                  the recipient and, in the case of a notice contemplated
                  by Section 2(b), in the place where the relevant
                  new account is to
                  be located and (d) in relation to
                  Section 5(a)(v)(2), in the
                  relevant locations for performance with respect to such Specified
                  Transaction.

              
	 
	
                “Loss”
                  means,
                  with respect to this Agreement or one or more Terminated Transactions,
                  as
                  the case may be, and
                  a party, the Termination Currency Equivalent of an amount
                  that party reasonably determines in good faith to be
                  its total losses and
                  costs (or
                  gain, in which case expressed
                  as
                  a negative number) in connection with this Agreement
                  or that Terminated Transaction
                  or group of Terminated Transactions, as the case may
                  be, including any loss of
                  bargain, cost of funding or, at the election of such
                  party but without duplication, loss or
                  cost incurred as a result
                  of its terminating, liquidating, obtaining or
                  reestablishing any hedge or related
                  trading position (or any gain
                  resulting from any of them). Loss includes losses and
                  costs
                  (or gains) in respect of any payment or delivery
                  required to have been made
                  (assuming satisfaction of each applicable
                  condition precedent) on or before the relevant Early Termination Date
                  and not made, except, so as to avoid duplication, if
                  Section 6(e)(i)(1) or (3) or
                  6(e)(ii)(2)(A) applies. Loss
                  does not include a party's legal fees and out-of-pocket expenses referred to under
                  Section
                  11. A party will determine its Loss as of the relevant
                  Early Termination Date, or, if that is not reasonably
                  practicable, as of the earliest date thereafter as is
                  reasonably practicable. A party may (but need not) determine
                  its Loss by reference to
                  quotations of relevant rates or prices from
                  one or more leading dealers in the relevant
                  markets.

              
	 
	
                “Market
                  Quotation” means,
                  with respect to one or more Terminated Transactions and
                  a party making the
                  determination, an amount determined on the basis of
                  quotations from Reference Market-makers. Each
                  quotation will be for an amount, if any, that would be paid
                  to such party (expressed as a negative number)
                  or by such party (expressed
                  as a positive number) in consideration of an
                  agreement between such party (taking
                  into account any existing Credit Support Document with
                  respect to the obligations of such party) and the
                  quoting Reference Market-maker to enter into a transaction (the
                  “Replacement Transaction”) that would
                  have the effect of preserving for such party 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. For
                  this purpose, Unpaid Amounts in respect of the Terminated Transaction or
                  group of Terminated 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. The Replacement
                  Transaction would be subject
                  to such documentation as such party and the Reference Market-maker may, in
                  good faith, agree. The
                  party making the determination (or its
                  agent) will request each Reference
                  Market maker to provide its quotation to the extent
                  reasonably practicable as of the same day and time
                  (without regard to different time zones) on or as soon as
                  reasonably practicable after the relevant Early
                  Termination Date. The day and
                  time as of which those quotations are to be obtained
                  will be selected in good
                  faith by the party obliged to
                  make a determination under Section 6(e), and,
                  if each party is so obliged, after
                  consultation with the other. If more than three quotations
                  are provided, the Market Quotation will be the
                  arithmetic mean of the quotations, without
                  regard to the quotations having the highest
                  and lowest values. If
                  exactly three such quotations are provided, the Market
                  Quotation will be the quotation remaining after
                  disregarding the highest and lowest quotations. For this
                  purpose, if more than one quotation has the same
                  highest value or lowest
                  value, then one of such quotations shall be disregarded.
                  If fewer than three quotations are provided, it will
                  be deemed that the Market Quotation in respect
                  of
                  such Terminated Transaction or group
                  of Terminated Transactions cannot be
                  determined.

              
	 
	
                “Non-default
                  Rate” means
                  a rate
                  per annum equal to the cost (without proof or evidence of any actual cost)
                  to the Non-defaulting Party (as certified by it) if it were
                  to fund the relevant amount.

              
	 
	
                “Non-defaulting
                  Party” has
                  the meaning specified in Section 6(a).

              
	 
	
                “Office”
                  means
                  a branch or office of a party, which may be such party's head or
                  home
                  office.

              
	 
	
                “Potential
                  Event of Default” means
                  any
                  event which, with the giving of notice or
                  the lapse of time or both,
                  would constitute an Event of Default.

              
	 
	
                “Reference
                  Market-makers” means
                  four leading dealers in the relevant
                  market selected by the party
                  determining a Market Quotation in good faith (a) from among
                  dealers of the highest credit standing which
                  satisfy all the criteria that such party applies generally
                  at the time in deciding whether to offer or to make
                  an extension of credit and
                  (b) to the extent practicable, from among such dealers
                  having an office in the same city.

              
	 
	
                “Relevant
                  Jurisdiction” means,
                  with respect to a party, the jurisdictions (a) in
                  which the party is incorporated, organised, managed
                  and controlled or considered to have
                  its seat, (b) where an Office through
                  which the party is acting for purposes of this Agreement is
                  located, (c) in which the party executes this
                  Agreement and (d) in relation to any payment, from or
                  through which such payment is
                  made.

              
	 
	
                “Scheduled
                  Payment Date” means
                  a date on which a payment or delivery is to be
                  made under Section 2(a)(i)
                  with respect to a Transaction.

              
	 
	
                “Set-off”
                  means
                  set-off, offset, combination of accounts, right of retention or
                  withholding or similar right
                  or requirement to which
                  the payer of an amount
                  under Section 6 is entitled
                  or
                  subject (whether arising under
                  this Agreement, another contract, applicable law or
                  otherwise) that is exercised by, or imposed on, such
                  payer.

              
	 
	
                “Settlement
                  Amount” means,
                  with respect to a party and any Early Termination Date, the sum
                  of:—

              
	 
	
                (a) the
                  Termination Currency
                  Equivalent of the Market Quotations (whether
                  positive or negative) for each
                  Terminated Transaction or group
                  of Terminated Transactions for which
                  a
                  Market Quotation is determined; 
                  and

                

              
	
                 

              
	
                (b) such
                  party's Loss (whether positive or negative and without reference
                  to any Unpaid Amounts) for
                  each Terminated Transaction or
                  group of Terminated Transactions for which a Market Quotation cannot be
                  determined or would not (in the reasonable belief of the
                  party making the determination) produce a
                  commercially reasonable result.

              
	 
	
                “Specified
                  Entity” has
                  the meaning specified in the Schedule.

              
	 
	
                “Specified
                  Indebtedness” means,
                  subject to the Schedule, any obligation
                  (whether present or future,
                  contingent or otherwise, as principal or surety or
                  otherwise) in respect of borrowed money.

              
	 
	
                “Specified
                  Transaction” means,
                  subject
                  to the Schedule, (a) any transaction (including
                  an agreement with respect
                  thereto) now existing or hereafter
                  entered into between one party to this
                  Agreement (or any Credit Support Provider of such party or any
                  applicable Specified Entity of such party) and the other
                  party to this Agreement (or
                  any Credit Support Provider of
                  such
                  other party or
                  any applicable Specified Entity of
                  such other party) which is
                  a rate swap transaction, basis swap, forward rate
                  transaction, commodity
                  swap, commodity option, equity or
                  equity index swap, equity or equity index option, bond
                  option, interest rate option, foreign exchange transaction,
                  cap transaction, floor transaction, collar
                  transaction, currency swap
                  transaction, cross-currency rate swap
                  transaction, currency option or any other similar
                  transaction (including any option
                  with respect to any of these
                  transactions), (b) any combination of these
                  transactions and (c) any other
                  transaction identified as a Specified
                  Transaction in  this Agreement or the
                  relevant
                  confirmation.

              
	 
	
                “Stamp
                  Tax” means
                  any stamp, registration, documentation or similar tax.

              
	 
	
                “Tax”
                  means
                  any present
                  or future tax, levy, impost, duty, charge,
                  assessment or fee of any nature (including
                  interest, penalties and additions thereto) that is imposed
                  by any government or other taxing authority in
                  respect of any payment under this Agreement
                  other than a stamp, registration, documentation
                  or
                  similar tax.

              
	 
	
                “Tax
                  Event” has
                  the meaning specified in Section 5(b).

              
	 
	
                “Tax
                  Event Upon Merger” has
                  the meaning specified in Section 5(b).

              
	 
	
                “Terminated
                  Transactions” means
                  with respect to any Early Termination Date
                  (a) if resulting from a Termination Event, all Affected Transactions
                  and (b) if resulting from
                  an
                  Event of Default, all Transactions
                  (in either case) in effect immediately
                  before the effectiveness of the notice designating that Early Termination
                  Date (or, if “Automatic Early Termination”
                  applies, immediately before that Early Termination
                  Date).

              
	 
	
                “Termination
                  Currency” has
                  the meaning specified in the Schedule.

              
	 
	
                “Termination
                  Currency Equivalent” means,
                  in respect of any
                  amount denominated in the Termination
                  Currency, such Termination Currency
                  amount and, in respect of any amount denominated in a currency other
                  than the Termination Currency
                  (the “Other Currency”), the amount in
                  the Termination Currency determined
                  by the party making the relevant determination as
                  being required to purchase such amount of such Other
                  Currency as at the relevant Early
                  Termination Date, or, if the relevant Market Quotation or Loss (as the case
                  may be), is determined as of a
                  later date, that later date, with the
                  Termination Currency at the rate equal to
                  the spot exchange rate of the foreign exchange agent
                  (selected as provided below) for the purchase of such
                  Other Currency with the Termination Currency at or about 11:00
                  a.m. (in the city in which such foreign
                  exchange agent is located) on such date as would be
                  customary for the determination of such a rate for the
                  purchase of such Other Currency for value on the
                  relevant Early Termination Date
                  or that later date. The
                  foreign exchange agent will, if only one party is obliged
                  to make a determination under Section 6(e), be
                  selected in good faith by that party and
                  otherwise will be agreed by the parties.

              
	 
	
                “Termination
                  Event” means
                  an Illegality, a Tax Event or a Tax Event Upon Merger or,
                  if specified to be
                  applicable, a Credit Event Upon Merger or an Additional
                  Termination Event.

              
	 
	
                “Termination
                  Rate” means
                  a rate per annum equal to the arithmetic mean of
                  the cost (without proof or
                  evidence of any actual cost) to each party (as
                  certified by such party) if it were to
                  fund or of funding such amounts.

              
	 
	
                “Unpaid
                  Amounts” owing
                  to any
                  party means, with respect to an Early Termination
                  Date, the aggregate of
                  (a) in respect of all Terminated
                  Transactions, the amounts
                  that became payable (or that would have become
                  payable but for Section 2(a)(iii)) to such party under
                  Section 2(a)(i) on or prior to such Early Termination
                  Date and which remain unpaid as at such Early
                  Termination Date and (b) in respect of each Terminated
                  Transaction, for each obligation
                  under Section 2(a)(i) which was (or
                  would have been but for
                  Section 2(a) (iii)) required
                  to be settled by delivery to such party on or prior to such Early Termination Date
                  and which has not been so settled as at such Early
                  Termination Date, an amount equal to the fair market 

              
	 
	
                value
                  of that which was (or would have been) required to be delivered
                  as of
                  the originally scheduled date
                  for delivery, in each case
                  together with (to the extent permitted
                  under applicable law) interest, in the currency
                  of such amounts, from
                  (and including) the date such amounts or
                  obligations were or would have been required
                  to have been paid or
                  performed to (but excluding) such Early
                  Termination Date, at the Applicable Rate. Such
                  amounts of interest will be calculated on the basis of
                  daily compounding and the actual number of days
                  elapsed. The fair market value of any obligation referred to in
                  clause (b) above shall be reasonably
                  determined by the party
                  obliged to make the determination
                  under Section 6(e) or, if each party is so obliged,
                  it shall be the average of the Termination Currency
                  Equivalents of the fair market values reasonably
                  determined by both parties.

              
	 
	
                IN
                  WITNESS WHEREOF the parties have executed this document on the
                  respective dates specified below with effect from
                  the date specified on the first page of this
                  document.

              

      

      

      

      
        	
                THE
                  ROYAL BANK OF SCOTLAND PLC

                By:
                  Greenwich Capital Markets, Inc., its agent

              	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY, BUT
                  SOLELY AS
                  TRUSTEE FOR THE SUPPLEMENTAL INTEREST TRUST WITH RESPECT TO SOUNDVIEW
                  HOME
                  LOAN TRUST 2006-OPT5

              

      

       

       

      
        	By: 	 	 	By:	 
	
                Name: 

              	 	 	
                Name: 

              	 
	Date:	 	 	Date:	 

      

      
 

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (Multicurrency
        - Cross Border)

      

      

      ISDA®

      International
        Swaps and Derivatives Association, Inc.

      

      

      SCHEDULE
        

      to
        the 

      Master
        Agreement

      

      

      dated
        as
        of June 19, 2006

      

      between

      

      

      
        	
                THE
                  ROYAL BANK OF SCOTLAND PLC

              	
                 

                 

                and

              	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, NOT INDIVIDUALLY, BUT SOLELY AS TRUSTEE
                  FOR
                  THE SUPPLEMENTAL INTEREST TRUST WITH RESPECT TO SOUNDVIEW HOME
                  LOAN TRUST
                  2006-OPT5

              
	 	 	 
	
                _______________________________________

                ("Party
                  A")

              	 	
                _________________________________________

                ("Party
                  B")

              

      

      

      

      Part
        1

       

      Termination
        Provisions.

       

      (a) "Specified
        Entity"
        means in
        relation to Party A for the purpose of:

       

      
        	
                Section
                  5(a)(v),

              	
                Not
                  Applicable

              
	
                Section
                  5(a)(vi),

              	
                Not
                  Applicable

              
	
                Section
                  5(a)(vii),

              	
                Not
                  Applicable

              
	
                Section
                  5(b)(iv),

              	
                Not
                  Applicable

              

      

       

      and
        in
        relation to Party B for the purpose of:

       

      
        	
                Section
                  5(a)(v),

              	
                Not
                  Applicable

              
	
                Section
                  5(a)(vi),

              	
                Not
                  Applicable

              
	
                Section
                  5(a)(vii),

              	
                Not
                  Applicable

              
	
                Section
                  5(b)(iv),

              	
                Not
                  Applicable

              

      

       

      (b) "Specified
        Transaction"
        will
        have the meaning specified in Section 14 of this Agreement.

       

      (c) Certain
        Events of Default.
        The
        following Events of Default will apply to the parties as specified below,
        and
        the definition of "Event of Default" in Section 14 is deemed to be modified
        accordingly:

       

      Section
        5(a)(i) (Failure
        to Pay or Deliver)
        will
        apply to Party A and Party B; provided, however, that the reference to “third
        Local Business Day” shall be amended to be “second Local Business Day”.

      Section
        5(a)(ii) (Breach
        of Agreement)
        will
        not apply to Party A or Party B.

      Section
        5(a)(iii) (Credit
        Support Default)
        will
        apply to Party A and will not apply to Party B. 

      Section
        5(a)(iv) (Misrepresentation)
        will
        not apply to Party A or Party B. 

      Section
        5(a)(v) (Default
        under Specified Transaction)
        will
        not apply to Party A or Party B.

      Section
        5(a)(vi) (Cross
        Default)
        will
        not apply to Party A or Party B.

      Section
        5(a)(vii) (Bankruptcy)
        will
        apply to Party A and Party B; provided
        that
        clause (2) thereof shall not apply to Party B so long as the occurrence of
        the
        events described therein are due solely to the application of the priority
        of
        payments in the Pooling and Servicing Agreement.

      Section
        5(a)(viii) (Merger
        without Assumption)
        will
        apply to Party A and will not apply to Party B.

       

      (d) Termination
        Events.
        The
        following Termination Events will apply to the parties as specified
        below:

       

      Section
        5(b)(i) (Illegality)
        will
        apply to Party A and Party B.

      Section
        5(b)(ii) (Tax
        Event)
        will
        apply to Party A and Party B.

      Section
        5(b)(iii) (Tax
        Event upon Merger)
        will
        apply to Party A and will not apply to Party B; provided for clarification
        that
        Party B may be a Burdened Party for purpose of this provision.

      Section
        5(b)(iv) (Credit
        Event upon Merger)
        will
        not apply to Party A or Party B.

      

      (e) The
        "Automatic
        Early Termination"
        provision of Section 6(a) of this Agreement 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.

              

      

       

      
        	 	
                (ii)

              	
                The
                  Second Method will apply.

              

      

       

      (g) "Termination
        Currency"
        means
        United States Dollars.

       

      (h) Additional
        Termination Events.
        The
        following Additional Termination Events will apply, in each case with respect
        to
        Party B as the sole Affected Party (unless otherwise provided
        below): 

       

      
        	 	
                (i)

              	
                Party
                  A fails to comply with the Downgrade Provisions as set forth in
                  Part 5(b).
                  For all purposes of this Agreement, Party A shall be the sole Affected
                  Party with respect to the occurrence of a Termination Event described
                  in
                  this Part 1(h)(i).

              

      

       

      
        	 	
                (ii)

              	
                The
                  Trust Fund (as defined in the Pooling
                  and Servicing Agreement, dated as of June 1, 2006, among Financial
                  Asset
                  Securities Corp., as Depositor, Option One Mortgage Corporation,
                  as
                  Servicer, and Deutsche Bank National Trust Company, as Trustee
                  (the
                  Pooling
                  and Servicing Agreement))
                  is terminated pursuant to the Pooling and Servicing
                  Agreement.

              

      

       

      
        	 	
                (iii)

              	
                The
                  Pooling and Servicing Agreement is amended or modified without
                  the prior
                  written consent of Party A, where such consent is required under
                  the terms
                  of the Pooling and Servicing
                  Agreement.

              

      

       

      
        	 	
                (iv)

              	
                Notice
                  of the Terminator’s intention to exercise its option to purchase the
                  Mortgage Loans pursuant to Section 10.01 of the Pooling and Servicing
                  Agreement is given by the Trustee to Certificateholders pursuant
                  to
                  Section 10.01 of the Pooling and Servicing Agreement. Notwithstanding
                  the
                  provisions of section 6(b)(iv) of this Agreement, either Party
                  A or Party
                  B may designate an Early Termination Date in respect of this Additional
                  Termination Event.

              

      

       

      
        	 	
                (v)

              	
                If
                  (i) the Depositor still has a reporting obligation with respect to
                  the Transaction hereunder pursuant to Regulation AB and (ii) Party A
                  has not, within 5 Business Days (without giving effect to any grace
                  period
                  otherwise provided herein or otherwise) after a Swap Disclosure
                  Event
                  complied with any of the provisions set forth in Part 5(o)(ii)
                  below, 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.

              

      

       

      Part
        2

       

      Tax
        Representations.

       

      (a) Payer
        Representations.
        For the
        purpose of Section 3(e) of this Agreement, Party A will make the following
        representation and Party B will make the following representation:

       

      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 (i) 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) of this Agreement by reason of material prejudice to its legal
        or
        commercial position.

       

      (b) Payee
        Representations.
        For the
        purpose of Section 3(f) of this Agreement, Party A and Party B make the
        representations specified below, if any:

       

      
        	(i)  	
                Party
                  A represents that:

              

      

      

      (a)
        It is
        a tax resident of the United Kingdom.

      

      (b)
        It is
        a “foreign person” within the meaning of the U.S. Treasury Regulations
        concerning information reporting and backup withholding tax (as in effect
        January 1, 2001), unless Party A provides written notice to Party B that
        it is
        no longer a foreign person.

      

      (c)
        In
        respect of each Transaction it enters into through an office or discretionary
        agent in the United States or which otherwise is allocated (in whole or in
        part)
        for United States federal income tax purposes to such United States trade
        or
        business, each payment received or to be received by it under such Transaction
        (or portion thereof, if applicable) will be effectively connected with its
        conduct of a trade or business in the United States; and 

      

      (d)
        In
        respect of all other Transactions or portions thereof, no such payment received
        or to be received by it in connection with this Agreement is attributable
        to a
        trade or business carried on by it through a permanent establishment in the
        United States.

      

      
        	(ii)  	
                Party
                  B represents
                  that it is the Trustee for the Supplemental Interest
                  Trust.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Part
        3

       

      Agreement
        to Deliver Documents.

       

      For
        the
        purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees
        to
        deliver the following documents, as applicable:

       

      (a) 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 and Party B

              	
                Any
                  form or document required or reasonably requested to allow the
                  other party
                  to make payments under the Agreement without any deduction or withholding
                  for or on account of any Tax, or with such deduction or withholding
                  at a
                  reduced rate.

              	
                Promptly
                  upon reasonable demand by the other
                  party.

              

      

      

       

      (b)
        Other
        documents to be delivered are:

       

      

      
        	
                Party
                  required to deliver document

              	
                Form/Document/Certificate

              	
                Date
                  by which to be delivered

              	
                Covered
                  by Section 3(d)
                  Representation

              
	
                Party
                  B

              	
                Certified
                  copy of the Board of Directors resolution (or equivalent authorizing
                  documentation) which sets forth the authority of each signatory
                  to this
                  Agreement and each Credit Support Document (if any) signing on
                  its behalf
                  and the authority of such party to enter into Transactions contemplated
                  and performance of its obligations hereunder.

              	
                Concurrently
                  with the execution and delivery of this Agreement.

              	
                Yes

              
	
                Party
                  A and Party B

              	
                Incumbency
                  Certificate (or, if available the current authorized signature
                  book or
                  equivalent authorizing documentation) specifying the names, titles,
                  authority and specimen signatures of the persons authorized to
                  execute
                  this Agreement which sets forth the specimen signatures of each
                  signatory
                  to this Agreement, each Confirmation and each Credit Support Document
                  (if
                  any) signing on its behalf.

              	
                Concurrently
                  with the execution and delivery of this Agreement unless previously
                  delivered and still in full force and effect.

              	
                Yes

              
	
                Party
                  B

              	
                An
                  executed copy of the Pooling and Servicing Agreement.

              	
                Within
                  30 days after the date of this Agreement.

              	
                No

              
	
                Party
                  A

              	
                Opinions
                  of counsel of Party A reasonably satisfactory to Party B.

              	
                Concurrently
                  with the execution and delivery of the Confirmation.

              	
                No

              
	
                Party
                  B

              	
                Opinions
                  of counsel of Party B reasonably satisfactory to Party A.

              	
                Concurrently
                  with the execution and delivery of the Confirmation.

              	
                No

              

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Part
        4.

       

      Miscellaneous.

       

      (a) Addresses
        for Notices.
        For the
        purposes of Section 12(a) of this Agreement: 

       

      Party
        A:

       

       

      Addresses
        for notices to Party A under Sections 5 or 6 (other than notices under Section
        5(a)(i)) shall be sent to:

      

      The
        Royal
        Bank of Scotland plc

      c/o
        RBS
        Financial Markets

      Level
        7,
        135 Bishopsgate

      London
        EC2M 3UR

      Attn:
        Head of Legal, Financial Markets 

      Tel:
        44
        207 085 5000

      Fax:
        44
        207 085 8411

      

      Copy
        To: 

      

      Greenwich
        Capital Markets, Inc.

      600
        Steamboat Road

      Greenwich,
        CT 06830

      Attn:
        Legal Department - Derivatives Documentation

      Tel.:
        203-618-2531/32

      Fax:
        203-618-2533/34

      

      All
        other
        notices to Party A shall be sent directly to the Office through which Party
        A is
        acting for the relevant Transaction, using the address and contact particulars
        specified in the Confirmation of that Transaction or otherwise
        notified.

      

      Deutsche
        Bank National Trust Company

      1761
        East
        Saint Andrew Place

      Santa
        Ana, CA 92705

      Tel:
        (714) 247-6248

      Fax:
        (714) 244-6478

      Attention: Trust
        Administration - GC0605

      

      (b) Process
        Agent. For
        the
        purposes of Section 13(c) of this Agreement:

       

      Party
        A
        appoints as its Process Agent: Not Applicable.

       

      Party
        B
        appoints as its Process Agent: Not Applicable.

       

      (c) Offices.
        With
        respect to Party A, 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 a Multibranch Party and may act through its New York and London offices;
        and

      Party
        B
        is not a Multibranch Party.

       

      (e) Calculation
        Agent.
        The
        Calculation Agent is Party A.

       

      (f) Credit
        Support Document.
        In
        relation to Party A, initially none; provided, however, if required pursuant
        to
        Part 5(b) hereof, any guarantee or credit support annex or similar document
        required in connection with Part 5(b) hereof; and in relation to Party B,
        the
        Pooling and Servicing Agreement. 

       

      (g) Credit
        Support Provider.

       

      Credit
        Support Provider means in relation to Party A: Initially none; provided,
        however, if required pursuant to Part 5(b) hereof, any guarantor.

       

      Credit
        Support Provider means in relation to Party B: Not Applicable

       

      (h) Governing
        Law.
        This
        Agreement will be governed by and construed in accordance with the laws of
        the
        State of New York (without reference to choice of law doctrine other than
        New
        York General Obligations Law Sections 5-1401 and 5-1402).

       

      (i) Netting
        of Payments.
        Subparagraph (ii) of Section 2(c) of this Agreement will apply to all
        Transactions (in each case starting from the date of this
        Agreement).

       

      (j) "Affiliate."
        Party B
        shall be deemed to have no Affiliates, including for purposes of Section
        6(b)(ii).

       

      (k) 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 “.” at the end of such provision, and (iii) deleting the final
        paragraph thereof.

       

      (l) Waiver
        of Jury Trial.
        Each
        party waives, to the fullest extent permitted by applicable law, any right
        it
        may have to a trial by jury in respect of any suit, action or proceeding
        relating to this Agreement or any Credit Support Document. Each party certifies
        (i) that no representative, agent or attorney of the other party or any Credit
        Support Provider has represented, expressly or otherwise, that such other
        party
        would not, in the event of such a suit, action or proceeding, seek to enforce
        the foregoing waiver and (ii) acknowledges that it and the other party have
        been
        induced to enter into this Agreement and provide for any Credit Support
        Document, as applicable, by, among other things, the mutual waivers and
        certifications in this Section.

       

      (m) Consent
        to Recording.
        Each
        party (i) consents to the recording of the telephone conversations of trading
        and marketing personnel of the parties and their Affiliates in connection
        with
        this Agreement or any potential transaction and (ii) if applicable, agrees
        to
        obtain any necessary consent of, and give notice of such recording to, such
        personnel of it and its Affiliates. 

       

      (n) 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 illegal, invalid
        or
        unenforceable (in whole or in part) for any reason, the remaining terms,
        provisions, covenants and conditions hereof shall continue in full force
        and
        effect as if this Agreement had been executed with the illegal, 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 to this Agreement.

       

      The
        parties shall endeavor to engage in good faith negotiations to replace any
        illegal, 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 illegal, invalid or
        unenforceable term, provision, covenant or condition.

       

      Part
        5.

       

      Other
        Provisions.

       

      (a) Definitions. 

       

      This
        Agreement, including each Confirmation and each Swap Transaction, is subject
        to
        the 2000 ISDA Definitions, as amended, supplemented, updated, and superseded
        from time to time (the "Definitions"), as published by the International
        Swaps
        and Derivatives Association, Inc. ("ISDA") and will be governed in all respects
        by the Definitions (except that references to "Swap Transactions" shall be
        deemed to be references to "Transactions"). The Definitions are incorporated
        by
        reference in, and made part of, this Agreement and each Confirmation as if
        set
        forth in full in this Agreement and such Confirmations. In the event of any
        inconsistency between the provisions of this Agreement and the Definitions,
        this
        Agreement will prevail (and, in the event of any inconsistency between any
        Confirmation and the Definitions, the Confirmation will control). Any reference
        in a Confirmation to any Definitions which are amended or supplemented in
        this
        Schedule shall be deemed to be a reference to such Definitions as so amended
        or
        supplemented, unless the Confirmation states, by specific reference to any
        such
        amendment or supplement, that such amendment or supplement will not apply
        in
        respect of the Transaction to which such Confirmation relates. Any capitalized
        terms used but not otherwise defined in this Agreement shall have the meanings
        assigned to them (or incorporated by reference) in the Pooling and Servicing
        Agreement. 

       

      (b) Downgrade
        Provisions. 

      

      If
        a
        Ratings Event (as defined below) occurs with respect to Party A (or any
        applicable credit support provider), then Party A shall, within (30) days
        of
        such Ratings Event subject to the Rating Agency Condition (as hereinafter
        defined) at its own expense (unless, within 30 days of such Ratings Event,
        each
        of Standard and Poor’s, a Division of McGraw-Hill Companies, Inc. (“S&P”)
        and Moody’s Investors Service, Inc. (“Moody’s) (each a “Rating Agency”) has
        reconfirmed the rating of the Certificates and any notes backed by the
        Certificates (the “Notes”) which was in effect immediately prior to such Ratings
        Event), (i) assign this Transaction hereunder to a third party that meets
        or
        exceeds, or as to which any applicable credit support provider of such third
        party meets or exceeds, the Approved Ratings Thresholds (as defined below)
        on
        terms substantially similar to this Confirmation, (ii) obtain a guaranty
        of
        Party A’s obligations under this Transaction from a third party that meets or
        exceeds the Approved Ratings Threshold, in form and substance or (iii) post
        collateral in an amount acceptable to the NIMS Insurer, if any (such consent
        by
        the NIMS Insurer not to be unreasonably withheld). For purposes of this
        Transaction, a “Ratings Event” shall occur with respect to Party A (or any
        applicable credit support provider), if (x) its short-term unsecured and
        unsubordinated debt ceases to be rated at least “A-1” by S&P, (y) its
        short-term unsecured and unsubordinated debt ceases to be rated at least
“F-1”
by Fitch (including in connection with a merger, consolidation or other similar
        transaction by Party A or any applicable credit support provider’s) or (z)(a)
        its long-term unsecured and unsubordinated debt is rated “A1 On Watch for
        Downgrade” or lower by Moody’s or its short-term unsecured debt is rated “P1 On
        Watch for Downgrade” or lower by Moody’s or (b) if Party A does not have a
        short-term unsecured and unsubordinated debt rating from Moody’s, its long-term
        unsecured and unsubordinated debt is rated “Aa3 On Watch for Downgrade” or lower
        by Moody’s, such ratings by S&P, Fitch and Moody’s being referred to herein
        as the “Approved Ratings Thresholds.” If (a) Party A’s (or any applicable
        credit support provider’s) long-term unsecured and unsubordinated debt ceases to
        be rated at least “BBB-” or Party A’s (or any applicable credit support
        provider’s) short-term unsecured and unsubordinated debt ceases to be rated at
        least “A-3” or is withdrawn by S&P or (b) Party A’s (or any applicable
        credit support provider’s) long-term unsecured and unsubordinated debt is rated
        at “A3” or lower or Party A’s (or any applicable credit support provider’s)
        short-term unsecured and unsubordinated debt is rated “P2” or lower by Moody’s
        or if Party A does not have a short-term unsecured and unsubordinated debt
        rating from Moody’s, its long-term unsecured and unsubordinated debt is rated
“A2” or lower by Moody’s then Party A shall, within (10) days of such downgrade
        or withdrawal, subject to the Rating Agency Condition (as hereinafter defined)
        and at its own expense (i) assign this Transaction hereunder to a third party
        that meets or exceeds, or as to which any applicable credit support provider
        of
        such third party meets or exceeds, the Approved Ratings Thresholds on terms
        substantially similar to this Confirmation or (ii) obtain a guaranty of Party
        A’s obligations under this Transaction from a third party that meets or exceeds
        the Approved Ratings Threshold. “Rating Agency Condition” means, with respect to
        any particular proposed act or omission to act hereunder that the party acting
        or failing to act must consult with each of the Rating Agencies then providing
        a
        rating of the Certificates and any Notes and receive from each of the Rating
        Agencies a prior written confirmation that the proposed action or inaction
        would
        not cause a downgrade or withdrawal of the then-current rating of the
        Certificates and any Notes.

       

      (c) Section
        3(a) of this Agreement is hereby amended to include the following additional
        representations after paragraph 3(a)(v):

       

      (vi)
        Eligible
        Contract Participant.
        It is an
        "eligible contract participant" as defined in section 1a(12) of the U.S.
        Commodity Exchange Act.

       

      (vii)
        Individual
        Negotiation.
        This
        Agreement and each Transaction hereunder is subject to individual negotiation
        by
        the parties.

       

      (viii)
        Relationship
        between Party A and Party B.
        Subject
        as provided in Part 5(g), each of Party A and Party B will be deemed to
        represent to the other on the date on which it enters into a Transaction
        or an
        amendment thereof that (absent a written agreement between Party A and Party
        B
        that expressly imposes affirmative obligations to the contrary for that
        Transaction):

       

      (1) Principal.
        It is
        acting as principal and not as agent when entering into this Agreement and
        each
        Transaction. 

       

      (2) Non-Reliance.
        It
        is
        acting for its own account and it has made its own independent decisions
        to
        enter into that Transaction and as to whether that Transaction is appropriate
        or
        proper for it based upon its own judgment and upon advice from such advisors
        as
        it has deemed necessary. It is not relying on any communication (written
        or
        oral) of the other party as investment advice or as a recommendation to enter
        into that Transaction; it being understood that information and explanations
        related to the terms and conditions of a Transaction shall not be considered
        investment advice or a recommendation to enter into that Transaction. No
        communication (written or oral) received from the other party shall be deemed
        to
        be an assurance or guarantee as to the expected results of that
        Transaction.

       

      (3) Evaluation
        and Understanding. It
        is
        capable of evaluating and understanding (on its own behalf or through
        independent professional advice), and understands and accepts, the terms,
        conditions and risks of this Agreement and each Transaction hereunder. It
        is
        also capable of assuming, and assumes, all financial and other risks of this
        Agreement and each Transaction hereunder. 

       

      (4) Status
        of Parties. The
        other
        party is not acting as a fiduciary or an advisor for it in respect of that
        Transaction. 

       

      (d) Section
        4
        is hereby amended by adding the following new agreement: 

       

      (f)
        Actions
        Affecting Representations. Party
        B
        agrees not to take any action during the term of this Agreement or any
        Transaction hereunder that renders or could render any of the representations
        and warranties in this Agreement untrue, incorrect, or incomplete, and if
        any
        event or condition occurs that renders or could render any such representation
        untrue, incorrect, or incomplete, Party B will immediately give written notice
        thereof to Party A.

       

      (e) Section
        1(c). For
        purposes of Section 1(c) of the Agreement, this Transaction shall be the
        sole
        Transaction under the Agreement. 

       

      (f) Transfer.
        

       

      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 this Agreement or any Transaction without
        the
        prior written consent of the other party; provided,
        however,
        that
        (i) Party A may make such a transfer or assignment of this Agreement pursuant
        to
        a consolidation or amalgamation with, or merger with or into, or transfer
        of
        substantially all of its assets to, another entity, or an incorporation,
        reincorporation or reconstitution, and (ii) Party A may transfer or assign
        this
        Agreement to any Person, including, without limitation, another of Party
        A’s
        offices, branches or affiliates (any such Person, office, branch or affiliate,
        a
        "Transferee") on at least five Business Days’ prior written notice to Party B
        and the Trustee; provided
        that,
        with respect to clause (ii), (A) as of the date of such transfer the Transferee
        will not be required to withhold or deduct on account of a Tax from any payments
        under this Agreement unless the Transferee will be required to make payments
        of
        additional amounts pursuant to Section 2(d)(i)(4) of this Agreement in respect
        of such Tax (B) a Termination Event or Event of Default does not occur under
        this Agreement as a result of such transfer; (C) such notice is accompanied
        by a
        written instrument pursuant to which the Transferee acquires and assumes
        the
        rights and obligations of Party A so transferred; and (D) Party A will be
        responsible for any costs or expenses incurred in connection with such transfer.
        Party B will execute such documentation as is reasonably deemed necessary
        by
        Party A for the effectuation of any such transfer. Notwithstanding the
        foregoing, no transfer by either party shall be made unless the transferring
        party obtains a written acknowledgment from each of the Rating Agencies that,
        notwithstanding such transfer, the then-current ratings of the Certificates
        and
        the Notes will not be reduced or withdrawn. 

       

      Except
        as specified otherwise in the documentation evidencing a transfer or assignment,
        a transfer or assignment of all the obligations of Party A will constitute
        an
        acceptance and assumption of such obligations (and any related interests
        so
        transferred) by the Transferee, a novation of the transferee in place of
        Party A
        with respect to such obligations (and any related interests so transferred),
        and
        a release and discharge by Party B of Party A from, and an agreement by Party
        B
        not to make any claim for payment, liability, or otherwise against Party
        A with
        respect to, such obligations from and after the effective date of the
        transfer.

       

      (g) Trustee
        Capacity. It
        is
        expressly understood and agreed by the parties hereto that (i) this Agreement
        is
        executed and delivered by Deutsche Bank National Trust Company, not individually
        or personally but solely as trustee of the Supplemental Interest Trust, in
        the
        exercise of the powers and authority conferred and vested in it under the
        Pooling and Servicing Agreement, (ii) each of the representations, undertakings
        and agreements herein made on the part of the Supplemental Interest Trust
        is
        made and intended not as personal representations, undertakings and agreements
        by Deutsche Bank National Trust Company but is made and intended for the
        purpose
        of binding only the Supplemental Interest Trust, (iii) nothing herein contained
        shall be construed as creating any liability on the part of Deutsche Bank
        National Trust Company, individually or personally, to perform any covenant
        either expressed or implied contained herein, all such liability, if any,
        being
        expressly waived by the parties hereto and by any Person claiming by, through
        or
        under the parties hereto and (iv) under no circumstances shall Deutsche Bank
        National Trust Company be personally liable for the payment of any indebtedness
        or expenses of the Trust 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.

       

      (h) Proceedings.
        Party A
        shall not institute against or cause any other person to institute against,
        or
        join any other person in instituting against the Depositor, the trust formed
        pursuant to the Pooling and Servicing Agreement or Party B, any bankruptcy,
        reorganization, arrangement, insolvency or liquidation proceedings, or other
        proceedings under any federal or state bankruptcy, dissolution or similar
        law,
        for a period of one year and one day, or
        if
        different the applicable preference period then in effect,
        following indefeasible payment in full of the Certificates. Nothing
        shall preclude, or be deemed to stop, Party A (i) from taking any action
        prior
        to the expiration of the aforementioned one year and one day period, or if
        longer the applicable preference period then in effect, in (A) any case or
        proceeding voluntarily filed or commenced by Party B or (B) any involuntary
        insolvency proceeding filed or commenced by a Person other than Party A,
        or (ii)
        from commencing against Party B or any of the Collateral any legal action
        which
        is not a bankruptcy, reorganization, arrangement, insolvency, moratorium,
        liquidation or similar proceeding. This Part 5(h) shall survive the termination
        of this Agreement.

       

      (i) Change
        of Account.
        Section
        2(b) of this Agreement 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"

      

      (j) Set-off.
        Notwithstanding
        any provision of this Agreement or any other existing or future agreements,
        each
        of Party A and Party B irrevocably waives as to itself any and all contractual
        rights it may have to set off, net, recoup or otherwise withhold or suspend
        or
        condition its payment or performance of any obligation to the other party
        under
        this Agreement against any obligation of one party hereto to the other party
        hereto arising outside of this Agreement (which Agreement includes without
        limitation, the Master Agreement to which this Schedule is attached, this
        Schedule and the Confirmation). The provisions for set-off set forth in Section
        6(e) of this Agreement shall not apply for purposes of this
        Transaction.

       

      (k) 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 notice of such event or
        condition (or, in lieu of giving notice of such event or condition in the
        case
        of an event or condition that with the giving of notice or passage of time
        or
        both would constitute an Event of Default or Termination Event with respect
        to
        the party, to cause such event or condition to cease to exist before becoming
        an
        Event of Default or Termination Event); 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.

       

      (l) Amendments.
        This
        Agreement will not be amended unless Party B shall have received (i) prior
        written confirmation from each of the Rating Agencies that such amendment
        will
        not cause such Rating Agency to downgrade or withdraw its then-current ratings
        of any outstanding Certificates
        or outstanding Notes. 

       

      (m) Gross-up.
        Section
        2(d)(i)(4) shall only apply in the event Party A is “X” and Party B is “Y”
thereunder.

       

      
        	
                (n)

              	
                Payment
                  Dates.
                  Notwithstanding anything to the contrary in the Agreement, (i)
                  Party B
                  will not be required to make any payment specified in a Confirmation
                  until
                  the next scheduled Distribution Date (as defined in the Pooling
&
                  Servicing Agreement) and (ii) if an amount is calculated as being
                  due in
                  respect of any Early Termination Date under 6(e) from Party B to
                  Party A,
                  the payment will be due on the next subsequent Distribution Date
                  or if
                  such Early Termination Date is the final Distribution Date, on
                  such final
                  Distribution Date

              

      

       

      
        	
                (o)

              	
                Compliance
                  with Regulation AB.
                  

              

      

       

      (i) It
        shall
        be a swap disclosure event (“Swap Disclosure Event”) if, at any time after the
        date hereof while the Depositor has reporting obligations with respect to
        this
        Transaction pursuant to Regulation AB, the Depositor or Option One Mortgage
        Corporation (the “Sponsor”) notifies Party A that the aggregate “significance
        percentage” (calculated in accordance with the provisions of Item 1115 of
        Regulation AB) of all derivative instruments provided by Party A and any
        of its
        affiliates to Party B (collectively, the “Aggregate Significance Percentage”) is
        10% or more.

       

      (ii) Upon
        the
        occurrence of a Swap Disclosure Event while the Depositor has reporting
        obligations with respect to this Transaction pursuant to Regulation AB, Party
        A,
        at its own cost and expense (and without any expense or liability to the
        Depositor, the Sponsor, the Underwriters, the Depositor, the Trustee or the
        Issuing Entity), shall take one of the following actions:

       

      (a) provide
        to the Sponsor and the Depositor: (i) if the Aggregate Significance
        Percentage is 10% or more, but less than 20%, either, at the sole discretion
        of
        Party A, the information required under Item 1115(b)(1) or Item 1115(b)(2)
        of
        Regulation AB or (ii) if the Aggregate Significance Percentage is 20% or
        more, within five (5) Business Days, the information required under Item
        1115(b)(2) of Regulation AB; or

       

      (b) assign
        its rights and delegate its obligations under the Transaction to a counterparty
        with the Approved Ratings Thresholds (or which satisfies the Rating Agency
        Condition), that (x) provides the information specified in clause (a) above
        to
        the Depositor and Sponsor and (y) enters into documentation substantially
        similar to the documentation then in place between Party A and Party
        B

       

      
        	 	
                (iii)
                  For so long as the Aggregate Significance Percentage is 10% or
                  more the
                  Depositor has reporting obligations with respect to this Transaction,
                  Party A shall provide any updates to the information provided pursuant
                  to
                  clause (ii)(a) above to the Sponsor and the Depositor within five
                  (5)
                  Business Days following the availability thereof (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 Party
                  A’s fiscal year for any annual
                  update).

              

      

       

      (iv) All
        information provided pursuant to clause (ii) shall be in a form suitable
        for
        conversion to the format required for filing by the Depositor with the
        Commission via the Electronic Data Gathering and Retrieval System (EDGAR).
        The
        parties hereto acknowledge that electronic files in Adobe Acrobat format
        will be
        deemed to satisfy the requirements of this Part 5(o)(iv). In addition, any
        such
        information, if audited, shall be accompanied by any necessary auditor’s
        consents or, if such information is unaudited, shall be accompanied by an
        appropriate agreed-upon procedures letter from Party A’s accountants. If
        permitted by Regulation AB, any such information may be provided by reference
        to
        or incorporation by reference from reports filed pursuant to the Exchange
        Act.

       

      (p) Pooling
        and Servicing Agreement.
        Party
        A
        hereby agrees that, notwithstanding any provision of this agreement to the
        contrary, Party B’s obligations to pay any amounts owing under this Agreement
        shall be subject to Section 4.01 of the Pooling and Servicing Agreement and
        Party A’s right to receive payment of such amounts shall be subject to Section
        4.01 of the Pooling and Servicing Agreement. Notwithstanding any provision
        herein or in the ISDA Master Agreement to the contrary, the parties agree
        that
        the obligations of Party B hereunder are limited recourse obligations of
        Party
        B, payable solely in accordance with the terms of the Pooling and Servicing
        Agreement. 

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      IN
        WITNESS WHEREOF,
        the
        parties have executed this document by their duly authorized officers with
        effect from the date so specified on the first page hereof.

       

      
        	
                THE
                  ROYAL BANK OF SCOTLAND PLC

                By:
                  Greenwich Capital Markets, Inc., its agent

              	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY, NOT INDIVIDUALLY, BUT SOLELY AS TRUSTEE
                  FOR
                  THE SUPPLEMENTAL INTEREST TRUST WITH RESPECT TO SOUNDVIEW HOME
                  LOAN TRUST
                  2006-OPT5

              
	 	 
	
                ("Party
                  A")

              	
                ("Party
                  B")

              
	
                By:
                  ______________________________________________

                Name:

                Title:

                Date:

              	
                
                  By:
                    ______________________________________________

                

                Name:

                Title:

                Date:

              

      

      

       

      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R

     

    SWAP
      ADMINISTRATION AGREEMENT

     

    This
      Swap
      Administration Agreement, dated as of June 19, 2006 (this “Agreement”), among
      Deutsche Bank National Trust Company (“Deutsche Bank”), as swap administrator
      (in such capacity, the “Swap Administrator”) and as trustee and supplemental
      interest trust trustee under the Pooling and Servicing Agreement, as hereinafter
      defined (in such capacity, the “Trustee” and “Supplemental Interest Trust
      Trustee”), and Greenwich
      Capital Markets, Inc., as majority holder of the Class C
      Certificates.

     

    WHEREAS,
      the Trustee, on behalf of the holders of the Soundview Home Loan Trust
      2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5, is counterparty to
      an
      Interest Rate Swap Agreement (the “Swap Agreement”), a copy of which is attached
      hereto as Exhibit A, between the Trustee and The Royal Bank of Scotland plc
      (“RBS”);
      and

     

    WHEREAS,
      it is desirable to irrevocably appoint the Swap Administrator, and the Swap
      Administrator desires to accept such appointment, to receive and distribute
      funds payable by RBS under the Swap Agreement as provided herein; 

     

    NOW,
      THEREFORE, in consideration of the mutual covenants contained herein, and for
      other good and valuable consideration, the receipt and adequacy of which are
      hereby acknowledged, the parties agree as follows: 

     

    1.  Definitions.
      Capitalized terms used but not otherwise defined herein shall have the
      respective meanings assigned thereto in the Pooling and Servicing Agreement,
      dated as of June 1, 2006 (the “Pooling and Servicing Agreement”), among
      Financial Asset Securities Corp., as Depositor, Option One Mortgage Corporation,
      as servicer, and Deutsche Bank National Trust Company as trustee relating to
      the
      Soundview Home Loan Trust 2006-OPT5, Asset-Backed Certificates, Series 2006-OPT5
      (the “Certificates”), or in the related Indenture as the case may be, as in
      effect on the date hereof. 

     

    
      	2.  	
                  
                 Swap Administrator.
                

            

    

     

    (a)  The
      Swap
      Administrator is hereby irrevocably appointed to receive all funds paid to
      the
      Supplemental Interest Trust Trustee by RBS, or its successors in interest (the
      “Swap Provider”) under the Swap Agreement (including any Swap Termination
      Payment) and the Swap Administrator hereby accepts such appointment and hereby
      agrees to receive such amounts and to distribute on each Distribution Date
      such
      amounts in the following order of priority:

     

    (i)  first,
      to
      the Trustee for deposit into the Swap Account, an amount equal to the sum of
      the
      following amounts remaining outstanding after distribution of the Net Monthly
      Excess Cashflow: (A) Unpaid Interest Shortfall Amounts, (B) Net WAC Rate
      Carryover Amounts; (C) an
      amount
      necessary to maintain or restore the Overcollateralization Target Amount;
      and
      (D) any
      Allocated Realized Loss Amounts;

     

    (ii)  second,
      to Greenwich Capital Markets, Inc., as majority holder of the Class C
      Certificates, any amounts remaining after payment of (i) above, provided,
      however,
      upon the
      issuance of notes by an issuer (the “Trust”), secured by all or a portion of the
      Class C Certificates and the Class P Certificates (the “NIM Notes”), Greenwich
      Capital Markets, Inc., as majority holder of the Class C Certificates, hereby
      instructs the Swap Administrator to make any payments under this clause
      2(a)(ii):

     

    (A)  to
      the
      Indenture Trustee for the Trust, for deposit into the Note Account (each as
      defined in the related Indenture), for distribution in accordance with the
      terms
      of the Pooling and Servicing Agreement until satisfaction and discharge of
      the
      Indenture; and

     

    (B)  after
      satisfaction and discharge of the Pooling and Servicing Agreement, to the
      Holders of the Class C Certificates, pro
      rata
      based on
      the outstanding Notional Amount of each such Certificate.

     

    (b)  The
      Swap
      Administrator agrees to hold any amounts received from the Supplemental Interest
      Trust Trustee in trust upon the terms and conditions and for the exclusive
      use
      and benefit of the Trustee and the Indenture Trustee, as applicable (in turn
      for
      the benefit of the Certificateholders, the Noteholders and the NIMS Insurer,
      if
      any) as set forth herein. The rights, duties and liabilities of the Swap
      Administrator in respect of this Agreement shall be as follows:

     

    (i) The
      Swap
      Administrator shall have the full power and authority to do all things not
      inconsistent with the provisions of this Agreement that may be deemed advisable
      in order to enforce the provisions hereof. The Swap Administrator shall not
      be
      answerable or accountable except for its own bad faith, willful misconduct
      or
      negligence. The Swap Administrator shall not be required to take any action
      to
      exercise or enforce any of its rights or powers hereunder which, in the opinion
      of the Swap Administrator, shall be likely to involve expense or liability
      to
      the Swap Administrator, unless the Swap Administrator shall have received an
      agreement satisfactory to it in its sole discretion to indemnify it against
      such
      liability and expense.

     

    (ii) The
      Swap
      Administrator shall not be liable with respect to any action taken or omitted
      to
      be taken by it in good faith in accordance with the direction of any party
      hereto or the NIMS Insurer, if any, or otherwise as provided herein, relating
      to
      the time, method and place of conducting any proceeding for any remedy available
      to the Swap Administrator or exercising any right or power conferred upon the
      Swap Administrator under this Agreement.

     

    (iii) The
      Swap
      Administrator may perform any duties hereunder either directly or by or through
      agents or attorneys of the Swap Administrator. The Swap Administrator shall
      not
      be liable for the acts or omissions of its agents or attorneys so long as the
      Swap Administrator chose such Persons with due care.

     

    3.  Swap
      Account.
      The
      Swap Administrator shall segregate and hold all funds received from the
      Supplemental Interest Trust Trustee (including any Swap Termination Payment)
      separate and apart from any of its own funds and general assets and shall
      establish and maintain in the name of the Swap Administrator one or more
      segregated accounts (such account or accounts, the “Swap”) as described in the
      Pooling and Servicing Agreement.

     

    
      	4.  	
                  
                Replacement Swap Agreements.
                

            

    

     

    The
      Trustee shall, at the direction of the NIMS Insurer, if any, or, with the
      consent of the NIMS Insurer, if any, at the direction of Greenwich Capital
      Markets, Inc., as majority holder of the Class C Certificates, enforce all
      of
      its rights and exercise any remedies under the Swap Agreement. In the event
      the
      Swap Agreement is terminated as a result of the designation by either party
      thereto of an Early Termination Date (as defined therein), Greenwich Capital
      Markets, Inc., as majority holder of the Class C Certificates, shall find a
      replacement counterparty to enter into a replacement swap
      agreement.

     

    Any
      Swap
      Termination Payment received by the Swap Administrator shall be deposited in
      the
      Swap Account and shall be used to make any upfront payment required under a
      replacement swap agreement and any upfront payment received from the
      counterparty to a replacement swap agreement shall be used to pay any Swap
      Termination Payment owed to the Swap Provider.

     

    Notwithstanding
      anything contained herein, in the event that a replacement swap agreement cannot
      be obtained within 30 days after receipt by the Swap Administrator of the Swap
      Termination Payment paid by the terminated Swap Provider, the Swap Administrator
      shall deposit such Swap Termination Payment into a separate, non-interest
      bearing account, established by the Swap Administrator and the Swap
      Administrator shall, on each Distribution Date, withdraw from such account, an
      amount equal to the Net Swap Payment, if any, that would have been paid to
      the
      Trust by the original Swap Provider (computed in accordance with Exhibit A)
      and
      distribute such amount in accordance with Section 2(a) of this Agreement. On
      the
      Distribution Date immediately after the termination date of the original Swap
      Agreement, the Swap Administrator shall withdraw any funds remaining in such
      account and distribute such amount in accordance with Section 2(a)(ii) of this
      Agreement.

     

    5.  Representations
      and Warranties of Deutsche Bank.
      Deutsche Bank represents and warrants as follows:

     

    (a)  Deutsche
      Bank is duly organized and validly existing as a national trust company under
      the laws of the United States and has all requisite power and authority to
      execute and deliver this Agreement, to perform its obligations as Swap
      Administrator hereunder.

     

    (b)  The
      execution, delivery and performance of this Agreement by Deutsche Bank as
      Trustee have been duly authorized in the Pooling and Servicing
      Agreement.

     

    (c)  This
      Agreement has been duly executed and delivered by Deutsche Bank as Swap
      Administrator, the Trustee and the Supplemental Interest Trust Trustee and
      is
      enforceable against Deutsche Bank in such capacities in accordance with its
      terms, except as enforceability may be affected by bankruptcy, insolvency,
      fraudulent conveyance, reorganization, moratorium and other similar laws
      relating to or affecting creditors’ rights generally, general equitable
      principles (whether considered in a proceeding in equity or at
      law).

     

    
      	6.  	
              Replacement
                of Swap Administrator.

            

    

     

    Any
      corporation, bank, trust company or association into which the Swap
      Administrator may be merged or converted or with which it may be consolidated,
      or any corporation, bank, trust company or association resulting from any
      merger, conversion or consolidation to which the Swap Administrator shall be
      a
      party, or any corporation, bank, trust company or association succeeding to
      all
      or substantially all the corporate trust business of the Swap Administrator,
      shall be the successor of the Swap Administrator hereunder, without the
      execution or filing of any paper or any further act on the part of any of the
      parties hereto, except to the extent that assumption of its duties and
      obligations, as such, is not effected by operation of law.

     

    No
      resignation or removal of the Swap Administrator and no appointment of a
      successor Swap Administrator shall become effective until the appointment by
      Greenwich Capital Markets, Inc., as majority holder of the Class C Certificates,
      of a successor swap administrator acceptable to the NIMS Insurer, if any. Any
      successor swap administrator shall execute such documents or instruments
      necessary or appropriate to vest in and confirm to such successor swap
      administrator all such rights and powers conferred by this
      Agreement.

     

    The
      Swap
      Administrator may resign at any time by giving written notice thereof to the
      other parties hereto with a copy to the NIMS Insurer, if any. If a successor
      swap administrator shall not have accepted the appointment hereunder within
      30
      days after the giving by the resigning Swap Administrator of such notice of
      resignation, the resigning Swap Administrator may petition any court of
      competent jurisdiction for the appointment of a successor swap administrator
      acceptable to the NIMS Insurer, if any.

     

    In
      the
      event of a resignation or removal of the Swap Administrator, Greenwich Capital
      Markets, Inc., as majority holder of the Class C Certificates, shall promptly
      appoint a successor Swap Administrator acceptable to the NIMS Insurer, if any.
      If no such appointment has been made within 10 days of the resignation or
      removal, the NIMS Insurer, if any, may appoint a successor Swap
      Administrator.

     

    
      	7.  	
              Trustee
                Obligations.

            

    

     

    Whenever
      the Supplemental Interest Trust Trustee, as a party to the Swap Agreement,
      has
      the option or is requested in such capacity, whether such request is by the
      counterparty to such agreement, to take any action or to give any consent,
      approval or waiver that it is on behalf of the Trust entitled to take or give
      in
      such capacity, including, without limitation, in connection with an amendment
      of
      such agreement or the occurrence of a default or termination event thereunder,
      the Supplemental Interest Trust Trustee shall promptly notify the parties hereto
      and the NIMS Insurer, if any, of such request in such detail as is available
      to
      it and, shall, on behalf of the parties hereto and the NIMS Insurer, if any,
      take such action in connection with the exercise and/or enforcement of any
      rights and/or remedies available to it in such capacity with respect to such
      request as Greenwich Capital Markets, Inc., as majority holder of the Class
      C
      Certificates, or the NIMS Insurer, if any, shall direct in writing; provided
      that if no such direction is received prior to the date that is established
      for
      taking such action or giving such consent, approval or waiver (notice of which
      date shall be given by the Supplemental Interest Trust Trustee to the parties
      hereto and the NIMS Insurer, if any), the Supplemental Interest Trust Trustee
      may abstain from taking such action or giving such consent, approval or
      waiver.

     

    The
      Trustee shall forward to the parties hereto and the NIMS Insurer, if any, on
      the
      Payment Date following its receipt thereof copies of any and all notices,
      statements, reports and/or other material communications and information
      (collectively, the “Swap Reports”) that it receives in connection with the Swap
      Agreement or from the counterparty thereto.

     

    
      	8.  	
              Miscellaneous.
                

            

    

     

    (a)  This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York.

     

    (b)  Any
      action or proceeding against any of the parties hereto relating in any way
      to
      this Agreement may be brought and enforced in the courts of the State of New
      York sitting in the borough of Manhattan or of the United States District Court
      for the Southern District of New York and the Swap Administrator irrevocably
      submits to the jurisdiction of each such court in respect of any such action
      or
      proceeding. The Swap Administrator waives, to the fullest extent permitted
      by
      law, any right to remove any such action or proceeding by reason of improper
      venue or inconvenient forum.

     

    (c)  This
      Agreement may be amended, supplemented or modified in writing by the parties
      hereto, but only with the consent of the NIMS Insurer, if any.

     

    (d)  This
      Agreement may not be assigned or transferred without the prior written consent
      of the NIMS Insurer, if any; provided, however, the parties hereto acknowledge
      and agree to the assignment of the rights of Greenwich Capital Markets, Inc.,
      as
      majority holder of the Class C Certificates, as provided under this Agreement
      pursuant to the Sale Agreement, the Trust Agreement and the
      Indenture.

     

    (e)  This
      Agreement may be executed by one or more of the parties to this Agreement on
      any
      number of separate counterparts (including by facsimile transmission), and
      all
      such counterparts taken together shall be deemed to constitute one and the
      same
      instrument.

     

    (f)  Any
      provision of this Agreement which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction.

     

    (g)  The
      representations and warranties made by the parties to this Agreement shall
      survive the execution and delivery of this Agreement. No act or omission on
      the
      part of any party hereto shall constitute a waiver of any such representation
      or
      warranty.

     

    (h)  The
      article and section headings herein are for convenience of reference only,
      and
      shall not limit or otherwise affect the meaning hereof.

     

    (i)  The
      representations and warranties made by the parties to this Agreement shall
      survive the execution and delivery of this Agreement. No act or omission on
      the
      part of any party hereto shall constitute a waiver of any such representation
      or
      warranty.

     

    9.  Third-Party
      Beneficiary.
      Each of
      the Note Insurer, the Backup Note Insurer and the Indenture Trustee, if any,
      shall be deemed a third-party beneficiary of this Agreement to the same extent
      as if it were a party hereto, and shall have the right to enforce the provisions
      of this Agreement.

     

    10.  Swap
      Administrator and Trustee Rights.
      The
      Swap Administrator shall be entitled to the same rights, protections and
      indemnities afforded to the Trustee under the Pooling and Servicing Agreement,
      and the Indenture Trustee under the Indenture, in each case as if specifically
      set forth herein with respect to the Swap Administrator.

     

    The
      Trustee shall be entitled to the same rights, protections and indemnities
      afforded to the Trustee under the Pooling and Servicing Agreement as if
      specifically set forth herein with respect to the Swap
      Administrator.

     

    11.  Limited
      Recourse.
      It is
      expressly understood and agreed by the parties hereto that this Agreement is
      executed and delivered by the Trustee, not in its individual capacity but solely
      as Trustee under the Pooling and Servicing Agreement. Notwithstanding any other
      provisions of this Agreement, the obligations of the Trustee under this
      Agreement are non-recourse to the Trustee, its assets and its property, and
      shall be payable solely from the assets of the Trust Fund, and following
      realization of such assets, any claims of any party hereto shall be extinguished
      and shall not thereafter be reinstated. No recourse shall be had against any
      principal, director, officer, employee, beneficiary, shareholder, partner,
      member, Trustee, agent or affiliate of the Trustee or any person owning,
      directly or indirectly, any legal or beneficial interest in the Trustee, or
      any
      successors or assigns of any of the foregoing (the “Exculpated Parties”) for the
      payment of any amount payable under this Agreement. The parties hereto shall
      not
      enforce the liability and obligations of the Trustee to perform and observe
      the
      obligations contained in this Agreement by any action or proceeding wherein
      a
      money judgment establishing any personal liability shall be sought against
      the
      Trustee, subject to the following sentence, or the Exculpated Parties. The
      agreements in this paragraph shall survive termination of this Agreement and
      the
      performance of all obligations hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
      and
      delivered as of the day and year first above written. 

     

    
      	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY

              as
                Swap Administrator

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name: 

              Title:

            
	 	
               

              By:

            	 
	 	 	
              Name: 

              Title:

            
	 	 	 

    

    

    
      	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY

              not
                in its individual capacity but solely as Trustee under the 

              Pooling
                and Servicing Agreement

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name: 

              Title:

            
	 	
               

              By:

            	 
	 	 	
              Name: 

            
	 	 	
              Title:

            

    

    

    
      	 	
              GREENWICH
                CAPITAL MARKETS, INC., as majority holder of 

              the
                Class C Certificates

            
	 	 
	 	 
	 	
              By:

            	 
	 	 	
              Name: 

            
	 	 	
              Title: 

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    SWAP
      AGREEMENT

     

    

     

    SEE
      EXHIBIT Q TO THE POOLING AND SERVICING AGREEMENT

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      I

    

    The
      amounts paid under clause 2(a)(ii) of the Swap Administration Agreement shall
      be
      calculated as follows:

    

    
      	
              Floating
                Amount:

            	 
	 	 
	
              Floating
                Rate Payer:

            	
              Deutsche
                Bank National Trust Company

            
	 	 
	
              Cap
                Rate:

            	
              15.00%

            
	 	 
	
              Floating
                Amount

            	
              To
                be determined in accordance with the following formula:

               

              The
                product of: (i) 250; (ii) the Cap Rate, (iii) the Notional Amount;
                and
                (iv) the Floating Rate Day Count Fraction;

               

              provided,
                however,
                the Swap Administrator will only be obligated to pay the Floating
                Amount
                up to the amount remaining after payments are made under clause 2(a)(i)
                of
                the Swap Administration Agreement.

               

              The
                Floating Amount shall be paid to the Indenture Trustee for payment
                in
                accordance with Section 2.09(e) of the Indenture.

            
	 	 
	
              Floating
                Rate Day Count Fraction:

            	
              Actual/360.

            
	 	 
	
              Notional
                Amount:

            	
              The
                amount set forth for such period in the Amortization Schedule
                A.

            

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A TO ANNEX I

    

    SEE
      ANNEX
      3 TO THE PROSPECTUS SUPPLEMENT

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S

     

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

    

    Definitions

    Primary
      Servicer - transaction party having borrower contact

    Master
      Servicer - aggregator of pool assets

    Securities
      Administrator - waterfall calculator (may be the Trustee, or may be the Master
      Servicer)

    Back-up
      Servicer - named in the transaction (in the event a Back up Servicer becomes
      the
      Primary Servicer, follow Primary Servicer obligations)

    Custodian
      - safe keeper of pool assets

    Paying
      Agent - distributor of funds to ultimate investor 

    Trustee
      -
      fiduciary of the transaction

    

    Note:
      The
      definitions above describe the essential function that the party performs,
      rather than the party’s title. So, for example, in a particular transaction, the
      trustee may perform the “paying agent” and “securities administrator” functions,
      while in another transaction, the securities administrator may perform these
      functions.

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

    

    Key: X
      - obligation

    [X]
      - under consideration for obligation

    

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Primary
                Servicer

            	
              Master
                Servicer

            	
              Trustee

            
	 	
              General
                Servicing Considerations

            	 	 	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              To
                the extent applicable

            	
              X

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the Pool Assets are maintained. 

            	 	 	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements. 

            	
              X

            	
              X

            	 
	 	
              Cash
                Collection and Administration

            	 	 	 
	
              1122(d)(2)(i)

            	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	
              X

            	
              X

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	
              X

            	
              [X]

            	
              X

            
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.
                

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              If
                applicable

            	 	 
	
              1122(d)(2)(vii)
                

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	
              X

            	
              X

            
	 	
              Investor
                Remittances and Reporting

            	 	 	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of Pool Assets serviced by the Servicer.
                

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	
              X

            	
              X

            	
              X

            
	 	
              Pool
                Asset Administration

            	 	 	 
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	 	
              X

            	
              X

            
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	 	
              X

            	
              X

            
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents. 

            	
              X

            	 	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal balance.
                

            	
              X

            	 	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or unemployment).
                

            	
              X

            	 	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the Servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission. 

            	
              X

            	 	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xiv)
                

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements. 

            	 	
              X

            	
              X

            

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      T

     

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the Trustee pursuant
      to Section 4.07(a)(iv). If the Trustee is indicated below as to any item, then
      the Trustee is primarily responsible for obtaining that information.

    

    Under
      Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
      included in the periodic Distribution Date statement under Section 4.02,
      provided by the Trustee based on information received from the Master Servicer;
      and b) items marked “Form 10-D report” are required to be in the Form 10-D
      report but not the 4.02 statement, provided by the party indicated. Information
      under all other Items of Form 10-D is to be included in the Form 10-D
      report.

    

    

      
        	
                Form

              	
                Item

              	
                Description

              	
                Responsible
                  Party

              
	
                10-D

              	
                Must
                  be filed within 15 days of the Distribution Date.

              
	
                1

              	
                Distribution
                  and Pool Performance Information

              	 
	
                Item
                  1121(a) - Distribution and Pool Performance
                  Information

              	 
	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	
                4.02
                  statement

              
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	
                4.02
                  statement

              
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	
                4.02
                  statement

              
	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	
                4.02
                  statement

              
	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	
                4.02
                  statement

              
	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	
                4.02
                  statement

              
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

              	
                4.02
                  statement

              
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	
                4.02
                  statement

              
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

              	
                4.02
                  statement

              
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	
                4.02
                  statement

              
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	
                4.02
                  statement

              
	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average life, weighted average remaining term,
                  pool
                  factors and prepayment amounts.

              	
                4.02
                  statement

                 

                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              
	
                (9)
                  Delinquency and loss information for the period. 

                 

                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool
                  assets.

              	
                4.02
                  statement.

                 

                 

                Form
                  10-D report: Depositor

              
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                4.02
                  statement

              
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                Form
                  10-D report; Servicer

              
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                Form
                  10-D report: Servicer

              
	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	
                4.02
                  statement

              
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 

                [information
                  regarding] any pool asset changes (other than in connection with
                  a pool
                  asset converting into cash in accordance with its terms), such
                  as
                  additions or removals in connection with a prefunding or revolving
                  period
                  and pool asset substitutions and repurchases (and purchase rates,
                  if
                  applicable), and cash flows available for future purchases, such
                  as the
                  balances of any prefunding or revolving accounts, if
                  applicable.

                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	
                Form
                  10-D report: Depositor

                 

                Form
                  10-D report: Depositor

                 

                 

                 

                 

                Form
                  10-D report: Depositor

              
	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                Updated
                  pool information as required under Item 1121(b).

              	
                Depositor

              
	
                2

              	
                Legal
                  Proceedings

              	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

                Seller

                Depositor

                Trustee

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

              	
                 

                 

                 

                Seller

                Depositor

                Trustee

                Trustee

                Depositor

                Master
                  Servicer

                Originator

                Custodian

              
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

              	 
	
                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	
                 

                 

                 

                Depositor

              
	
                4

              	
                Defaults
                  Upon Senior Securities

              	 
	
                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                 

                 

                 

                N/A

              
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Trustee

              
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                N/A

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                7

              	
                Significant
                  Enhancement Provider Information

              	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                N/A

                N/A

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information*

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                [TBD]

                [TBD]

                 

                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                8

              	
                Other
                  Information

              	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  below

              
	
                9

              	
                Exhibits

              	 
	
                Distribution
                  report

              	
                Trustee

              
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              
	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              
	
                1.01

              	
                Entry
                  into a Material Definitive Agreement

              	 
	
                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                Examples:
                  servicing agreement, custodial agreement.

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                Depositor

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	 
	
                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party. 

                Examples:
                  servicing agreement, custodial agreement.

              	
                Depositor

              
	
                1.03

              	
                Bankruptcy
                  or Receivership

              	 
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Depositor, Servicer or Trustee, with respect to any of the following:
                  

                Sponsor
                  (Seller), Depositor, Servicer, Trustee, Swap Provider, Cap Provicer,
                  Custodian

              	
                Depositor/Servicer/Trustee

              
	
                2.04

              	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

              	 
	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the 4.02 statement

              	
                N/A

              
	
                3.03

              	
                Material
                  Modification to Rights of Security Holders

              	 
	
                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement

              	
                Party
                  requesting material modification

              
	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	 
	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	
                Depositor

              
	
                5.06

              	
                Change
                  in Shell Company Status

              	 
	
                [Not
                  applicable to ABS issuers]

              	
                Depositor

              
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 
	
                [Not
                  included in reports to be filed under Section 4.07]

              	
                Depositor

              
	
                6.02

              	
                Change
                  of Master Servicer or Trustee

              	 
	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers, certificate
                  administrator or trustee. Reg AB disclosure about any new servicer
                  or
                  trustee is also required.

              	
                Trustee
                  or Master Servicer

              
	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support

              	 
	
                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  Reg AB disclosure about any new enhancement provider is also
                  required.

              	
                Depositor

              
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	
                Trustee

              
	
                6.05

              	
                Securities
                  Act Updating Disclosure

              	 
	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                Depositor

              
	
                8.01

              	
                Other
                  Events

              	 
	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to security
                  holders.

              	
                Depositor

              
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event

              
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              
	
                9B

              	
                Other
                  Information

              	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  above

              
	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	
                N/A

              
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                N/A

                 

                N/A

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                [TBD]

                [TBD]

                Depositor

              
	
                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

              	
                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

              
	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

                Seller

                Depositor

                Trustee

                 

                 

                 

                 

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian
                  

                 

                 

                 

                 

                Credit
                  Enhancer/Support Provider, if any

                Significant
                  Obligor, if any

              	
                 

                 

                Seller

                Depositor

                Trustee
                  (only
                  with respect to affiliations and relationships with the sponsor,
                  depositor
                  or issuing entity)

                Issuing
                  Entity

                Master
                  Servicer

                Originator
                  

                Custodian
                  (only with respect to affiliations and relationships with the sponsor,
                  depositor or issuing entity)

                 

                Depositor

                Depositor

              
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                Each
                  Party participating in the servicing function

              
	
                Item
                  1123 -Servicer Compliance Statement

              	
                Master
                  Servicer

              

      

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      I

     

    PREPAYMENT
      CHARGE SCHEDULE

     

    Available
      Upon Request

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      II

    

    

    
      	
              Distribution
                Date

            	
              Base
                Calculation Amount ($)

            	 	
              Distribution
                Date

            	
              Base
                Calculation Amount ($)

            
	
              June
                25, 2006

            	
              0.00

            	 	
              October
                25, 2008

            	
              1,279,327.92

            
	
              July
                25, 2006

            	
              3,930,013.27

            	 	
              November
                25, 2008

            	
              1,228,249.86

            
	
              August
                25, 2006

            	
              3,883,988.21

            	 	
              December
                25, 2008

            	
              1,179,351.56

            
	
              September
                25, 2006

            	
              3,825,936.50

            	 	
              January
                25, 2009

            	
              1,132,533.52

            
	
              October
                25, 2006

            	
              3,748,327.58

            	 	
              February
                25, 2009

            	
              1,087,703.33

            
	
              November
                25, 2006

            	
              3,663,304.81

            	 	
              March
                25, 2009

            	
              1,044,773.04

            
	
              December
                25, 2006

            	
              3,571,106.34

            	 	
              April
                25, 2009

            	
              1,003,658.20

            
	
              January
                25, 2007

            	
              3,471,972.71

            	 	
              May
                25, 2009

            	
              964,282.00

            
	
              February
                25, 2007

            	
              3,366,233.65

            	 	
              June
                25, 2009

            	
              926,565.77

            
	
              March
                25, 2007

            	
              3,254,501.48

            	 	
              July
                25, 2009

            	
              890,434.25

            
	
              April
                25, 2007

            	
              3,138,748.36

            	 	
              August
                25, 2009

            	
              855,817.44

            
	
              May
                25, 2007

            	
              3,025,890.98

            	 	
              September
                25, 2009

            	
              822,648.70

            
	
              June
                25, 2007

            	
              2,917,182.73

            	 	
              October
                25, 2009

            	
              790,864.31

            
	
              July
                25, 2007

            	
              2,810,592.89

            	 	
              November
                25, 2009

            	
              760,403.54

            
	
              August
                25, 2007

            	
              2,707,764.72

            	 	
              December
                25, 2009

            	
              731,208.41

            
	
              September
                25, 2007

            	
              2,606,054.74

            	 	
              January
                25, 2010

            	
              703,223.41

            
	
              October
                25, 2007

            	
              2,490,472.83

            	 	
              February
                25, 2010

            	
              676,395.60

            
	
              November
                25, 2007

            	
              2,381,982.40

            	 	
              March
                25, 2010

            	
              650,674.49

            
	
              December
                25, 2007

            	
              2,279,698.25

            	 	
              April
                25, 2010

            	
              626,011.83

            
	
              January
                25, 2008

            	
              2,184,427.01

            	 	
              May
                25, 2010

            	
              602,361.56

            
	
              February
                25, 2008

            	
              2,101,641.39

            	 	
              June
                25, 2010

            	
              579,679.71

            
	
              March
                25, 2008

            	
              2,009,317.50

            	 	
              July
                25, 2010

            	
              557,924.25

            
	
              April
                25, 2008

            	
              1,855,804.65

            	 	
              August
                25, 2010

            	
              537,054.70

            
	
              May
                25, 2008

            	
              1,704,433.61

            	 	 	 
	
              June
                25, 2008

            	
              1,569,490.67

            	 	 	 
	
              July
                25, 2008

            	
              1,455,212.83

            	 	 	 
	
              August
                25, 2008

            	
              1,388,487.07

            	 	 	 
	
              September
                25, 2008

            	
              1,332,691.05Unassociated Document

    

     

    

     

    ACE
      HOME
      EQUITY LOAN TRUST 2006-GP1

     

    Issuer,

     

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY

     

    Indenture
      Trustee

     

     

    and

     

     

    LASALLE
      BANK NATIONAL ASSOCIATION

     

    Securities
      Administrator and Authenticating Agent

     

    

     

    

     

    INDENTURE

     

    Dated
      as
      of May 31, 2006

     

    ASSET
      BACKED SECURITIES

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    

      
        	
                Section
                  1.01.

              	
                Definitions.

              
	
                Section
                  1.02.

              	
                Incorporation
                  by Reference of Trust Indenture Act.

              
	
                Section
                  1.03.

              	
                Rules
                  of Construction.

                 

              
	
                ARTICLE
                  II

                ORIGINAL
                  ISSUANCE OF NOTES

                 

              
	
                Section
                  2.01.

              	
                Form.

              
	
                Section
                  2.02.

              	
                Execution,
                  Authentication and Delivery.

                 

              
	
                ARTICLE
                  III

                COVENANTS

                 

              
	
                Section
                  3.01.

              	
                Money
                  for Payments to be Held in Trust.

              
	
                Section
                  3.02.

              	
                Existence.

              
	
                Section
                  3.03.

              	
                Payment
                  of Principal and Interest.

              
	
                Section
                  3.04.

              	
                Protection
                  of Trust Estate.

              
	
                Section
                  3.05.

              	
                Opinions
                  as to Trust Estate.

              
	
                Section
                  3.06.

              	
                Performance
                  of Obligations.

              
	
                Section
                  3.07.

              	
                Negative
                  Covenants

              
	
                Section
                  3.08.

              	
                Reserved.

              
	
                Section
                  3.09.

              	
                Reserved.

              
	
                Section
                  3.10.

              	
                Representations
                  and Warranties Concerning the Trust Estate.

              
	
                Section
                  3.11.

              	
                Investment
                  Company Act.

              
	
                Section
                  3.12.

              	
                Issuer
                  May Consolidate, etc.

              
	
                Section
                  3.13.

              	
                Successor
                  or Transferee.

              
	
                Section
                  3.14.

              	
                No
                  Other Business.

              
	
                Section
                  3.15.

              	
                No
                  Borrowing.

              
	
                Section
                  3.16.

              	
                Guarantees,
                  Loans, Monthly Advances and Other Liabilities.

              
	
                Section
                  3.17.

              	
                Capital
                  Expenditures.

              
	
                Section
                  3.18.

              	
                Restricted
                  Payments.

              
	
                Section
                  3.19.

              	
                Notice
                  of Events of Default.

              
	
                Section
                  3.20.

              	
                Further
                  Instruments and Acts.

              
	
                Section
                  3.21.

              	
                [Reserved].

              
	
                Section
                  3.22.

              	
                Certain
                  Representations Regarding the Trust Estate.

                 

              
	
                ARTICLE
                  IV

                THE
                  NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

                 

              
	
                Section
                  4.01.

              	
                The
                  Notes.

              
	
                Section
                  4.02.

              	
                Registration
                  of and Limitations on Transfer and Exchange of Notes; Appointment
                  of
                  Securities Administrator and Certificate Registrar.

              
	
                Section
                  4.03.

              	
                Mutilated,
                  Destroyed, Lost or Stolen Notes.

              
	
                Section
                  4.04.

              	
                Persons
                  Deemed Owners.

              
	
                Section
                  4.05.

              	
                Cancellation.

              
	
                Section
                  4.06.

              	
                Form
                  of Notes.

              
	
                Section
                  4.07.

              	
                Notices
                  to Depository.

              
	
                Section
                  4.08.

              	
                Definitive
                  Notes.

              
	
                Section
                  4.09.

              	
                Tax
                  Treatment.

              
	
                Section
                  4.10.

              	
                Satisfaction
                  and Discharge of Indenture.

              
	
                Section
                  4.11.

              	
                Application
                  of Trust Money.

              
	
                Section
                  4.12.

              	
                Release
                  of Collateral.

              
	
                Section
                  4.13.

              	
                Repayment
                  of Moneys Held by Securities Administrator.

              
	
                Section
                  4.14.

              	
                Temporary
                  Notes.

              
	
                Section
                  4.15.

              	
                Representation
                  Regarding ERISA.

                 

              
	
                ARTICLE
                  V

                DEFAULT
                  AND REMEDIES

                 

              
	
                Section
                  5.01.

              	
                Events
                  of Default.

              
	
                Section
                  5.02.

              	
                Acceleration
                  of Maturity; Rescission and Annulment.

              
	
                Section
                  5.03.

              	
                Collection
                  of Indebtedness and Suits for Enforcement by Indenture
                  Trustee.

              
	
                Section
                  5.04.

              	
                Remedies;
                  Priorities.

              
	
                Section
                  5.05.

              	
                Optional
                  Preservation of the Trust Estate.

              
	
                Section
                  5.06.

              	
                Limitation
                  of Suits.

              
	
                Section
                  5.07.

              	
                Unconditional
                  Rights of Noteholders To Receive Principal and
                  Interest.

              
	
                Section
                  5.08.

              	
                Restoration
                  of Rights and Remedies.

              
	
                Section
                  5.09.

              	
                Rights
                  and Remedies Cumulative.

              
	
                Section
                  5.10.

              	
                Delay
                  or Omission Not a Waiver.

              
	
                Section
                  5.11.

              	
                Control
                  By Controlling Party.

              
	
                Section
                  5.12.

              	
                Waiver
                  of Past Defaults.

              
	
                Section
                  5.13.

              	
                Undertaking
                  for Costs.

              
	
                Section
                  5.14.

              	
                Waiver
                  of Stay or Extension Laws.

              
	
                Section
                  5.15.

              	
                Sale
                  of Trust Estate.

              
	
                Section
                  5.16.

              	
                Action
                  on Notes.

              
	
                Section
                  5.17.

              	
                Subrogation.

              
	
                Section
                  5.18.

              	
                Preference
                  Claims.

              
	
                Section
                  5.19.

              	
                Noteholder
                  Rights.

              
	
                Section
                  5.20.

              	
                Note
                  Insurer’s Rights Regarding Actions, Proceedings or
                  Investigations.

                 

              
	
                ARTICLE
                  VI

                THE
                  INDENTURE TRUSTEE, THE SECURITIES ADMINISTRATOR AND THE AUTHENTICATING
                  AGENT

                 

              
	
                Section
                  6.01.

              	
                Duties
                  of Indenture Trustee, Securities Administrator and
                  Others.

              
	
                Section
                  6.03.

              	
                Individual
                  Rights of Indenture Trustee, Securities Administrator and Authenticating
                  Agent.

              
	
                Section
                  6.04.

              	
                [Reserved].

              
	
                Section
                  6.05.

              	
                Indenture
                  Trustee’s, Securities Administrator’s and Authenticating Agent’s
                  Disclaimer.

              
	
                Section
                  6.06.

              	
                Notice
                  of Event of Default.

              
	
                Section
                  6.07.

              	
                Reports
                  to Holders.

              
	
                Section
                  6.08.

              	
                Compensation.

              
	
                Section
                  6.09.

              	
                Replacement
                  of Indenture Trustee, the Securities Administrator and the Authenticating
                  Agent.

              
	
                Section
                  6.10.

              	
                Successor
                  Indenture Trustee, Securities Administrator or Authenticating Agent
                  by
                  Merger.

              
	
                Section
                  6.11.

              	
                Appointment
                  of Co-Indenture Trustee or Separate Indenture Trustee.

              
	
                Section
                  6.12.

              	
                Eligibility;
                  Disqualification.

              
	
                Section
                  6.13.

              	
                [Reserved].

              
	
                Section
                  6.14.

              	
                Representations
                  and Warranties.

              
	
                Section
                  6.15.

              	
                Directions
                  to Indenture Trustee and the Securities Administrator.

                 

              
	
                ARTICLE
                  VII

                NOTEHOLDERS’
                  LISTS AND REPORTS

                 

              
	
                Section
                  7.01.

              	
                Issuer
                  To Furnish Names and Addresses of Noteholders.

              
	
                Section
                  7.02.

              	
                Preservation
                  of Information; Communications to Noteholders.

              
	
                Section
                  7.03.

              	
                Financial
                  Information.

              
	
                Section
                  7.04.

              	
                Reports
                  by Indenture Trustee.

                 

              
	
                ARTICLE
                  VIII

                ACCOUNTS,
                  DISBURSEMENTS AND RELEASES

                 

              
	
                Section
                  8.01.

              	
                Collection
                  of Money.

              
	
                Section
                  8.02.

              	
                Reserved.

              
	
                Section
                  8.03.

              	
                Termination
                  Upon Distribution to Noteholders.

              
	
                Section
                  8.04.

              	
                Release
                  of Trust Estate.

              
	
                Section
                  8.05.

              	
                Surrender
                  of Notes Upon Final Payment.

              
	
                Section
                  8.06.

              	
                Optional
                  Redemption of the Assets of the Trust Estate.

              
	
                Section
                  8.07.

              	
                Additional
                  Redemption Requirements.

                 

              
	
                ARTICLE
                  IX

                SUPPLEMENTAL
                  INDENTURES

                 

              
	
                Section
                  9.01.

              	
                Supplemental
                  Indentures Without Consent of Noteholders.

              
	
                Section
                  9.02.

              	
                Supplemental
                  Indentures With Consent of Noteholders.

              
	
                Section
                  9.03.

              	
                Execution
                  of Supplemental Indentures.

              
	
                Section
                  9.04.

              	
                Effect
                  of Supplemental Indenture.

              
	
                Section
                  9.05.

              	
                Conformity
                  with Trust Indenture Act.

              
	
                Section
                  9.06.

              	
                Reference
                  in Notes to Supplemental Indentures.

                 

              
	
                ARTICLE
                  X

                MISCELLANEOUS

                 

              
	
                Section
                  10.01.

              	
                Acts
                  of Noteholders.

              
	
                Section
                  10.02.

              	
                Notices
                  etc., to Indenture Trustee, the Certificateholders, Securities
                  Administrator, Authenticating Agent and Rating
                  Agencies.

              
	
                Section
                  10.03.

              	
                Notices
                  to Noteholders; Waiver.

              
	
                Section
                  10.04.

              	
                Conflict
                  with Trust Indenture Act.

              
	
                Section
                  10.05.

              	
                Effect
                  of Headings.

              
	
                Section
                  10.06.

              	
                Successors
                  and Assigns.

              
	
                Section
                  10.07.

              	
                Separability.

              
	
                Section
                  10.08.

              	
                Legal
                  Holidays.

              
	
                Section
                  10.09.

              	
                GOVERNING
                  LAW.

              
	
                Section
                  10.10.

              	
                Counterparts.

              
	
                Section
                  10.11.

              	
                Recording
                  of Indenture.

              
	
                Section
                  10.12.

              	
                Issuer
                  Obligation.

              
	
                Section
                  10.13.

              	
                No
                  Petition.

              
	
                Section
                  10.14.

              	
                Inspection.

              
	
                Section
                  10.15.

              	
                Benefits
                  of Indenture.

              
	 	 
	 	 

    

    EXHIBITS

     

    

      
        
          	
                  Exhibit
                    A

                	
                  —
                    

                	
                  Form
                    of Note

                
	
                  Exhibit
                    B

                	
                  —
                    

                	
                  HELOC
                    Schedule

                
	
                  Exhibit
                    C 

                	
                  —
                    

                	
                  Form
                    of Rule 144A Investment Representation Letter

                
	
                  Exhibit
                    D 

                	
                  —
                    

                	
                  Form
                    of Transferee Letter 

                
	
                  Exhibit
                    E 

                	
                  —
                    

                	
                  Form
                    of Transferor Certificate

                
	
                  Exhibit
                    F 

                	
                  —
                    

                	
                  Form
                    of Certification of Transfer to Single Owner

                
	
                  Exhibit
                    G

                	
                  —

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

                
	
                  Exhibit
                    H

                	
                  —

                	
                  Form
                    of Certification to the Depositor provided by the Securities
                    Administrator

                
	
                  Exhibit
                    I

                	
                  —

                	
                  Reserved

                
	 	 	 
	
                  Appendix
                    A

                	
                  —
                    

                	
                  Definitions

                

        

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    RECONCILIATION
      AND TIE BETWEEN TRUST INDENTURE

    ACT
      OF
      1939 AND INDENTURE PROVISIONS

     

    
      	
              Trust
                Indenture Act Section

            	
              Indenture
                Section

            
	
              310     
                    (a)(1) 

            	
              6.11

            
	
              (a)(2)

            	
              6.11

            
	
              (a)(3)

            	
              6.10

            
	
              (a)(4)

            	
              Not
                Applicable

            
	
              (a)(5)

            	
              6.11

            
	
              (b)

            	
              6.08,
                6.11

            
	
              (c)

            	
              Not
                Applicable

            
	
              311       
                 (a)

            	
              6.12

            
	
              (b)

            	
              6.12

            
	
              (c)

            	
              Not
                Applicable

            
	
              312       
                 (a)

            	
              7.01,
                7.02(a)

            
	
              (b)

            	
              7.02(b)

            
	
              (c)

            	
              7.02(c)

            
	
              313       
                 (a)

            	
              Not
                Applicable

            
	
              (b)

            	
              Not
                Applicable

            
	
              (c)

            	
              Not
                Applicable

            
	
              (d)

            	
              Not
                Applicable

            
	
              314       
                 (a)

            	
              3.10

            
	
              (b)

            	
              3.07

            
	
              (c)(1)

            	
              8.05(c),
                10.01(a)

            
	
              (c)(2)

            	
              8.05(c),
                10.01(a)

            
	
              (c)(3)

            	
              Not
                Applicable 

            
	
              (d)(1)

            	
              8.05(c),
                10.01(b)

            
	
              (d)(2)

            	
              8.05(c),
                10.01(b)

            
	
              (d)(3)

            	
              8.05(c),
                10.01(b)

            
	
              (e)

            	
              10.01(a)

            
	
              315       
                 (a)

            	
              6.01(b)

            
	
              (b)

            	
              6.05

            
	
              (c)

            	
              6.01(a)

            
	
              (d)

            	
              6.01(c)

            
	
              (d)(1)

            	
              6.01(c)

            
	
              (d)(2)

            	
              6.01(c)

            
	
              (d)(3)

            	
              6.01(c)

            
	
              (e)

            	
              5.13

            
	
              316       
                 (a)(1)(A)

            	
              5.11

            
	
              (a)(1)(B)

            	
              5.12

            
	
              (a)(2)

            	
              Not
                Applicable

            
	
              (b)

            	
              5.07

            
	
              317       
                 (a)(1)

            	
              5.04

            
	
              (a)(2)

            	
              5.03(b)

            
	
              (b)

            	
              3.03(a)(i)

            
	
              318       
                 (a)

            	
              10.07

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    This
      Indenture, dated as of May 31, 2006, is entered into among ACE Home Equity
      Loan
      Trust 2006-GP1, a Delaware statutory trust, as Issuer (the “Issuer”),
      Deutsche Bank National Trust Company, as Indenture Trustee (the “Indenture
      Trustee”)
      and
      LaSalle Bank National Association, as Securities Administrator and
      Authenticating Agent (the “Securities
      Administrator”
and
      “Authenticating
      Agent,”
as
      applicable).

     

    WITNESSETH
      THAT:

     

    Each
      party hereto agrees as follows for the benefit of the other party and for the
      equal and ratable benefit of the Holders of the Issuer’s Asset Backed
      Securities, Series 2006-GP1 (the “Notes”)
      and
      the Note Insurer.

     

    Financial
      Security Assurance Inc. (the “Note
      Insurer”)
      has
      issued and delivered a financial guaranty insurance policy with respect to
      the
      Notes, dated the Closing Date (the “Policy”),
      pursuant to which the Note Insurer guarantees the Scheduled Payments and any
      Preference Claim (as defined in the Policy), subject to the terms and conditions
      set forth therein.

     

    As
      an
      inducement to the Note Insurer to issue and deliver the Policy, the Issuer
      and
      the Note Insurer have executed and delivered the Insurance and Indemnity
      Agreement, dated as of May 31, 2006, (as amended from time to time, the
“Insurance
      Agreement”),
      among
      the Note Insurer, the Issuer, the Servicer, the Depositor and the
      Sponsor.

     

    GRANTING
      CLAUSE

     

    The
      Issuer hereby Grants to the Indenture Trustee at the Closing Date, as trustee
      for the benefit of the Holders of the Notes and the Note Insurer, all of the
      Issuer’s right, title and interest in and to, whether now existing or hereafter
      created: (a) the HELOCs identified in the Loan Schedule, including all interest
      and principal received with respect to the HELOCs after the Cut-off Date; (b)
      such assets as shall from time to time be credited or are required by the terms
      of this Indenture to be credited to the Payment Account; (c) such assets
      relating to the HELOCs as from time to time may be held in the Accounts; (d)
      any
      REO Property; (e) any amounts paid or payable by the insurer under any insurance
      policy with respect to a HELOC (to the extent the mortgagee has a claim
      thereto); (f) the HELOC Purchase Agreement; (g) the rights of the Issuer under
      the HELOC Purchase Agreement and the Sale and Servicing Agreement; and (h)
      all
      present and future claims, demands, causes and choses in action in respect
      of
      any or all of the foregoing and all payments on or under, and all proceeds
      of
      every kind and nature whatsoever in respect of, any or all of the foregoing
      and
      all payments on or under, and all proceeds of every kind and nature whatsoever
      in the conversion thereof, voluntary or involuntary, into cash or other liquid
      property, all cash proceeds, accounts, accounts receivable, notes, drafts,
      acceptances, checks, deposit accounts, rights to payment of any and every kind,
      and other forms of obligations and receivables, instruments and other property
      which at any time constitute all or part of or are included in the proceeds
      of
      any of the foregoing (collectively, the “Trust
      Estate”
or
      the
“Collateral”).
      The
      Noteholders shall also have the benefit of the Policy.

     

    The
      foregoing Grant is made in trust to secure the payment of principal of and
      interest on, and any other amounts owing in respect of, the Notes, and all
      amounts owing to the Note Insurer subject, in each case, to the priority set
      forth herein, and to secure compliance with the provisions of this Indenture,
      all as provided in this Indenture.

     

    The
      Securities Administrator on behalf of the Indenture Trustee hereby agrees that
      it will hold the Policy in trust and that it will hold any proceeds of any
      claim
      made upon the Policy solely for the use and the benefit of the Noteholders
      in
      accordance with the terms hereof and the terms of the Policy.

     

    Neither
      the Indenture Trustee nor the Issuer assumes or shall assume any obligation
      under any Credit Line Agreement that provides for the funding of future Draws
      to
      the Mortgagor thereunder, and neither the Indenture Trustee nor the Issuer
      shall
      be obligated or permitted to fund any such future Draws.

     

    The
      Indenture Trustee, as trustee on behalf of the Holders of the Notes and the
      Note
      Insurer, acknowledges such Grant, accepts the trust under this Indenture in
      accordance with the provisions hereof and each of the Indenture Trustee and
      the
      Securities Administrator agree to perform their respective duties as Indenture
      Trustee, Securities Administrator and Authenticating Agent, as required
      herein.

     

     

    ARTICLE
      I

    DEFINITIONS

     

    Section
      1.01  Definitions. 

     

    For
      all
      purposes of this Indenture, except as otherwise expressly provided herein or
      unless the context otherwise requires, capitalized terms not otherwise defined
      herein shall have the meanings assigned to such terms in Appendix A attached
      hereto, which is incorporated by reference herein. All other capitalized terms
      used herein shall have the meanings specified herein.

     

    Section
      1.02  Incorporation
      by Reference of Trust Indenture Act. 

     

    Whenever
      this Indenture refers to a provision of the TIA, the provision is incorporated
      by reference in and made a part of this Indenture. The following TIA terms
      used
      in this Indenture have the following meanings:

     

    “Commission”
      means the Securities and Exchange Commission.

     

    “indenture
      securities” means the Notes.

     

    “indenture
      security holder” means a Noteholder.

     

    “indenture
      to be qualified” means this Indenture.

     

    “indenture
      trustee” or “institutional trustee” means the Indenture Trustee.

     

    “obligor”
      on the indenture securities means the Issuer and any other obligor on the
      Notes.

     

    All
      other
      TIA terms used in this Indenture that are defined by the TIA, defined by TIA
      reference to another statute or defined by Commission rules have the meanings
      assigned to them by such definitions.

     

    Section
      1.03  Rules
      of Construction. 

     

    Unless
      the context otherwise requires:

     

    (i)  a
      term
      has the meaning assigned to it;

     

    (ii)  an
      accounting term not otherwise defined has the meaning assigned to it in
      accordance with generally accepted accounting principles as in effect from
      time
      to time;

     

    (iii)  “or”
is
      not exclusive;

     

    (iv)  “including”
      means including without limitation;

     

    (v)  words
      in
      the singular include the plural and words in the plural include the singular;
      and

     

    (vi)  any
      agreement, instrument or statute defined or referred to herein or in any
      instrument or certificate delivered in connection herewith means such agreement,
      instrument or statute as from time to time amended, modified or supplemented
      and
      includes (in the case of agreements or instruments) references to all
      attachments thereto and instruments incorporated therein; references to a Person
      are also to its permitted successors and assigns.

     

     

    ARTICLE
      II

    ORIGINAL
      ISSUANCE OF NOTES

     

    Section 2.01  Form. 

     

    The
      Notes, together with the Authenticating Agent’s certificate of authentication,
      shall be in substantially the form set forth in Exhibit A to this Indenture,
      respectively, with such appropriate insertions, omissions, substitutions and
      other variations as are required or permitted by this Indenture.

     

    The
      Notes
      shall be typewritten, printed, lithographed or engraved or produced by any
      combination of these methods (with or without steel engraved
      borders).

     

    The
      terms
      of the Notes set forth in Exhibit A to this Indenture are part of the terms
      of
      this Indenture.

     

    Section 2.02  Execution,
      Authentication and Delivery. 

     

    The
      Notes
      shall be executed on behalf of the Issuer by any of its Authorized Officers.
      The
      signature of any such Authorized Officer on the Notes may be manual or
      facsimile.

     

    Notes
      bearing the manual or facsimile signature of individuals who were at any time
      Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that
      such individuals or any of them have ceased to hold such offices prior to the
      authentication and delivery of such Notes or did not hold such offices at the
      date of such Notes.

     

    The
      Securities Administrator shall, upon Issuer Request, authenticate and deliver
      Class A Notes for original issue in the following Initial Note
      Balances:

     

    
      	
              Class
                A

            	
              $352,607,000

            

    

    

    The
      Authenticating Agent shall upon Issuer Request authenticate and deliver the
      Notes for original issue in an aggregate initial principal amount equal to
      the
      Initial Note Principal Balance for the Notes.

     

    Each
      of
      the Notes shall be dated the date of its authentication. The Notes shall be
      issuable as registered Notes in book-entry form and shall be issuable in the
      minimum initial Note Principal Balance of $25,000 and in integral multiples
      of
      $1 in excess thereof. 

     

    No
      Note
      shall be entitled to any benefit under this Indenture or be valid or obligatory
      for any purpose, unless there appears on such Note a certificate of
      authentication substantially in the form provided for herein executed by the
      Authenticating Agent by the manual signature of one of its authorized
      signatories, and such certificate upon any Note shall be conclusive evidence,
      and the only evidence, that such Note has been duly authenticated and delivered
      hereunder.

     

     

    ARTICLE
      III

     

    COVENANTS

     

    Section 3.01  Money
      for Payments to be Held in Trust. 

     

    As
      provided in Section 8.01, all payments of amounts due and payable with respect
      to any Notes that are to be made from amounts withdrawn from the Payment Account
      pursuant to Section 5.03 of the Sale and Servicing Agreement shall be made
      on
      behalf of the Issuer by the Securities Administrator, and no amounts so
      withdrawn from such accounts for payments of Notes shall be paid over to the
      Issuer except as provided in this Section 3.01. The
      Securities Administrator shall:

     

    (i)  hold
      all
      sums held by it for the payment of amounts due with respect to the Notes in
      trust for the benefit of the Persons entitled thereto until such sums shall
      be
      paid to such Persons or otherwise disposed of as herein provided and pay such
      sums to such Persons as herein provided;

     

    (ii)  give
      the
      Indenture Trustee and the Note Insurer notice of any default by the Issuer
      of
      which the Securities Administrator has actual knowledge in the making of any
      payment required to be made with respect to the Notes;

     

    (iii)  at
      any
      time during the continuance of any such default, upon the written request of
      the
      Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held
      in
      trust by the Securities Administrator;

     

    (iv)  immediately
      resign as Securities Administrator and forthwith pay to the Indenture Trustee
      all sums held by it in trust for the payment of Notes if at any time it ceases
      to meet the standards required to be met by the Securities Administrator at
      the
      time of its appointment; and

     

    (v)  comply
      with all requirements of the Code with respect to the withholding from any
      payments made by it on any Notes of any applicable withholding taxes imposed
      thereon and with respect to any applicable reporting requirements in connection
      therewith; provided,
      however,
      that
      with respect to reporting requirements applicable to original issue discount,
      the accrual of market discount or the amortization of premium on the Notes,
      the
      Issuer shall have first provided the calculations pertaining thereto and the
      amount of any resulting withholding taxes to the Securities
      Administrator.

     

    Subject
      to applicable laws with respect to escheat of funds, any money held by the
      Indenture Trustee or the Securities Administrator in trust for the payment
      of
      any amount due with respect to the Notes and remaining unclaimed for two years
      after such amount has become due and payable shall be discharged from such
      trust
      and be paid to the Representative; and the Holder of such Note shall thereafter,
      as an unsecured general creditor, look only to the Representative for payment
      thereof (but only to the extent of the amounts so paid to the Issuer), and
      all
      liability of the Indenture Trustee or the Securities Administrator with respect
      to such trust money shall thereupon cease; provided,
      however,
      that
      the Indenture Trustee or the Securities Administrator, before being required
      to
      make any such repayment, shall at the expense and direction of the Issuer cause
      to be published once, in a newspaper published in the English language,
      customarily published on each Business Day and of general circulation in The
      City of New York (including, but not limited to, The
      Bond Buyer),
      notice
      that such money remains unclaimed and that, after a date specified therein,
      which shall not be less than 30 days from the date of such publication, any
      unclaimed balance of such money then remaining will be repaid to the Issuer.
      The
      Securities Administrator shall also adopt and employ, at the expense and
      direction of the Issuer, any other reasonable means of notification of such
      repayment (including, but not limited to, mailing notice of such repayment
      to
      Holders whose Notes have been called but have not been surrendered for
      redemption or whose right to or interest in moneys due and payable but not
      claimed is determinable from the records of the Indenture Trustee or of the
      Securities Administrator, at the last address of record for each such
      Holder).

     

    Section 3.02  Existence. 

     

    The
      Issuer will keep in full effect its existence, rights and franchises as a
      statutory trust under the laws of the State of Delaware (unless it becomes,
      or
      any successor Issuer hereunder is or becomes, organized under the laws of any
      other state or of the United States of America, in which case the Issuer will
      keep in full effect its existence, rights and franchises under the laws of
      such
      other jurisdiction) and will obtain and preserve its qualification to do
      business in each jurisdiction in which such qualification is or shall be
      necessary to protect the validity and enforceability of this Indenture, the
      Notes and each other instrument or agreement included in the Trust
      Estate.

     

    Section 3.03  Payment
      of Principal and Interest. 

     

    (a)  The
      Issuer will duly and punctually pay (or will cause to be duly and punctually
      paid) the principal of and interest on the Notes in accordance with the terms
      of
      the Notes and this Indenture. Without limiting the foregoing, the Issuer will
      cause to be paid on each Payment Date all amounts on deposit in the Payment
      Account, and deposited therein pursuant to and in accordance with Section 5.03
      of the Sale and Servicing Agreement, to the Noteholders. Amounts properly
      withheld under the Code by any Person from a payment to any Noteholder of
      interest and/or principal shall be considered as having been paid by the Issuer
      to such Noteholder for all purposes of this Indenture.

     

    (b)  The
      Notes
      shall be non-recourse obligations of the Issuer and shall be limited in right
      of
      payment to amounts available from the Collateral as provided in this Indenture.
      The Issuer shall not otherwise be liable for payments of the Notes, and none
      of
      the owners, agents, officers, directors, employees, or successors or assigns
      of
      the Issuer shall be personally liable for any amounts payable, or performance
      due, under the Notes or this Indenture. If any other provision of this Indenture
      shall be deemed to conflict with the provisions of this Section 3.03, the
      provisions of this Section 3.03 shall control.

     

    (c)  Each
      payment with respect to a Book-Entry Note shall be paid to the Depository,
      as
      Holder thereof, and the Depository shall be responsible for crediting the amount
      of such payment to the accounts of its Depository Participants in accordance
      with its normal procedures. Each Depository Participant shall be responsible
      for
      disbursing such payment to the Note 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 Note Owners that it represents. None
      of
      the Securities Administrator, the Depositor or the Servicer shall have any
      responsibility therefor.

     

    (d)  Any
      installment of interest or principal payable on any Note that is punctually
      paid
      or duly provided for by the Issuer on the applicable Payment Date shall, if
      such
      Holder shall have so requested at least five Business Days prior to the related
      Record Date, be paid to each Holder of record on the preceding Record Date,
      by
      wire transfer to an account specified in writing by such Holder as of the
      preceding Record Date or in all other cases or if no such instructions have
      been
      delivered to the Securities Administrator, by check to such Noteholder mailed
      to
      such Holder’s address as it appears in the Note Register in the amount required
      to be paid to such Holder on such Payment Date pursuant to such Holder’s Notes;
      provided, however, that the Securities Administrator shall not pay to such
      Holders any amount required to be withheld from a payment to such Holder by
      the
      Code.

     

    (e)  The
      Note
      Principal Balance of each Note shall be due and payable in full on the Final
      Scheduled Payment Date for such Note as provided in the forms of Note set forth
      in Exhibit A to this Indenture. All principal payments on the Notes shall be
      made to the Noteholders entitled thereto in accordance with the Percentage
      Interests represented by such Notes. Upon notice to the Securities
      Administrator by
      the
      Issuer, the Securities Administrator shall notify the Person in whose name
      a
      Note is registered at the close of business on the Record Date preceding the
      Final Scheduled Payment Date or other final Payment Date (including any final
      Payment Date resulting from any redemption pursuant to Section 8.06 hereof).
      Such notice shall to the extent practicable be mailed no later than five
      Business Days prior to such Final Scheduled Payment Date or other final Payment
      Date and shall specify that payment of the principal amount and any interest
      due
      with respect to such Note at the Final Scheduled Payment Date or other final
      Payment Date will be payable only upon presentation and surrender of such Note
      and shall specify the place where such Note may be presented and surrendered
      for
      such final payment. No interest shall accrue on the Notes on or after the Final
      Scheduled Payment Date or any such other final Payment Date

     

    Section 3.04  Protection
      of Trust Estate. 

     

    The
      Issuer will from time to time prepare, execute and deliver all such supplements
      and amendments hereto and all such financing statements, continuation
      statements, instruments of further assurance and other instruments, and will
      take such other action necessary or advisable to:

     

    (i)  maintain
      or preserve the lien and security interest (and the priority thereof) of this
      Indenture or carry out more effectively the purposes hereof;

     

    (ii)  perfect,
      publish notice of or protect the validity of any Grant made or to be made by
      this Indenture;

     

    (iii)  enforce
      any of the Trust Estate; or

     

    (iv)  preserve
      and defend title to the Trust Estate and the rights of the Indenture Trustee,
      the Note Insurer and the Noteholders in such Trust Estate against the claims
      of
      all persons and parties.

     

    Except
      as
      otherwise provided in this Indenture, neither the Securities Administrator
      nor
      the Indenture Trustee shall remove and the Indenture Trustee shall not direct
      the Custodian to remove any portion of the Trust Estate that consists of money
      or is evidenced by an instrument, certificate or other writing from the
      jurisdiction in which it was held at the date of the most recent Opinion of
      Counsel delivered pursuant to Section 3.05 hereof (or from the jurisdiction
      in
      which it was held as described in the Opinion of Counsel delivered on the
      Closing Date pursuant to Section 3.05(a) hereof, if no Opinion of Counsel has
      yet been delivered pursuant to Section 3.05(b) hereof), unless the Indenture
      Trustee, the Note Insurer and the Securities Administrator shall have first
      received an Opinion of Counsel to the effect that the lien and security interest
      created by this Indenture with respect to such property will continue to be
      maintained after giving effect to such action or actions.

     

    The
      Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact
      to
      sign any financing statement, continuation statement or other instrument
      required to be signed pursuant to this Section 3.04 upon the Issuer’s
      preparation thereof and delivery to the Indenture Trustee.

     

    Section 3.05  Opinions
      as to Trust Estate. 

     

    On
      the
      Closing Date, the Issuer shall furnish to the Indenture Trustee, the Note
      Insurer and the Owner Trustee an Opinion of Counsel either stating that, in
      the
      opinion of such counsel, such action has been taken with respect to the
      recording and filing of this Indenture, any indentures supplemental hereto,
      and
      any other requisite documents, and with respect to the execution and filing
      of
      any financing statements and continuation statements, as are necessary to
      perfect and make effective the lien and first priority security interest in
      the
      Collateral and reciting the details of such action, or stating that, in the
      opinion of such counsel, no such action is necessary to make such lien and
      first
      priority security interest effective.

     

    Section 3.06  Performance
      of Obligations. 

     

    (a)  The
      Issuer will punctually perform and observe all of its obligations and agreements
      contained in this Indenture and the other Basic Documents and in the instruments
      and agreements included in the Trust Estate.

     

    (b)  The
      Issuer may contract with other Persons to assist it in performing its duties
      under this Indenture, and any performance of such duties by a Person identified
      to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be
      deemed to be action taken by the Issuer.

     

    (c)  The
      Issuer will not take any action or permit any action to be taken by others
      which
      would release any Person from any of such Person’s covenants or obligations
      under any of the documents relating to the Trust Estate or under any instrument
      included in the Trust Estate, or which would result in the amendment,
      hypothecation, subordination, termination or discharge of, or impair the
      validity or effectiveness of, any of the documents relating to the Trust Estate
      or any such instrument, except such actions as the Servicer or the Master
      Servicer is expressly permitted to take in the Sale and Servicing
      Agreement.

     

    (d)  The
      Issuer may retain an administrator and may enter into contracts with other
      Persons for the performance of the Issuer’s obligations hereunder, and
      performance of such obligations by such Persons shall be deemed to be
      performance of such obligations by the Issuer.

     

    Section 3.07  Negative
      Covenants.
      So long
      as any Notes are Outstanding and any amounts remaining due and owing to the
      Note
      Insurer, the Issuer shall not:

     

    (i)  except
      as
      expressly permitted by this Indenture, sell, transfer, exchange or otherwise
      dispose of the Trust Estate.

     

    (ii)  claim
      any
      credit on, or make any deduction from the principal or interest payable in
      respect of, the Notes (other than amounts properly withheld from such payments
      under the Code) or assert any claim against any present or former Noteholder,
      by
      reason of the payment of the taxes levied or assessed upon any part of the
      Trust
      Estate;

     

    (iii)  (A)
      permit the validity or effectiveness of this Indenture to be impaired, or permit
      the lien of this Indenture to be amended, hypothecated, subordinated, terminated
      or discharged, or permit any Person to be released from any covenants or
      obligations with respect to the Notes under this Indenture except as may be
      expressly permitted hereby, (B) permit any lien, charge, excise, claim, security
      interest, mortgage or other encumbrance (other than the lien of this Indenture)
      to be created on or extend to or otherwise arise upon or burden the Trust Estate
      or any part thereof or any interest therein or the proceeds thereof or (C)
      permit the lien of this Indenture not to constitute a valid first priority
      security interest in the Trust Estate; or

     

    (iv)  take
      any
      other action or fail to take any action that would result in an imposition
      of
      tax on the Issuer (including, but not limited to, the tax on prohibited
      transactions under Section 860L(e) of the Code); or

     

    (v)  waive
      or
      impair, or fail to assert rights under, the Trust Estate, or impair or cause
      to
      be impaired the Issuer’s interest in the Trust Estate, the HELOC Purchase
      Agreement or any other Basic Document, if any such action would materially
      and
      adversely affect the interests of the related Noteholders or the Note
      Insurer.

     

    Section 3.08  Reserved. 

     

    Section 3.09  Reserved.

     

    Section 3.10  Representations
      and Warranties Concerning the Trust Estate. 

     

    The
      Indenture Trustee, as pledgee of the Trust Estate and the Note Insurer, have
      the
      benefit of the representations and warranties made by the
      Sponsor in
      Sections 5 and 6 of the HELOC Purchase Agreement concerning the HELOCs and
      the
      right to enforce the remedies against the Sponsor, provided in such Section
      7 of
      the HELOC Purchase Agreement to the same extent as though such representations
      and warranties were made directly to the Indenture Trustee and the Note Insurer
      herein. If a Responsible Officer of the Indenture Trustee or the Note Insurer
      has actual knowledge of any breach of any representation or warranty made by
      the
      Sponsor in the HELOC Purchase Agreement, the Indenture Trustee shall promptly
      notify Sponsor of such finding and of the Sponsor’s obligation, as applicable,
      to cure such defect or repurchase or substitute for the related HELOC.

     

    Section 3.11  Investment
      Company Act. 

     

    The
      Issuer shall not become an “investment company” or be under the “control” of an
“investment company” as such terms are defined in the Investment Company Act (or
      any successor or amendatory statute), and the rules and regulations thereunder
      (taking into account not only the general definition of the term “investment
      company” but also any available exceptions to such general definition);
      provided, however, that the Issuer shall be in compliance with this Section
      3.11
      if it shall have obtained an order exempting it from regulation as an
“investment company” so long as it is in compliance with the conditions imposed
      in such order.

     

    Section 3.12  Issuer
      May Consolidate, etc. 

     

    (a)  The
      Issuer shall not consolidate or merge with or into any other Person,
      unless:

     

    (i)  the
      Person (if other than the Issuer) formed by or surviving such consolidation
      or
      merger shall be a Person organized and existing under the laws of the United
      States of America or any state or the District of Columbia and shall expressly
      assume, by an indenture supplemental hereto, executed and delivered to the
      Indenture Trustee, in form reasonably satisfactory to the Indenture Trustee
      and
      the Securities Administrator, the due and punctual payment of the principal
      of
      and interest on all Notes and all amounts payable to the Indenture Trustee,
      the
      Note Insurer and the Securities Administrator, the payment to the Securities
      Administrator of all amounts due to the Certificateholders, and the performance
      or observance of every agreement and covenant of this Indenture and the other
      Basic Documents on the part of the Issuer to be performed or observed, all
      as
      provided herein;

     

    (ii)  immediately
      after giving effect to such transaction, no Default or Event of Default shall
      have occurred and be continuing;

     

    (iii)  each
      of
      the Rating Agencies shall have notified the Issuer that such transaction shall
      not cause the rating of the Notes (without regard to the Policy) to be reduced,
      qualified, suspended or withdrawn or to be considered by either Rating Agency
      to
      be below investment grade;

     

    (iv)  any
      action that is necessary to maintain the lien and security interest created
      by
      this Indenture shall have been taken; 

     

    (v)  the
      Issuer shall have delivered to the Indenture Trustee and the Note Insurer an
      Officer’s Certificate and an Opinion of Counsel each stating that such
      consolidation or merger and such supplemental indenture comply with this Article
      III and that all conditions precedent herein provided for or relating to such
      transaction have been complied with (including any filing required by the
      Exchange Act), and that such supplemental indenture is enforceable;
      and

     

    (vi)  the
      Note
      Insurer shall have given its prior written consent.

     

    (b)  The
      Issuer shall not convey or transfer any of its properties or assets, including
      those included in the Trust Estate, to any Person, unless:

     

    (i)  the
      Person that acquires, by conveyance or transfer, the properties and assets
      of
      the Issuer, the conveyance or transfer of which is hereby restricted, shall
      (A)
      be a United States citizen or a Person organized and existing under the laws
      of
      the United States of America or any state thereof, (B) expressly assume, by
      an
      indenture supplemental hereto, executed and delivered to the Indenture Trustee
      and the Securities Administrator, in form satisfactory to the Indenture Trustee
      and the Securities Administrator, the due and punctual payment of the principal
      of and interest on all Notes and the performance or observance of every
      agreement and covenant of this Indenture and the other Basic Documents on the
      part of the Issuer to be performed or observed, all as provided herein, (C)
      expressly agree by means of such supplemental indenture that all right, title
      and interest so conveyed or transferred shall be subject and subordinate to
      the
      rights of the Holders of the Notes, (D) unless otherwise provided in such
      supplemental indenture, expressly agree to indemnify, defend and hold harmless
      the Issuer, the Note Insurer, the Indenture Trustee and the Securities
      Administrator against and from any loss, liability or expense arising under
      or
      related to this Indenture and the Notes and (E) expressly agree by means of
      such
      supplemental indenture that such Person (or, if a group of Persons, one
      specified Person) shall make all filings with the Commission (and any other
      appropriate Person) required by the Exchange Act in connection with the
      Notes;

     

    (ii)  immediately
      after giving effect to such transaction, no Default or Event of Default shall
      have occurred and be continuing;

     

    (iii)  each
      of
      the Rating Agencies shall have notified the Issuer that such transaction shall
      not cause the rating of the Notes (without regard to the Policy) to be reduced,
      qualified, suspended or withdrawn or to be considered by either Rating Agency
      to
      be below investment grade;

     

    (iv)  any
      action that is necessary to maintain the lien and security interest created
      by
      this Indenture shall have been taken; 

     

    (v)  the
      Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
      and an Opinion of Counsel each stating that such conveyance or transfer and
      such
      supplemental indenture comply with this Article III and that all conditions
      precedent herein provided for relating to such transaction have been complied
      with (including any filing required by the Exchange Act); and

     

    (vi)  the
      Note
      Insurer shall have given its prior written consent.

     

    Section 3.13  Successor
      or Transferee. 

     

    (a)  Upon
      any
      consolidation or merger of the Issuer in accordance with Section 3.12(a), the
      Person formed by or surviving such consolidation or merger (if other than the
      Issuer) shall, following the Issuer’s satisfaction of all of the conditions
      precedent set forth therein with respect thereto, succeed to, and be substituted
      for, and may exercise every right and power of, the Issuer under this Indenture
      with the same effect as if such Person had been named as the Issuer
      herein.

     

    (b)  Upon
      a
      conveyance or transfer of all the assets and properties of the Issuer pursuant
      to Section 3.12(b), the Issuer, following its satisfaction of all of the
      conditions precedent set forth herein with respect thereto, will be released
      from every covenant and agreement of this Indenture to be observed or performed
      on the part of the Issuer with respect to the related Notes immediately upon
      the
      delivery of written notice to the Indenture Trustee of such conveyance or
      transfer.

     

    Section 3.14  No
      Other Business. 

     

    The
      Issuer shall not engage in any business other than as set forth with respect
      thereto in the Trust Agreement and other than financing, purchasing, owning
      and
      selling and managing the Trust Estate and the issuance of the Notes in the
      manner contemplated by this Indenture and the other Basic Documents and all
      activities incidental thereto.

     

    Section 3.15  No
      Borrowing. 

     

    The
      Issuer shall not issue, incur, assume, guarantee or otherwise become liable,
      directly or indirectly, for any indebtedness except for the Notes under this
      Indenture.

     

    Section 3.16  Guarantees,
      Loans, Monthly Advances and Other Liabilities.

     

    Except
      as
      contemplated by this Indenture or any other Basic Document, the Issuer shall
      not
      make any loan or advance or credit to, or guarantee (directly or indirectly
      or
      by an instrument having the effect of assuring another’s payment or performance
      on any obligation or capability of so doing or otherwise), endorse or otherwise
      become contingently liable, directly or indirectly, in connection with the
      obligations, stocks or dividends of, or own, purchase, repurchase or acquire
      (or
      agree contingently to do so) any stock, obligations, assets or securities of,
      or
      any other interest in, or make any capital contribution to, any other
      Person.

     

    Section 3.17  Capital
      Expenditures. 

     

    The
      Issuer shall not make any expenditure (by long-term or operating lease or
      otherwise) for capital assets (either realty or personalty).

     

    Section 3.18  Restricted
      Payments. 

     

    The
      Issuer shall not, directly or indirectly, (i) pay any dividend or make any
      distribution (by reduction of capital or otherwise), whether in cash, property,
      securities or a combination thereof, to the Owner Trustee or any owner of a
      beneficial interest in the Issuer or otherwise with respect to any ownership
      or
      equity interest or security in or of the Issuer, (ii) redeem, purchase, retire
      or otherwise acquire for value any such ownership or equity interest or security
      or (iii) set aside or otherwise segregate any amounts for any such purpose;
      provided, however, that the Issuer may make, or cause to be made, distributions
      and payments to the Owner Trustee, the Indenture Trustee, the Securities
      Administrator, the Servicer, the Master Servicer, the Credit Risk Manager,
      the
      Note Insurer, the Custodian, the Certificate Registrar, the Noteholders and
      the
      Certificateholders as contemplated by, and to the extent funds are available
      for
      such purpose under this Indenture and the other Basic Documents. The Issuer
      will
      not, directly or indirectly, make payments to or distributions from the
      Collection Account or the Payment Account except in accordance with this
      Indenture and the other Basic Documents.

     

    Section 3.19  Notice
      of Events of Default. 

     

    The
      Issuer shall give the Indenture Trustee, the Note Insurer, the Securities
      Administrator, and each Rating Agency prompt written notice of each Event of
      Default that has occurred and is continuing hereunder.

     

    Section 3.20  Further
      Instruments and Acts. 

     

    Upon
      request of the Indenture Trustee, the Issuer will execute and deliver such
      further instruments and do such further acts as may be reasonably necessary
      or
      proper to carry out more effectively the purpose of this Indenture.

     

    Section 3.21  [Reserved]. 

     

    Section 3.22  Certain
      Representations Regarding the Trust Estate. 

     

    (a)  With
      respect to the Collateral, the Issuer represents to the Indenture Trustee and
      the Note Insurer that:

     

    (b)  This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable UCC) in the Collateral in favor of the Indenture Trustee, which
      security interest is prior to all other liens, and is enforceable as such as
      against creditors of and purchasers from the Issuer.

     

    (c)  The
      Collateral constitutes “deposit accounts,” “instruments” or “certificated
      securities,” as applicable within the meaning of the applicable
      UCC.

     

    (d)  The
      Issuer owns and has good and marketable title to the Collateral, free and clear
      of any lien, claim or encumbrance of any Person.

     

    (e)  The
      Issuer has caused or will have caused, within five days of the Closing Date,
      the
      filing of all appropriate financing statements in the proper filing office
      in
      the appropriate jurisdictions under applicable law in order to perfect the
      security interest in the Collateral granted to the Indenture Trustee
      hereunder.

     

    (f)  Other
      than the security interest granted to the Indenture Trustee pursuant to this
      Indenture, the Issuer has not pledged, assigned, sold, granted a security
      interest in, or otherwise conveyed any of the Collateral. The Issuer has not
      authorized the filing of and is not aware of any financing statements against
      the Issuer that include a description of collateral covering the Collateral
      other than any financing statement relating to the security interest granted
      to
      the Indenture Trustee hereunder or that has been terminated.

     

    (g)  The
      Collateral is not in the name of any Person other than the Issuer or the
      Indenture Trustee. The Issuer has in its possession all original copies of
      the
      security certificates that constitute or evidence the Collateral. The security
      certificates that constitute or evidence the Collateral do not have any marks
      or
      notations indicating that they have been pledged, assigned or otherwise conveyed
      to any Person other than the Indenture Trustee. The Issuer has not consented
      to
      the bank maintaining the Collateral to comply with instructions of any Person
      other than the Indenture Trustee or the Securities Administrator on behalf
      of
      the Indenture Trustee or the Master Servicer.

     

     

    ARTICLE
      IV

    THE
      NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

     

    Section 4.01  The
      Notes. 

     

    The
      Notes
      shall be registered in the name of a nominee designated by the Depository.
      Beneficial Owners will hold interests in the Class A Notes through the
      book-entry facilities of the Depository in minimum initial Note Principal
      Balance of $25,000 and integral multiples of $1 in excess thereof. 

     

    The
      Indenture Trustee and Securities Administrator may for all purposes (including
      the making of payments due on the Notes) deal with the Depository as the
      authorized representative of the Beneficial Owners with respect to the Notes
      for
      the purposes of exercising the rights of Holders of the Notes hereunder. Except
      as provided in the next succeeding paragraph of this Section 4.01, the rights
      of
      Beneficial Owners with respect to the Notes shall be limited to those
      established by law and agreements between such Beneficial Owners and the
      Depository and Depository Participants. Except as provided in Section 4.08
      hereof, Beneficial Owners shall not be entitled to definitive certificates
      for
      the Notes as to which they are the Beneficial Owners. Requests and directions
      from, and votes of, the Depository as Holder of the Notes shall not be deemed
      inconsistent if they are made with respect to different Beneficial Owners.
      The
      Securities Administrator may establish a reasonable record date in connection
      with solicitations of consents from or voting by Noteholders and give notice
      to
      the Depository of such record date. Without the consent of the Issuer and the
      Securities Administrator, no Note may be transferred by the Depository except
      to
      a successor Depository that agrees to hold such Note for the account of the
      Beneficial Owners.

     

    In
      the
      event the Depository Trust Company resigns or is removed as Depository, the
      Depositor may appoint a successor Depository. If no successor Depository has
      been appointed within 30 days of the effective date of the Depository’s
      resignation or removal, each Beneficial Owner shall be entitled to certificates
      representing the Notes it beneficially owns in the manner prescribed in Section
      4.08.

     

    The
      Notes
      shall, on original issue, be executed on behalf of the Issuer by the Owner
      Trustee, not in its individual capacity but solely as Owner Trustee,
      authenticated by the Authenticating Agent and delivered by the Authenticating
      Agent to or upon the order of the Issuer.

     

    Section 4.02  Registration
      of and Limitations on Transfer and Exchange of Notes; Appointment of Securities
      Administrator and Certificate Registrar. 

     

    The
      Issuer shall cause to be kept at the Corporate Trust Office of the Securities
      Administrator a Note Register in which, subject to such reasonable regulations
      as it may prescribe, the Securities Administrator shall provide for the
      registration of Notes and of transfers and exchanges of Notes as herein
      provided.

     

    Subject
      to the restrictions and limitations set forth below, upon surrender for
      registration of transfer of any Note at the Corporate Trust Office of the
      Securities Administrator, the Issuer shall execute, the Authenticating Agent
      shall authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Notes in authorized initial Note Principal Balance
      evidencing the same aggregate Percentage Interests.

     

    Subject
      to Section 4.08, Notes may be exchanged for other Notes of like tenor and in
      authorized initial Note Principal Balance evidencing the same aggregate
      Percentage Interests upon surrender of the Notes to be exchanged at the
      Corporate Trust Office of the Securities Administrator. Whenever any Notes
      are
      so surrendered for exchange, the Issuer shall execute, the Authenticating Agent
      shall authenticate and the Securities Administrator shall deliver the Notes
      which the Noteholder making the exchange is entitled to receive. Each Note
      presented or surrendered for registration of transfer or exchange shall (if
      so
      required by the Securities Administrator) be duly endorsed by, or be accompanied
      by a written instrument of transfer in form reasonably satisfactory to the
      Securities Administrator duly executed by the Holder thereof or his attorney
      duly authorized in writing, with such signature guaranteed by a commercial
      bank
      or trust company located or having a correspondent located in the city of New
      York. Notes delivered upon any such transfer or exchange will evidence the
      same
      obligations, and will be entitled to the same rights and privileges, as the
      Notes surrendered.

     

    No
      service charge shall be made for any registration of transfer or exchange of
      Notes, but the Securities Administrator shall require payment of a sum
      sufficient to cover any tax or governmental charge that may be imposed in
      connection with any registration of transfer or exchange of Notes.

     

    The
      Issuer hereby appoints LaSalle Bank National Association as: (i) Certificate
      Registrar to keep at its Corporate Trust Office a Certificate Register pursuant
      to Section 3.08 of the Trust Agreement 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 thereof pursuant
      to
      Section 3.04 of the Trust Agreement, and (ii) Securities Administrator under
      this Indenture. LaSalle Bank National Association hereby accepts such
      appointments. Upon request, the Certificate Registrar will provide a copy of
      the
      Certificate Register to the Indenture Trustee.

     

    Section 4.03  Mutilated,
      Destroyed, Lost or Stolen Notes.

     

    If
      (i)
      any mutilated Note is surrendered to the Securities Administrator, or the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Note, and (ii) there is delivered to the
      Securities Administrator such security or indemnity as may be required by it
      to
      hold the Issuer and the Securities Administrator harmless, then, in the absence
      of notice to the Issuer or the Securities Administrator that such Note has
      been
      acquired by a bona fide purchaser, and provided that the requirements of Section
      8-405 of the UCC are met, the Issuer shall execute, and upon its request the
      Authenticating Agent shall authenticate and the Securities Administrator shall
      deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
      or
      stolen Note, a replacement Note; provided, however, that if any such destroyed,
      lost or stolen Note, but not a mutilated Note, shall have become or within
      seven
      days shall be due and payable, instead of issuing a replacement Note, the Issuer
      may pay such destroyed, lost or stolen Note when so due or payable without
      surrender thereof. If, after the delivery of such replacement Note or payment
      of
      a destroyed, lost or stolen Note pursuant to the proviso to the preceding
      sentence, a bona fide purchaser of the original Note in lieu of which such
      replacement Note was issued presents for payment such original Note, the Issuer
      and the Securities Administrator shall be entitled to recover such replacement
      Note (or such payment) from the Person to whom it was delivered or any Person
      taking such replacement Note from such Person to whom such replacement Note
      was
      delivered or any assignee of such Person, except a bona fide purchaser, and
      shall be entitled to recover upon the security or indemnity provided therefor
      to
      the extent of any loss, damage, cost or expense incurred by the Issuer, the
      Indenture Trustee or the Securities Administrator in connection
      therewith.

     

    Upon
      the
      issuance of any replacement Note under this Section 4.03, the Issuer may require
      the payment by the Holder of such Note of a sum sufficient to cover any tax
      or
      other governmental charge that may be imposed in relation thereto and any other
      reasonable expenses (including the fees and expenses of the Securities
      Administrator) connected therewith.

     

    Every
      replacement Note issued pursuant to this Section 4.03 in replacement of any
      mutilated, destroyed, lost or stolen Note shall constitute an original
      additional contractual obligation of the Issuer, whether or not the mutilated,
      destroyed, lost or stolen Note shall be at any time enforceable by anyone,
      and
      shall be entitled to all the benefits of this Indenture equally and
      proportionately with any and all other Notes duly issued hereunder.

     

    The
      provisions of this Section 4.03 are exclusive and shall preclude (to the extent
      lawful) all other rights and remedies with respect to the replacement or payment
      of mutilated, destroyed, lost or stolen Notes.

     

    Section 4.04  Persons
      Deemed Owners.

     

    Prior
      to
      due presentment for registration of transfer of any Note, the Issuer, the
      Securities Administrator and any agent of the Issuer may treat the Person in
      whose name any Note is registered (as of the day of determination) as the owner
      of such Note for the purpose of receiving payments of principal of and interest,
      if any, on such Note and for all other purposes whatsoever, whether or not
      such
      Note be overdue, and none of the Issuer, the Indenture Trustee, the Securities
      Administrator or any agent of the Issuer, the Indenture Trustee or the
      Securities Administrator shall be affected by notice to the
      contrary.

     

    Section 4.05  Cancellation.

     

    All
      Notes
      surrendered for payment, registration of transfer, exchange or redemption shall,
      if surrendered to any Person other than the Securities Administrator, be
      delivered to the Securities Administrator and shall be promptly cancelled by
      the
      Securities Administrator. The Issuer may at any time deliver to the Securities
      Administrator for cancellation any Notes previously authenticated and delivered
      hereunder which the Issuer may have acquired in any manner whatsoever, and
      all
      Notes so delivered shall be promptly cancelled by the Securities Administrator.
      No Notes shall be authenticated in lieu of or in exchange for any Notes
      cancelled as provided in this Section 4.05, except as expressly permitted by
      this Indenture. All cancelled Notes may be held or disposed of by the Securities
      Administrator in accordance with its standard retention or disposal policy
      as in
      effect at the time.

     

    Section 4.06  Form
      of Notes. 

     

    The
      Notes, upon original issuance, will be issued in the form of typewritten Notes
      representing the Book-Entry Notes, to be delivered to The Depository Trust
      Company (or its custodian), the initial Depository, by, or on behalf of, the
      Issuer. The Notes shall initially be registered on the Note Register in the
      name
      of Cede & Co., the nominee of the initial Depository, and no Beneficial
      Owner will receive a Definitive Note representing such Beneficial Owner’s
      interest in such Note, except as provided in Section 4.08. With respect to
      such
      Notes, unless and until definitive, fully registered Notes (the “Definitive
      Notes”)
      have
      been issued to Beneficial Owners pursuant to Section 4.08:

     

    (i)  the
      provisions of this Section 4.06 shall be in full force and effect;

     

    (ii)  the
      Securities Administrator and the Indenture Trustee shall be entitled to deal
      with the Depository for all purposes of this Indenture (including the payment
      of
      principal of and interest on the Notes and the giving of instructions or
      directions hereunder) as the sole holder of the Notes, and shall have no
      obligation to the Beneficial Owners of the Notes;

     

    (iii)  to
      the
      extent that the provisions of this Section 4.06 conflict with any other
      provisions of this Indenture, the provisions of this Section 4.06 shall
      control;

     

    (iv)  the
      rights of Beneficial Owners shall be exercised only through the Depository
      and
      shall be limited to those established by law and agreements between such Note
      Owners and the Depository and/or the Depository Participants. Unless and until
      Definitive Notes are issued pursuant to Section 4.08, the initial Depository
      will make book-entry transfers among the Depository Participants and receive
      and
      transmit payments of principal of and interest on the Notes to such Depository
      Participants; and

     

    (v)  whenever
      this Indenture requires or permits actions to be taken based upon instructions
      or directions of Holders of Notes evidencing a specified percentage of the
      aggregate Note Principal Balance of the Notes, the Depository shall be deemed
      to
      represent such percentage with respect to the Notes only to the extent that
      it
      has received instructions to such effect from Beneficial Owners and/or
      Depository Participants owning or representing, respectively, such required
      percentage of the beneficial interest in the Notes and has delivered such
      instructions to the Securities Administrator and the Indenture
      Trustee.

     

    None
      of
      the Depositor, the Issuer, the Servicer, the Master Servicer, the Sponsor,
      the
      Securities Administrator, the Indenture Trustee and the Owner Trustee shall
      have
      any liability for any aspect of the records relating to or payments made on
      account of beneficial ownership interests in the Book-Entry Notes or for
      maintaining, supervising or reviewing any records relating to beneficial
      ownership interests or transfers thereof.

     

    Section 4.07  Notices
      to Depository. 

     

    Whenever
      a notice or other communication to the Note Holders is required under this
      Indenture, unless and until Definitive Notes shall have been issued to
      Beneficial Owners pursuant to Section 4.08, the Indenture Trustee or Securities
      Administrator, as applicable, shall give all such notices and communications
      specified herein to be given to Holders of the Notes to the Depository, and
      shall have no obligation to the Beneficial Owners.

     

    Section 4.08  Definitive
      Notes. 

     

    If
      (i)
      the Depositor advises the Securities Administrator in writing that the
      Depository is no longer willing or able to properly discharge its
      responsibilities with respect to the Book-Entry Notes and the Depositor, the
      Securities Administrator is unable to locate a qualified successor within 30
      days or (ii) after
      the
      occurrence of the termination of the Servicer as set forth in the Servicing
      Agreement, Note Owners having Percentage Interests aggregating not less than
      51%
      of the Book-entry Notes advise the Securities Administrator, the Depository
      and
      the Depository Participants in writing that the continuation of a book-entry
      system through the Depository, or a successor to the Depository, is no longer
      in
      the best interests of the Note Owners,
      then
      the Securities Administrator shall request that the Depository notify all
      Beneficial Owners of the occurrence of any such event and of the availability
      of
      Definitive Notes to Beneficial Owners requesting the same. Upon surrender to
      the
      Securities Administrator of the typewritten Notes representing the Book-Entry
      Notes by the Depository, accompanied by registration instructions, the Issuer
      shall execute and the Authenticating Agent shall authenticate the Definitive
      Notes in accordance with the instructions of the Depository. Neither the Issuer
      nor the Securities 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 Notes, the
      Securities Administrator shall recognize the Holders of the Definitive Notes
      as
      Noteholders.

     

    In
      addition, if an Event of Default has occurred and is continuing, each Note
      Owner
      materially adversely affected thereby may at its option request a Definitive
      Note evidencing such Noteholder’s interest in the Notes. In order to make such
      request, such Noteholder shall, subject to the rules and procedures of the
      Depository, provide the Depository or the related Depository Participant with
      directions for the Securities Administrator to exchange or cause the exchange
      of
      the Noteholder’s interest in the Notes for an equivalent interest in fully
      registered definitive form. Upon receipt by the Securities Administrator of
      instructions from the Depository directing the Securities Administrator to
      effect such exchange (such instructions to contain information regarding the
      Note Principal Balance being exchanged, the Depository Participant account
      to be
      debited with the decrease, the registered holder of and delivery instructions
      for the Definitive Note, and any other information reasonably required by the
      Securities Administrator), (i) the Securities Administrator shall instruct
      the
      Depository to reduce the related Depository Participant’s account by the
      aggregate Note Principal Balance of the Definitive Note, (ii) the Securities
      Administrator shall execute, authenticate and deliver, in accordance with the
      registration and delivery instructions provided by the Depository, a Definitive
      Note evidencing such Noteholder’s interest in the Notes and (iii) the Issuer
      shall execute and the Authenticating Agent shall authenticate a new Book-Entry
      Note reflecting the reduction in the Note Principal Balance of the Notes by
      the
      amount of the Definitive Notes.

     

    Section 4.09  Tax
      Treatment.

     

    The
      Issuer has entered into this Indenture, and the Notes will be issued, with
      the
      intention that, for federal, state and local income, single business and
      franchise tax purposes, the Notes will qualify as indebtedness. For federal
      income tax purposes, the Notes (exclusive of any right to receive payments
      from
      the Net WAC Rate Carryover Reserve Account) will be treated as regular interests
      in a REMIC. The Securities Administrator shall make or cause to be made REMIC
      elections for each of REMIC I and REMIC II as set forth in Article IX of the
      Sale and Servicing Agreement on Forms 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 Notes are issued. The Issuer, by entering into this Indenture,
      and each Noteholder, by its acceptance of its Note (and each Beneficial Owner
      by
      its acceptance of an interest in the applicable Book-Entry Note), agree to
      treat
      the Notes for federal, state and local income, single business and franchise
      tax
      purposes as indebtedness of the related REMIC.

     

    Section 4.10  Satisfaction
      and Discharge of Indenture. 

     

    (a)  This
      Indenture shall cease to be of further effect with respect to the Notes except
      as to (i) rights of registration of transfer and exchange, (ii) substitution
      of
      mutilated, destroyed, lost or stolen Notes, (iii) rights of related Noteholders
      to receive payments of principal thereof and interest thereon, (iv) Sections
      3.04, 3.06, 3.17, 3.19 and 3.20, (v) the rights, obligations and immunities
      of
      the Indenture Trustee, Securities Administrator, the Note Insurer and
      Authenticating Agent hereunder (including the rights of the Securities
      Administrator under Section 6.08 and the obligations of the Securities
      Administrator under Section 4.11), and (vi) the rights of the related
      Noteholders and the Note Insurer as beneficiaries hereof with respect to the
      property so deposited with the Securities Administrator payable to all or any
      of
      them, and the Indenture Trustee, on demand of and at the expense of the Issuer,
      shall execute proper instruments acknowledging satisfaction and discharge of
      this Indenture with respect to such Notes and shall release and deliver, or
      cause the Custodian to deliver, the Collateral when either 

     

    
      	1)  	
              all
                Notes theretofore authenticated and delivered (other than (i) Notes
                that
                have been destroyed, lost or stolen and that have been replaced or
                paid as
                provided in Section 4.03 hereof and (ii) Notes for whose payment
                money has
                theretofore been deposited in trust or segregated and held in trust
                by the
                Issuer and thereafter repaid to the Issuer or discharged from such
                trust,
                as provided in Section 3.01) have been delivered to the Securities
                Administrator for cancellation and all amounts due and owing to the
                Note
                Insurer have been paid in full; or

            

    

     

    
      	2)  	
              (i)
                all Notes not theretofore delivered to the Securities Administrator
                for
                cancellation

            

    

     

    
      	a)  	
              have
                become due and payable,

            

    

     

    
      	b)  	
              will
                become due and payable at the Final Scheduled Maturity Date within
                one
                year, or

            

    

     

    
      	c)  	
              have
                been called for early redemption pursuant to Sections 8.06 and 8.07
                hereof, 

            

    

     

    and,
      in
      the case of (I) and (II) the Issuer has irrevocably deposited or caused to
      be
      irrevocably deposited with the Securities Administrator cash or direct
      obligations of or obligations guaranteed by the United States of America (which
      will mature prior to the date such amounts are payable), in trust for such
      purpose, in an amount sufficient to pay and discharge the entire indebtedness
      on
      such Notes then outstanding not theretofore delivered to the Securities
      Administrator for cancellation when due on the Final Scheduled Maturity Date
      or
      other final Payment Date and all amounts due and owing to the Note Insurer
      and
      has delivered to the Securities Administrator and the Indenture Trustee a
      verification report from a nationally recognized accounting firm certifying
      that
      the amounts deposited with the Securities Administrator are sufficient to pay
      and discharge the entire indebtedness of such Notes and all amounts due and
      owing to the Note Insurer, or, in the case of (III), the Redeemer has complied
      with all requirements of Section 8.06 and Section 8.07 hereof;

     

    (ii)  the
      Issuer has paid or caused to be paid all other sums payable hereunder;

     

    (iii)  the
      Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an
      Opinion of Counsel (at the Redeemer’s expense in the case of (2)(i)(III) above
      and at the Issuer’s expense in all other cases) and (A) if required by the TIA
      or the Indenture Trustee, an Independent Certificate from a firm of certified
      public accountants, each stating that all conditions precedent herein provided
      for relating to the satisfaction and discharge of this Indenture with respect
      to
      the Notes have been complied with or (B) an Opinion of Counsel in lieu of such
      Independent Certificates to the effect that the TIA does not require any such
      Independent Certificates; provided
      that no
      such Independent Certificates or Opinion of Counsel in lieu of such Independent
      Certificates shall be necessary in respect of property released from the lien
      of
      the Indenture in accordance with the provisions hereof if such property consists
      solely of cash;

     

    (iv)  the
      Issuer has delivered to each Rating Agency and the Note Insurer notice of such
      satisfaction and discharge;

     

    (v)  the
      Issuer has complied with the requirements of Section 8.07 hereof;
      and

     

    (vi)  the
      Securities Administrator has returned the Policy to the Note Insurer for
      cancellation.

     

    Section 4.11  Application
      of Trust Money.

     

    All
      moneys deposited with the Securities Administrator pursuant to Section 4.10
      hereof shall be held in trust and applied by it, in accordance with the
      provisions of the Notes and this Indenture, to the payment, either directly
      or
      through any Securities Administrator, as designee of the Issuer, as the
      Securities Administrator may determine, to the Holders of Securities, of all
      sums due and to become due thereon for principal and interest or otherwise
      and
      to the Note Insurer with respect to all amounts due and owing to the Note
      Insurer; but such moneys need not be segregated from other funds except to
      the
      extent required herein or required by law.

     

    Section 4.12  Release
      of Collateral. 

     

    The
      Servicer, the Sponsor or the Redeemer, as applicable, on behalf of the Issuer,
      shall be entitled to obtain a release from the lien of this Indenture for any
      Mortgage Loan and the Mortgaged Property at any time (i) after a payment by
      the
      Sponsor of the Repurchase Price of the Mortgage Loan, (ii) after a Qualifying
      Substitute Mortgage Loan is substituted for such Mortgage Loan and payment
      of
      the Substitution Shortfall Amount, if any, (iii) after liquidation of the
      Mortgage Loan in accordance with the Sale and Servicing Agreement and the
      deposit of all Liquidation Proceeds and Insurance Proceeds in the Collection
      Account, (iv) upon the termination of a Mortgage Loan (due to, among other
      causes, a prepayment in full of the Mortgage Loan and sale or other disposition
      of the related Mortgaged Property) or (v) as contemplated by Section 8.02
      of the Sale and Servicing Agreement.

     

    Section 4.13  Repayment
      of Moneys Held by Securities Administrator. 

     

    In
      connection with the satisfaction and discharge of this Indenture with respect
      to
      all of the Notes, all moneys then held by any Person other than the Securities
      Administrator under the provisions of this Indenture with respect to such Notes
      shall, upon demand of the Issuer, be paid to the Securities Administrator to
      be
      held and applied according to Section 3.03 and thereupon such Person shall
      be
      released from all further liability with respect to such moneys.

     

    Section 4.14  Temporary
      Notes. 

     

    Pending
      the preparation of any Definitive Notes, the Issuer may execute and upon its
      written direction, the Authenticating Agent may authenticate and the Securities
      Administrator may make available for delivery, temporary Notes that are printed,
      lithographed, typewritten, photocopied or otherwise produced, in any
      denomination, substantially of the tenor of the Definitive Notes in lieu of
      which they are issued and with such appropriate insertions, omissions,
      substitutions and other variations as the officers executing such Notes may
      determine, as evidenced by their execution of such Notes.

     

    If
      temporary Notes are issued, the Issuer will cause Definitive Notes to be
      prepared without unreasonable delay. After the preparation of the Definitive
      Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
      surrender of the temporary Notes at the Corporate Trust Office of the Securities
      Administrator, without charge to the Holder. Upon surrender for cancellation
      of
      any one or more temporary Notes, the Issuer shall execute, the Authenticating
      Agent shall authenticate and the Securities Administrator shall make available
      for delivery, in exchange therefor, Definitive Notes of authorized denominations
      and of like tenor, and aggregate principal amount. Until so exchanged, such
      temporary Notes shall in all respects be entitled to the same benefits under
      this Indenture as Definitive Notes.

     

    Section 4.15  Representation
      Regarding ERISA.

     

    By
      acquiring a Note or interest therein, each Holder of such Note or Beneficial
      Owner of any such interest will be deemed to represent that either (1) it is
      not
      acquiring such Note with Plan Assets or (2) (A) the acquisition, holding and
      transfer of such Note will not give rise to a nonexempt prohibited transaction
      under Section 406 of ERISA or Section 4975 of the Code and (B) such Note is
      rated investment grade or better and such person believes that such Note is
      properly treated as indebtedness without substantial equity features for
      purposes of the Department of Labor regulation 29 C.F.R. § 2510.3-101, and
      agrees to so treat such Note. Alternatively, regardless of the rating of the
      Notes, such person may provide the Securities Administrator with an opinion
      of
      counsel, which opinion of counsel will not be at the expense of the Issuer,
      the
      Sponsor, the Owner Trustee, the Indenture Trustee, the Securities Administrator
      or the Servicer which opines that the acquisition, holding and transfer of
      such
      Note or interest therein is permissible under applicable law, will not
      constitute or result in a non-exempt prohibited transaction under ERISA or
      Section 4975 of the Code and will not subject the Issuer, the Sponsor, the
      Depositor, the Owner Trustee, the Indenture Trustee, the Securities
      Administrator, the Master Servicer or the Servicer to any obligation in addition
      to those undertaken in the Indenture and the other Basic Documents.

     

     

    ARTICLE
      V

    DEFAULT
      AND REMEDIES

     

    Section 5.01  Events
      of Default. 

     

    The
      Issuer shall deliver to the Indenture Trustee and the Note Insurer, within
      five
      days after learning of the occurrence of a Default, written notice in the form
      of an Officer’s Certificate of any event which, with the giving of notice and
      the lapse of time, would become an Event of Default, its status and what action
      the Issuer is taking or proposes to take with respect thereto. The Indenture
      Trustee shall not be deemed to have knowledge of any Default or Event of Default
      unless a Responsible Officer has actual knowledge thereof or unless written
      notice of such Default or Event of Default is received by a Responsible Officer
      and such notice references the Notes, the Trust Estate or this Indenture.

     

    Section 5.02  Acceleration
      of Maturity; Rescission and Annulment.

     

    If
      an
      Event of Default should occur and be continuing, then and in every such case
      the
      Indenture Trustee, may declare the Notes, with the written consent of the
      Controlling Party, or at the direction of the Controlling Party shall declare
      the Notes, and if such Event of Default is an Event of Default pursuant to
      clauses (v) and (vi) of such definition the Notes shall automatically be
      immediately due and payable and, if other than pursuant to such clauses (v)
      and
      (vi), by a notice in writing to the Issuer (and to the Indenture Trustee and
      the
      Note Insurer if such notice is given by Noteholders), and upon any such
      declaration or automatic acceleration the unpaid Note Principal Balance of
      such
      Notes, together with accrued and unpaid interest thereon through the date of
      acceleration, shall become immediately due and payable.

     

    At
      any
      time after such acceleration of maturity with respect to an Event of Default
      and
      before a judgment or decree for payment of the money due has been obtained
      by
      the Indenture Trustee as hereinafter in this Article V provided the Controlling
      Party by written notice to the Issuer and the Indenture Trustee, may, subject
      to
      Section 5.12, waive the related Event of Default and rescind and annul such
      declaration and its consequences if:

     

    (i)  the
      Issuer has paid or deposited with the Securities Administrator a sum sufficient
      to pay:

     

    
      	1)  	
              all
                payments of principal of and interest on the Notes and the Class
                G
                Certificates and all other amounts that would then be due hereunder
                or
                under the Notes and the Class G Certificates if the Event of Default
                giving rise to such acceleration had not
                occurred;

            

    

     

    
      	2)  	
              all
                sums paid or advanced by the Indenture Trustee hereunder and the
                reasonable compensation, expenses, disbursements and advances of
                the
                Indenture Trustee and its agents and counsel;
                and

            

    

     

    
      	3)  	
              all
                amounts due and payable to the Note Insurer;
                and

            

    

     

    (ii)  all
      Events of Default, other than the nonpayment of the principal of such Notes
      that
      has become due solely by such acceleration, have been cured or waived as
      provided in Section 5.12.

     

    No
      such
      rescission shall affect any subsequent default or impair any right consequent
      thereto.

     

    Section 5.03  Collection
      of Indebtedness and Suits for Enforcement by Indenture Trustee. 

     

    (a)  If
      an
      Event of Default occurs and is continuing, the Indenture Trustee, subject to
      the
      provisions of Section 10.15 hereof, may, as more particularly provided in
      Section 5.04 hereof, in its discretion, proceed to protect and enforce its
      rights and the rights of the Noteholders and the Note Insurer by such
      appropriate Proceedings as directed in writing by the Controlling Party to
      protect and enforce any such rights, whether for the specific enforcement of
      any
      covenant or agreement in this Indenture or in aid of the exercise of any power
      granted herein, or to enforce any other proper remedy or legal or equitable
      right vested in the Indenture Trustee by this Indenture or by law.

     

    (b)  In
      case
      there shall be pending, relative to the Issuer or any other obligor upon the
      Notes or any Person having or claiming an ownership interest in the Trust
      Estate, Proceedings under Title 11 of the United States Code or any other
      applicable federal or state bankruptcy, insolvency or other similar law, or
      in
      case a receiver, assignee or trustee in bankruptcy or reorganization,
      liquidator, sequestrator or similar official shall have been appointed for
      or
      taken possession of the Issuer or its property or such other obligor or Person,
      or in case of any other comparable judicial Proceedings relative to the Issuer
      or other obligor upon the Notes, or to the creditors or property of the Issuer
      or such other obligor, the Indenture Trustee, as directed in writing by
the
      Controlling Party,
      irrespective of whether the principal of any related Notes shall then be due
      and
      payable as therein expressed or by declaration or otherwise and irrespective
      of
      whether the Indenture Trustee shall have made any demand pursuant to the
      provisions of this Section, shall be entitled and empowered, by intervention
      in
      such Proceedings or otherwise:

     

    (i)  to
      file
      and prove a claim or claims for the whole amount of principal and interest
      owing
      and unpaid in respect of the Notes and to file such other papers or documents
      as
      may be necessary or advisable in order to have the claims of the Indenture
      Trustee (including any claim for reasonable compensation to the Indenture
      Trustee and each predecessor Indenture Trustee, and their respective agents,
      attorneys and counsel, and for reimbursement of all expenses and liabilities
      incurred, and all advances made, by the Indenture Trustee and each predecessor
      Indenture Trustee, except as a result of negligence, willful misconduct or
      bad
      faith), the Note Insurer and the Noteholders allowed in such
      Proceedings;

     

    (ii)  unless
      prohibited by applicable law and regulations, to vote on behalf of the Holders
      of Notes in any election of a trustee, a standby trustee or Person performing
      similar functions in any such Proceedings;

     

    (iii)  to
      collect and receive any moneys or other property payable or deliverable on
      any
      such claims and to pay all amounts received with respect to the claims of the
      related Noteholders, the Note Insurer and the Indenture Trustee on their behalf;
      and

     

    (iv)  to
      file
      such proofs of claim and other papers or documents as may be necessary or
      advisable in order to have the claims of the Indenture Trustee, the Note Insurer
      or the Holders of related Notes allowed in any judicial proceedings relative
      to
      the Issuer, its creditors and its property;

     

    and
      any
      trustee, receiver, liquidator, custodian or other similar official in any such
      Proceeding is hereby authorized by each of such Noteholders to make payments
      to
      the Securities Administrator, and, in the event that the Indenture Trustee
      shall
      consent to the making of payments directly to such Noteholders, to pay to the
      Indenture Trustee such amounts as shall be sufficient to cover reasonable
      compensation to the Indenture Trustee, each predecessor Indenture Trustee and
      their respective agents, attorneys and counsel, and all other expenses and
      liabilities incurred, and all advances made, by the Indenture Trustee and each
      predecessor Indenture Trustee and other parties under the other Basic
      Documents.

     

    (c)  Nothing
      herein contained shall be deemed to authorize the Indenture Trustee to authorize
      or consent to or vote for or accept or adopt on behalf of any Noteholder any
      plan of reorganization, arrangement, adjustment or composition affecting the
      Notes or the rights of any Holder thereof or to authorize the Indenture Trustee
      to vote in respect of the claim of any Noteholder in any such proceeding except,
      as aforesaid, to vote for the election of a trustee in bankruptcy or similar
      Person.

     

    (d)  All
      rights of action and of asserting claims under this Indenture, or under any
      of
      the Notes, may be enforced by the Indenture Trustee without the possession
      of
      any of the Notes or the production thereof in any trial or other Proceedings
      relative thereto, and any such action or proceedings instituted by the Indenture
      Trustee shall be brought in its own name as trustee of an express trust, and
      any
      recovery of judgment, subject to the payment of the expenses, disbursements
      and
      compensation of the Indenture Trustee, each predecessor Indenture Trustee and
      their respective agents and attorneys, shall be for the ratable benefit of
      the
      Holders of the Notes, subject to Section 5.05 hereof.

     

    (e)  In
      any
      Proceedings brought by the Indenture Trustee (and also any Proceedings involving
      the interpretation of any provision of this Indenture to which the Indenture
      Trustee shall be a party), the Indenture Trustee shall be held to represent
      all
      of the Holders of the Notes, and it shall not be necessary to make any
      Noteholder a party to any such Proceedings.

     

    Section 5.04  Remedies;
      Priorities. 

     

    (a)  If
      an
      Event of Default shall have occurred and be continuing and if an acceleration
      has been declared and not rescinded pursuant to Section 5.02 hereof, the
      Indenture Trustee, may, and shall at the written direction of the
      Controlling Party,
      do one
      or more of the following (subject to Section 5.05 hereof):

     

    (i)  institute
      Proceedings in its own name and as trustee of an express trust for the
      collection of all amounts then payable on the Notes or under this Indenture
      with
      respect thereto, whether by declaration or otherwise, enforce any judgment
      obtained, and collect from the Issuer and any other obligor upon the Notes
      moneys adjudged due;

     

    (ii)  institute
      Proceedings from time to time for the complete or partial foreclosure of this
      Indenture with respect to the Trust Estate;

     

    (iii)  exercise
      any remedies of a secured party under the UCC and take any other appropriate
      action to protect and enforce the rights and remedies of the Indenture Trustee,
      the Note Insurer and the Holders of the related Notes; and

     

    (iv)  sell
      the
      Trust Estate or any portion thereof or rights or interest therein, at one or
      more public or private sales called and conducted in any manner permitted by
      law;

     

    provided,
      however, that, the Indenture Trustee may not sell or otherwise liquidate the
      Trust Estate following an Event of Default, unless (A) the Indenture Trustee
      obtains the consent of the
      Controlling Party,
      and (B)
      the proceeds of such sale or liquidation payable to the Holders of the Notes
      are
      at least equal to the greater of (i) the Principal Balance of the HELOCs and
      the
      appraised value of any REO Properties and (ii) the fair market value of the
      HELOCs and the REO Properties, in each case plus accrued and unpaid interest
      plus unreimbursed Servicing Advances, any unpaid Servicing Fees and Master
      Servicing Fees allocable to such HELOCs and REO Properties and any accrued
      and
      unpaid Net WAC Rate Carryover Amounts and in each case, plus any amounts due
      and
      owing to the Note Insurer. In determining such sufficiency or insufficiency
      with
      respect to clause (B), the Indenture Trustee may obtain and be entitled to
      conclusively rely upon an opinion (obtained at the expense of the Trust) of
      an
      Independent investment banking or accounting firm of national reputation as
      to
      the feasibility of such proposed action and as to the sufficiency of the Trust
      Estate for such purpose.

     

    (b)  If
      the
      Securities Administrator collects any money or property pursuant to this Article
      V, the Securities Administrator shall pay out the money or property in the
      following order:

     

    FIRST:
      to
      the Indenture Trustee, the Owner Trustee, the Securities Administrator, the
      Custodian, the Master Servicer and the Servicer for unreimbursed amounts due
      and
      not previously paid pursuant to the Sale and Servicing Agreement and the other
      Basic Documents;

     

    SECOND:
      to the Noteholders for amounts due and unpaid on such Notes with respect to
      interest (including any Interest Carry Forward Amounts);

     

    THIRD:
      to
      Noteholders, for amounts due and unpaid on such Notes with respect to principal,
      and to each Holder thereof until the aggregate Note Principal Balance is reduced
      to zero;

     

    FOURTH:
      to the Note Insurer, any Premium or Reimbursement Amounts due and owing to
      the
      Note Insurer and any other amounts due and owing to the Note
      Insurer;

     

    FIFTH,
      to
      the Noteholders, the amounts due and unpaid on thereon in respect of Net WAC
      Rate Carryover Amounts; and

     

    SIXTH:
      concurrently to the holders of the Class A Notes and Class G Certificates,
      in an
      amount equal to such note's or certificate's allocated share of any Prepayment
      Interest Shortfalls on the related HELOCs and any Relief Act Interest
      Shortfalls; and

    

    SEVENTH:
      to the Securities Administrator on behalf of the Issuer for distribution to
      Certificateholders pursuant to the Trust Agreement.

     

    The
      Securities Administrator may fix a record date and Payment Date for any payment
      to Noteholders pursuant to this Section 5.04. At least 15 days before such
      record date, the Securities Administrator shall mail to the Note Insurer, each
      Noteholder and the Certificateholder a notice that states the record date,
      the
      Payment Date and the amount to be paid.

     

    Section 5.05  Optional
      Preservation of the Trust Estate. 

     

    If
      the
      Notes have been declared to be due and payable under Section 5.02 following
      an
      Event of Default and such declaration and its consequences have not been
      rescinded and annulled, the Indenture Trustee may, and at the direction of
      the
      Controlling Party shall, elect to take and maintain possession of the Trust
      Estate. It is the desire of the parties hereto and the Noteholders of the Notes
      that there be at all times sufficient funds for the payment of principal of
      and
      interest on the Notes and other related obligations of the Issuer, and the
      Indenture Trustee shall take such desire into account when determining whether
      or not to take and maintain possession of the Trust Estate. In determining
      whether to take and maintain possession of the Trust Estate, the Indenture
      Trustee may obtain and shall be entitled to conclusively rely upon an opinion
      of
      an Independent investment banking or accounting firm of national reputation
      as
      to the feasibility of such proposed action and as to the sufficiency of the
      Trust Estate for such purpose.

     

    Section 5.06  Limitation
      of Suits. 

     

    No
      Holder
      of any Note shall have any right to institute any Proceeding, judicial or
      otherwise, with respect to this Indenture, or for the appointment of a receiver
      or trustee, or for any other remedy hereunder, unless and subject to the
      foregoing and the provisions of Section 10.15 hereof:

     

    (i)  such
      Holder has previously given written notice to the Indenture Trustee of a
      continuing Event of Default;

     

    (ii)  the
      Holders of not less than 50% of the aggregate Note Principal Balance of the
      Notes have made a written request to the Indenture Trustee to institute such
      Proceeding in respect of such Event of Default in its own name as Indenture
      Trustee hereunder;

     

    (iii)  such
      Holder or Holders have offered to the Indenture Trustee indemnity reasonably
      satisfactory to it against the costs, expenses and liabilities to be incurred
      in
      complying with such request;

     

    (iv)  the
      Indenture Trustee, for 60 days after its receipt of such notice of request
      and
      offer of indemnity, has failed to institute such Proceedings; 

     

    (v)  no
      direction inconsistent with such written request has been given to the Indenture
      Trustee during such 60-day period or the Note Insurer by the Holders of a
      majority of the aggregate Note Principal Balance of the Notes; and 

     

    (vi)  a
      Note
      Insurer Default shall have occurred and be continuing.

     

    It
      is
      understood and intended that no one or more Holders of Notes shall have any
      right in any manner whatever by virtue of, or by availing of, any provision
      of
      this Indenture to affect, disturb or prejudice the rights of any other Holders
      of Notes or to obtain or to seek to obtain priority or preference over any
      other
      Holders or to enforce any right under this Indenture, except in the manner
      herein provided.

     

    Section 5.07  Unconditional
      Rights of Noteholders To Receive Principal and Interest.

     

    Notwithstanding
      any other provisions in this Indenture, the Holder of any Note shall have the
      right, which is absolute and unconditional, to receive payment of the principal
      of and interest, if any, on such Note on or after the respective due dates
      thereof expressed in such Note or in this Indenture and, subject to Section
      5.06, to institute suit for the enforcement of any such payment, and such right
      shall not be impaired without the consent of such Holder. 

     

    Section 5.08  Restoration
      of Rights and Remedies. 

     

    If
      the
      Indenture Trustee, the Note Insurer or any Noteholder has instituted any
      Proceeding to enforce any right or remedy under this Indenture and such
      Proceeding has been discontinued or abandoned for any reason or has been
      determined adversely to the Indenture Trustee, the Note Insurer or to such
      Noteholder, then and in every such case the Issuer, the Indenture Trustee,
      the
      Note Insurer and the Noteholders shall, subject to any determination in such
      Proceeding, be restored severally and respectively to their former positions
      hereunder, and thereafter all rights and remedies of the Indenture Trustee,
      the
      Note Insurer and the Noteholders shall continue as though no such Proceeding
      had
      been instituted.

     

    Section 5.09  Rights
      and Remedies Cumulative. 

     

    No
      right
      or remedy herein conferred upon or reserved to the Indenture Trustee, the Note
      Insurer or to the Noteholders is intended to be exclusive of any other right
      or
      remedy, and every right and remedy shall, to the extent permitted by law, be
      cumulative and in addition to every other right and remedy given hereunder
      or
      now or hereafter existing at law or in equity or otherwise. The assertion or
      employment of any right or remedy hereunder, or otherwise, shall not prevent
      the
      concurrent assertion or employment of any other appropriate right or
      remedy.

     

    Section 5.10  Delay
      or Omission Not a Waiver. 

     

    No
      delay
      or omission of the Indenture Trustee, the Note Insurer or any Holder of any
      Note
      to exercise any right or remedy accruing upon any Event of Default shall impair
      any such right or remedy or constitute a waiver of any such Event of Default
      or
      an acquiescence therein. Every right and remedy given by this Article V or
      by
      law to the Indenture Trustee, the Note Insurer or to the Noteholders may be
      exercised from time to time, and as often as may be deemed expedient, by the
      Indenture Trustee, the Note Insurer or by the Noteholders, as the case may
      be.

     

    Section 5.11  Control
      By Controlling Party. 

     

    The
      Controlling
      Party
      shall
      have the right to direct the time, method and place of conducting any Proceeding
      for any remedy available to the Indenture Trustee with respect to the Notes
      or
      exercising any trust or power conferred on the Indenture Trustee; provided
      that:

     

    (i)  such
      direction shall not be in conflict with any rule of law or with this
      Indenture;

     

    (ii)  any
      direction to the Indenture Trustee to sell or liquidate the Trust Estate shall
      be by the
      Note
      Insurer (so long as no Note Insurer Default has occurred and is continuing)
      or
      if a Note Insurer Default has occurred and is continuing, the
      Holders of the Notes representing not less than 100% of the aggregate Note
      Principal Balance of the Notes; and

     

    (iii)  the
      Indenture Trustee may take any other action deemed proper by the Indenture
      Trustee that is not inconsistent with such direction of the Controlling
      Party.

     

    Notwithstanding
      the rights of Noteholders set forth in this Section 5.11, the Indenture Trustee
      need not take any action that it determines might involve it in
      liability.

     

    Section 5.12  Waiver
      of Past Defaults. 

     

    Prior
      to
      the declaration of the acceleration of the maturity of the Notes as provided
      in
      Section 5.02 hereof, the Controlling Party may waive any past Event of Default
      and its consequences except an Event of Default (a) with respect to payment
      of
      principal of or interest on any of the Notes on the Final Scheduled Maturity
      Date, or (b) in respect of a covenant or provision hereof which cannot be
      modified or amended without the consent of the Holder of a Note. In the case
      of
      any such waiver, the Issuer, the Indenture Trustee, the Note Insurer and the
      Holders of the Notes shall be restored to their former positions and rights
      hereunder, respectively, but no such waiver shall extend to any subsequent
      or
      other Event of Default or impair any right consequent thereto.

     

    Upon
      any
      such waiver, any Event of Default arising therefrom shall be deemed to have
      been
      cured and not to have occurred for every purpose of this Indenture; but no
      such
      waiver shall extend to any subsequent or other Event of Default or impair any
      right consequent thereto.

     

    Section 5.13  Undertaking
      for Costs. 

     

    All
      parties to this Indenture agree, and each Holder of any Note and each Beneficial
      Owner of any interest therein by such Holder’s or Beneficial Owner’s acceptance
      thereof shall be deemed to have agreed, that any court may in its discretion
      require, in any suit for the enforcement of any right or remedy under this
      Indenture, or in any suit against the Indenture Trustee for any action taken,
      suffered or omitted by it as Indenture Trustee, the filing by any party litigant
      in such suit of an undertaking to pay the costs of such suit, and that such
      court may in its discretion assess reasonable costs, including reasonable
      attorneys’ fees, against any party litigant in such suit, having due regard to
      the merits and good faith of the claims or defenses made by such party litigant;
      but the provisions of this Section 5.13 shall not apply to (a) any suit
      instituted by the Indenture Trustee, (b) any suit instituted by (1) the
Note
      Insurer or (2) any Noteholder, or group of Noteholders, in each case, with
      the
      prior written consent of the Note Insurer (so long as no Note Insurer Default
      has occurred),
      and
      holding in the aggregate more than 10% of the aggregate Note Principal Balance
      of the Notes or (c) any suit instituted by any Noteholder for the enforcement
      of
      the payment of principal of or interest on any Note on or after the respective
      due dates expressed in such Note and in this Indenture.

     

    Section 5.14  Waiver
      of Stay or Extension Laws. 

     

    The
      Issuer covenants (to the extent that it may lawfully do so) that it will not
      at
      any time insist upon, or plead or in any manner whatsoever, claim or take the
      benefit or advantage of, any stay or extension law wherever enacted, now or
      at
      any time hereafter in force, that may affect the covenants or the performance
      of
      this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
      expressly waives all benefit or advantage of any such law, and covenants that
      it
      shall not hinder, delay or impede the execution of any power herein granted
      to
      the Indenture Trustee, but will suffer and permit the execution of every such
      power as though no such law had been enacted.

     

    Section 5.15  Sale
      of Trust Estate. 

     

    (a)  The
      power
      to effect any sale or other disposition (a “Sale”) of any portion of the Trust
      Estate pursuant to Section 5.04 hereof is expressly subject to the provisions
      of
      Sections 5.05 and 5.11(ii) hereof and this Section 5.15. The power to effect
      any
      such Sale shall not be exhausted by any one or more Sales as to any portion
      of
      the Trust Estate remaining unsold, but shall continue unimpaired until the
      entire Trust Estate shall have been sold or all amounts payable on the Notes
      and
      under this Indenture shall have been paid. The Indenture Trustee may from time
      to time postpone any public Sale by public announcement made at the time and
      place of such Sale. The Indenture Trustee hereby expressly waives its right
      to
      any amount fixed by law as compensation for any Sale.

     

    (b)  In
      connection with a Sale of all or any portion of the Trust Estate:

     

    (i)  any
      Holder or Holders of Notes may bid for and purchase the property offered for
      sale, and upon compliance with the terms of sale may hold, retain and possess
      and dispose of such property, without further accountability, and may, in paying
      the purchase money therefor, deliver any Notes or claims for interest thereon
      in
      lieu of cash up to the amount which shall, upon payment of the net proceeds
      of
      such sale, be payable thereon, and such Notes, in case the amounts so payable
      thereon shall be less than the amount due thereon, shall be returned to the
      Holders thereof after being appropriately stamped to show such partial
      payment;

     

    (ii)  the
      Indenture Trustee may bid for and acquire the property offered for Sale in
      connection with any Sale thereof, and, subject to any requirements of, and
      to
      the extent permitted by, applicable law in connection therewith, may purchase
      all or any portion of the Trust Estate in a private sale, and, in lieu of paying
      cash therefor, may make settlement for the purchase price by crediting the
      gross
      Sale price against the sum of (A) the amount which would be payable to the
      Holders of the Notes and Holders of Certificates on the Payment Date next
      succeeding the date of such Sale, (B) the expenses of the Sale and of any
      Proceedings in connection therewith which are reimbursable to it, without being
      required to produce the Notes in order to complete any such Sale or in order
      for
      the net Sale price to be credited against such Notes, and any property so
      acquired by the Indenture Trustee shall be held and dealt with by it in
      accordance with the provisions of this Indenture; and (C) any and all amounts
      due and owing to the Note Insurer under the Basic Documents;

     

    (iii)  the
      Indenture Trustee shall execute and deliver an appropriate instrument of
      conveyance, prepared by the Issuer and satisfactory to the Indenture Trustee,
      transferring its interest in any portion of the Trust Estate in connection
      with
      a Sale thereof;

     

    (iv)  the
      Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact
      of the Issuer to transfer and convey its interest in any portion of the Trust
      Estate in connection with a Sale thereof, and to take all action necessary
      to
      effect such Sale; and

     

    (v)  no
      purchaser or transferee at such a Sale shall be bound to ascertain the Indenture
      Trustee’s authority, inquire into the satisfaction of any conditions precedent
      or see to the application of any moneys.

     

    Section 5.16  Action
      on Notes. 

     

    The
      Indenture Trustee’s right to seek and recover judgment on the Notes or under
      this Indenture shall not be affected by the seeking, obtaining or application
      of
      any other relief under or with respect to this Indenture. Neither the lien
      of
      this Indenture nor any rights or remedies of the Indenture Trustee, the Note
      Insurer or the Noteholders shall be impaired by the recovery of any judgment
      by
      the Indenture Trustee or the Note Insurer against the Issuer or by the levy
      of
      any execution under such judgment upon any portion of the Trust Estate or upon
      any of the assets of the Issuer. Any money or property collected by the
      Indenture Trustee shall be remitted to the Securities Administrator and all
      funds received by the Securities Administrator shall be applied by the
      Securities Administrator in accordance with Section 5.04(b) hereof.

     

    Section 5.17  Subrogation. 

     

    The
      Securities Administrator as agent for the Indenture Trustee shall receive as
      attorney-in-fact of each Noteholder any Scheduled Payments or Preference Amounts
      from the Note Insurer pursuant to the Policy. Any and all Scheduled Payments
      and
      Preference Amounts disbursed by the Securities Administrator or any successor
      thereto from claims made under the Policy shall not be considered payment by
      the
      Issuer, and shall not discharge the obligations of the Issuer with respect
      thereto. The Note Insurer shall, to the extent it makes any payment with respect
      to the Notes, become subrogated to the rights of the recipient of such payments
      to the extent of such payments. Subject to and conditioned upon any payment
      with
      respect to the Notes by or on behalf of the Note Insurer, the Securities
      Administrator shall assign to the Note Insurer all rights to the payment of
      interest or principal with respect to the Notes which are then due for payment
      to the extent of all payments made by the Note Insurer. 

     

    Section 5.18  Preference
      Claims. 

     

    In
      the
      event that the Indenture Trustee or the Securities Administrator has received
      a
      certified copy of an order of the appropriate court that any payment of
      principal and interest on a Note has been avoided in whole or in part as a
      preference payment under applicable bankruptcy law, the Indenture Trustee or
      the
      Securities Administrator, as applicable, shall so notify the Note Insurer and
      the Securities Administrator, shall comply with the provisions of the Policy
      to
      obtain payment by the Note Insurer of such avoided payment, and the Securities
      Administrator shall on behalf of the Indenture Trustee, at the time it provides
      notice to the Note Insurer, notify Holders of the Notes by mail that, in the
      event that any Noteholder’s payment is so recoverable, such Noteholder will be
      entitled to payment pursuant to the terms of the Policy. The Securities
      Administrator shall, on behalf of the Indenture Trustee, furnish to the Note
      Insurer at its written request, the requested records it holds in its possession
      evidencing the payments of principal of and interest on Notes, if any, which
      have been made by the Securities Administrator, on behalf of the Indenture
      Trustee, and subsequently recovered from Noteholders and the dates on which
      such
      payments were made.

     

    Section 5.19  Noteholder
      Rights. 

     

    Each
      Noteholder by the acceptance of its Note agrees that, so long as no Note Insurer
      Default has occurred and is continuing, the Note Insurer shall be treated by
      the
      Issuer, the Sponsor, the Depositor, the Servicer, the Master Servicer, the
      Securities Administrator, the Credit Risk Manager, the Owner Trustee and the
      Indenture Trustee as if the Note Insurer were the Holder of the Note for the
      purpose of the giving of any consent, the making of any direction or the
      exercise of any voting or other control rights otherwise given to the Noteholder
      hereunder without any further consent of the Noteholder. So long as no Note
      Insurer Default has occurred and is continuing, the Noteholders may only
      exercise such rights with the consent of the Note Insurer.

     

    Section 5.20  Note
      Insurer’s Rights Regarding Actions, Proceedings or
      Investigations. 

     

    Until
      all
      Notes have been paid in full, all amounts owed to the Note Insurer have been
      paid in full, the Insurance Agreement has terminated and the Policy has been
      returned to the Note Insurer for cancellation, the following provisions shall
      apply:

     

    (a)  Unless
      a
      Note Insurer Default has occurred or is continuing, notwithstanding anything
      contained herein or in the other Basic Documents to the contrary, the Note
      Insurer shall have the right to participate in, to direct the enforcement or
      defense of, and, at the Note Insurer’s sole option, to institute or assume the
      defense of, any action, proceeding or investigation that could adversely affect
      the Issuer, the Collateral, the Trust Estate or the rights or obligations of
      the
      Note Insurer hereunder or under the Policy or the Basic Documents, including
      (without limitation) any insolvency or bankruptcy proceeding in respect of
      the
      Servicer, the Sponsor, the Depositor, the Issuer or any affiliate thereof.
      Following notice to the Indenture Trustee and the Securities Administrator
      and
      subject to the preceding sentence, the Note Insurer shall have exclusive right
      to determine, in its sole discretion, the actions necessary to preserve and
      protect the Issuer, the Collateral, and the Trust Property. All costs and
      expenses of the Note Insurer in connection with such action, proceeding or
      investigation, including (without limitation) any judgment or settlement entered
      into affecting the Note Insurer or the Note Insurer’s interests, shall be
      included in the Reimbursement Amount. 

     

    (b)  In
      connection with any action, proceeding or investigation that could adversely
      affect the Issuer, the Collateral, the Trust Estate or the rights or obligations
      of the Note Insurer hereunder or under the Policy or the Basic Documents,
      including (without limitation) any insolvency or bankruptcy proceeding in
      respect of the Servicer, a Sponsor, the Depositor, the Issuer or any affiliate
      thereof, the Indenture Trustee and the Securities Administrator hereby agree
      to
      cooperate with, and to take such action as directed by, the Note Insurer,
      including (without limitation) entering into such agreements and settlements
      as
      the Note Insurer shall direct, in its sole discretion, without the consent
      of
      any Noteholder.

     

    (c)  The
      Indenture Trustee and the Securities Administrator each hereby agrees to provide
      to the Note Insurer prompt written notice of any action, proceeding or
      investigation of which a Responsible Officer has received notice or has actual
      knowledge that names the Issuer, the Securities Administrator or the Indenture
      Trustee as a party or that could adversely affect the Issuer, the Collateral,
      the Trust Estate or the rights or obligations of the Note Insurer hereunder
      or
      under the Policy or the Basic Documents, including (without limitation) any
      insolvency or bankruptcy proceeding in respect of the Servicer, the Sponsor,
      the
      Depositor, the Trust or any affiliate thereof. 

     

    (d)  Notwithstanding
      anything contained herein or in any of the other Basic Documents to the
      contrary, neither the Indenture Trustee nor the Securities Administrator shall,
      without the Note Insurer’s prior written consent or unless directed by the Note
      Insurer, undertake or join any litigation or agree to any settlement of any
      action, proceeding or investigation affecting the Issuer, the Collateral, the
      Trust Estate or the rights or obligations of the Note Insurer hereunder or
      under
      the Policy or the Basic Documents.

     

    (e)  Each
      Noteholder, by acceptance of its Note, and the Indenture Trustee agree that
      the
      Note Insurer shall have such rights as set forth in this Section, which are
      in
      addition to any rights of the Note Insurer pursuant to the other provisions
      of
      the Basic Documents, that the rights set forth in this Section may be exercised
      by the Note Insurer, in its sole discretion, without the need for the consent
      or
      approval of any Noteholder or the Indenture Trustee, notwithstanding any other
      provision contained herein or in any of the other Basic Documents, and that
      nothing contained in this Section shall be deemed to be an obligation of the
      Note Insurer to exercise any of the rights provided for herein.

     

     

    ARTICLE
      VI

     

    THE
      INDENTURE TRUSTEE, THE SECURITIES ADMINISTRATOR AND THE AUTHENTICATING
      AGENT

     

    Section 6.01  Duties
      of Indenture Trustee, Securities Administrator and Others. 

     

    (a)  If
      an
      Event of Default has occurred and is continuing, the Indenture Trustee shall
      exercise the rights and powers vested in it by this Indenture and use the same
      degree of care and skill in their exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own
      affairs.

     

    (b)  Except
      during the continuance of an Event of Default of which the Indenture Trustee
      has
      actual knowledge or has received written notice, in the case of the Indenture
      Trustee and, at any time, in the case of the Securities Administrator and the
      Authenticating Agent:

     

    (i)  each
      of
      the Indenture Trustee, the Securities Administrator and the Authenticating
      Agent
      undertakes to perform such duties and only such duties as are specifically
      set
      forth in this Indenture and the other Basic Documents to which it is a party
      and
      no implied covenants or obligations shall be read into this Indenture and the
      other Basic Documents against the Indenture Trustee, the Securities
      Administrator or the Authenticating Agent; and

     

    (ii)  in
      the
      absence of bad faith on its part, the Indenture Trustee, the Securities
      Administrator, and the Authenticating Agent, may conclusively rely, as to the
      truth of the statements and the correctness of the opinions expressed therein,
      upon certificates, reports, documents, Issuer Requests or other instruments
      or
      opinions furnished to any of the Indenture Trustee, the Securities Administrator
      and the Authenticating Agent and conforming to the requirements of this
      Indenture or the other Basic Documents; however, the Indenture Trustee, the
      Securities Administrator and the Authenticating Agent shall examine the upon
      certificates, reports, documents, Issuer Requests or other instruments and
      opinions to determine whether or not they conform on their face to the
      requirements of this Indenture.

     

    (c)  The
      Indenture Trustee, the Securities Administrator and the Authenticating Agent
      may
      not be relieved from liability for each of its own negligent action, its own
      negligent failure to act or its own willful misconduct, except
      that:

     

    (i)  this
      paragraph does not limit the effect of paragraph (b) of this Section
      6.01;

     

    (ii)  none
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall be liable for any error of judgment made in good faith by a Responsible
      Officer unless it is proved that the Indenture Trustee, the Securities
      Administrator or the Authenticating Agent, as applicable, was negligent in
      ascertaining the pertinent facts; and

     

    (iii)  none
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall be liable with respect to any action it takes or omits to take in good
      faith in accordance with a direction received by it from the Noteholders, the
      Certificateholders or the Issuer, which they are entitled to give under the
      Basic Documents.

     

    (d)  Neither
      the Indenture Trustee nor the Securities Administrator shall be liable for
      interest on any money received by it except as set forth in the Basic
      Documents.

     

    (e)  Money
      held in trust by the Securities Administrator need not be segregated from other
      trust funds except to the extent required by law or the terms of this Indenture
      or the Trust Agreement.

     

    (f)  No
      provision of this Indenture shall require any of the Indenture Trustee, the
      Securities Administrator, or the Authenticating Agent 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 it shall
      have reasonable grounds to believe that repayment of such funds or indemnity
      satisfactory to it against such risk or liability is not reasonably assured
      to
      it.

     

    (g)  Every
      provision of this Indenture relating to the conduct or affecting the liability
      of or affording protection to the Indenture Trustee shall be subject to the
      provisions of this Section.

     

    (h)  The
      Indenture Trustee shall not be deemed to have notice or knowledge of any Default
      or Event of Default unless a Responsible Officer of the Indenture Trustee has
      actual knowledge thereof or unless written notice of any such event that is
      in
      fact an Event of Default or Default is received by the Indenture Trustee at
      its
      Corporate Trust Office and such notice references the Notes or Certificates
      generally, the Issuer, the Trust Estate or this Indenture.

     

    Section 6.02  Rights
      of Indenture Trustee,
      Securities Administrator and Authenticating Agent. 

     

    (a)  Each
      of
      the Indenture Trustee, the Securities Administrator and the Authenticating
      Agent
      may rely on any document believed by it to be genuine and to have been signed
      or
      presented by the proper person. The Indenture Trustee, the Securities
      Administrator and the Authenticating Agent need not investigate any fact or
      matter stated in the document.

     

    (b)  Before
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      acts or refrains from acting, it may require an Officer’s Certificate or an
      Opinion of Counsel. None of the Indenture Trustee, the Securities Administrator
      or the Authenticating Agent shall be liable for any action it takes or omits
      to
      take in good faith in reliance on and in accordance with an Officer’s
      Certificate or Opinion of Counsel.

     

    (c)  None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall be liable for any action it takes or omits to take in good faith which
      it
      believes to be authorized or within its rights or powers.

     

    (d)  The
      Indenture Trustee, the Securities Administrator or the Authenticating Agent
      may
      consult with counsel, and the written advice or Opinion of Counsel (which shall
      not be at the expense of the Indenture Trustee, the Securities Administrator
      or
      the Authenticating Agent) with respect to legal matters relating to this
      Indenture, the other Basic Documents and the Notes shall be full and complete
      authorization and protection from liability in respect to any action taken,
      omitted or suffered by it hereunder in good faith and in accordance with the
      written advice or opinion of such counsel.

     

    (e)  For
      the
      limited purpose of effecting any action to be undertaken by each of the
      Indenture Trustee, the Securities Administrator and the Authenticating Agent,
      but not specifically as a duty of the Indenture Trustee, the Securities
      Administrator or the Authenticating Agent, each of the Indenture Trustee, the
      Securities Administrator and the Authenticating Agent may execute any of the
      trusts or powers hereunder or perform any duties hereunder, either directly
      or
      by or through agents, attorneys, custodians or nominees appointed with due
      care,
      and shall not be responsible for any willful misconduct or negligence on the
      part of any agent, attorney, custodian or nominee so appointed.

     

    (f)  The
      Securities Administrator or its Affiliates are permitted to receive additional
      compensation that could be deemed to be in the Securities 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 to the Securities Administrator (i) as part of the
      compensation hereunder or (ii) out of the Available Payment Amount.

     

    (g)  Anything
      in this Indenture to the contrary notwithstanding, in no event shall the
      Indenture Trustee, the Securities Administrator or the Authenticating Agent
      be
      liable for special, indirect or consequential loss or damage of any kind
      whatsoever (including but not limited to lost profits), even if the Indenture
      Trustee, the Securities Administrator or the Authenticating Agent has been
      advised of the likelihood of such loss or damage and regardless of the form
      of
      action.

     

    (h)  None
      of
      the Securities Administrator, the Issuer, the Indenture Trustee or the
      Authenticating Agent shall be responsible for the acts or omissions of the
      other
      or the Custodian, it being understood that this Indenture shall not be construed
      to render them partners, joint venturers or agents of one another.

     

    (i)  None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      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 indemnity reasonably satisfactory to it against
      such risk or liability is not reasonably assured to it, and none of the
      provisions contained in this Indenture shall in any event require the Indenture
      Trustee, the Securities Administrator or the Authenticating Agent to perform,
      or
      be responsible for the manner of performance of, any of the obligations of
      the
      Servicer under the Servicing Agreement, except during such time, if any, as
      the
      Indenture 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 the Sale and Servicing Agreement.

     

    (j)  Except
      for those actions that the Indenture Trustee, the Securities Administrator
      or
      the Authenticating Agent are required to take hereunder, none of the Indenture
      Trustee, the Securities Administrator or the Authenticating Agent shall have
      any
      obligation or liability to take any action or to refrain from taking any action
      hereunder in the absence of written direction as provided
      hereunder.

     

    (k)  None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall be under any obligation to exercise any of the trusts or powers vested
      in
      it by this Indenture, other than its obligation to give notices pursuant to
      this
      Indenture, or to institute, conduct or defend any litigation hereunder or in
      relation hereto at the request, order or direction of any of the Noteholders
      pursuant to the provisions of this Indenture, unless such Noteholders shall
      have
      offered to the Indenture Trustee, the Securities Administrator or the
      Authenticating Agent, as applicable, security or indemnity reasonably
      satisfactory to it against the costs, expenses and liabilities which may be
      incurred therein or thereby. Nothing contained herein shall, however, relieve
      the Indenture Trustee of the obligation, upon the occurrence of an Event of
      Default of which a Responsible Officer of the Indenture Trustee has actual
      knowledge (which has not been cured or waived), to exercise such of the rights
      and powers vested in it by this Indenture and to use the same degree of care
      and
      skill in their exercise as a prudent person would exercise under the
      circumstances in the conduct of his own affairs.

     

    (l)  None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      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 document, unless
      requested in writing to do so by the Note Insurer or Holders of Notes
      representing not less than 25% of the aggregate Note Principal Balance of the
      Notes and provided that the payment within a reasonable time to the Indenture
      Trustee, the Securities Administrator or the Authenticating Agent, 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 Indenture Trustee,
      the Securities Administrator or the Authenticating Agent, as applicable,
      reasonably assured by the security afforded to it by the terms of this
      Indenture. The Indenture Trustee, the Securities Administrator or the
      Authenticating Agent may require indemnity reasonably satisfactory to it against
      such expense or liability as a condition to taking any such action. The
      reasonable expense of every such examination shall be paid by the Noteholders
      requesting the investigation.

     

    (m)  The
      right
      of the Indenture Trustee, the Securities Administrator or the Authenticating
      Agent to perform any discretionary act enumerated in this Indenture shall not
      be
      construed as a duty, and none of the Indenture Trustee, the Securities
      Administrator or the Authenticating Agent shall be accountable for other than
      its negligence or willful misconduct in the performance of any such
      act.

     

    (n)  None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall be required to give any bond or surety with respect to the execution
      of
      the trust created hereby or the powers granted hereunder.

     

    (o)  None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall have any duty to conduct any affirmative investigation as to the
      occurrence of any condition requiring the repurchase of any HELOC by the Sponsor
      pursuant to this Indenture or the HELOC Purchase Agreement, as applicable,
      or
      the eligibility of any HELOC for purposes of this Indenture.

     

    (p)  The
      Indenture Trustee shall not be deemed to have notice or actual knowledge of
      any
      Default or Event of Default unless actually known to a Responsible Officer
      of
      the Indenture Trustee or written notice thereof (making reference to this
      Indenture or the Notes) is received by the Indenture Trustee at the Corporate
      Trust Office.

     

    (q)  In
      order
      to comply with laws, rules and regulations applicable to banking institutions,
      including those relating to the funding of terrorist activities and money
      laundering, the Indenture Trustee is required to obtain, verify and record
      certain information relating to individuals and entities which maintain a
      business relationship with the Indenture Trustee. Accordingly, each of the
      parties agrees to provide to the Indenture Trustee upon its request from time
      to
      time such party’s complete name, address, tax identification number and such
      other identifying information together with copies of such party’s constituting
      documentation, securities disclosure documentation and such other identifying
      documentation as may be available for such party.

     

    Section 6.03  Individual
      Rights of Indenture Trustee, Securities Administrator and Authenticating
      Agent. 

     

    Each
      of
      the Indenture Trustee, the Securities Administrator and the Authenticating
      Agent, in its individual or any other capacity, may become the owner or pledgee
      of Notes and may otherwise deal with the Issuer or its Affiliates with the
      same
      rights it would have if it were not Indenture Trustee, subject to the
      requirements of the Trust Indenture Act. However, the Indenture Trustee, the
      Securities Administrator and the Authenticating Agent must comply with Section
      6.12 hereof.

     

    Section 6.04  [Reserved].

     

    Section 6.05  Indenture
      Trustee’s, Securities Administrator’s and Authenticating Agent’s
      Disclaimer. 

     

    None
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent
      shall be responsible for and makes no representation as to the validity or
      adequacy of this Indenture, the Notes or any other Basic Document, it shall
      not
      be accountable for the Issuer’s use of the proceeds from the Notes, and it shall
      not be responsible for any statement of the Issuer in the Indenture or in any
      document issued in connection with the sale of the Notes or in the Notes other
      than the Authenticating Agent’s certificate of authentication.

     

    Section 6.06  Notice
      of Event of Default. 

     

    Subject
      to Section 5.01, the Indenture Trustee shall promptly mail to the Note Insurer
      and each Noteholder notice of the Event of Default after it is known to a
      Responsible Officer of the Indenture Trustee, unless such Event of Default
      shall
      have been waived or cured.

     

    Section 6.07  Reports
      to Holders. 

     

    The
      Securities Administrator shall deliver to each Noteholder such information
      as
      may be required to enable such holder to prepare its federal and state income
      tax returns.

     

    Section 6.08  Compensation. 

     

    An
      annual
      fee will be paid to the Indenture Trustee by the Master Servicer pursuant to
      a
      separate agreement between the Indenture Trustee and the Master Servicer. The
      Indenture Trustee, the Securities Administrator and the Authenticating Agent
      will each be entitled to recover from the Payment Account pursuant to Section
      5.03 of the Sale and Servicing Agreement all reasonable out-of-pocket expenses,
      disbursements and advances and the expenses of the Indenture Trustee, the
      Securities Administrator, the Authenticating Agent, the
      Certificate Paying Agent and the Certificate Registrar,
      respectively, in connection with the Basic Documents or any claim or legal
      action (including any pending or threatened claim or legal action) or otherwise
      incurred or made by the Indenture Trustee, the Securities Administrator, the
      Authenticating Agent the Certificate Paying Agent or the Certificate Registrar,
      respectively, in the administration of the trusts under the Basic Documents
      (including the reasonable compensation, expenses and disbursements of its
      counsel) except any such expense, disbursement or advance as may arise from
      its
      own negligence or intentional misconduct or which is the responsibility of
      the
      Noteholders as provided herein. Such compensation and reimbursement obligation
      shall not be limited by any provision of law in regard to the compensation
      of a
      trustee of an express trust. Additionally, each of the Indenture Trustee, the
      Securities Administrator and the Authenticating Agent and any director, officer,
      employee or agent of the Indenture Trustee, the Securities Administrator or
      the
      Authenticating Agent shall be indemnified by the Trust and held harmless against
      any loss, liability or expense (including reasonable attorney’s fees and
      expenses) incurred in the administration of this Indenture (other than its
      ordinary out of pocket expenses incurred hereunder) or in connection with any
      claim or legal action relating to (a) the Basic Documents or (b) the Notes,
      other than any loss, liability or expense incurred by reason of its own
      negligence or intentional misconduct, or which is the responsibility of the
      Noteholders as provided herein.

     

    The
      Issuer’s payment obligations to the Indenture Trustee, the Securities
      Administrator and the Authenticating Agent, pursuant to this Section 6.08 shall
      survive the discharge of this Indenture and the termination or resignation
      of
      the Indenture Trustee, the Securities Administrator or the Authenticating Agent.
      When the Indenture Trustee, the Securities Administrator or the Authenticating
      Agent incurs expenses after the occurrence of an Event of Default with respect
      to the Issuer, the expenses are intended to constitute expenses of
      administration under Title 11 of the United States Code or any other applicable
      federal or state bankruptcy, insolvency or similar law.

     

    Section 6.09  Replacement
      of Indenture Trustee, the Securities Administrator and the Authenticating
      Agent.  

     

    No
      resignation or removal of the Indenture Trustee, the Securities Administrator
      or
      the Authenticating Agent and no appointment of a successor Indenture Trustee,
      a
      successor Securities Administrator or a successor Authenticating Agent shall
      become effective until the acceptance of appointment by such successor pursuant
      to this Section 6.09. The Indenture Trustee, the Securities Administrator or
      the
      Authenticating Agent may resign at any time by so notifying the Issuer and
      the
      Note Insurer. The Controlling Party may remove the Indenture Trustee by so
      notifying the Indenture Trustee and may appoint a successor Indenture Trustee.
      The Issuer at the direction of the Controlling Party shall remove the Indenture
      Trustee, the Securities Administrator or the Authenticating Agent, as
      applicable, if:

     

    (i)  the
      Indenture Trustee, the Securities Administrator or the Authenticating Agent
      fails to comply with or qualify pursuant to the provisions of Section 6.12
      hereof;

     

    (ii)  the
      Indenture Trustee, the Securities Administrator or the Authenticating Agent
      is
      adjudged a bankrupt or insolvent;

     

    (iii)  a
      receiver or other public officer takes charge of any of the Indenture Trustee,
      the Securities Administrator or the Authenticating Agent or its
      property;

     

    (iv)  the
      Indenture Trustee, the Securities Administrator or the Authenticating Agent
      otherwise becomes incapable of acting; or

     

    (v)  the
      Master Servicer is terminated pursuant to Section 8.01 of the Sale and Servicing
      Agreement and the Indenture Trustee or the Securities Administrator, as
      applicable, is the successor to the Master Servicer.

     

    If
      the
      Indenture Trustee, the Securities Administrator or the Authenticating Agent
      resigns or is removed or if a vacancy exists in the office of the Indenture
      Trustee, the Securities Administrator or the Authenticating Agent for any reason
      (the Indenture Trustee, the Securities Administrator or the Authenticating
      Agent
      in such event being referred to herein as the retiring Indenture Trustee, the
      retiring Securities Administrator or the retiring Authenticating Agent), the
      Controlling Party shall promptly appoint a successor with respect thereto and
      if
      the Controlling Party fails to do so the Indenture Trustee, the Securities
      Administrator or the Authenticating Agent, as applicable, may appoint or
      petition a court of competent jurisdiction to appoint, any established mortgage
      loan servicing institution, the appointment of which does not adversely affect
      the then current rating of the Notes by each Rating Agency (without regard
      to
      the Policy) as the successor.

     

    Each
      of a
      successor Indenture Trustee, a successor Securities Administrator or a successor
      Authenticating Agent shall deliver a written acceptance of its appointment
      to
      the retiring Indenture Trustee, the retiring Securities Administrator or the
      retiring Authenticating Agent, as applicable, the Note Insurer and to the
      Issuer. Thereupon, the resignation or removal of the retiring Indenture Trustee,
      the retiring Securities Administrator or the retiring Authenticating Agent
      shall
      become effective, and the successor Indenture Trustee, successor Securities
      Administrator or successor Authenticating Agent shall have all the rights,
      powers and duties of the Indenture Trustee, the Securities Administrator, and
      the Authenticating Agent, as applicable, under this Indenture. The successor
      Indenture Trustee, successor Securities Administrator or successor
      Authenticating Agent shall each mail a notice of its succession to Noteholders.
      The retiring Indenture Trustee, the retiring Securities Administrator or the
      retiring Authenticating Agent shall promptly transfer all property held by
      it as
      Indenture Trustee, the Securities Administrator or the Authenticating Agent,
      as
      applicable, to the successor Indenture Trustee, successor Securities
      Administrator or successor Authenticating Agent.

     

    If
      a
      successor Indenture Trustee, successor Securities Administrator or successor
      Authenticating Agent does not take office within 60 days after the retiring
      Indenture Trustee, the retiring Securities Administrator or the retiring
      Authenticating Agent, as applicable, resigns or is removed, the retiring
      Indenture Trustee, the retiring Securities Administrator or the retiring
      Authenticating Agent, the Issuer, the Note Insurer or the Holders of a majority
      of the aggregate Note Principal Balance of the Notes may petition any court
      of
      competent jurisdiction for the appointment of a successor Indenture Trustee,
      successor Securities Administrator or successor Authenticating
      Agent.

     

    Notwithstanding
      the replacement of the Indenture Trustee, the Securities Administrator or the
      Authenticating Agent pursuant to this Section, the Issuer’s obligations under
      Section 6.07 shall continue for the benefit of the retiring Indenture Trustee,
      the retiring Securities Administrator, the retiring Securities Administrator,
      the retiring Securities Administrator or the retiring Authenticating
      Agent.

     

    Section 6.10  Successor
      Indenture Trustee, Securities Administrator or Authenticating Agent by
      Merger. 

     

    If
      the
      Indenture Trustee, the Securities Administrator or the Authenticating Agent
      consolidates with, merges or converts into, or transfers all or substantially
      all of its corporate trust business or assets to, another corporation or banking
      association, the resulting, surviving or transferee corporation, without any
      further act, shall be the successor Indenture Trustee, successor Securities
      Administrator, successor Securities Administrator, successor Securities
      Administrator or successor Authenticating Agent, as applicable; provided, that
      such corporation or banking association shall be otherwise qualified and
      eligible under Section 6.12 hereof. The Indenture Trustee, the Securities
      Administrator and the Authenticating Agent shall provide the Rating Agencies,
      the Note Insurer and the Issuer with prior written notice, and the Noteholders
      with prompt written notice, of any such transaction.

     

    If
      at the
      time such successor or successors by merger, conversion or consolidation to
      the
      Securities Administrator shall succeed to the trusts created by this Indenture
      and any of the Notes shall have been authenticated but not delivered, any such
      successor to the Securities Administrator may adopt the certificate of
      authentication of any predecessor securities administrator and deliver such
      Notes so authenticated; and if at that time any of the Notes shall not have
      been
      authenticated, any successor to the Securities Administrator may authenticate
      such Notes either in the name of any predecessor hereunder or in the name of
      the
      successor to the Securities Administrator; and in all such cases such
      certificates shall have the full force which is in the Notes or in this
      Indenture provided that the certificate of the Securities Administrator shall
      have.

     

    Section 6.11  Appointment
      of Co-Indenture Trustee or Separate Indenture Trustee. 

     

    (a)  Notwithstanding
      any other provisions of this Indenture, at any time, for the purpose of meeting
      any legal requirement of any jurisdiction in which any part of the Trust Estate
      may at the time be located, the Indenture Trustee shall have the power and
      may
      execute and deliver all instruments to appoint one or more Persons to act as
      a
      co-trustee or co-trustees, or separate trustee or separate trustees, of all
      or
      any part of the Trust Estate, and to vest in such Person or Persons, in such
      capacity and for the benefit of the Noteholders and the Note Insurer, such
      title
      to the Trust Estate, or any part hereof, and, subject to the other provisions
      of
      this Section, such powers, duties, obligations, rights and trusts as the
      Indenture Trustee may consider necessary or desirable. No co-trustee or separate
      trustee hereunder shall be required to meet the terms of eligibility as a
      successor trustee under Section 6.12 hereof.

     

    (b)  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 Indenture
      Trustee shall be conferred or imposed upon and exercised or performed by the
      Indenture 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 Indenture Trustee joining in such act), except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed the Indenture 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 Estate
      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 Indenture Trustee;

     

    (ii)  no
      trustee hereunder shall be personally liable by reason of any act or omission
      of
      any other trustee hereunder; and

     

    (iii)  the
      Indenture Trustee may at any time accept the resignation of or remove any
      separate trustee or co-trustee.

     

    (c)  Any
      notice, request or other writing given to the Indenture 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 Indenture and the conditions
      of this Article VI. 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 Indenture Trustee or
      separately, as may be provided therein, subject to all the provisions of this
      Indenture, specifically including every provision of this Indenture relating
      to
      the conduct of, affecting the liability of, or affording protection to, the
      Indenture Trustee. Every such instrument shall be filed with the Indenture
      Trustee.

     

    (d)  Any
      separate trustee or co-trustee may at any time constitute the Indenture 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 Indenture
      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
      Indenture Trustee, to the extent permitted by law, without the appointment
      of a
      new or successor trustee.

     

    Section 6.12  Eligibility;
      Disqualification. 

     

    The
      Indenture Trustee shall at all times be an entity that meets the requirements
      of
      Section 3(c)(3) under the Investment Company Act applicable to a trustee, shall
      have a combined capital and surplus of at least $25,000,000 as set forth in
      its
      most recent published annual report of condition and it or its parent shall
      have
      a long-term debt rating of Baa3 or better by Moody’s or “BBB-“ by Standard &
Poor’s, must be subject to supervision or examination by federal or state
      authority and reasonably acceptable to the Note Insurer.

     

    The
      Securities Administrator (i) may not be the Sponsor, an originator of any of
      the
      HELOCs, the Servicer, the Depositor or an affiliate of the Depositor unless
      the
      Securities Administrator is LaSalle Bank National Association or the Indenture
      Trustee acting as successor to the Securities Administrator, (ii) must be
      authorized to exercise corporate trust powers under the laws of its jurisdiction
      of organization, (iii) must be rated at least “A/F1” by Fitch, if Fitch is a
      Rating Agency, or the equivalent rating by S&P or Moody’s, or such other
      rating as is acceptable to Fitch as provided in writing, (iv) shall have a
      combined capital and surplus of at least $25,000,000; and (v) shall be
      reasonably acceptable to the Note Insurer. If no successor Securities
      Administrator shall have been appointed by the Depositor (which may be the
      Indenture Trustee, if it accepts such appointment) and shall have accepted
      appointment within 60 days of the Securities Administrator’s notice of
      ineligibility, then the retiring Securities Administrator may petition any
      court
      of competent jurisdiction for the appointment of a successor. The Indenture
      Trustee
      shall notify the Rating Agencies and the Note Insurer of any change of
      Securities Administrator. A successor Securities Administrator shall assume
      all
      of the rights and obligations of the Securities Administrator hereunder arising
      thereafter except that the successor Securities Administrator shall not be
      (i)
      liable for losses of the predecessor Securities Administrator or any acts or
      omissions of the predecessor Securities Administrator hereunder or (ii) deemed
      to have made any representations and warranties of the Securities Administrator
      made herein. The successor Securities Administrator shall not be accountable,
      shall have no liability and makes no representation as to any acts or omissions
      hereunder of the Securities Administrator until such time as the successor
      Securities Administrator may be required to act as successor Securities
      Administrator pursuant to this Section 6.12 and thereupon only for the acts
      or
      omissions of the Securities Administrator as successor Securities Administrator.
      The Securities Administrator shall be entitled to reasonable additional
      compensation for serving as Securities Administrator, which shall be paid for
      by
      the Servicer and if not so paid, then from the Custodial Account or the Payment
      Account.

     

    Any
      resignation or removal of the Securities Administrator and appointment of a
      successor Securities Administrator shall become effective upon acceptance by
      the
      successor Securities Administrator of such appointment.

     

    The
      Indenture Trustee and successor Securities Administrator shall be entitled
      to be
      reimbursed from the Servicer for all reasonable costs and expenses associated
      with the transfer of the duties of the Securities Administrator from the
      predecessor Securities Administrator, including, without limitation, any costs
      or expenses associated with the complete transfer of all Securities
      Administrator data as may be required by the Indenture Trustee or successor
      Securities Administrator to correct any errors or insufficiencies in such
      Securities Administrator data or otherwise to enable the Indenture Trustee
      or
      another successor Securities Administrator to perform the duties of the
      Securities Administrator properly and effectively.

     

    Section 6.13  [Reserved]. 

     

    Section 6.14  Representations
      and Warranties. 

     

    (a)  The
      Indenture Trustee hereby represents that:

     

    (i)  The
      Indenture Trustee is duly organized and validly existing as a national banking
      association in good standing under the laws of the United States with power
      and
      authority to own its properties and to conduct its business as such properties
      are currently owned and such business is presently conducted;

     

    (ii)  The
      Indenture Trustee has the power and authority to execute and deliver this
      Indenture and to carry out its terms; and the execution, delivery and
      performance of this Indenture have been duly authorized by the Indenture Trustee
      by all necessary corporate action;

     

    (iii)  The
      consummation of the transactions contemplated by this Indenture and the
      fulfillment of the terms hereof do not conflict with, result in any breach
      of
      any of the terms and provisions of, or constitute (with or without notice or
      lapse of time) a default under, the articles of incorporation or bylaws of
      the
      Indenture Trustee or any material agreement or other instrument to which the
      Indenture Trustee is a party or by which it is bound; 

     

    (iv)  To
      the
      Indenture Trustee’s knowledge, there are no proceedings or investigations
      pending or threatened before any court, regulatory body, administrative agency
      or other governmental instrumentality having jurisdiction over the Indenture
      Trustee: (A) asserting the invalidity of this Indenture, (B) seeking to prevent
      the consummation of any of the transactions contemplated by this Indenture
      or
      (C) seeking any determination or ruling that might materially and adversely
      affect the performance by the Indenture Trustee of its obligations under, or
      the
      validity or enforceability of, this Indenture;

     

    (v)  The
      Indenture Trustee is a “securities intermediary,” as such term is defined in
      Section 8-102(a)(14)(B) of the New York UCC, that in the ordinary course of
      its
      business maintains “securities accounts” for others, as such term is used in
      Section 8-501 of the New York UCC.;

     

    (vi)  The
      “securities intermediary’s jurisdiction,” as such term is defined in the New
      York UCC, shall be the State of New York; and

     

    (vii)  The
      Indenture Trustee is not a “clearing corporation”, as such term is defined in
      Section 8-102(a)(5) of the New York UCC.

     

    (b)  LaSalle
      Bank National Association, as Securities Administrator and Authenticating Agent,
      hereby represents and warrants that:

     

    (i)  It
      is
      duly organized and validly existing as a national banking association in good
      standing under the laws of the United States with power and authority to own
      its
      properties and to conduct its business as such properties are currently owned
      and such business is presently conducted;

     

    (ii)  The
      execution and delivery of this Indenture by it, and the performance and
      compliance with the terms of this Indenture by it, will not violate its articles
      of association or bylaws or constitute a default (or an event which, with notice
      or lapse of time, or both, would constitute a default) under, or result in
      the
      breach of, any material agreement or other instrument to which it is a party
      or
      which is applicable to it or any of its assets;

     

    (iii)  It
      has
      the full power and authority to enter into and consummate all transactions
      contemplated by this Indenture, has duly authorized the execution, delivery
      and
      performance of this Indenture, and has duly executed and delivered this
      Indenture; 

     

    (iv)  This
      Indenture, assuming due authorization, execution and delivery by the other
      parties hereto, constitutes a valid, legal and binding obligation of it,
      enforceable against it in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, receivership, reorganization, moratorium
      and
      other laws affecting the enforcement of creditors’ rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law;

     

    (v)  It
      is not
      in violation of, and its execution and delivery of this Indenture and its
      performance and compliance with the terms of this Indenture will not constitute
      a violation of, any law, any order or decree of any court or arbiter, or any
      order, regulation or demand of any federal, state or local governmental or
      regulatory authority, which violation, in its good faith and reasonable
      judgment, is likely to affect materially and adversely either the ability of
      the
      it to perform its obligations under this Indenture or the financial condition
      of
      it; and

     

    (vi)  No
      litigation is pending or, to the best of its knowledge, threatened against
      it
      which would prohibit it from entering into this Indenture or, in its good faith
      reasonable judgment, is likely to materially and adversely affect either the
      ability of it to perform its obligations under this Indenture or the financial
      condition of it.

     

    Section 6.15  Directions
      to Indenture Trustee and the Securities Administrator. 

     

    (a)  The
      Indenture Trustee is hereby directed to accept the pledge of the Trust Estate
      and hold the assets of the Trust in trust for the Noteholders and the Note
      Insurer.

     

    (b)  The
      Indenture Trustee is hereby authorized and directed to execute and deliver
      in
      the forms requested of it: (i) the Custodial Agreement and (ii) the Sale and
      Servicing Agreement.

     

    (c)  The
      Securities Administrator is hereby directed to authenticate and deliver the
      Notes substantially in the form prescribed by Exhibit A to this Indenture in
      accordance with the terms of this Indenture.

     

    (d)  Both
      the
      Indenture Trustee and the Securities Administrator are hereby directed to take
      all other actions as shall be required to be taken by the Indenture Trustee
      or
      the Securities Administrator, as applicable, pursuant to the terms of this
      Indenture and the other Basic Documents.

     

    (e)  The
      Securities Administrator is hereby designated, appointed, authorized and
      directed to deliver on behalf of the Indenture Trustee the Notice of Claim
      (as
      defined in the Policy) in accordance with the Policy and to make, on behalf
      of
      and with full power to bind the Indenture Trustee, any of the agreements or
      covenants of the Indenture Trustee contained therein. To the extent necessary,
      this Indenture shall constitute an irrevocable limited power of attorney,
      coupled with an interest, from the Indenture Trustee to the Securities
      Administrator, to accomplish the foregoing.

    

     

    ARTICLE
      VII

    NOTEHOLDERS’
      LISTS AND REPORTS

     

    Section 7.01  Issuer
      To Furnish Names and Addresses of Noteholders. 

     

    The
      Issuer will furnish or cause to be furnished to the Securities Administrator
      (a)
      not more than five days after each Record Date, a list, in such form as the
      Securities Administrator may reasonably require, of the names and addresses
      of
      the Holders of Notes as of such Record Date, and (b) at such other times as
      the
      Securities Administrator may request in writing, within 30 days after receipt
      by
      the Issuer of any such request, a list of similar form and content as of a
      date
      not more than 10 days prior to the time such list is furnished.
      The
      Securities Administrator shall furnish to the Note Insurer in writing upon
      their
      written request and at such other times as the Note Insurer may request a copy
      of the list.

     

    Section 7.02  Preservation
      of Information; Communications to Noteholders. 

     

    (a)  The
      Securities Administrator shall preserve, in as current a form as is reasonably
      practicable, the names and addresses of the Holders of Notes contained in the
      most recent list furnished to the Securities Administrator as provided in
      Section 7.01 hereof. The Securities Administrator may destroy any list furnished
      to it as provided in such Section 7.01 upon receipt of a new list so
      furnished.

     

    (b)  Noteholders
      may communicate with other Noteholders with respect to their rights under this
      Indenture or under the Notes.

     

    Section 7.03  Financial
      Information. 

     

    For
      so
      long as any of the Notes bearing a restrictive legend remains outstanding and
      is
      a “restricted security” within the meaning of Rule 144(a)(3) under the
      Securities Act, the Issuer shall, during any period in which it is not subject
      to Section 13 or 15(d) of the Exchange Act or exempt from reporting pursuant
      to
      Rule 12g3-2(b) under such Act, cause the Securities Administrator to make
      available to any Holder of any such Note in connection with any sale thereof
      and
      to any prospective purchaser of any such Note from such Holder, in each case
      upon request, the information specified in, and meeting the requirements of,
      Rule 144A(d)(4) under the Securities Act that is in the Securities
      Administrator’s possession or reasonably obtainable by it, if requested, from
      the Servicer.

     

    Unless
      the Issuer otherwise determines, the fiscal year of the Issuer shall end on
      December 31 of each year.

     

    Section 7.04  Reports
      by Indenture Trustee. 

     

    If
      required by TIA Section 313(a), within 60 days after each March 1, beginning
      with March 1, 2007, the Indenture Trustee shall mail to each Noteholder as
      required by TIA Section 313(c) a brief report dated as of such date that
      complies with TIA Section 313(a). The Indenture Trustee also shall comply with
      TIA Section 313(b).

     

    A
      copy of
      each report at the time of its mailing to Noteholders shall be filed by the
      Indenture Trustee with the Commission and each securities exchange, if any,
      on
      which the Notes are listed. The Issuer shall notify the Indenture Trustee if
      and
      when the Notes are listed on any securities exchange.

     

    

     

    ARTICLE
      VIII

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    Section 8.01  Collection
      of Money. 

     

    Except
      as
      otherwise expressly provided herein, the Securities Administrator may demand
      payment or delivery of, and shall receive and collect, directly and without
      intervention or assistance of any fiscal agent or other intermediary, all money
      and other property payable to or receivable by the Securities Administrator
      pursuant to this Indenture. The Securities Administrator shall apply all such
      money received by it as provided in this Indenture. Except as otherwise
      expressly provided in this Indenture, if any default occurs in the making of
      any
      payment or performance under any agreement or instrument that is part of the
      Trust Estate, the Indenture Trustee may with
      the
      consent of the Controlling Party, or shall at the direction of the Controlling
      Party, take
      such
      action as may be appropriate to enforce such payment or performance, including
      the institution and prosecution of appropriate Proceedings. Any such action
      shall be without prejudice to any right to claim a Default or Event of Default
      under this Indenture and any right to proceed thereafter as provided in Article
      V.

     

    Section 8.02  Reserved. 

     

    Section 8.03  Termination
      Upon Distribution to Noteholders. 

     

    This
      Indenture and the respective obligations and responsibilities of the Issuer,
      the
      Securities Administrator, the Authenticating Agent and the Indenture Trustee
      created hereby shall terminate upon the payment to Noteholders, the
      Certificateholders, the Securities Administrator and the Indenture Trustee
      of
      all amounts required to be paid pursuant to Article III and the payment to
      the
      Note Insurer of all amounts due hereunder and under the Insurance Agreement;
      provided, however, that in no event shall the trust created hereby continue
      beyond the expiration of 21 years from the death of the survivor of the
      descendants of Joseph P. Kennedy, the late ambassador of the United States
      to
      the Court of St. James, living on the date hereof. 

     

    Section 8.04  Release
      of Trust Estate. 

     

    (a)  Subject
      to the payment of its fees and expenses, the Indenture Trustee may, and when
      required by the provisions of this Indenture shall, execute instruments to
      release property from the lien of this Indenture, or convey the Indenture
      Trustee’s interest in the same, in a manner and under circumstances that are not
      inconsistent with the provisions of this Indenture, including for the purposes
      of any purchase of the HELOCs by the Redeemer pursuant to Section 8.06 of this
      Indenture. No party relying upon an instrument executed by the Indenture Trustee
      as provided in Article VIII hereunder shall be bound to ascertain the Indenture
      Trustee’s authority, inquire into the satisfaction of any conditions precedent,
      or see to the application of any moneys.

     

    (b)  The
      Indenture Trustee shall, at such time as (i) it is notified by the Securities
      Administrator that there are no Notes Outstanding and (ii) all sums then due
      and
      unpaid to the Indenture Trustee pursuant to this Indenture have been
      paid,
      and to
      the Note Insurer pursuant to the Insurance Agreement have been paid and the
      Policy has been cancelled and returned to the Note Insurer,
      release
      any remaining portion of the Trust Estate that secured the Notes from the lien
      of this Indenture.

     

    Section 8.05  Surrender
      of Notes Upon Final Payment. 

     

    By
      acceptance of any Note, the Holder thereof agrees to surrender such Note to
      the
      Securities Administrator prior to such Noteholder’s receipt of the final payment
      thereon.

     

    Section 8.06  Optional
      Redemption of the Assets of the Trust Estate. 

     

    (a)  The
      Master Servicer or, if the Master Servicer fails to do so, the Note Insurer
      (the
      party exercising such option the “Redeemer”)
      shall
      have the option to purchase the assets of the Trust Estate and thereby cause
      the
      redemption of the Notes, in whole, but not in part, on or after the Payment
      Date
      on which the aggregate Principal Balance of the HELOCs as of the end of the
      prior Collection Period is less than 10% of the aggregate Principal Balance
      of
      such HELOCs as of the Cut-off Date. The aggregate redemption price (the
“Optional
      Redemption Price”)
      shall
      be equal to the greater of (i) the Principal Balance of the HELOCs and the
      appraised value of any REO Properties and (ii) the fair market value of the
      HELOCs and the REO Properties, in each case plus accrued and unpaid interest
      plus unreimbursed Servicing Advances, any unpaid Servicing Fees allocable to
      such HELOCs and REO Properties and any accrued and unpaid Net WAC Rate Carryover
      Amounts. 

     

    (b)  Such
      option may only be exercised if as a result of such purchase and the application
      of the proceeds thereof, no claims under the Policy will occur and no amount
      owing to the Note Insurer under the Insurance Agreement for reimbursement,
      with
      interest, for claims made on the Policy or any other amounts owing to the Note
      Insurer under the Insurance Agreement will be unreimbursed to the Note Insurer;
      provided,
      however,
      that
      notwithstanding the occurrence of the foregoing, the Master Servicer may
      exercise such option only with the prior written consent of the Note
      Insurer.

     

    (c)  In
      order
      to exercise the foregoing option, the Redeemer shall provide written notice
      of
      its exercise of such option to the Securities Administrator, the Issuer, the
      Securities Administrator, the Note Insurer and the Owner Trustee at least 15
      days prior to its exercise. Following receipt of the notice, the Securities
      Administrator shall provide written notice to the affected Noteholders of the
      final payment on such Notes. In addition, the Redeemer shall, not less than
      one
      Business Day prior to the proposed Payment Date on which such redemption is
      to
      be made, deposit the Optional Redemption Price specified in (a) above with
      the
      Securities Administrator, who shall deposit the Optional Redemption Price into
      the Payment Account and shall, on the Payment Date after receipt of the funds,
      apply such funds to make final payments of principal and interest on the Notes
      in accordance with Section 3.03 hereof and payment to the Indenture Trustee
      and
      the Securities Administrator as set forth in (a) above, and this Indenture
      shall
      be discharged subject to the provisions of Section 4.10 hereof. If for any
      reason the amount deposited by the Redeemer is not sufficient to make such
      redemption or such redemption cannot be completed for any reason, (a) the amount
      so deposited by the Redeemer with the Securities Administrator shall be
      immediately returned to the Redeemer in full and shall not be used for any
      other
      purpose or be deemed to be part of the Trust Estate and (b) the Note Principal
      Balance of the Notes shall continue to bear interest at the Note Interest
      Rate.

     

    Section 8.07  Additional
      Redemption Requirements.

     

    (a)  In
      the
      event that the Redeemer purchases all the HELOCs and each REO Property or the
      termination of the Trust Estate pursuant to Section 8.03, the Trust Estate
      shall
      be terminated in accordance with the following additional
      requirements:

     

    
      	1)  	
              The
                Securities Administrator shall specify the first day in the 90-day
                liquidation period in a statement attached to each REMIC’s final Tax
                Return pursuant to Treasury regulation Section 1.860F-1 and shall
                satisfy
                all requirements of a qualified liquidation under Section 860F of
                the Code
                and any regulations thereunder, as evidenced by an Opinion of Counsel
                obtained by and at the expense of the
                Redeemer;

            

    

     

    
      	2)  	
              During
                such 90-day liquidation period and, at or prior to the time of making
                of
                the final payment on the Securities, the Indenture Trustee shall
                sell all
                of the assets of REMIC I to the Redeemer for cash;
                and

            

    

     

    
      	3)  	
              At
                the time of the making of the final payment on the Securities, the
                Securities Administrator shall distribute or credit, or cause to
                be
                distributed or credited, to the Holders of the Class R Certificates
                all
                cash on hand in the Trust Estate (other than cash retained to meet
                claims), and the Trust Estate shall terminate at that
                time.

            

    

     

    (b)  At
      the
      expense of the Redeemer (or, if the Trust Estate is being terminated pursuant
      to
      Section 8.03, at the expense of the Trust Estate), the Redeemer shall prepare
      or
      cause to be prepared the documentation required in connection with the adoption
      of a plan of liquidation of each REMIC pursuant to this Section
      8.07.

     

    (c)  By
      their
      acceptance of Notes, the Holders of the Notes hereby agree to authorize the
      Securities Administrator to specify the 90-day liquidation period for each
      REMIC, which authorization shall be binding upon all successor
      Noteholders.

     

    

     

    ARTICLE
      IX

     

    SUPPLEMENTAL
      INDENTURES

     

    Section 9.01  Supplemental
      Indentures Without Consent of Noteholders. 

     

    (a)  Without
      the consent of the Holders of any Notes but with the prior written consent
      of
      the Note Insurer (so long as no Note Insurer Default has occurred and is
      continuing) and the prior notice to the Rating Agencies, the Issuer, the
      Indenture Trustee, the Securities Administrator and the Authenticating Agent,
      at
      any time and from time to time, may enter into one or more indentures
      supplemental hereto(which shall conform to the provisions of the TIA as in
      force
      at the date of the execution thereof), in form satisfactory to the Indenture
      Trustee, the Note Insurer, the Securities Administrator and the Authenticating
      Agent, for any of the following purposes:

     

    (i)  to
      correct or amplify the description of any property at any time subject to the
      lien of this Indenture, or better to assure, convey and confirm unto the
      Indenture Trustee any property subject or required to be subjected to the lien
      of this Indenture, or to subject to the lien of this Indenture additional
      property;

     

    (ii)  to
      evidence the succession, in compliance with the applicable provisions hereof,
      of
      another person to the Issuer, and the assumption by any such successor of the
      covenants of the Issuer herein and in the Notes contained;

     

    (iii)  to
      add to
      the covenants of the Issuer, for the benefit of the Holders of the Notes and
      the
      Note Insurer, or to surrender any right or power herein conferred upon the
      Issuer;

     

    (iv)  to
      convey, transfer, assign, mortgage or pledge any property to or with the
      Indenture Trustee;

     

    (v)  to
      cure
      any ambiguity, to correct or supplement any provision herein or in any
      supplemental indenture that may be inconsistent with any other provision herein
      or in any supplemental indenture;

     

    (vi)  to
      make
      any other provisions with respect to matters or questions arising under this
      Indenture or in any supplemental indenture; provided, that such action shall
      not
      materially and adversely affect the interests of the Holders of the Notes;
      provided further, that such supplemental indenture will be deemed to not
      materially and adversely affect the interests of the Holders of the Notes if
      a
      Rating Confirmation is received with respect to such supplemental indenture;
      

     

    (vii)  to
      evidence and provide for the acceptance of the appointment hereunder by a
      successor trustee with respect to the Notes and to add to or change any of
      the
      provisions of this Indenture as shall be necessary to facilitate the
      administration of the trusts hereunder by more than one trustee, pursuant to
      the
      requirements of Article VI hereof; or

     

    (viii)  to
      modify, eliminate or add to the provisions of this Indenture to such extent
      as
      shall be necessary to effect the qualification of this Indenture under the
      TIA
      or under any similar federal statute hereafter enacted and to add to this
      Indenture such other provisions as may be expressly required by the TIA as
      evidenced by an Opinion of Counsel.

     

    The
      Indenture Trustee, the Securities Administrator and the Authenticating Agent
      are
      hereby authorized to join in the execution of any such supplemental indenture
      and to make any further appropriate agreements and stipulations that may be
      therein contained.

     

    (b)  The
      Issuer, Securities Administrator, the Indenture Trustee and the Authenticating
      Agent may, without the consent of any of the Holders of the Notes but with
      the
      prior written consent of the Note Insurer (so long as no Note Insurer Default
      has occurred and is continuing) and prior notice to the Rating Agency, enter
      into an indenture or indentures supplemental hereto for the purpose of adding
      any provisions to, or changing in any manner or eliminating any of the
      provisions of, this Indenture or of modifying in any manner the rights of the
      Holders of the Notes under this Indenture; provided,
      however,
      that
      such action as evidenced by an Opinion of Counsel delivered to the Indenture
      Trustee, the Securities Administrator and the Note Insurer, (i) is permitted
      and
      authorized by this Indenture, and (ii) shall not adversely affect in any
      material respect the interests of any Noteholder (which, with respect to the
      Notes, may be evidenced by confirmation from the Rating Agencies that such
      amendment will not result in the reduction or withdrawal of the rating of the
      Notes (without regard to the Policy)) or the Note Insurer.

     

    Section 9.02  Supplemental
      Indentures With Consent of Noteholders. 

     

    The
      Issuer, the Securities Administrator, the Indenture Trustee and the
      Authenticating Agent may, with prior notice to the Rating Agencies and, with
      the
      prior written consent of the Note Insurer (so long as no Note Insurer Default
      has occurred and is continuing) and the Holders of not less than a majority
      of
      the aggregate Note Principal Balance of the Notes affected thereby, by Act
      (as
      defined in Section 10.03 hereof) of such Holders delivered to the Issuer, the
      Note Insurer, the Securities Administrator, the Indenture Trustee and the
      Authenticating Agent, enter into an indenture or indentures supplemental hereto
      for the purpose of adding any provisions to, or changing in any manner or
      eliminating any of the provisions of, this Indenture or of modifying in any
      manner the rights of the Holders of the Notes under this Indenture; provided,
      however, that no such supplemental indenture shall (i) following a Note Insurer
      Default, materially and adversely affect any interest of the Note Insurer
      without the consent of the Note Insurer or (ii) without the consent of the
      Holder of each Note affected thereby:

     

    (i)  change
      the date of payment of any installment of principal of or interest on any Note,
      or reduce the principal amount thereof or the interest rate thereon, change
      the
      provisions of this Indenture relating to the application of collections on,
      or
      the proceeds of the sale of, the Trust Estate and to payment of principal of
      or
      interest on the Notes, or change any place of payment where, or the coin or
      currency in which, any Note or the interest thereon is payable, or impair the
      right to institute suit for the enforcement of the provisions of this Indenture
      requiring the application of funds available therefor, as provided in Article
      V,
      to the payment of any such amount due on the Notes on or after the respective
      due dates thereof;

     

    (ii)  reduce
      the percentage of the aggregate Note Principal Balance of the Notes, the consent
      of the Holders of which is required for any such supplemental indenture, or
      the
      consent of the Holders of which is required for any waiver of compliance with
      certain provisions of this Indenture or certain defaults hereunder and their
      consequences provided for in this Indenture;

     

    (iii)  modify
      or
      alter the provisions of the proviso to the definition of the term “Outstanding”
or modify or alter the exception in the definition of the term
“Holder”;

     

    (iv)  reduce
      the percentage of the aggregate Note Principal Balance of the Notes, required
      to
      direct the Indenture Trustee to direct the Issuer to sell or liquidate the
      Trust
      Estate pursuant to Section 5.04 hereof;

     

    (v)  modify
      any provision of this Section 9.02 except to increase any percentage specified
      herein or to provide that certain additional provisions of this Indenture or
      any
      other Basic Documents cannot be modified or waived without the consent of the
      Holder of each Note affected thereby;

     

    (vi)  modify
      any of the provisions of this Indenture in such manner as to affect the
      calculation of the amount of any payment of interest or principal due on any
      Note on any Payment Date (including the calculation of any of the individual
      components of such calculation); or

     

    (vii)  permit
      the creation of any lien ranking prior to or on a parity with the lien of this
      Indenture with respect to any part of the Trust Estate or, except as otherwise
      permitted or contemplated herein, terminate the lien of this Indenture on any
      property at any time subject hereto or deprive the Holder of any Note or the
      Note Insurer of the security provided by the lien of this Indenture.

     

    Any
      such
      action shall not adversely affect in any material respect the interest of any
      Holder (other than a Holder who shall consent to such supplemental indenture)
      or
      the Note Insurer as evidenced by an Opinion of Counsel (provided by the Person
      requesting such supplemental indenture) delivered to the Indenture Trustee,
      the
      Note Insurer and the Securities Administrator.

     

    It
      shall
      not be necessary for any Act of Noteholders under this Section 9.02 to approve
      the particular form of any proposed supplemental indenture, but it shall be
      sufficient if such Act shall approve the substance thereof.

     

    Promptly
      after the execution by the Issuer, Securities Administrator, the Indenture
      Trustee and the Authenticating Agent of any supplemental indenture pursuant
      to
      this Section 9.02, the Securities Administrator shall mail to the Note Insurer
      and to the Holders of the Notes to which such amendment or supplemental
      indenture relates a notice setting forth in general terms the substance of
      such
      supplemental indenture. Any failure of the Securities Administrator to mail
      such
      notice, or any defect therein, shall not, however, in any way impair or affect
      the validity of any such supplemental indenture.

     

    Notwithstanding
      any provision of this Indenture to the contrary, the Indenture Trustee shall
      not
      consent to any supplemental indenture unless it and the Securities Administrator
      shall have first received an Opinion of Counsel, delivered by (and at the
      expense of) the Person seeking such supplemental indenture, to the effect that
      such supplemental indenture will not result in the imposition of a tax on any
      REMIC created hereunder pursuant to the REMIC Provisions or cause any REMIC
      created hereunder to fail to qualify as a REMIC at any time that any Notes
      or
      Certificates are outstanding and that the supplemental indenture is being made
      in accordance with the terms hereof and that all conditions precedent to the
      execution of such supplemental indenture in accordance with the relevant
      provisions of this Article IX have been met.

     

    Section 9.03  Execution
      of Supplemental Indentures. 

     

    In
      executing, or permitting the additional trusts created by, any supplemental
      indenture permitted by this Article IX or the modification thereby of the trusts
      created by this Indenture, the Indenture Trustee, the Securities Administrator,
      the Authenticating Agent and the Note Insurer shall be entitled to receive,
      and
      subject to Sections 6.01 and 6.02 hereof, shall be fully protected in relying
      upon, an Opinion of Counsel (not at the expense of the Indenture Trustee, the
      Securities Administrator or the Authenticating Agent but at the expense of
      the
      Person requesting such supplemental indenture) stating that the execution of
      such supplemental indenture is authorized or permitted by this Indenture. The
      Indenture Trustee, the Securities Administrator and the Authenticating Agent
      each may, but shall not be obligated to, enter into any such supplemental
      indenture that affects the Indenture Trustee’s, the Securities Administrator’s
      and the Authenticating Agent’s own rights, duties, liabilities or immunities
      under this Indenture or otherwise.

     

    Section 9.04  Effect
      of Supplemental Indenture. 

     

    Upon
      the
      satisfaction of the conditions precedent and the execution of any supplemental
      indenture pursuant to the provisions hereof, this Indenture shall be and shall
      be deemed to be modified and amended in accordance therewith with respect to
      the
      Notes affected thereby, and the respective rights, limitations of rights,
      obligations, duties, liabilities and immunities under this Indenture of the
      Indenture Trustee, the Securities Administrator and the Authenticating Agent
      the
      Issuer and the Holders of the Notes shall thereafter be determined, exercised
      and enforced hereunder subject in all respects to such modifications and
      amendments, and all the terms and conditions of any such supplemental indenture
      shall be and be deemed to be part of the terms and conditions of this Indenture
      for any and all purposes.

     

    Section 9.05  Conformity
      with Trust Indenture Act. 

     

    Every
      amendment of this Indenture and every supplemental indenture executed pursuant
      to this Article IX shall conform to the requirements of the Trust Indenture
      Act
      as then in effect so long as this Indenture shall then be qualified under the
      Trust Indenture Act.

     

    Section 9.06  Reference
      in Notes to Supplemental Indentures. 

     

    Notes
      authenticated and delivered after the execution of any supplemental indenture
      pursuant to this Article IX may, and if required by the Securities Administrator
      shall, bear a notation in form approved by the Securities Administrator as
      to
      any matter provided for in such supplemental indenture. If the Issuer or the
      Securities Administrator shall so determine, new Notes so modified as to
      conform, in the opinion of the Securities Administrator and the Issuer, to
      any
      such supplemental indenture may be prepared and executed by the Issuer and
      authenticated and delivered by the Authenticating Agent in exchange for
      Outstanding Notes.

     

     

    ARTICLE
      X

    MISCELLANEOUS

     

    Section 10.01  Acts
      of Noteholders. 

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by Noteholders may be
      embodied in and evidenced by one or more instruments of substantially similar
      tenor signed by such Noteholders in person or by agents duly appointed in
      writing; and except as herein otherwise expressly provided, such action shall
      become effective when such instrument or instruments are delivered to the
      Indenture Trustee and/or the Securities Administrator, and, where it is hereby
      expressly required, to the Issuer. Such instrument or instruments (and the
      action embodied therein and evidenced thereby) are herein sometimes referred
      to
      as the “Act” of the Noteholders 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 Indenture and (subject to Section 6.01
      hereof) conclusive in favor of the Indenture Trustee and/or the Securities
      Administrator and the Issuer, if made in the manner provided in this Section
      10.01 hereof.

     

    (b)  The
      fact
      and date of the execution by any person of any such instrument or writing may
      be
      proved in any manner that the Indenture Trustee and/or the Securities
      Administrator deems sufficient.

     

    (c)  The
      ownership of Notes shall be proved by the Securities Administrator.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Notes shall bind the Holder of every Note issued
      upon the registration thereof or in exchange therefor or in lieu thereof, in
      respect of anything done, omitted or suffered to be done by the Indenture
      Trustee, the Securities Administrator or the Issuer in reliance thereon, whether
      or not notation of such action is made upon such Note.

     

    Section 10.02  Notices
      etc., to Indenture Trustee, the Certificateholders, Securities Administrator,
      Authenticating Agent and Rating Agencies. 

     

    Any
      request, demand, authorization, direction, notice, consent, waiver or Act of
      Noteholders or other documents provided or permitted by this Indenture shall
      be
      in writing and if such request, demand, authorization, direction, notice,
      consent, waiver or act of Noteholders is to be made upon, given or furnished
      to
      or filed with:

     

    (i)  the
      Indenture Trustee by any Noteholder, the Note Insurer or any Certificateholder
      shall be sufficient for every purpose hereunder if made, given, furnished or
      filed in writing to or with the Indenture Trustee at the Corporate Trust Office.
      The Indenture Trustee shall promptly transmit any notice received by it from
      the
      Noteholders to the Certificateholders and the Note Insurer; 

     

    (ii)  the
      Securities Administrator and Authenticating Agent, as applicable, by any
      Noteholder, the Note Insurer or by the Issuer, the Indenture Trustee or the
      Securities Administrator shall be sufficient for every purpose hereunder if
      made, given, furnished or filed in writing to or with the Securities
      Administrator or Authenticating Agent, as applicable, at the Corporate Trust
      Office of LaSalle Bank National Association, or such other address as may
      hereafter be furnished to the other parties hereto in writing. The Securities
      Administrator or Authenticating Agent, as applicable, shall promptly transmit
      any notice received by it from the Noteholders to the Certificateholders;
      or

     

    (iii)  any
      Certificateholder by the Indenture Trustee or by any Noteholder shall be
      sufficient for every purpose hereunder if made, given, furnished or filed in
      writing and mailed first-class, postage prepaid to the Issuer addressed to:
      ACE
      Home Equity Loan Trust 2006-GP1, in care of Wilmington Trust Company, Rodney
      Square North, 1100 North Market Street, Wilmington, Delaware 19990-0001,
      Attention: Corporate Capital Markets, or at any other address previously
      furnished in writing to the Indenture Trustee by the Issuer. The Issuer shall
      promptly transmit any notice received by it from the Noteholders to the
      Indenture Trustee.

     

    Notices
      required to be given to the Rating Agencies by the Indenture Trustee, the
      Securities Administrator, the Authenticating Agent or the Owner Trustee shall
      be
      in writing, mailed first-class postage prepaid: in the case of S&P, Standard
& Poor’s, a division of The McGraw-Hill Companies, Inc., 55 Water Street,
      New York, New York 10041; and in the case of Moody’s, Moody’s Investors Service,
      Inc., 99 Church Street, New York, New York 10007; or as to each of the
      foregoing, at such other address as shall be designated by written notice to
      the
      other parties.

     

    Notices
      required to be given to the Note Insurer by the Indenture Trustee, the
      Securities Administrator, the Authenticating Agent or the Owner Trustee shall
      be
      in writing, mailed first-class, postage prepaid to: Financial Security Assurance
      Inc., 31 West 52nd
      Street,
      New York, New York 10019; Attention Managing Director - Transaction Oversight
      (ACE Securities Corp. Home Equity Loan Trust, Series 2006-GP1).

     

    Section 10.03  Notices
      to Noteholders; Waiver.

     

    Where
      this Indenture provides for notice to Noteholders and
      the
      Note Insurer
      of any
      event, such notice shall be sufficiently given (unless otherwise herein
      expressly provided) if made, given, furnished or filed in writing and mailed,
      first-class, postage prepaid to the Note Insurer and to each Noteholder affected
      by such event, at such Person’s address as it appears on the Note Register, not
      later than the latest date, and not earlier than the earliest date, prescribed
      for the giving of such notice. In any case where notice to Noteholders and
      the
      Note Insurer is given by mail, neither the failure to mail such notice nor
      any
      defect in any notice so mailed to any particular Noteholder shall affect the
      sufficiency of such notice with respect to other Noteholders, and any notice
      that is mailed in the manner herein provided shall conclusively be presumed
      to
      have been duly given regardless of whether such notice is in fact actually
      received.

     

    Where
      this Indenture provides for notice in any manner, such notice may be waived
      in
      writing by any Person entitled to receive such notice, either before or after
      the event, and such waiver shall be the equivalent of such notice. Waivers
      of
      notice by Noteholders or the Note Insurer shall be filed with the Indenture
      Trustee but such filing shall not be a condition precedent to the validity
      of
      any action taken in reliance upon such a waiver.

     

    In
      case,
      by reason of the suspension of regular mail service as a result of a strike,
      work stoppage or similar activity, it shall be impractical to mail notice of
      any
      event to Noteholders or the Note Insurer when such notice is required to be
      given pursuant to any provision of this Indenture, then any manner of giving
      such notice as shall be satisfactory to the Indenture Trustee shall be deemed
      to
      be a sufficient giving of such notice.

     

    Where
      this Indenture provides for notice to the Rating Agency, failure to give such
      notice shall not affect any other rights or obligations created hereunder,
      and
      shall not under any circumstance constitute an Event of Default.

     

    Section 10.04  Conflict
      with Trust Indenture Act. 

     

    If
      any
      provision hereof limits, qualifies or conflicts with another provision hereof
      that is required to be included in this Indenture by any of the provisions
      of
      the Trust Indenture Act, such required provision shall control.

     

    The
      provisions of TIA §§ 310 through 317 that impose duties on any Person (including
      the provisions automatically deemed included herein unless expressly excluded
      by
      this Indenture) are a part of and govern this Indenture, whether or not
      physically contained herein.

     

    Section 10.05  Effect
      of Headings. 

     

    The
      Article and Section headings herein are for convenience only and shall not
      affect the construction hereof.

     

    Section 10.06  Successors
      and Assigns. 

     

    All
      covenants and agreements in this Indenture and the Notes by the Issuer shall
      bind its successors and assigns, whether so expressed or not. All agreements
      of
      the Indenture Trustee in this Indenture shall bind its successors, co-trustees
      and agents.

     

    Section 10.07  Separability. 

     

    In
      case
      any provision in this Indenture or in the Notes shall be invalid, illegal or
      unenforceable, the validity, legality, and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby.

     

    Section 10.08  Legal
      Holidays. 

     

    In
      any
      case where the date on which any payment is due shall not be a Business Day,
      then (notwithstanding any other provision of the Notes or this Indenture)
      payment need not be made on such date, but may be made on the next succeeding
      Business Day with the same force and effect as if made on the date on which
      nominally due, and no interest shall accrue for the period from and after any
      such nominal date.

     

    Section 10.09  GOVERNING
      LAW. 

     

    THIS
      INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS
      5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS, WHICH SHALL APPLY
      HERETO), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
      SHALL
      BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section 10.10  Counterparts. 

     

    This
      Indenture may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument.

     

    Section 10.11  Recording
      of Indenture. 

     

    If
      this
      Indenture is subject to recording in any appropriate public recording offices,
      such recording is to be effected by the Issuer upon notice thereof to the
      Depositor and at the Depositor’s expense accompanied by an Opinion of Counsel at
      its expense (which may be counsel to the Depositor) to the effect that such
      recording is necessary either for the protection of the Noteholders, the Note
      Insurer or any other Person secured hereunder or for the enforcement of any
      right or remedy granted to the Indenture Trustee under this
      Indenture.

     

    Section 10.12  Issuer
      Obligation. 

     

    No
      recourse may be taken, directly or indirectly, with respect to the obligations
      of the Issuer, the Owner Trustee or the Securities Administrator on the Notes
      or
      under this Indenture or any certificate or other writing delivered in connection
      herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee
      in
      its individual capacity, (ii) any owner of a beneficial interest in the Issuer
      or (iii) any partner, owner, beneficiary, agent, officer, director, employee
      or
      agent of the Securities Administrator, the Owner Trustee in its individual
      capacity, any holder of a beneficial interest in the Issuer, the Securities
      Administrator, the Owner Trustee or the Indenture Trustee or of any successor
      or
      assign of the Indenture Trustee or the Owner Trustee in its individual capacity,
      except as any such Person may have expressly agreed (it being understood that
      the Indenture Trustee and the Owner Trustee have no such obligations in their
      individual capacity) and except that any such partner, owner or beneficiary
      shall be fully liable, to the extent provided by applicable law, for any unpaid
      consideration for stock, unpaid capital contribution or failure to pay any
      installment or call owing to such entity. For all purposes of this Indenture,
      in
      the performance of any duties or obligations of the Issuer hereunder, the Owner
      Trustee shall be subject to, and entitled to the benefits of, the terms and
      provisions of Article VI, VII and VIII of the Trust Agreement.

     

    Section 10.13  No
      Petition. 

     

    The
      Indenture Trustee, the Securities Administrator and the Authenticating Agent,
      by
      entering into this Indenture, each Noteholder, by accepting a Note and the
      Certificateholders, by accepting a Certificate, hereby covenant and agree that
      they will not at any time prior to one year from the date of termination hereof,
      institute against the Depositor or the Issuer, or join in any institution
      against the Depositor or the Issuer of, any bankruptcy, reorganization,
      arrangement, insolvency or liquidation proceedings, or other proceedings under
      any United States federal or state bankruptcy or similar law in connection
      with
      any obligations relating to the Notes, this Indenture or any of the other Basic
      Documents; provided however, that nothing herein shall prohibit the Indenture
      Trustee from filing proofs of claim in any proceeding.

     

    Section 10.14  Inspection. 

     

    The
      Issuer agrees that, at its expense, on reasonable prior notice, it shall permit
      any representative of the Indenture Trustee, the Securities Administrator,
      the
      Note Insurer or the Authenticating Agent during the Issuer’s normal business
      hours, to examine all the books of account, records, reports and other papers
      of
      the Issuer, to make copies and extracts therefrom, to cause such books to be
      audited by Independent certified public accountants, and to discuss the Issuer’s
      affairs, finances and accounts with the Issuer’s officers, employees, and
      Independent certified public accountants, all at such reasonable times and
      as
      often as may be reasonably requested. The Indenture Trustee shall cause its
      representatives to hold in confidence all such information except to the extent
      disclosure may be required by law (and all reasonable applications for
      confidential treatment are unavailing) and except to the extent that the
      Indenture Trustee, the Securities Administrator, the Note Insurer or the
      Authenticating Agent may reasonably determine that such disclosure is consistent
      with its obligations hereunder; provided that the Indenture Trustee may disclose
      on a confidential basis all such information to its agents, auditors and
      attorneys in connection with it performance of duties hereunder.

     

    Section 10.15  Benefits
      of Indenture. 

     

    The
      Note
      Insurer and its successors and assigns shall be third-party beneficiaries to
      the
      provisions of this Indenture, and shall be entitled to rely upon and directly
      to
      enforce such provisions of this Indenture. Nothing in this Indenture or in
      the
      Notes, express or implied, shall give to any Person, other than the parties
      hereto and their successors hereunder, the Note Insurer, and the Noteholders,
      and any other party secured hereunder, any benefit or any legal or equitable
      right, remedy or claim under this Indenture. The Note Insurer may disclaim
      any
      of its rights and powers under this Indenture (in which case the Noteholders
      may
      exercise such rights or powers hereunder), but not its duties and obligations
      under the Policy, upon delivery of a written notice to the Indenture
      Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    
      	 	
              ACE
                HOME EQUITY LOAN TRUST 2006-GP1, as Issuer

               

            
	 	
              By:     
                WILMINGTON
                TRUST COMPANY, not in its individual capacity but solely as Owner
                Trustee

               

            
	 	
              By:

            	
              /s/
                Patricia A. Evans

            
	 	
              Name:

            	
              Patricia
                A. Evans

            
	 	
              Title:

            	
              Vice
                President

            
	 	 	 
	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, as Indenture Trustee

               

            
	 	
              By:

            	
              /s/
                Amy Stoddard

            
	 	
              Name:

            	
              Amy
                Stoddard

            
	 	
              Title:

            	
              Authorized
                Signer

            
	 	 	 
	 	
              By:

            	
              /s/
                Barbara Campbell

            
	 	
              Name:

            	
              Barbara
                Campbell

            
	 	
              Title:

            	
              Vice
                President

            
	 	 	 
	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as
                Securities Administrator and Authenticating Agent

               

            
	 	
              By:

            	
              /s/
                Susan L. Feld

            
	 	
              Name:

            	
              Susan
                L. Feld

            
	 	
              Title:

            	
              Assistant
                Vice President

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF DELAWARE

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW CASTLE

            	
              )

            	 

    

    

    On
      this
      ___ day of May 2006, before me personally appeared __________________ to me
      known, who being by me duly sworn, did depose and say, that (s)he is a
      _________________of the Owner Trustee, one of the entities described in and
      which executed the above instrument; and that he signed her name thereto by
      like
      order.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CALIFORNIA
                

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                ORANGE

            	
              )

            	 

    

    

     

    On
      this
      ___ day of May 2006, before me personally appeared _____________________ to
      me
      known, who being by me duly sworn, did depose and say, that (s)he is the
      _______________ of the Indenture Trustee, one of the corporations described
      in
      and which executed the above instrument; and that he signed his name thereto
      by
      like order.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CALIFORNIA
                

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                ORANGE

            	
              )

            	 

    

    

     

    On
      this
      ___ day of May 2006, before me personally appeared _____________________ to
      me
      known, who being by me duly sworn, did depose and say, that (s)he is the
      _______________ of the Indenture Trustee, one of the corporations described
      in
      and which executed the above instrument; and that he signed his name thereto
      by
      like order.

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

    On
      the
      ___ day of May 2006 before me, a notary public in and for said State, personally
      appeared _________________________________ known to me to be a(n)
      ______________________of the Securities Administrator, the entity that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said entity, and acknowledged to me that such entity 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

            

    

    

     

    [Notarial
      Seal]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A

     

    FORM
      OF CLASS A NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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.

     

    THE
      HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN IS DEEMED TO
      REPRESENT THAT EITHER (1) IT IS NOT ACQUIRING THE NOTE WITH PLAN ASSETS OR
      (2)
      (A) THE ACQUISITION, HOLDING AND TRANSFER OF A NOTE WILL NOT GIVE RISE TO A
      NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975
      OF
      THE CODE AND (B) THE NOTES ARE RATED INVESTMENT GRADE OR BETTER AND SUCH PERSON
      BELIEVES THAT THE NOTES ARE PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL
      EQUITY FEATURES FOR PURPOSES OF THE DOL REGULATIONS, AND AGREES TO SO TREAT
      THE
      NOTES. ALTERNATIVELY, REGARDLESS OF THE RATING OF THE NOTES, SUCH PERSON MAY
      PROVIDE THE SECURITIES ADMINISTRATOR WITH AN OPINION OF COUNSEL, WHICH OPINION
      OF COUNSEL WILL NOT BE AT THE EXPENSE OF THE TRUST, THE OWNER TRUSTEE, THE
      INDENTURE TRUSTEE, THE MASTER SERVICER, THE DEPOSITOR OR THE SECURITIES
      ADMINISTRATOR, WHICH OPINES THAT THE ACQUISITION, HOLDING AND TRANSFER OF SUCH
      NOTE OR INTEREST THEREIN IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
      CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR
      SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUST, THE DEPOSITOR, THE
      MASTER SERVICER, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR THE SECURITIES
      ADMINISTRATOR TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE
      INDENTURE.

     

    THE
      HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE DEEMED
      TO
      REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN THE
      INDENTURE.

     

    THIS
      NOTE IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF
      PAYMENT TO AMOUNTS AVAILABLE FROM THE TRUST ESTATE AS PROVIDED IN THE INDENTURE
      REFERRED TO BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS
      ON
      THIS NOTE.

     

    PRINCIPAL
      OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY, THE
      OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
      SHOWN
      ON THE FACE HEREOF.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ACE
      SECURITIES CORP. HOME EQUITY LOAN TRUST 2006-GP1

    NOTES,
      SERIES 2006-GP1

    CLASS
      A NOTE

     

    AGGREGATE
      NOTE PRINCIPAL

    BALANCE:
      $[________________] 

     

    NOTE
      RATE: Adjustable Rate

     

    INITIAL
      NOTE PRINCIPAL

    BALANCE
      OF THIS NOTE: $[_____________]

    

     

    NOTE
      NO.
      1

     

    CUSIP
      NO:
      [_______________]

     

    ACE
      HOME
      EQUITY LOAN TRUST 2006-GP1 (the “Issuer”), a Delaware statutory trust, for value
      received, hereby promises to pay to Cede & Co. or registered assigns, the
      principal sum of $[____________________] in monthly installments on the
      twenty-fifth day of each month or, if such day is not a Business Day, the next
      succeeding Business Day (each a “Payment Date”), commencing in June 2006 and
      ending on or before the Payment Date occurring in May 2031 (the “Final Scheduled
      Maturity Date”) and to pay interest on the Note Principal Balance of this Note
      (this “Note”) outstanding from time to time as provided below.

     

    This
      Note
      is one of a duly authorized issue of the Issuer’s ACE Securities Corp. Home
      Equity Loan Trust 2006-GP1 Notes, Series 2006-GP1 (the “Notes”), issued under an
      Indenture dated as of May 31, 2006 (the “Indenture”), among the Issuer, LaSalle
      Bank National Association as securities administrator (the “Securities
      Administrator”) and Deutsche Bank National Trust Company, as indenture trustee,
      (the “Indenture Trustee”, which term includes any successor Indenture Trustee
      under the Indenture), and to which Indenture and all indentures supplemental
      thereto reference is hereby made for a statement of the respective rights
      thereunder of the Issuer, the Indenture Trustee, and the Holders of the Notes
      and the terms upon which the Notes are to be authenticated and delivered. All
      terms used in this Note which are defined in the Indenture shall have the
      meanings assigned to them in the Indenture.

     

    Payments
      of principal and interest on this Note will be made on each Payment Date to
      the
      Noteholder of record as of the related Record Date. The “Note Principal Balance”
of this Note as of any date of determination is equal to the initial Note
      Principal Balance thereof, minus all amounts paid in respect of principal with
      respect to the Notes.

     

    The
      principal of, and interest on, this Note are due and payable as described in
      the
      Indenture, in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts. All
      payments made by the Issuer with respect to this Note shall be equal to this
      Note’s pro
      rata
      share of
      the aggregate payments on all Class
      A
Notes
      as
      described above, and shall be applied as between interest and principal as
      provided in the Indenture.

     

    All
      principal and interest accrued on the Notes, if not previously paid, will become
      finally due and payable at the Final Scheduled Payment Date.

     

    The
      HELOCs are subject to purchase in whole, but not in part, by the Redeemer,
      on
      any Payment Date on or after the Payment Date on which the aggregate Principal
      Balance of the HELOCs as of the end of the prior Collection Period is less
      than
      or equal to 10% of the aggregate Principal Balance of the HELOCs as of the
      Cut-off Date. 

     

    The
      Issuer shall not be liable upon the indebtedness evidenced by the Notes except
      to the extent of amounts available from the Trust Estate which constitutes
      security for the payment of the Notes. The assets included in the Trust Estate
      will be the sole source of payments on the Notes, and each Holder hereof, by
      its
      acceptance of this Note, agrees that (i) such Note will be limited in right
      of
      payment to amounts available from the Trust Estate as provided in the Indenture
      and (ii) such Holder shall have no recourse to the Issuer, the Owner Trustee,
      the Indenture Trustee, the Depositor, the Sponsor, the Servicer, the Master
      Servicer, the Securities Administrator or any of their respective affiliates,
      or
      to the assets of any of the foregoing entities, except the assets of the Issuer
      pledged to secure the Notes pursuant to the Indenture and the rights conveyed
      to
      the Issuer under the Indenture.

     

    Any
      payment of principal or interest payable on this Note which is punctually paid
      on the applicable Payment Date shall be paid to the Person in whose name such
      Note is registered at the close of business on the Record Date for such Payment
      Date by check mailed to such person’s address as it appears in the Note Register
      on such Record Date, except for the final installment of principal and interest
      payable with respect to such Note, which shall be payable as provided below.
      Notwithstanding the foregoing, upon written request with appropriate
      instructions by the Holder of this Note delivered to the Securities
      Administrator at least five Business Days prior to the Record Date, any payment
      of principal or interest, other than the final installment of principal or
      interest, shall be made by wire transfer to an account in the United States
      designated by such Holder. All reductions in the principal amount of a Note
      effected by payments of principal made on any Payment Date shall be binding
      upon
      all Holders of this Note and of any Note issued upon the registration of
      transfer thereof or in exchange therefor or in lieu thereof, whether or not
      such
      payment is noted on such Note. The final payment of this Note shall be payable
      upon presentation and surrender thereof on or after the Payment Date thereof
      at
      the office designated by the Securities Administrator or the Office or agency
      of
      the Issuer maintained by it for such purpose pursuant to Section 4.02 of the
      Indenture.

     

    Subject
      to the foregoing provisions, each Note delivered under the Indenture, upon
      registration of transfer of or in exchange for or in lieu of any other Note,
      shall carry the right to unpaid principal and interest that were carried by
      such
      other Note.

     

    If
      an
      Event of Default as defined in the Indenture shall occur and be continuing
      with
      respect to the Notes, the Notes may become or be declared due and payable in
      the
      manner and with the effect provided in the Indenture. If any such acceleration
      of maturity occurs prior to the payment of the entire unpaid Note Principal
      Balance of the Notes, the amount payable to the Holder of this Note will be
      equal to the sum of the unpaid Note Principal Balance of this Note, together
      with accrued and unpaid interest thereon as described in the Indenture. The
      Indenture provides that, notwithstanding the acceleration of the maturity of
      the
      Notes, under certain circumstances specified therein, all amounts collected
      as
      proceeds of the Trust Estate securing the Notes or otherwise shall continue
      to
      be applied to payments of principal of and interest on the Notes as if they
      had
      not been declared due and payable.

     

    The
      failure to pay any interest payment due at any time when funds are not available
      to make such payment as provided in the Indenture shall not constitute an Event
      of Default under the Indenture.

     

    The
      Holder of this Note or Beneficial Owner of any interest herein is deemed to
      represent that either (1) it is not acquiring the Note with Plan Assets or
      (2)
      (A) the acquisition, holding and transfer of a Note will not give rise to a
      nonexempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code and (B) the Notes are rated investment grade or better and such person
      believes that the Notes are properly treated as indebtedness without substantial
      equity features for purposes of the DOL Regulations, and agrees to so treat
      the
      Notes. Alternatively, regardless of the rating of the Notes, such person may
      provide the Securities Administrator with an opinion of counsel, which opinion
      of counsel will not be at the expense of the Trust, the Owner Trustee, the
      Indenture Trustee, the Depositor or the Securities Administrator, which opines
      that the acquisition, holding and transfer of such Note or interest therein
      is
      permissible under applicable law, will not constitute or result in a non-exempt
      prohibited transaction under ERISA or Section 4975 of the Code and will not
      subject the Trust, the Depositor, the Owner Trustee, the Indenture Trustee
      or
      the Securities Administrator to any obligation in addition to those undertaken
      in the Indenture and the other Basic Documents.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Note may be registered on the Note Register of the Issuer.
      Upon surrender for registration of transfer of, or presentation of a written
      instrument of transfer for, this Note at the office or agency designated by
      the
      Issuer pursuant to the Indenture, accompanied by proper instruments of
      assignment in form satisfactory to the Securities Administrator, one or more
      new
      Notes of any authorized denominations and of a like aggregate then outstanding
      Note Principal Balance, will be issued to the designated transferee or
      transferees.

     

    Prior
      to
      the due presentment for registration of transfer of this Note, the Issuer,
      the
      Indenture Trustee, the Securities Administrator and any agent of the Issuer,
      the
      Securities Administrator or the Indenture Trustee may treat the Person in whose
      name this Note is registered as the owner of such Note (i) on the applicable
      Record Date for the purpose of making payments and interest of such Note, and
      (ii) on any other date for all other purposes whatsoever, as the owner hereof,
      whether or not this Note be overdue, and none of the Issuer, the Securities
      Administrator, the Indenture Trustee nor any such agent of the Issuer, the
      Securities Administrator or the Indenture Trustee shall be affected by notice
      to
      the contrary.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Issuer and
      the
      rights of the Holders of the Notes under the Indenture at any time by the Issuer
      and the Note Insurer. The Indenture also contains provisions permitting the
      Controlling Party to waive any past Event of Default and its consequences except
      an Event of Default (a) with respect to payment of principal of or interest
      on
      any of the Notes, or (b) in respect of a covenant or provision of the Indenture
      which cannot be modified or amended without the consent of the Holder of each
      Note. Any such waiver, at the time of the giving thereof, of this Note (or
      any
      one or more predecessor Notes) shall bind the Holder of every Note issued upon
      the registration of transfer hereof or in exchange hereof or in lieu hereof,
      whether or not notation of such consent or waiver is made upon such Note. The
      Indenture also permits the Issuer, the Indenture Trustee and the Securities
      Administrator, following prior notice to the Rating Agencies, to amend or waive
      certain terms and conditions set forth in the Indenture without the consent
      of
      the Holders of the Notes issued thereunder.

     

    Initially,
      the Notes will be registered in the name of Cede & Co. as nominee of DTC,
      acting in its capacity as the Depository for the Notes. The Notes will be
      delivered by the clearing agency in denominations as provided in the Indenture
      and subject to certain limitations therein set forth. The Notes are exchangeable
      for a like aggregate then outstanding Note Principal Balance of Notes of
      different authorized denominations, as requested by the Holder surrendering
      same.

     

    Unless
      the Certificate of Authentication hereon has been executed by the Authenticating
      Agent by manual signature, this Note shall not be entitled to any benefit under
      the Indenture, or be valid or obligatory for any purpose.

     

    Anything
      herein to the contrary notwithstanding, except as expressly provided in the
      Basic Documents, neither the Owner Trustee in its individual capacity, nor
      any
      of its respective partners, beneficiaries, agents, officers, directors,
      employees, or successors or assigns, shall be personally liable for, nor shall
      recourse be had to any of them for, the payment of principal of or interest
      on,
      or performance of, or omission to perform, any of the covenants, obligations
      or
      indemnifications contained in this Note, it being expressly understood that
      said
      covenants, obligations and indemnifications have been made solely by the Trust
      to the extent of the assets of the Trust. The holder of this Note by the
      acceptance hereof agrees that, except as expressly provided in the Basic
      Documents, the Holder shall have no claim against any of the foregoing for
      any
      deficiency, loss or claim therefrom; provided, however, that nothing contained
      herein shall be taken to prevent recourse to, and enforcement against, the
      assets of the Trust Estate for any and all liabilities, obligations and
      undertakings contained in this Note.

     

    AS
      PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS NOTE SHALL
      BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
      NEW
      YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Issuer has caused this instrument to be duly
      executed.

     

    Dated:
      ____________, 2006

     

    
      	 	 	 	 	 	 	 	
              ACE
                HOME EQUITY LOAN TRUST 2006-GP1

               

            
	 	 	 	 	 	 	 	
              By:

            	
              WILMINGTON
                TRUST COMPANY, not in its individual capacity but solely in its capacity
                as Owner Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            
	 	 	 	 	 	 	 	 	 

    

    

     

    

     

    AUTHENTICATING
      AGENT’S CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Class A Notes referred to in the within-mentioned
      Indenture.

     

    
      	 	 	 	 	 	 	 	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Authenticating Agent

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of the Note,
      shall be construed as though they were written out in full according to
      applicable laws or regulations:

     

    
      	
              TEN
                COM - 

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -

            	
              Custodian                        
                

              (Cust) 
                 (Minor)

              under
                Uniform Gifts

              to
                Minors Act

              __________________

              (State)

            
	
              TEN
                ENT - 

            	
              as
                tenants by the entireties

            	 
	
              JT
                TEN - 

            	
              as
                joint tenants with right

              of
                survivorship and not as

              tenants
                in common

            	 

    

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:

     

    
      	 
	 
	 

    

    (Please
      print or typewrite name and address, including zip code, of
      assignee)

     

    
      	 	 	 

    

    the
      within Note and all rights thereunder, and hereby irrevocably constitutes and
      appoints ________________________ attorney to transfer said Note on the books
      kept for registration thereof, with full power of substitution in the
      premises.

     

    Dated: _____________________________                                  
      __________________________________________

     

    Signature
      Guaranteed by _________________________________________

     

    NOTICE:
      The signature(s) to this assignment must correspond with the name as it appears
      upon the face of the within Note in every particular, without alteration or
      enlargement or any change whatsoever. Signature(s) must be guaranteed by a
      commercial bank or by a member firm of the New York Stock Exchange or another
      national securities exchange. Notarized or witnessed signatures are not
      acceptable.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      B

     

    LOAN
      SCHEDULE

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      C

     

    [FORM
      OF
      RULE 144A INVESTMENT REPRESENTATION]

     

    Description
      of Rule 144A Securities, including numbers:

     

    

     

    The
      undersigned seller, as registered holder (the “Sponsor”), intends to transfer
      the Rule 144A Securities described above to the undersigned buyer (the
“Buyer”).

     

    1.  In
      connection with such transfer and in accordance with the agreements pursuant
      to
      which the Rule 144A Securities were issued, the Sponsor hereby certifies the
      following facts: Neither the Sponsor nor anyone acting on its behalf has
      offered, transferred, pledged, sold or otherwise disposed of the Rule 144A
      Securities, any interest in the Rule 144A Securities or any other similar
      security to, or solicited any offer to buy or accept a transfer, pledge or
      other
      disposition of the Rule 144A Securities, any interest in the Rule 144A
      Securities or any other similar security from, or otherwise approached or
      negotiated with respect to the Rule 144A Securities, any interest in the Rule
      144A Securities 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
      Rule 144A Securities under the Securities Act of 1933, as amended (the “1933
      Act”), or that would render the disposition of the Rule 144A Securities a
      violation of Section 5 of the 1933 Act or require registration pursuant thereto,
      and that the Sponsor has not offered the Rule 144A Securities to any person
      other than the Buyer or another “qualified institutional buyer” as defined in
      Rule 144A under the 1933 Act.

     

    2.  The
      Buyer
      warrants and represents to, and covenants with, the Securities Administrator
      and
      Certificate Registrar pursuant to Section 4.02 of the Indenture (the
“Indenture”), dated as of May 31, 2006, among ACE Home Equity Loan Trust
      2006-GP1, as Issuer, Deutsche Bank National Trust Company, as Indenture Trustee,
      and LaSalle Bank National Association, as Securities Administrator and
      Authenticating Agent, as follows:

     

    a.
      The
      Buyer understands that the Rule 144A Securities have not been registered under
      the 1933 Act or the securities laws of any state.

     

    b.
      The
      Buyer considers itself a substantial, sophisticated institutional investor
      having such knowledge and experience in financial and business matters that
      it
      is capable of evaluating the merits and risks of investment in the Rule 144A
      Securities.

     

    c.
      The
      Buyer has been furnished with all information regarding the Rule 144A Securities
      that it has requested from the Sponsor, the Securities Administrator,
      Certificate Registrar, the Owner Trustee or the Servicer.

     

    d.
      Neither the Buyer nor anyone acting on its behalf has offered, transferred,
      pledged, sold or otherwise disposed of the Rule 144A Securities, any interest
      in
      the Rule 144A Securities or any other similar security to, or solicited any
      offer to buy or accept a transfer, pledge or other disposition of the Rule
      144A
      Securities, any interest in the Rule 144A Securities or any other similar
      security from, or otherwise approached or negotiated with respect to the Rule
      144A Securities, any interest in the Rule 144A Securities 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 Rule 144A Securities under the
      1933
      Act or that would render the disposition of the Rule 144A Securities a violation
      of Section 5 of the 1933 Act or require registration pursuant thereto, nor
      will
      it act, nor has it authorized or will it authorize any person to act, in such
      manner with respect to the Rule 144A Securities.

     

    e.
      The
      Buyer is a “qualified institutional buyer” as that term is defined in Rule 144A
      under the 1933 Act and has completed either of the forms of certification to
      that effect attached hereto as Annex 1 or Annex 2. The Buyer is aware that
      the
      sale to it is being made in reliance on Rule 144A. The Buyer is acquiring the
      Rule 144A Securities for its own account or the accounts of other qualified
      institutional buyers, understands that such Rule 144A Securities 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 1933 Act.

     

    3.  This
      document 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 document.

     

    IN
      WITNESS WHEREOF, each of the parties has executed this document as of the date
      set forth below.

     

    __________________________________________

    Print
      Name of Sponsor 

     

    By:_______________________________________

    Name:

    Title:

    Taxpayer
      Identification No.:

    

     

    Date:

     

    

    __________________________________________

    Print
      Name of Buyer 

     

    By:_______________________________________

    Name:

    Title:

    Taxpayer
      Identification No.:

    

     

    Date:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      1 TO EXHIBIT C

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Buyers Other Than Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows in connection with the Rule 144A
      Investment Representation to which this Certification is attached:

     

    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
      (“Rule 144A”) because (i) the Buyer owned and/or invested on a discretionary
      basis $___________________ 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.

               

            
	
              ___________

            	
              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.

               

            
	
              ___________

            	
              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
                or
                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
                Adviser.
                The Buyer is an investment adviser registered under the Investment
                Advisers Act of 1940.

               

            
	
              ___________

            	
              SBIC.
                The 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.
                The Buyer is a business development company as defined in Section
                202(a)(22) of the Investment Advisers Act of 1940.

               

            
	
              ___________

            	
              Trust
                Fund.
                The Buyer is a trust fund whose trustee is a bank or trust company
                and
                whose participants are exclusively (a) plans 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,
                or (b) employee benefit plans within the meaning of Title I of the
                Employee Retirement Income Security Act of 1974, but is not a trust
                fund
                that includes as participants individual retirement accounts or H.R.
                10
                plans.

               

            

    

    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)
      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.

     

    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. 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.

     

    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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	 	 	 	
              Will
                the Buyer be purchasing the Rule 144A

            
	
              Yes

            	 	
              No

            	 	
              Securities
                only for the Buyer’s own account?

               

            

    

    6.
      If the
      answer to the foregoing question is “no”, the Buyer agrees that, in connection
      with any purchase of securities sold to the Buyer for the account of a third
      party (including any separate account) in reliance on Rule 144A, the Buyer
      will
      only purchase for the account of a third party that at the time is a “qualified
      institutional buyer” within the meaning of Rule 144A. In addition, the Buyer
      agrees that the Buyer will not purchase securities for a third party unless
      the
      Buyer has obtained a current representation letter from such third party or
      taken other appropriate steps contemplated by Rule 144A to conclude that such
      third party independently meets the definition of “qualified institutional
      buyer” set forth in Rule 144A.

     

    7.
      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 Rule 144A Securities will constitute a reaffirmation of
      this certification as of the date of such purchase.

     

    __________________________________________

    Print
      Name of Buyer 

     

    By:_______________________________________

    Name:

    Title:

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      2 TO EXHIBIT C

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Buyers That Are Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows in connection with the Rule 144A
      Investment Representation to which this Certification is attached:

     

    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 (“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, 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.

     

    
      	
              ____

            	
              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) bank deposit Notes and certificates of deposit, (iii) loan
      participations, (iv) repurchase agreements, (v) securities owned but subject
      to
      a repurchase agreement and (vi) currency, interest rate and commodity
      swaps.

     

    5.
      The
      Buyer is familiar with Rule 144A and understands that each of the parties to
      which this certification is made 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.
      The
      undersigned will notify each of the parties to which this certification is
      made
      of any changes in the information and conclusions herein. Until such notice,
      the
      Buyer’s purchase of Rule 144A Securities will constitute a reaffirmation of this
      certification by the undersigned as of the date of such purchase.

     

    __________________________________________

    Print
      Name of Buyer 

     

    By:_______________________________________

    Name:

    Title:

     

    

     

    IF
      AN
      ADVISOR:

    

     

    __________________________________________

    Print
      Name of Sponsor 

     

    By:_______________________________________

    Name:

    Title:

     

     

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      D

     

    FORM
      OF
      INVESTMENT LETTER [NON-RULE 144A]

     

    [DATE]

     

    Wilmington
      Trust Company 

    1100
      North Market Street

    Rodney
      Square North 

    Wilmington,
      Delaware 19890

     

    LaSalle
      Bank National Association

    135
      South
      LaSalle Street

    Chicago,
      Illinois 60603

    Attn:
      Global Securities and Trust Services Group

     

    Re: ACE
      Home
      Equity Loan Trust 2006-GP1 Notes,

         
       Series
      2006-GP1, Class A (the
“Notes”)              

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Notes, we certify that
      (a) we understand that the Notes 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 Notes, (c) we have had the opportunity to ask
      questions of and receive answers from the Depositor concerning the purchase
      of
      the Notes and all matters relating thereto or any additional information deemed
      necessary to our decision to purchase the Notes, (d) [Reserved], (e) we are
      acquiring the Notes for investment for our own account and not with a view
      to
      any distribution of such Notes (but without prejudice to our right at all times
      to sell or otherwise dispose of the Notes in accordance with clause (g) below),
      (f) we have not offered or sold any Notes to, or solicited offers to buy any
      Notes 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 (h) we will not sell, transfer or
      otherwise dispose of any Notes 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
      Note 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
      Indenture.

    

     

    Very
      truly yours,

    

     

    __________________________________________

    [TRANSFEREE]

     

    __________________________________________

    Authorized
      Officer

     

    

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      E

     

    TRANSFEROR
      CERTIFICATE

     

    Wilmington
      Trust Company 

    1100
      North Market Street

    Rodney
      Square North 

    Wilmington,
      Delaware 19890

     

    LaSalle
      Bank National Association

    135
      South
      LaSalle Street

    Chicago,
      Illinois 60603

    Attn:
      Global Securities and Trust Services Group

    

    

    
      	
              Re:       
                

            	
              Proposed
                Transfer of Class A Notes ACE Home Equity Loan Trust
                2006-GP1

            

    

     

     

    Gentlemen:

     

    This
      certification is being made by ____________________ (the “Transferor”) in
      connection with the proposed Transfer to _____________________ (the
“Transferee”) of the Class A Notes (the “Notes”) issued pursuant to the
      Indenture, dated May 31, 2006, being referred to herein as the “Indenture”)
      among ACE Home Equity Loan Trust 2006-GP1, as issuer, Deutsche Bank National
      Trust Company as indenture trustee and LaSalle Bank National Association, as
      Securities Administrator and authenticating agent (the “Securities
      Administrator” and “Authenticating Agent”, as applicable)(the “Indenture”).
      Initially capitalized terms used but not defined herein have the meanings
      assigned to them in the Indenture. The Transferor hereby certifies, represents
      and warrants to, and covenants with, the Owner Trustee and the Securities
      Administrator that:

     

    Neither
      the Transferor nor anyone acting on its behalf has (a) offered, pledged, sold,
      disposed of or otherwise transferred any Note, any interest in any Note or
      any
      other similar security to any person in any manner, (b) has solicited any offer
      to buy or to accept a pledge, disposition or other transfer of any Note, any
      interest in any Note or any other similar security from any person in any
      manner, (c) has otherwise approached or negotiated with respect to any Note,
      any
      interest in any Note or any other similar security with any person in any
      manner, (d) has made any general solicitation by means of general advertising
      or
      in any other manner, or (e) has taken any other action, that (as to any of
      (a)
      through (e) above) would constitute a distribution of the Notes under the
      Securities Act of 1933 (the “Act”), that would render the disposition of any
      Note a violation of Section 5 of the Act or any state securities law, or that
      would require registration or qualification pursuant thereto. The Transferor
      will not act in any manner set forth in the foregoing sentence with respect
      to
      any Note. The Transferor has not and will not sell or otherwise transfer any
      of
      the Notes, except in compliance with the provisions of the
      Indenture.

    

    

    Date:
       ___________________________

    

    __________________________________________

    Name
      of
      Transferor

     

    __________________________________________

    Signature

    

     

    __________________________________________

    Name

    

     

    __________________________________________

    Title

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F

     

    FORM
      OF TRANSFEREE CERTIFICATE

     

    

     

    Wilmington
      Trust Company 

    1100
      North Market Street

    Rodney
      Square North 

    Wilmington,
      Delaware 19890

     

    LaSalle
      Bank National Association

    135
      South
      LaSalle Street

    Chicago,
      Illinois 60603

    Attn:
      Global Securities and Trust Services Group

    

    

    
      	
              Re:      
                

            	
              Proposed
                Transfer of Class A Notes, ACE Home Equity Loan Trust
                2006-GP1

            

    

     

    Gentlemen:

     

    This
      certification is being made by _________ (the “Transferee”) in connection with
      the proposed transfer (the “Transfer”) by _________ of a Class A Note issued
      pursuant to the Indenture, dated as of May 31, 2006 (the “Indenture”), among ACE
      Home Equity Loan Trust 2006-GP1, as issuer, Deutsche Bank National Trust
      Company, as indenture trustee (the “Indenture Trustee”) and LaSalle Bank
      National Association, as Securities Administrator and authenticating agent
      (the
“Securities Administrator” and “Authenticating Agent”, as applicable). Initially
      capitalized terms used but not defined herein have the meanings assigned to
      them
      in the Indenture. The Transferee hereby certifies, represents and warrants
      to,
      and covenants with, the Owner Trustee and the Securities Administrator
      that:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Following
      the Transfer, 100% of the Privately Offered Notes and Certificate will be owned
      by a single entity.

     

    
      Date:
         ___________________________

      

      __________________________________________

      Name
        of
        Transferor

       

      __________________________________________

      Signature

      

       

      __________________________________________

      Name

      

       

      __________________________________________

      Title

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      APPENDIX
        A

       

      DEFINITIONS

       

      Accepted
        Master Servicing Practices:
        With
        respect to any HELOC, those customary mortgage master servicing practices
        of
        prudent mortgage master servicing institutions that master service HELOCs
        of the
        same type and quality as such HELOCs 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).

       

      Accepted
        Servicing Practices:
        With
        respect to each HELOC, those mortgage servicing practices (including collection
        procedures) that are in accordance with all applicable statutes, regulations
        and
        prudent mortgage banking practices for similar revolving home equity line
        of
        credit HELOCs of the same type and quality as HELOCs in the jurisdiction
        where
        the related Mortgaged Property is located.

       

      Account:
        The
        Servicing Accounts, the REO Account, the Collection Account, the Payment
        Account, the Certificate Distribution Account and the Net WAC Rate Carryover
        Reserve Account, as the context may require.

       

      Additional
        Balance:
        All
        draws made by a mortgagor pursuant to the related Credit Line Agreement that
        occur following the Cut-Off Date.

       

      Additional
        Balance Advance Amounts:
        With
        respect to any Payment Date (i) during the Managed Amortization Period, an
        amount equal the amount by which draws made in the related Collection Period
        are
        greater than the Principal Collection Amount for such Payment Date or (ii)
        during the Rapid Amortization Period, an amount equal to any draws made during
        the related Collection Period. Any Additional Balance Advance Amounts for
        a
        Payment Date will be added to the Certificate Principal Balance of the Class
        G
        Certificates on such Payment Date.

       

      Additional
        Disclosure:
        The
        meaning specified in Section 4.15 of the Sale and Servicing
        Agreement.

       

      Additional
        Form 10-D Disclosure:
        The
        meaning specified in Section 4.15 of the Sale and Servicing
        Agreement.

       

      Additional
        Form 10-K Disclosure:
        The
        meaning specified in Section 4.15 of the Sale and Servicing
        Agreement.

       

      Adjustment
        Date:
        With
        respect to a HELOC, the date, if any, specified in the related Credit Line
        Agreement on which the Mortgage Interest Rate is subject to
        adjustment.

       

      Administration
        Agreement:
        The
        Administration Agreement, dated as of May 31, 2006, among the Issuer, the
        Depositor, the Owner Trustee and the Securities Administrator, as amended
        from
        time to time in accordance with the terms thereof.

       

      Administration
        Fee Rate:
        With
        respect to each HELOC, the Administration Fee Rate is equal to the sum of
        (i)
        the Servicing Fee Rate, (ii) the Master Servicing Fee Rate and (iii) the
        rate at which the fee payable to the Credit Risk Manager is
        calculated.

       

      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.

       

      Allocated
        Realized Loss Amount:
        With
        respect to the Class A Notes and the Class G Certificates and any Payment
        Date,
        an amount equal to the sum of any Realized Loss allocated to that Class of
        Notes
        or Certificates on the Payment Date pursuant to Section 6.02 of the Sale
        and
        Servicing Agreement and any Allocated Realized Loss Amount for that Class
        remaining unpaid from the previous Payment Date and, in the case of the Class
        A
        Notes, not covered by amounts paid in respect of principal by the Note
        Insurer.

       

      Amortization
        Period:
        With
        respect to any HELOC, the period of time subsequent to the Draw Period during
        which the Mortgagor is obligated to make Minimum Monthly Payments equal to
        interest accrued on the Outstanding Principal Balance plus 1/120th of such
        Outstanding Principal Balance.

       

      Ancillary
        Income:
        All
        income derived from the HELOCs, other than Servicing Fees and Cancellation
        Charges, including but not limited to, late charges, fees received with respect
        to checks or bank drafts returned by the related bank for non-sufficient
        funds,
        assumption fees, optional insurance administrative fees and all other incidental
        fees and charges.

       

      Annual
        Statement of Compliance:
        The
        meaning specified in Section 3.15 of the Sale and Servicing
        Agreement.

       

      Applicable
        Credit Rating:
        For any
        long-term deposit or security, a credit rating of AAA in the case of each
        of
        S&P and Fitch or Aaa in the case of Moody’s. For any short-term deposit or
        security, or a rating of A-l+ in the case of each of S&P and Fitch or P-1 in
        the case of Moody’s.

       

      Appraised
        Value:
        For any
        Mortgaged Property related to a HELOC, the amount set forth as the appraised
        value of such Mortgaged Property in an appraisal made for the mortgage
        originator in connection with its origination of the related HELOC.

       

      Assessment
        of Compliance:
        The
        meaning set forth in Section 3.16 of the Sale and Servicing
        Agreement.

       

      Assessing
        Party:
        The
        meaning specified in Section 3.16 of the Sale and Servicing
        Agreement.

       

      Assignment
        of Mortgage:
        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 of record the sale of
        the
        Mortgage, which assignment, notice of transfer or equivalent instrument may
        be
        in the form of one or more blanket assignments covering Mortgages secured
        by
        Mortgaged Properties located in the same county, if permitted by
        law.

       

      Attestation
        Report:
        The
        meaning set forth in Section 3.16 of the Sale and Servicing
        Agreement.

       

      Authenticating
        Agent:
        Initially, the Securities Administrator, or any successor to the Securities
        Administrator in such capacity.

       

      Authorized
        Representative:
        The
        meaning set forth in Section 26 of the Custodial Agreement.

       

      Authorized
        Newspaper:
        A
        newspaper of general circulation in the Borough of Manhattan, The City of
        New
        York, printed in the English language and customarily published on each Business
        Day, whether or not published on Saturdays, Sundays or holidays.

       

      Authorized
        Officer:
        With
        respect to the Issuer, any officer of the Owner Trustee who is authorized
        to act
        for the Owner Trustee in matters relating to the Issuer and who is identified
        on
        the list of Authorized Officers delivered by the Owner Trustee to the Indenture
        Trustee and Securities Administrator on the Closing Date (as such list may
        be
        modified or supplemented from time to time thereafter).

       

      Available
        Payment Amount:
        With
        respect to any Payment Date, an amount equal to the sum of the Interest
        Collection Amount for such Payment Date and the Principal Collection Amount
        for
        such Payment Date.

       

      Available
        Principal Payment Amount:
        With
        respect to the Offered Notes and any Payment Date, an amount equal to the
        sum of
        (i) (1) with respect to any Payment Date during the Managed Amortization
        Period
        and if the Class G Certificate Pro Rata Test is not met, the excess, if any,
        of
        the Principal Collection Amount for such Payment Date over the sum of (a)
        the
        Additional Balances for such Payment Date and (b) the Certificate Principal
        Balance of the Class G Certificates immediately prior to such Payment Date;
        (2)
        with respect to any Payment Date during the Managed Amortization Period and
        if
        the Class G Certificate Pro Rata Test is met, the Trust Allocation Percentage
        of
        the excess of the Principal Collection Amount over the Additional Balances
        for
        the related Payment Date and (3) with respect to any Payment Date during
        the
        Rapid Amortization Period, the Principal Collection Amount; and (ii) the
        Trust
        Allocation Percentage of the Overcollateralization Increase Amount for that
        Payment Date minus (iii) the Trust Allocation Percentage of the
        Overcollateralization Reduction Amount for that Payment Date.

       

      Back-Up
        Certification:
        The
        meaning specified in Section 4.15 of the Sale and Servicing
        Agreement.

       

      Bankruptcy
        Code:
        The
        United States Bankruptcy Code, as amended as codified in 11 U.S.C. §§
101-1330.

       

      Bankruptcy
        Loss:
        With
        respect to any HELOC, any Deficient Valuation or Debt Service Reduction related
        to such HELOC as reported by the related Servicer to the Master
        Servicer.

       

      Basic
        Documents:
        The
        Sale and Servicing Agreement, the Indenture, the Trust Agreement, the HELOC
        Purchase Agreement, the Custodial Agreement, the Administration Agreement,
        the
        Insurance Agreement, the Indemnification Agreement, the Premium Letter and
        the
        other documents and certificates delivered in connection with any of the
        above.

       

      Beneficial
        Owner:
        With
        respect to any Note or Certificate, the Person who is the beneficial owner
        of
        such Note or Certificate as reflected on the books of the Depository or on
        the
        books of a Person maintaining an account with such Depository (directly as
        a
        Depository Participant or indirectly through a Depository Participant, in
        accordance with the rules of such Depository).

       

      Billing
        Cycle:
        With
        respect to any HELOC and a Due Date, the calendar month preceding such Due
        Date.

       

      Book-Entry
        Notes:
        Beneficial interests in the Class A Notes, ownership and transfers of which
        shall be made through book entries by the Depository as described in the
        Indenture.

       

      Business
        Day:
        Any day
        other than (i) a Saturday or a Sunday, or (ii) a day on which the New York
        Stock
        Exchange or Federal Reserve is closed or on which banking institutions in
        the
        State of New York or the jurisdiction in which the Indenture Trustee, the
        Owner
        Trustee, the Master Servicer, the Servicer or the Securities Administrator
        is
        located are authorized or obligated by law or executive order to be
        closed.

       

      Calendar
        Quarter:
        A
        calendar quarter shall consist of one of the following time periods in any
        given
        year: January 1 through March 31, April 1 through June 30, July 1 through
        September 30, and October 1 through December 31.

       

      Cancellation
        Charge:
        A
        charged imposed on a Mortgagor for early termination of the related
        HELOC.

       

      Certificate
        Distribution Account:
        The
        meaning specified in Section 5.08 of the Sale and Servicing
        Agreement.

       

      Certificate
        Paying Agent:
        Initially, the Securities Administrator, in its capacity as Certificate Paying
        Agent, or any successor to Securities Administrator in such
        capacity.

       

      Certificate
        Principal Balance:
        With
        respect to the Class G Certificates and any date of determination, the sum
        of
        all Additional Balance Advance Amounts with respect to each Payment Date
        on or
        prior to such date of determination reduced by the aggregate of (i) all
        principal amounts previously distributed with respect to the Class G
        Certificates and (ii) any reductions in the Certificate Principal Balance
        of the
        Class G Certificate in connection with allocations of Realized Losses and
        increased by any Subsequent Recoveries allocated to the Class G Certificates.
        The Certificate Principal Balance of the Class CE Certificates as of any
        date of
        determination is equal to the excess, if any, of (i) the then aggregate
        principal balance of the HELOCS over (ii) the Note Principal Balance of the
        Class A Notes and the aggregate Certificate Principal Balance of the Class
        G
        Certificates.

       

      Certificate
        Register:
        The
        register maintained by the Certificate Registrar in which the Certificate
        Registrar shall provide for the registration of Certificates and of transfers
        and exchanges of Certificates.

       

      Certificate
        Registrar:
        Initially, the Securities Administrator, in its capacity as Certificate
        Registrar, or any successor to the Securities Administrator in such capacity
        pursuant to the Trust Agreement.

       

      Certificate
        of Trust:
        The
        Certificate of Trust filed for the Trust pursuant to Section 3810(a) of the
        Statutory Trust Statute.

       

      Certificateholder:
        The
        Person in whose name a Certificate is registered in the Certificate Register.
        Owners of Certificates that have been pledged in good faith may be regarded
        as
        Holders if the pledgee establishes to the satisfaction of the Securities
        Administrator or the Owner Trustee, as the case may be, the pledgee’s right so
        to act with respect to such Certificates and that the pledgee is not the
        Issuer,
        any other obligor upon the Certificates or any Affiliate of any of the foregoing
        Persons.

       

      Certificates:
        The
        Class G, Class CE and Class R Certificates.

       

      Certification
        Parties:
        The
        meaning specified in Section 4.15 of the Sale and Servicing
        Agreement.

       

      Certifying
        Person:
        The
        meaning specified in Section 4.15 of the Sale and Servicing
        Agreement.

       

      Charge-Off
        Amount:
        With
        respect to any Charged-Off HELOC, the amount of the Stated Principal Balance
        of
        such HELOC that has been written down.

       

      Charged-Off
        HELOC:
        A
        defaulted HELOC that the Servicer is required to charge off once such HELOC
        becomes 180 days delinquent, provided that such HELOC is not a Liquidated
        HELOC.

       

      Class:
        Any of
        the Class A Notes or any of the Class G, Class CE or Class R
        Certificates.

       

      Class
        A Note:
        Any one
        of the Class A Notes executed and delivered by the Owner Trustee on behalf
        of
        the Issuer and authenticated by the Authenticating Agent, substantially in
        the
        form of Exhibit A to the Indenture and evidencing a Regular Interest in REMIC
        II
        for purposes of the REMIC Provisions.

       

      Class
        CE Certificate:
        Any one
        of the Class CE Certificates executed and delivered by the Owner Trustee
        on
        behalf of the Issuer and authenticated by the Authenticating Agent,
        substantially in the form of Exhibit A-1 to the Trust Agreement and evidencing
        a
        Regular Interest in REMIC II for purposes of the REMIC Provisions.

       

      Class
        G Allocation Percentage:
        With
        respect to any Payment Date, 100% minus the Trust Allocation
        Percentage.

       

      Class
        G Certificate:
        Any
        one
        of the Class G Certificates executed and delivered by the Owner Trustee on
        behalf of the Issuer and authenticated by the Authenticating Agent,
        substantially in the form of Exhibit A-2 to the Trust Agreement and evidencing
        a
        Residual Interest in REMIC II for purposes of the REMIC Provisions.

       

      Class
        G Certificate Pro Rata Test:
        The
        Class G Certificate Pro Rata Test is met with respect to any Payment Date
        during
        the Managed Amortization Period if the Certificate Principal Balance of the
        Class G Certificates is greater than 3.00% of the Outstanding Principal Balance
        of the HELOCs.

       

      Class
        G Excess Spread Amount:
        With
        respect to any Payment Date, an amount equal to the sum of (i) that amount
        by
        which the Class G Allocation Percentage of the Interest Collection Amount
        for
        such Payment Date exceeds the Class G Interest Payment Amount for such Payment
        Date and (ii) the Class G Allocation Percentage of the Overcollateralization
        Reduction Amount for such Payment Date.

       

      Class
        G Interest Payment Amount:
        With
        respect to any Payment Date, an amount equal to interest accrued during the
        related Interest Accrual Period on the Certificate Principal Balance of the
        Class G Certificates immediately prior to that Payment Date at the Note Interest
        Rate reduced (to an amount not less than zero) by any Prepayment Interest
        Shortfalls and Relief Act Interest Shortfalls, in each case allocated to
        the
        Class G Certificates as described in Section 6.02 of the Sale and Servicing
        Agreement 

       

      Class
        G Principal Payment Amount:
        With
        respect to the Class G Certificates and any Payment Date the lesser of (x)
        the
        Certificate Principal Balance of the Class G Certificates immediately prior
        to
        such Payment Date; and (y) the sum of (1) during (A) the Managed Amortization
        Period, (i) if the Class G Certificate Pro Rata Test is not met, the Principal
        Collection Amount less the Additional Balances for the related Payment Date
        and
        (ii) if the Class G Certificate Pro Rata Test is met, the Class G Allocation
        Percentage of the excess, if any, of the Principal Collection Amount for
        that
        Payment Date over the Additional Balances for the related Payment Date or
        (B)
        during the Rapid Amortization Period, the remaining Principal Collection
        Amount
        after payments of principal to the Class A Notes, (2) the Class G Allocation
        Percentage of the Overcollateralization Increase Amount for that Payment
        Date
        minus (3) the Class G Allocation Percentage of the Overcollateralization
        Reduction Amount for such Payment Date.

       

      Class
        R Certificate:
        Any one
        of the Class R Certificates executed and delivered by the Owner Trustee on
        behalf of the Issuer and authenticated by the Authenticating Agent,
        substantially in the form annexed to the Trust Agreement as Exhibit A-3,
        and
        evidencing the residual interest in the Trust Estate.

       

      Closing
        Date:
        May 31,
        2006.

       

      Code:
        The
        Internal Revenue Code of 1986, as amended, and the rules and regulations
        promulgated thereunder.

       

      Collateral:
        The
        meaning specified in the Granting Clause of the Indenture.

       

      Collection
        Account:
        The
        separate account or accounts created and maintained, or caused to be created
        and
        maintained, by the Servicer pursuant to Section 5.02(a) of the Sale and
        Servicing Agreement for the benefit of the Noteholders, the Note Insurer
        and the
        Certificateholders. The Collection Account must be an Eligible
        Account.

       

      Collection
        Period:
        For any
        Payment Date, the period from and including the 16th
        day of
        the month preceding the month in which the related Payment Date occurs to
        and
        including the 15th
        day of
        the month in which the Payment Date occurs.

       

      Combined
        Loan-to-Value Ratio or CLTV:
        With
        respect to any second lien HELOC, the fraction, expressed as a percentage,
        the
        numerator of which is the sum of the Credit Limit of such HELOC and the
        outstanding principal balance of any related first lien, divided by the lesser
        of the Appraised Value of the related Mortgaged Property as of the origination
        date (or in the case of a refinancing, the refinancing date), or the purchase
        price of the Mortgaged Property.

       

      Commission:
        The
        Securities and Exchange Commission.

       

      Constant
        Draw Rate:
        A constant rate of additional balances drawn on the HELOCs.

       

      Controlling
        Party:
        The
        Note Insurer or, if a Note Insurer Default has occurred and is continuing,
        the
        holder or holders of in excess of 50% of the balance of the Notes, and following
        the reduction of the aggregate balance of the Notes to zero, the holders
        of the
        Residual Certificates (voting collectively as a single class).

       

      Corporate
        Trust Office:
        With
        respect to the Indenture Trustee, the principal corporate trust office of
        the
        Indenture Trustee at which at any particular time its corporate trust business
        shall be administered, which office at the date of the execution of this
        instrument is located at 1761 East St. Andrew Place, Santa Ana, California
        92705, Attention: Trust Administration-DB06G1. With respect to the Owner
        Trustee, the principal corporate trust office of the Owner Trustee at which
        at
        any particular time its corporate trust business shall be administered, which
        office at the date of the execution of this Trust Agreement is located at
        Rodney
        Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention:
        Corporate Trust Administration. With respect to the Securities Administrator,
        Certificate Registrar, Note Registrar and Paying Agent, the Corporate Trust
        Office of such parties for purposes of presentment and surrender of the Notes
        and the Certificates for the final payment or distribution thereon and for
        transfer is located at 135 South LaSalle Street, Chicago, IL 60603, Attention:
        Global Securities and Trust Services Group - ACE Securities Corp. Home Equity
        Loan Trust, Series 2006-GP1, or any other address that the Securities
        Administrator may designate from time to time by notice to the Noteholders
        and
        the Certificateholders.

       

      Corresponding
        Note:
        With
        respect to each REMIC I Regular Interest (other than REMIC I Regular Interests
        AA and ZZ), the Note with the corresponding designation.

       

      CPR:
        A constant rate of prepayment on the HELOCs.

       

      Credit
        Enhancement Percentage:
        With
        respect to any Payment Date, the percentage obtained by dividing (x) the
        Overcollateralization Amount calculated after taking into account payment
        of the
        Available Principal Payment Amount to the holders of the Class A Notes and
        the
        Class G Principal Payment Amount to the holders of the Class G Certificates
        by
        (y) the Outstanding Principal Balance of the HELOCs, calculated after taking
        into account payments of scheduled and unscheduled principal received on
        the
        HELOCs during the related Collection Period.

       

      Credit
        Line Agreement:
        With
        respect to any HELOC, the credit line account agreement executed by the related
        Mortgagor and any amendment or modification thereof.

       

      Credit
        Risk Management Agreements:
        The
        agreements between the Credit Risk Manager and the Servicer and/or Master
        Servicer, each regarding the loss mitigation and advisory services to be
        provided by the Credit Risk Manager.

       

      Credit
        Risk Management Fee:
        The
        amount payable to the Credit Risk Manager on each Payment Date as compensation
        for all services rendered by it in the exercise and performance of any and
        all
        powers and duties of the Credit Risk Manager under the Credit Risk Management
        Agreements, which amount shall equal one twelfth of the product of (i) the
        Credit Risk Management Fee Rate multiplied by (ii) the Outstanding Principal
        Balance of the HELOCs and any related REO Properties as of the first day
        of the
        related Collection Period.

       

      Credit
        Risk Management Fee Rate:
        0.009%
        per annum.

       

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

       

      Current
        Interest:
        With
        respect to the Class A Notes and each Payment Date, interest accrued at the
        Note
        Rate for the applicable Interest Accrual Period on the Note Principal Balance.
        With respect to the Class G Certificates and each Payment Date is the interest
        accrued at the Note Rate for the applicable Interest Accrual Period on the
        Certificate Principal Balance of such Class.

       

      Custodial
        Agreement:
        The
        Custodial Agreement, dated as of May 1, 2006, among the Indenture Trustee,
        the
        Custodian, the Sponsor, the Master Servicer and the Depositor, relating to
        the
        ACE Securities Corp. Home Equity Loan Trust, Asset Backed Notes, Series
        2006-GP1, as amended from time to time in accordance with the terms
        thereof.

       

      Custodian:
        Wells
        Fargo Bank, National Association, and its successors and assigns.

       

      Cut-off
        Date:
        May 15,
        2006.

       

      Cut-off
        Date Balance:
        $352,607,315.93

       

      Cut-off
        Date Principal Balance:
        With
        respect to any HELOC, the unpaid principal balance thereof as of the Cut-off
        Date after applying the principal portion of Monthly Payments received on
        or
        before such date, and without regard to any payments due after such
        date.

       

      Debt
        Service Reduction:
        Any
        reduction of the Scheduled HELOC Payments which a Mortgagor is obligated
        to pay
        with respect to a HELOC as a result of any proceeding under the Bankruptcy
        Code
        or any other similar state law or other proceeding.

       

      Default:
        Any
        occurrence which is or with notice or the lapse of time or both would become
        an
        Event of Default.

       

      Deficiency
        Amount:
        The
        meaning specified in the Policy. 

       

      Deficient
        Valuation:
        With
        respect to any HELOC, a valuation of the Mortgaged Property by a court of
        competent jurisdiction in an amount less than the then outstanding indebtedness
        under the HELOC, which valuation results from a proceeding initiated under
        the
        Bankruptcy Code or any other similar state law or other proceeding.

       

      Definitive
        Notes:
        The
        meaning specified in Section 4.08 of the Indenture.

       

      Deleted
        HELOC:
        A HELOC
        replaced or to be replaced by a Qualified Substitute HELOC.

       

      Depositor:
        ACE
        Securities Corp., a Delaware limited liability company, or its successor
        in
        interest.

       

      Depository:
        The
        Depository Trust Company, the nominee of which is Cede & Co., or any
        successor thereto.

       

      Depository
        Participant:
        A
        Person for whom, from time to time, the Depository effects book-entry transfers
        and pledges of securities deposited with the Depository.

       

      Designated
        Depository Institution:
        A
        depository institution (commercial bank, federal savings bank, mutual savings
        bank or savings and loan association) or trust company (which may include
        the
        Indenture Trustee or the Securities Administrator), the deposits of which
        are
        fully insured by the FDIC to the extent provided by law.

       

      Determination
        Date:
        With
        respect to any Payment Date, the 15th
        day of
        the calendar month in which such Payment 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 REMIC I other than through an Independent Contractor; provided,
        however, that the Servicer, on behalf of the Indenture Trustee, shall not
        be
        considered to Directly Operate an REO Property solely because the Servicer
        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.

       

      Draw:
        With
        respect to any HELOC, an additional borrowing by the related Mortgagor
        subsequent to the Cut-off Date in accordance with the related Credit Line
        Agreement.

       

      Draw
        Period:
        With
        respect to any HELOC, the period during which the related mortgagor is permitted
        to make Draws in accordance with the related Credit Line Agreement.

       

      Due
        Date:
        With
        respect to each HELOC, the day of the month on which each scheduled Monthly
        Payment is due.

       

      EDGAR:
        The
        meaning specified in Section 4.15 of the Sale and Servicing
        Agreement.

       

      Eligible
        Account:
        An
        account that is any of the following: (i) maintained with a depository
        institution the short-term debt obligations of which have been rated by each
        Rating Agency in its highest rating category available, or (ii) an account
        or
        accounts in a depository institution in which such accounts are fully insured
        to
        the limits established by the FDIC, provided that any deposits not so insured
        shall, to the extent acceptable to the Note Insurer and each Rating Agency,
        as
        evidenced in writing, be maintained such that (as evidenced by an Opinion
        of
        Counsel delivered to the Indenture Trustee, each Rating Agency and the Note
        Insurer) the Indenture Trustee has a claim with respect to the funds in such
        account or a perfected first priority security interest against any collateral
        (which shall be limited to Permitted Investments) securing such funds that
        is
        superior to claims of any other depositors or creditors of the depository
        institution with which such account is maintained, or (iii) in the case of
        the
        Payment Account, a trust account or accounts maintained in the corporate
        trust
        division of the Master Servicer or Securities Administrator, or (iv) an account
        or accounts of a depository institution acceptable to each Rating Agency
        and the
        Note Insurer in writing (in the case of the Rating Agencies, as evidenced
        in
        writing by each Rating Agency that use of any such account as the Payment
        Account will not reduce the rating assigned to any of the Notes as of the
        Closing Date by such Rating Agency without regard to the Policy).

       

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

       

      Escrow
        Payments:
        The
        meaning specified in Section 5.01(a) of the Sale and Servicing
        Agreement

       

      Event
        of Default:
        With
        respect to the Indenture, any one of the following events (whatever the reason
        for such Event of Default and whether it shall be voluntary or involuntary
        or be
        effected by operation of law or pursuant to any judgment, decree or order
        of any
        court or any order, rule or regulation of any administrative or governmental
        body):

       

      (i)
        the
        failure of the Issuing Entity to pay the principal of any Class A Note in
        full
        by the Final Scheduled Payment Date; or

       

      (ii)
        a
        default by the Issuing Entity in the observance of the negative covenants
        set
        forth in Section 3.07 of the Indenture; or

       

      (iii) a
        default
        by the Issuing Entity in the observance of any other covenant in the Indenture,
        and the continuation of any such default for a period of thirty days after
        notice to the Issuing Entity by the Indenture Trustee, the Note Insurer (so
        long
        as any Class A Notes are outstanding or any amounts are due and owing to
        the
        Note Insurer and a Note Insurer Default has not occurred and is continuing)
        or
        by the holders of at least 25% of the Note Principal Balance of the Offered
        Notes and Certificate Principal Balance of the Certificates, as applicable;
        or

       

      (iv)
        any
        representation or warranty made by the Issuing Entity in the Indenture or
        in the
        Class A Note or other writing delivered pursuant thereto having been incorrect
        in a material respect as of the time made, and the circumstance in respect
        of
        which such representation or warranty is incorrect not having been cured
        within
        thirty days after notice thereof is given to the Issuing Entity by the Indenture
        Trustee, the Note Insurer (so long as any Class A Notes are outstanding or
        any
        amounts are due and owing to the Note Insurer and a Note Insurer Default
        has not
        occurred and in continuing) or by the Holders of at least 25% of the Note
        Principal Balance of the Notes and Certificate Principal Balance of the
        Certificates, as applicable, with the consent of the Note Insurer (so long
        as
        any Class A Notes are outstanding or any amounts are due and owing to the
        Note
        Insurer and a Note Insurer Default has not occurred and is continuing); or
        

       

      (v) there
        occurs the filing of a decree or order for relief by a court having jurisdiction
        in the premises in respect of the Issuer or any substantial part of the Trust
        Estate in an involuntary case under any applicable federal or state bankruptcy,
        insolvency or other similar law now or hereafter in effect, or appointing
        a
        receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
        official of the Issuer or for any substantial part of the Trust Estate, or
        ordering the winding-up or liquidation of the Issuer’s affairs, and such decree
        or order shall remain unstayed and in effect for a period of 60 consecutive
        days; or

       

      (vi) there
        occurs the commencement by the Issuer of a voluntary case under any applicable
        federal or state bankruptcy, insolvency or other similar law now or hereafter
        in
        effect, or the consent by the Issuer to the entry of an order for relief
        in an
        involuntary case under any such law, or the consent by the Issuer to the
        appointment or taking possession by a receiver, liquidator, assignee, custodian,
        trustee, sequestrator or similar official of the Issuer or for any substantial
        part of the assets of the Trust Estate, or the making by the Issuer of any
        general assignment for the benefit of creditors, or the failure by the Issuer
        generally to pay its debts as such debts become due, or the taking of any
        action
        by the Issuer in furtherance of any of the foregoing; or

       

      (vii)
        the
        Issuing Entity becomes subject to regulation by the Comission as an investment
        company within the meaning of the Investment Company Act; or

       

      (viii)
        the Issuing Entity is characterized as an association or partnership taxable
        as
        a corporation.

       

      Excess
        Liquidation Proceeds:
        To the
        extent that such amount is not required by law to be paid to the related
        Mortgagor, the amount, if any, by which Liquidation Proceeds with respect
        to a
        Charged-Off HELOC exceed the sum of (i) the Outstanding Principal Balance
        of
        such HELOC and accrued but unpaid interest at the related Mortgage Interest
        Rate
        through the last day of the month in which the related Liquidation Date occurs,
        (ii) related Liquidation Expenses (including Liquidation Expenses which are
        payable therefrom to the Servicer or the Master Servicer in accordance with
        the
        Sale and Servicing Agreement) and (iii) unreimbursed Servicing Advances by
        the
        Servicer or the Master Servicer.

       

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

       

      Expenses:
        The
        meaning specified in Section 7.02 of the Trust Agreement

       

      Extraordinary
        Trust Fund Expenses:
        Any
        amounts reimbursable to the Securities Administrator or the Indenture Trustee,
        or any director, officer, employee or agent of the Securities Administrator
        or
        the Indenture Trustee, from the Trust Estate, any amounts reimbursable to
        the
        Depositor, the Master Servicer, the Securities Administrator, the Custodian,
        or
        any director, officer, employee or agent thereof, and any other amounts payable
        or reimbursable from the Trust Estate as Extraordinary Trust Fund Expenses
        pursuant to the terms of the Sale and Servicing Agreement, the Indenture,
        the
        Trust Agreement, the Administration Agreement or the Custodial Agreement,
        including Extraordinary Trust Fund Expenses that are not reimbursed in any
        calendar year as a result of the Extraordinary Trust Fund Expenses Cap.
        Extraordinary Trust Fund Expenses for any calendar year, to the extent they
        may
        exceed the Extraordinary Trust Fund Expenses Cap, shall be paid pro rata
        among
        the parties entitled thereto from the amounts available therefor.

       

      Extraordinary
        Trust Fund Expenses Cap:
        $400,000 for each calendar year; provided, however, that such cap will not
        apply
        to any costs and expenses (i) of the Indenture Trustee incurred in connection
        with the termination of the Securities Administrator or the Master Servicer,
        the
        transfer of master servicing to a successor master servicer, any costs incurred
        with the replacement of the Custodian and costs and expenses incurred following
        an Event of Default (so long as such Event of Default is continuing), or
        (ii) of
        the Master Servicer incurred in connection with the termination of the Servicer
        and the transfer of servicing to a successor servicer.

       

      Fannie
        Mae:
        Fannie
        Mae (formally, Federal National Mortgage Association), or any successor
        thereto.

       

      FDIC:
        The
        Federal Deposit Insurance Corporation or any successor thereto.

       

      FIFO:
        The
        meaning specified in Section 8.05 of the Sale and Servicing
        Agreement.

       

      Final
        Certification:
        The
        final certification delivered by the Custodian pursuant to Section 2.3(c)
        of the
        Custodial Agreement in the form attached thereto.

       

      Final
        Recovery Determination:
        With
        respect to any defaulted HELOC or any REO Property (other than a HELOC or
        REO
        Property purchased by the Originator, the Sponsor or the Redeemer pursuant
        to or
        as contemplated by Section 2.02 of the Sale and Servicing Agreement or
        Section 8.06 of the Indenture), 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, which determination
        shall
        be evidenced by a certificate of a Servicing Officer of the Servicer delivered
        to the Master Servicer and maintained in its records.

       

      Final
        Scheduled Payment Date:
        With
        respect to each Class of Notes, the Payment Date in February 2031.

       

      Fitch:
        Fitch,
        Inc.

       

      Form
        8-K Disclosure Information:
        The
        meaning specified in Section 4.15 of the Sale and Servicing
        Agreement.

       

      Form
        10-K Filing Deadline:
        The
        meaning specified in Section 4.15 of the Sale and Servicing
        Agreement

       

      Formula
        Rate:
        With
        respect to the Class A Notes and Class G Certificates, a per annum rate equal
        to
        One-Month LIBOR plus the applicable Margin.

       

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

       

      Grant:
        Pledge,
        bargain, sell, warrant, alienate, remise, release, convey, assign, transfer,
        create, and grant a lien upon and a security interest in and right of set-off
        against, deposit, set over and confirm pursuant to the Indenture. A Grant
        of the
        Collateral or of any other agreement or instrument shall include all rights,
        powers and options (but none of the obligations) of the granting party
        thereunder, including the immediate and continuing right to claim for, collect,
        receive and give receipt for principal and interest payments in respect of
        such
        Collateral or other agreement or instrument and all other moneys payable
        thereunder, to give and receive notices and other communications, to make
        waivers or other agreements, to exercise all rights and options, to bring
        proceedings in the name of the granting party or otherwise, and generally
        to do
        and receive anything that the granting party is or may be entitled to do
        or
        receive thereunder or with respect thereto.

       

      GreenPoint:
        GreenPoint Mortgage Funding, Inc. or its successors and assigns.

       

      Gross
        Margin:
        With
        respect to any HELOC, the fixed percentage amount set forth in the related
        Credit Line Agreement that is added to the index on each Adjustment Date
        in
        accordance with the terms of the related Credit Line Agreement to determine
        the
        new Mortgage Interest Rate for such HELOC. 

       

      Guaranteed
        Principal Payment Amount:
        An
        amount equal to (a) on the Payment Date in February 2031, the amount needed
        to
        pay the outstanding Note Principal Balance of the Class A Notes
        following the distribution of the Available Payment Amount on that Payment
        Date
        and
        (b) for
        any other Payment Date, the
        Trust Allocation Percentage of the aggregate amount, if any, by which the
        aggregate Note Principal Balance of Class A Notes and the Certificate Principal
        Balance of the Class G Certificates, in each case following the distribution
        of
        Available Payment Amount and the Class G Principal Payment Amount on that
        Payment Date, exceeds the aggregate Outstanding Principal Balance of the
        HELOCs
        as of the close of business on the last day of the related Collection
        Period.

       

      HELOC:
        A home equity line of credit transferred and assigned to the Trust pursuant
        to
        Section 2.01 of the Sale and Servicing Agreement, as identified in the Loan
        Schedule, including a HELOC the property securing which has become an REO
        Property.

       

      HELOC
        Purchase Agreement:
        The
        HELOC Purchase Agreement, dated as of May 31, 2006, between the Sponsor,
        as
        seller, and the Depositor, as purchaser, and all amendments thereof and
        supplements thereto in accordance with the terms thereof.

       

      Holder:
        Any
        Certificateholder or any Noteholder, as the context requires.

       

      Indemnification
        Agreement:
        The
        Indemnification Agreement dated as of May 31, 2006, among the Note Insurer,
        the
        Depositor and the Underwriter.

       

      Indemnified
        Party:
        The
        meaning specified in Section 7.02 of the Trust Agreement.

       

      Indenture:
        The
        Indenture, dated as of May 31, 2006, among the Issuer, the Indenture Trustee
        and
        the Securities Administrator, relating to the ACE Securities Corp. Home Equity
        Loan Trust, Asset Backed Notes, 2006-GP1, as amended from time to time in
        accordance with the terms thereof.

       

      Indenture
        Trustee:
        Deutsche Bank National Trust Company, and its successors and assigns or any
        successor indenture trustee appointed pursuant to the terms of the
        Indenture.

       

      Independent:
        When
        used with respect to any specified Person, the Person (i) is in fact independent
        of the Issuer, any other obligor on the Notes, the Sponsor, the Servicer,
        the
        Master Servicer, the Depositor and any Affiliate of any of the foregoing
        Persons, (ii) does not have any direct financial interest or any material
        indirect financial interest in the Issuer, any such other obligor, the Sponsor,
        the Servicer, the Master Servicer, the Depositor or any Affiliate of any
        of the
        foregoing Persons and (iii) is not connected with the Issuer, any such other
        obligor, the Sponsor, the Servicer, the Master Servicer, the Depositor or
        any
        Affiliate of any of the foregoing Persons as an officer, employee, promoter,
        underwriter, trustee, partner, director or person performing similar
        functions.

       

      Independent
        Certificate:
        A
        certificate or opinion to be delivered to the Indenture Trustee or the
        Securities Administrator, as applicable, under the circumstances described
        in,
        and otherwise complying with, the applicable requirements of the Indenture,
        made
        by an independent appraiser or other expert appointed by an Issuer Request
        and
        approved by the Securities Administrator in the exercise of reasonable care,
        and
        such opinion or certificate shall state that the signer has read the definition
        of “Independent” in this Indenture and that the signer is Independent within the
        meaning thereof.

       

      Independent
        Contractor:
        Either
        (i) any Person (other than the Servicer) that would be an “independent
        contractor” with respect to REMIC I within the meaning of Section 856(d)(3)
        of the Code if REMIC I 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 REMIC I does not receive or derive any income from
        such Person and provided that the relationship between such Person and REMIC
        I
        is at arm’s length, all within the meaning of Treasury Regulation
        Section 1.856-4(b)(5), or (ii) any other Person (including any Servicer) if
        the Trustee has received an Opinion of Counsel to the effect that the taking
        of
        any action in respect of any REO Property by such Person, subject to any
        conditions therein specified, that is otherwise herein contemplated to be
        taken
        by an Independent Contractor will not cause such REO Property to cease to
        qualify as “foreclosure property” within the meaning of Section 860G(a)(8)
        of the Code (determined without regard to the exception applicable for purposes
        of Section 860D(a) of the Code), or cause any income realized in respect of
        such REO Property to fail to qualify as Rents from Real Property.

       

      Index:
        The
        index, if any, specified in a Credit Line Agreement by reference to which
        the
        related Mortgage Interest Rate will be adjusted from time to time.

       

      Initial
        Certification:
        The
        initial certification delivered by the Custodian pursuant to Section 3 of
        the
        Custodial Agreement in the form attached thereto as Exhibit One.

       

      Initial
        Note Principal Balance:
        With
        respect to the Class A Notes, $352,607,000.

       

      Insurance
        Agreement:
        The
        Insurance and Indemnity Agreement dated as of May 31, 2006, among the Note
        Insurer, the Sponsor, the Depositor, the Issuer and the Servicer, including
        any
        amendments and supplements thereto in accordance with the terms
        thereof.

       

      Insurance
        Policy:
        With
        respect to any HELOC, any standard hazard insurance policy, flood insurance
        policy or title insurance policy.

       

      Insurance
        Proceeds:
        Amounts
        paid by the insurer under any Insurance Policy covering any HELOC or Mortgaged
        Property other than amounts required to be paid over to the Mortgagor pursuant
        to law or the related Credit Line Agreement or Security Instrument and other
        than amounts used to repair or restore the Mortgaged Property or to reimburse
        insured expenses.

       

      Insured
        Notes:
        The
        Class A Notes.

       

      Interest
        Accrual Period:
        With
        respect to the Class A Notes and Class G Certificates and any Payment Date,
        the
        period from and including the preceding Payment Date (or from the Closing
        Date,
        in the case of the first Payment Date) to and including the day prior to
        the
        current Payment Date. Calculations of interest on the Class A Notes and Class
        G
        Certificates will be based on a 360-day year and the actual number of days
        elapsed during the related Interest Accrual Period. With respect to any Payment
        Date and the Class CE Certificates and the REMIC I Regular Interests, the
        one-month period ending on the last day of the calendar month immediately
        preceding the month in which such Payment Date occurs.

       

      Interest
        Carry Forward Amount:
        With
        respect to the Class A Notes and any Payment Date, an amount equal to the
        amount, if any, by which the Interest Payment Amount for the immediately
        preceding Payment Date exceeded the actual amount distributed on the Class
        A
        Notes in respect of interest (including amounts paid by the Note Insurer
        pursuant to the Policy) on the immediately preceding Payment Date, together
        with
        any Interest Carry Forward Amount with respect to the Class A Notes remaining
        unpaid from the previous Payment Date, plus interest accrued thereon at the
        related Note Rate on the Class A Notes for the most recently ended Interest
        Accrual Period.

       

      Interest
        Collection Amount:
        With
        respect to any Payment Date, an amount equal to the sum of (i) all interest
        received by or on behalf of the Servicer with respect to the HELOCs by the
        related Determination Date for such Payment Date and not previously distributed;
        (ii) the interest portions of the total amount deposited in the payment account
        in connection with the repurchase of any HELOC by the Depositor, the Originator
        or the Sponsor; and (iii) the interest portions of the total amount deposited
        in
        the Payment Account in connection with the optional redemption of the Notes;
        minus (v) any fees and amounts payable or reimbursable to the Servicer, the
        Owner Trustee, the Custodian, the Master Servicer, the Indenture Trustee,
        the
        Credit Risk Manager or the Securities Administrator for the related Collection
        Period in accordance with the terms of the Basic Documents, including but
        not
        limited to the Opinion of Counsel required pursuant Section 2.04(i) of the
        Insurance Agreement.

       

      Interest
        Determination Date:
        With
        respect to the first Interest Accrual Period, the second LIBOR Business Day
        preceding the Closing Date, and with respect to each Interest Accrual Period
        thereafter, the second LIBOR Business Day preceding the related Payment Date
        on
        which such Interest Accrual Period commences.

       

      Interest
        Payment Amount:
        With
        respect to any Payment Date and the Class A Notes, an amount equal to interest
        accrued during the related Interest Accrual Period on the Note Principal
        Balance
        of the Class A Notes immediately prior to that Payment Date at the Note Rate
        reduced (to an amount not less than zero) by any Prepayment Interest Shortfalls
        and any Relief Act Interest Shortfalls, in each case allocated to the Class
        A
        Notes.

       

      Interest
        Shortfall:
        With
        respect to any Payment Date and each HELOC that during the related Collection
        Period was the subject of a Principal Prepayment or was subject to the Relief
        Act, an amount determined as follows:

       

      (a) Partial
        principal prepayments received during the relevant Prepayment Period: The
        difference between (i) one month’s interest at the applicable Net Rate on the
        amount of such prepayment and (ii) the amount of interest for the calendar
        month
        of such prepayment (adjusted to the applicable Net Rate) received at the
        time of
        such prepayment;

       

      (b) Principal
        prepayments in full received during the relevant Prepayment Period: The
        difference between (i) one month’s interest at the applicable Net Rate on the
        Stated Principal Balance of such HELOC immediately prior to such prepayment
        and
        (ii) the amount of interest for the calendar month of such prepayment (adjusted
        to the applicable Net Rate) received at the time of such prepayment;
        and

       

      (c) As
        to any
        HELOC subject to the Relief Act, the excess of (i) 30 days’ interest (or, in the
        case of a principal prepayment in full, interest to the date of prepayment)
        on
        the Stated Principal Balance thereof (or, in the case of a principal prepayment
        in part, on the amount so prepaid) at the related Net Rate over (ii) 30 days’
interest (or, in the case of a principal prepayment in full, interest to
        the
        date of prepayment) on such Stated Principal Balance (or, in the case of
        a
        Principal Prepayment in part, on the amount so prepaid) at the Net Rate required
        to be paid by the Mortgagor as limited by application of the Relief
        Act.

       

      Intervening
        Assignments:
        The
        original intervening assignments of the Mortgage, notices of transfer or
        equivalent instrument.

       

      Investment
        Account:
        The
        meaning specified in Section 5.04 of the Sale and Servicing
        Agreement.

       

      Investment
        Company Act:
        The
        Investment Company Act of 1940, as amended, and any amendments
        thereto.

       

      Investment
        Letter:
        The
        meaning specified in Section 3.04(d) of the Trust Agreement.

       

      IRS:
        The
        Internal Revenue Service.

       

      Issuer
        or Issuing Entity:
        ACE
        Home Equity Loan Trust, Series 2006-GP1, a Delaware statutory trust, or its
        successor in interest.

       

      Issuer
        Request:
        A
        written order or request signed in the name of the Issuer by any one of its
        Authorized Officers and delivered to the Indenture Trustee and the Note
        Insurer.

       

      Late
        Collections:
        With
        respect to any HELOC and any Collection Period, all amounts received subsequent
        to the Determination Date immediately following such Collection Period with
        respect to such HELOC, 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 Credit Line Agreement)
        but delinquent for such Collection Period and not previously
        recovered.

       

      Late
        Payment Rate:
        The
        meaning specified in the Insurance Agreement.

       

      Latest
        Possible Maturity Date:
        February 25, 2031. For purposes of the Treasury regulations under Sections
        860A
        through 860G of the Code, the latest possible maturity date of each Regular
        Interest issued by REMIC I and REMIC II shall be the Latest Possible Maturity
        Date.

       

      LIBOR
        Business Day:
        A day
        on which banks are open for dealing in foreign currency and exchange in London
        and New York City.

       

      Lien:
        Any
        mortgage, deed of trust, pledge, conveyance, hypothecation, assignment,
        participation, deposit arrangement, encumbrance, lien (statutory or other),
        preference, priority right or interest or other security agreement or
        preferential arrangement of any kind or nature whatsoever, including, without
        limitation, any conditional sale or other title retention agreement, any
        financing lease having substantially the same economic effect as any of the
        foregoing and the filing of any financing statement under the UCC (other
        than
        any such financing statement filed for informational purposes only) or
        comparable law of any jurisdiction to evidence any of the
        foregoing.

       

      Liquidated
        HELOC: A
        HELOC
        that was liquidated and for which the Servicer has determined that it has
        received all amounts it expects to receive in connection with such liquidation,
        including payments under any related private mortgage insurance policy, hazard
        insurance policy or any condemnation proceeds and amounts received in connection
        with the final disposition of the related REO Property.

       

      Liquidation
        Date:
        With
        respect to any Liquidated HELOC, the date on which the Master Servicer or
        the
        related Servicer has certified that such HELOC has become a Liquidated
        HELOC.

       

      Liquidation
        Expenses:
        With
        respect to a HELOC in liquidation, unreimbursed expenses paid or incurred
        by or
        for the account of the Master Servicer or the Servicer in connection with
        the
        liquidation of such HELOC and the related Mortgaged Property, such expenses
        including (a) property protection expenses, (b) property sales expenses,
        (c)
        foreclosure and sale costs, including court costs and reasonable attorneys’
fees, and (d) similar expenses reasonably paid or incurred in connection
        with
        liquidation.

       

      Liquidation
        Event:
        With
        respect to any HELOC, any of the following events: (i) such HELOC is paid
        in
        full; (ii) a Final Recovery Determination is made as to such HELOC or (iii)
        such
        HELOC is removed from REMIC I by reason of its being purchased, sold or replaced
        pursuant to or as contemplated by Section 2.02 or Section 3.10(c) of
        the Sale and Servicing Agreement or Section 8.06 of the Indenture. 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 REMIC I by reason of its being purchased pursuant to Section
        8.06 of the Indenture.

       

      Liquidation
        Proceeds:
        The
        amount (other than Insurance Proceeds, amounts received in respect of the
        rental
        of any REO Property prior to REO Disposition, or required to be released
        to a
        Mortgagor or a senior lienholder in accordance with applicable law or the
        terms
        of the Loan Documents) 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 (other than amounts required to be released
        to
        the Mortgagor or a senior lienholder), (ii) the liquidation of a defaulted
        HELOC
        through a trustee’s sale, foreclosure sale or otherwise, (iii) the repurchase,
        substitution or sale of a HELOC or an REO Property pursuant to or as
        contemplated by Section 2.02 or Section 3.12 of the Sale and Servicing
        Agreement or (iv) any Subsequent Recoveries. 

       

      Loan
        Documents:
        The
        documents set forth in Section 4(b) of the HELOC Purchase
        Agreement.

       

      Loan
        File:
        The
        file containing the Loan Documents pertaining to a particular HELOC and any
        additional documents required to be added to the Loan File pursuant to the
        Indenture.

       

      Loan
        Schedule:
        The
        schedule, attached as Exhibit A to the Sale and Servicing Agreement with
        respect
        to the HELOCs.

       

      Loan-to-Value
        Ratio:
        With
        respect to any HELOC, the fraction, expressed as a percentage, the numerator
        of
        which is the original principal balance of the related HELOC and the denominator
        of which is the Original Value of the related Mortgaged Property.

       

      Lost
        Notes:
        The
        original Credit Line Agreements that have been lost, as indicated on the
        HELOC
        Schedule.

       

      Managed
        Amortization Period:
        The
        period beginning on the Cut-off Date and ending on the occurrence of a Rapid
        Amortization Event.

       

      Margin:
        With
        respect to any Payment Date on or prior to the first possible Optional
        Termination Date and the Class A Notes and Class G Certificates and, for
        purposes of the definition of “Formula Rate”, REMIC I Regular Interest A, 0.13%
        per annum, and with respect to any Payment Date after the first possible
        Optional Termination Date and, for purposes of the definition of “Formula Rate”,
        REMIC I Regular Interest A, 0.26% per annum.

       

      Marker
        Rate:
        With
        respect to the Class CE Certificates and any Payment Date, a per annum rate
        equal to two (2) times the weighted average of the Uncertificated REMIC I
        Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I
        Regular
        Interest AA), with the rate on each such REMIC I Regular Interest (other
        than
        REMIC I Regular Interest ZZ) subject to a cap equal to the Note Rate for
        the
        Corresponding Note for the purpose of this calculation for such Payment Date,
        and with the rate on REMIC II Regular Interest ZZ subject to a cap of zero
        for
        the purpose of this calculation; provided, however, that solely for this
        purpose, the related cap with respect to each REMIC I Regular Interest (other
        than REMIC I Regular Interests ZZ) shall be multiplied by a fraction, the
        numerator of which is the actual number of days in the related Interest Accrual
        Period and the denominator of which is 30.

       

      Master
        Servicer:
        LaSalle
        Bank National Association, and its successors and assigns.

       

      Master
        Servicer Compensation:
        As
        defined in Section 4.13 of the Sale and Servicing Agreement.

       

      Master
        Servicer Event of Default:
        Has the
        meaning assigned to such term in Section 8.01 of the Sale and Servicing
        Agreement.

       

      Master
        Servicer Information:
        The
        meaning specified in Section 4.15 of the Sale and Servicing
        Agreement.

       

      Master
        Servicing Fee Rate:
        0.0225%
        per annum.

       

      Master
        Servicing Officer:
        Any
        officer of the Master Servicer involved in, or responsible for, the
        administration and master servicing of the HELOCs whose name and specimen
        signature appear on a list of master servicing officers furnished to the
        Indenture Trustee by the Master Servicer, as such list may be amended from
        time
        to time.

       

      Maximum
        Lifetime Mortgage Rate:
        The
        maximum level to which a Mortgage Interest Rate can adjust in accordance
        with
        its terms, regardless of changes in the applicable Index.

       

      Maximum
        Uncertificated Accrued Interest Deferral Amount:
        With
        respect to any Payment Date, the excess of (i) accrued interest at the
        Uncertificated REMIC I Pass-Through Rate applicable to REMIC I Regular Interest
        ZZ for such Payment Date on a balance equal to the Uncertificated Principal
        Balance of REMIC I Regular Interest ZZ minus the REMIC I Overcollateralized
        Amount, in each case for such Payment Date, over (ii) the aggregate amount
        of
        Uncertificated Accrued Interest for such Payment Date on the REMIC I Regular
        Interests (other than REMIC I Regular Interests AA and ZZ), with the rate
        on
        each such REMIC I Regular Interest subject to a cap equal to the Note Rate
        for
        the Corresponding Note for the purpose of this calculation for such Payment
        Date; provided, however, that solely for this purpose, the related cap with
        respect to each REMIC I Regular Interest (other than REMIC I Regular Interest
        ZZ) shall be multiplied by a fraction, the numerator of which is the actual
        number of days in the related Interest Accrual Period and the denominator
        of
        which is 30.

       

      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.

       

      MIN:
        The
        Mortgage Identification Number for HELOCs registered with MERS on the MERS®
System.

       

      Minimum
        Lifetime Mortgage Rate:
        The
        minimum level to which a Mortgage Interest Rate can adjust in accordance
        with
        its terms, regardless of changes in the applicable Index.

       

      Minimum
        Monthly Payment:
        With
        respect to any HELOC and any month, the minimum amount required to be paid
        by
        the related Mortgagor in that month.

       

      MOM
        Loan:
        Any
        HELOC for which MERS is acting as the mortgagee of such HELOC, solely as
        nominee
        for the originator of such HELOC and its successors and assigns, at the
        origination thereof, or as nominee for any subsequent assignee of the originator
        pursuant to an assignment of mortgage to MERS.

       

      Monthly
        Payment:
        With
        respect to any HELOC (including any REO Property) and any Due Date, the payment
        of principal and interest due thereon in accordance with the amortization
        schedule at the time applicable thereto (after adjustment, if any, for partial
        Principal Prepayments and for Deficient Valuations occurring prior to such
        Due
        Date but before any adjustment to such amortization schedule by reason of
        any
        bankruptcy, other than a Deficient Valuation, or similar proceeding or any
        moratorium or similar waiver or grace period).

       

      Moody’s:
        Moody’s
        Investors Service, Inc or any successor thereto.

       

      Mortgage:
        The
        mortgage, deed of trust or other instrument reflected on the HELOC Schedule
        as
        securing a HELOC.

       

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues from time to time on any HELOC pursuant
        to
        the related Credit Line Agreement, which rate is initially equal to the
“Mortgage Interest Rate” set forth with respect thereto on the applicable Loan
        Schedule.

       

      Mortgaged
        Property:
        Land
        and improvements securing the indebtedness of a Mortgagor under the related
        HELOC or, in the case of REO Property, such REO Property.

       

      Mortgagor:
        The
        obligor on a Credit Line Agreement.

       

      Net
        Collections:
        With
        respect to any Charged-Off HELOC, an amount equal to all payments on account
        of
        interest and principal on such HELOC.

       

      Net
        Liquidation Proceeds:
        With
        respect to any Charged-Off HELOC, Liquidation Proceeds and Subsequent Recoveries
        net of unreimbursed Servicing Advances by the Servicer.

       

      Net
        Monthly Excess Cashflow:
        With
        respect to any Payment Date, an amount equal to the sum of (i) the Trust
        Allocation Percentage of the Overcollateralization Reduction Amount for that
        Payment Date and (ii) the excess of (x) the Interest Collection Amount for
        that
        Payment Date over (y) the sum of the Senior Interest Distribution Amount
        for
        such Payment Date and the Class G Allocation Percentage of the Interest
        Collection Amount for that Payment Date.

       

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

       

      Net
        WAC Rate:
        With
        respect to any Payment Date, a rate per annum (adjusted for the actual number
        of
        days elapsed in the related Interest Accrual Period) equal to the product
        of (i)
        12 and (ii) a fraction, expressed as a percentage, the numerator of which
        is the
        amount of interest which accrued on the HELOCs in the prior calendar month
        minus
        the sum of (x) the fees payable to the Servicer, the Master Servicer and
        the
        Credit Risk Manager for such Payment Date (y) the Premium payable to the
        Note
        Insurer for such Payment Date, and (z) commencing with the Payment Date in
        June
        2007, one-twelfth of 0.50% of the Pool Balance as of the first day of the
        related Collection Period and the denominator of which is the Pool Balance
        as of
        the first day of the related Collection Period, (or as of the Cut-off Date
        with
        respect to the first Payment Date), after giving effect to principal prepayments
        received during the related Collection Period. For federal income tax purposes,
        however, as to any Payment Date will be the equivalent of the foregoing,
        expressed as a per annum rate equal to the weighted average of the
        Uncertificated REMIC I Pass-Through Rates on the REMIC I Regular Interests
        multiplied by a fraction, the numerator of which is 30 and the denominator
        of
        which is the actual number of days in the related Interest Accrual
        Period.

       

      Net
        WAC Rate Carryover Amount:
        With
        respect to the Class A Notes and any Payment Date on which the Note Rate
        is
        limited to the applicable Net WAC Rate, an amount equal to the sum of (i)
        the
        excess of (x) the amount of interest the Class A Notes would have been entitled
        to receive on such Payment Date had the applicable Net WAC Rate not been
        applicable to the Offered Notes on such Payment Date over (y) the amount
        of
        interest paid on such Payment Date at the applicable Net WAC Rate plus (ii)
        the
        related Net WAC Rate Carryover Amount for the previous Payment Date not
        previously distributed together with interest thereon at a rate equal to
        the
        Note Rate for the most recently ended Interest Accrual Period determined
        without
        taking into account the applicable Net WAC Rate.

       

      Net
        WAC Rate Carryover Reserve
        Account:
        The
        Account created pursuant to Section 5.07 of the Sale and Servicing
        Agreement.

       

      Net
        WAC Rate Carryover Reserve
        Account Deposit:
        With
        respect to the Net WAC Rate Carryover Reserve
        Account, an amount equal to $1,000, which the Depositor shall deposit into
        the
        Net WAC Rate Carryover Reserve
        Account, pursuant to Section 5.07 of the Sale and Servicing
        Agreement.

       

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

       

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

       

      Note:
        A Class
        A Note.

       

      Noteholder:
        The
        Person in whose name a Note is registered in the Note Register, except that,
        any
        Note registered in the name of the Depositor, the Issuer, the Indenture Trustee,
        the Sponsor, the Securities Administrator, the Servicer or the Master Servicer
        or any Affiliate of any of them shall be deemed not to be a Holder or Holders,
        nor shall any so owned be considered outstanding, for purposes of giving
        any
        request, demand, authorization, direction, notice, consent or waiver under
        the
        Indenture or the Trust Agreement; provided that, in determining whether the
        Indenture Trustee or Securities Administrator shall be protected in relying
        upon
        any such request, demand, authorization, direction, notice, consent or waiver,
        only Notes that a Responsible Officer of the Indenture Trustee or Securities
        Administrator has actual knowledge to be so owned shall be so disregarded.
        Owners of Notes that have been pledged in good faith may be regarded as Holders
        if the pledgee establishes to the satisfaction of the Securities Administrator
        or the Indenture Trustee the pledgee’s right so to act with respect to such
        Notes and that the pledgee is not the Issuer, any other obligor upon the
        Notes
        or any Affiliate of any of the foregoing Persons.

       

      Note
        Insurer:
        Financial Security Assurance Inc. or any successor thereto.

       

      Note
        Insurer Default:
        Failure
        by the Note Insurer to make a payment required under the Policy in accordance
        with its terms.

       

      Note
        Rate:
        With
        respect to the Class A Notes and the Class G Certificates and, for purposes
        of
        the definition of “Marker Rate” and “Maximum Uncertificated Accrued Interest
        Deferral Amount”, the lesser of (a) the Formula Rate and (b) the Net WAC
        Rate.

       

      

      With
        respect to the Class CE Certificates and any Payment Date, a per annum rate
        equal to the percentage equivalent of a fraction, the numerator of which
        is the
        sum of the amounts calculated pursuant to clauses (A) through (C) below,
        and the
        denominator of which is the aggregate of the Uncertificated Principal Balances
        of REMIC I Regular Interest LTAA, REMIC I Regular Interest LTA and REMIC
        I
        Regular Interest LTZZ. For purposes of calculating the Note Rate for the
        Class
        CE Certificates, the numerator is equal to the sum of the following
        components:

       

      (A) the
        Uncertificated REMIC I Note Rate for REMIC I Regular Interest LTAA minus
        the
        Marker Rate, applied to an amount equal to the Uncertificated Principal Balance
        of REMIC I Regular Interest LTAA;

       

      (B) the
        Uncertificated REMIC I Note Rate for REMIC I Regular Interest LTA minus the
        Marker Rate, applied to an amount equal to the Uncertificated Principal Balance
        of REMIC I Regular Interest LTA; and

       

      (C) the
        Uncertificated REMIC I Note Rate for REMIC I Regular Interest LTZZ minus
        the
        Marker Rate, applied to an amount equal to the Uncertificated Principal Balance
        of REMIC I Regular Interest LTZZ.

       

      Note
        Owner:
        The
        Beneficial Owner of a Note.

       

      Note
        Principal Balance:
        With
        respect to the Class A Notes as of any Payment Date, the Initial Note Principal
        Balance, as reduced by (without duplication) (1) all amounts allocable to
        principal previously paid with respect to the Class A Notes (including any
        Guaranteed Principal Payment Amounts made by the Note Insurer) and (2) any
        Realized Loss previously allocated to the Class A Notes pursuant to the Sale
        and
        Servicing Agreement and not covered by amounts paid in respect of principal
        by
        the Note Insurer and increased by any Subsequent Recoveries allocated to
        the
        Class A Notes.

       

      Note
        Register:
        The
        register maintained by the Note Registrar in which the Note Registrar shall
        provide for the registration of Notes and of transfers and exchanges of
        Notes.

       

      Note
        Registrar:
        The
        Securities Administrator, in its capacity as Note Registrar, or any successor
        to
        the Securities Administrator in such capacity.

       

      Notional
        Amount:
        The
        initial Notional Amount of the Class CE Certificates shall be $352,607,315.93.
        For federal income tax purposes, the Notional Amount of the Class CE
        Certificates for any Payment Date shall be an amount equal to the aggregate
        Uncertificated Principal Balance of the REMIC I Regular Interests for such
        Payment Date.

       

      Officer’s
        Certificate:
        With
        respect to the Servicer or the Master Servicer, a certificate signed by the
        President, Managing Director, a Director, a Vice President or an Assistant
        Vice
        President, of the Servicer or the Master Servicer, as applicable and delivered
        to the Indenture Trustee, the Master Servicer or the Securities Administrator,
        as applicable. With respect to the Issuer, a certificate signed by any
        Authorized Officer of the Issuer or a Responsible Officer of the Securities
        Administrator, under the circumstances described in, and otherwise complying
        with, the applicable requirements of the Indenture, and delivered to the
        Indenture Trustee. Unless otherwise specified, any reference in the Indenture
        to
        an Officer’s Certificate shall be to an Officer’s Certificate of any Responsible
        Officer of the Securities Administrator.

       

      One-Month
        LIBOR:
        With
        respect to any Interest Accrual Period, the rate determined by the Securities
        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 rates appear on the Telerate Screen 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 that day will be
        determined on the basis of the offered rates of the Reference Banks for
        one-month U.S. dollar deposits, as of 11:00 a.m. (London time) on such Interest
        Determination Date. The Securities Administrator will request the principal
        London office of each of the Reference Banks to provide a quotation of its
        rate.
        If on such Interest Determination Date two or more Reference Banks provide
        such
        offered quotations, One-Month LIBOR for the related Interest Accrual Period
        will
        be the arithmetic mean of such offered quotations (rounded upwards if necessary
        to the nearest whole multiple of 0.0625%). If on such Interest Determination
        Date fewer than two Reference Banks provide such offered quotations, One-Month
        LIBOR for the related Interest Accrual Period will be the higher of (x)
        One-Month LIBOR as determined on the previous Interest Determination Date
        and
        (y) the Reserve Interest Rate.

       

      The
        establishment of One-Month LIBOR on each Interest Determination Date by the
        Securities Administrator and the Securities Administrator’s calculation of the
        rate of interest applicable to the Class A Notes for the related Interest
        Accrual Period will (in the absence of manifest error) be final and
        binding.

       

      Opinion
        of Counsel:
        A
        written opinion of counsel acceptable to the Indenture Trustee (and Owner
        Trustee or the Securities Administrator, if applicable) and the Note Insurer
        which counsel may be in-house counsel for the Depositor or the Sponsor if
        acceptable to the Indenture Trustee (and Owner Trustee, if applicable), the
        Note
        Insurer and the Rating Agencies or outside counsel for the Depositor, the
        Sponsor, the Issuer, the Servicer or the Master Servicer, as the case may
        be.

       

      Optional
        Redemption Price:
        The
        meaning specified in Section 8.06 of the Indenture.

       

      Optional
        Termination Date:
        The
        first date on which the Master Servicer may terminate the Trust Estate (with
        the
        consent of the Note Insurer if such termination would result in a draw against
        the Policy or any amounts would remain due and unpaid to the Note
        Insurer).

       

      Original
        Value:
        The
        lesser of (i) the Appraised Value or (ii) the sales price of a Mortgaged
        Property at the time of origination of a HELOC, except in instances where
        either
        clauses (i) or (ii) is unavailable, the other may be used to determine the
        Original Value, or if both clauses (i) and (ii) are unavailable, Original
        Value
        may be determined from other sources reasonably acceptable to the
        Depositor.

       

      Originator:
        GreenPoint Mortgage Funding, Inc. or any successor thereto.

       

      Outstanding:
        With
        respect to the Notes, as of the date of determination, all Notes theretofore
        executed, authenticated and delivered under the Indenture except:

       

      (i) Notes
        theretofore canceled by the Note Registrar or delivered to the Securities
        Administrator for cancellation; and

       

      (ii) Notes
        in
        exchange for or in lieu of which other Notes have been executed, authenticated
        and delivered pursuant to the Indenture unless proof satisfactory to the
        Securities Administrator is presented that any such Notes are held by a holder
        in due course;

       

      provided,
        Notes
        that have been paid with proceeds of the Policy will be considered outstanding
        for purposes of Section 4.10 of the Indenture. 

       

      Outstanding
        HELOC:
        With
        respect to any Due Date, a HELOC which, prior to such Due Date, was not the
        subject of a Principal Prepayment in full, did not become a Charged-Off HELOC
        and was not purchased or replaced.

       

      Outstanding
        Principal Balance:
        As of
        the time of any determination, the principal balance of a HELOC remaining
        to be
        paid by the Mortgagor, or, in the case of an REO Property, the principal
        balance
        of the related HELOC remaining to be paid by the Mortgagor at the time such
        property was acquired by the Trust less any Excess Liquidation Proceeds with
        respect thereto to the extent applied to principal.

       

      Overcollateralization
        Amount:
        With
        respect to any Payment Date, an amount equal to the amount by which the sum
        of
        the Pool Balance as of the last day of the related Collection Period exceeds
        the
        sum of the Note Principal Balance of the Offered Notes and the Certificate
        Principal Balance of the Class G Certificates after taking into account payment
        of the Available Principal Payment Amount and the Class G Principal Payment
        Amount on the related Payment Date.

       

      Overcollateralization
        Floor:
        With
        respect to any Payment Date, an amount equal to the product (i) 0.50% and
        (ii)
        the Pool Balance as of the Cut-off Date.

       

      Overcollateralization
        Increase Amount:
        With
        respect to any Payment Date, an amount equal to the lesser of (i) the Net
        Monthly Excess Cashflow and the Class G Excess Spread Amount for that Payment
        Date remaining after distributions of such amount pursuant to Section
        6.01(a)(iv)(A)(1) and (2) and Section 6.01(iv)(B)(1) and (2) of the Sale
        and
        Servicing Agreement and (ii) the amount by which the Required
        Overcollateralization Amount exceeds the current Overcollateralization
        Amount.

       

      Overcollateralization
        Reduction Amount:
        With
        respect to any Payment Date, an amount equal to the lesser of (i) the amount
        by
        which the Overcollateralization Amount exceeds the Required
        Overcollateralization Amount and (ii) the excess, if any, of the Principal
        Collection Amount for that Payment Date over, if such Payment Date is during
        the
        Managed Amortization Period, Additional Balances funded during the related
        Collection Period. The Overcollateralization Reduction Amount will be equal
        to
        zero when a Trigger Event is in effect.

       

      Owner
        Trust Estate:
        The
        corpus of the Trust created by the Trust Agreement which consists of items
        referred to in Section 2.05 of the Trust Agreement.

       

      Owner
        Trustee:
        Wilmington Trust Company, acting not in its individual capacity but solely
        as
        owner trustee under the Trust Agreement, and its successors and assigns or
        any
        successor owner trustee appointed pursuant to the terms of the Trust
        Agreement.

       

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

       

      Paying
        Agent:
        Any
        paying agent or co-paying agent appointed under the Indenture, which initially
        shall be the Securities Administrator.

       

      Payment
        Account:
        The
        trust account or accounts created and maintained pursuant to Section 5.02
        of the
        Sale and Servicing Agreement for the benefit of the Noteholders, the
        Certificateholders and the Note Insurer, which shall be denominated LaSalle
        Bank
        National Association, as Securities Administrator f/b/o holders of ACE
        Securities Corp. Home Equity Loan Trust, Asset Backed Notes, Series 2006-GP1
        -
        Payment Account.” The Payment Account shall be an Eligible Account. The Payment
        Account shall be an Eligible Account.

       

      Payment
        Account Deposit Date:
        The
        Business Day prior to each Payment Date.

       

      Payment
        Date:
        The
        25th day of each month, or if such day is not a Business Day, then the next
        Business Day, commencing in June 2006.

       

      Percentage
        Interest:
        With
        respect to any Note, the percentage obtained by dividing the Note Principal
        Balance of such Note by the aggregate Note Principal Balances of all Notes
        of
        that Class. With respect to any Certificate, the percentage as stated on
        the
        face thereof.

       

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities held in the name of the
        Indenture Trustee for the benefit of the Noteholders and the Note Insurer
        or in
        the name of the Securities Administrator for the benefit of the
        Certificateholders:

       

      (i) direct
        obligations of, and obligations the timely payment of which are fully guaranteed
        by the United States of America or any agency or instrumentality of the United
        States of America the obligations of which are backed by the full faith and
        credit of the United States of America;

       

      (ii) (a)
        demand or time deposits, federal funds or bankers’ acceptances issued by any
        depository institution or trust company incorporated under the laws of the
        United States of America or any state thereof (including the Indenture Trustee,
        Securities Administrator or the Master Servicer or its Affiliates acting
        in its
        commercial banking capacity) and subject to supervision and examination by
        federal and/or state banking authorities, provided that the commercial paper
        and/or the short-term debt rating and/or the long-term unsecured debt
        obligations of such depository institution or trust company at the time of
        such
        investment or contractual commitment providing for such investment have the
        Applicable Credit Rating or better from the Rating Agencies and (b) any other
        demand or time deposit or certificate of deposit that is fully insured by
        the
        FDIC;

       

      (iii) repurchase
        obligations with respect to (a) any security described in clause (i) above
        or
        (b) any other security issued or guaranteed by an agency or instrumentality
        of
        the United States of America, the obligations of which are backed by the
        full
        faith and credit of the United States of America, in either case entered
        into
        with a depository institution or trust company (acting as principal) described
        in clause (ii)(a) above where the Securities Administrator holds the security
        therefor;

       

      (iv) securities
        bearing interest or sold at a discount issued by any corporation (including
        the
        Indenture Trustee, Securities Administrator or the Master Servicer or its
        Affiliates) incorporated under the laws of the United States of America or
        any
        state thereof that have the Applicable Credit Rating or better from the Rating
        Agencies at the time of such investment or contractual commitment providing
        for
        such investment; provided, however, that securities issued by any particular
        corporation will not be Permitted Investments to the extent that investments
        therein will cause the then outstanding principal amount of securities issued
        by
        such corporation and held as part of the Trust to exceed 10% of the aggregate
        Outstanding Principal Balances of all the HELOCs and Permitted Investments
        held
        as part of the Trust as determined by the Master Servicer;

       

      (v) commercial
        paper (including both non-interest-bearing discount obligations and
        interest-bearing obligations payable on demand or on a specified date not
        more
        than one year after the date of issuance thereof) having the Applicable Credit
        Rating or better from the Rating Agencies at the time of such
        investment;

       

      (vi) a
        reinvestment agreement issued by any bank, insurance company or other
        corporation or entity;

       

      (vii) any
        other
        demand, money market or time deposit, obligation, security or investment
        as may
        be acceptable to the Note Insurer and the Rating Agencies as evidenced in
        writing by the Note Insurer and the Rating Agencies to the Securities
        Administrator; and

       

      (viii) any
        money
        market or common trust fund having the Applicable Credit Rating or better
        from
        the Rating Agencies, including any such fund for which the Securities
        Administrator or Master Servicer or any affiliate of the Securities
        Administrator or Master Servicer acts as a manager or an advisor; provided,
        however, that no instrument or security shall be a Permitted Investment if
        such
        instrument or security evidences a right to receive only interest payments
        with
        respect to the obligations underlying such instrument or if such security
        provides for payment of both principal and interest with a yield to maturity
        in
        excess of 120% of the yield to maturity at par or if such instrument or security
        is purchased at a price greater than par as determined by the Master
        Servicer.

       

      Permitted
        Transferee:
        Any
        person (x) other than (i) the United States, any State or political subdivision
        thereof, any possession of the United States or any agency or instrumentality
        of
        any of the foregoing, (ii) a foreign government, International Organization
        or
        any agency or instrumentality of either of the foregoing, (iii) an organization
        (except certain farmers’ cooperatives described in section 521 of the Code) that
        is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed
        by section 511 of the Code on unrelated business taxable income) on any excess
        inclusions (as defined in section 860E(c)(1) of the Code) with respect to
        any
        Residual Certificate, (iv) rural electric and telephone cooperatives described
        in section 1381(a)(2)(C) of the Code or (v) on electing large partnership
        within
        the meaning of Section 775(a) of the Code, (y) that is a citizen or resident
        of
        the United States, a corporation, partnership (other than a partnership that
        has
        any direct or indirect foreign partners) or other entity (treated as a
        corporation or a partnership for federal income tax purposes), created or
        organized in or under the laws of the United States, any State thereof or
        the
        District of Columbia, an estate whose income 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 or if it has a valid election in effect under applicable U.S.
        Treasury regulations to be treated as a United States person and (z) other
        than
        any other Person so designated by the Securities Administrator based upon
        an
        Opinion of Counsel addressed to the Securities Administrator (which shall
        not be
        an expense of the Securities Administrator or the Indenture Trustee) that
        states
        that the Transfer of an ownership interest in a Residual Certificate to such
        Person may cause REMIC I or REMIC II to fail to qualify as a REMIC at any
        time
        that any Notes or Certificates are Outstanding. The terms “United States,”
“State” and “International Organization” shall have the meanings set forth in
        section 7701 of the Code or successor provisions. A corporation will not
        be
        treated as an instrumentality of the United States or of any State or political
        subdivision thereof for these purposes if all of its activities are subject
        to
        tax and, with the exception of Freddie Mac, a majority of its board of directors
        is not selected by such government unit.

       

      Person:
        Any
        individual, corporation, estate, limited partnership, limited liability
        partnership, partnership, limited liability company, joint venture, association,
        joint-stock company, trust (including any beneficiary thereof), 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.

       

      Plan
        Assets:
        Assets
        of a Plan within the meaning of Department of Labor regulation 29 C.F.R.
§
2510.3-101.

       

      Policy:
        The
        Financial Guaranty Insurance Policy No. 51736-N issued by the Note Insurer
        in
        respect of the Insured Notes, including any endorsements thereto.

       

      Policy
        Payments Account:
        The
        account created and maintained by the Securities Administrator pursuant to
        Section 10.04 of the Sale and Servicing Agreement. The Policy Payments Account
        must be an Eligible Account.

       

      Pool
        Balance:
        With
        respect to any date of determination, the aggregate of the Stated Principal
        Balances of all HELOCs as of such date.

       

      Premium:
        The
        Policy premium payable pursuant to Section 6.01 of the Sale and Servicing
        Agreement for each Payment Date in an amount equal to the Premium Rate accrued
        for one month, on the basis of a 360-day year consisting of twelve 30-day
        months, on the aggregate Note Principal Balance (without reduction for any
        Guaranteed Principal Payment Amounts paid by the Note Insurer) of the Insured
        Notes immediately prior to such Payment Date.

       

      Premium
        Letter:
        The
        letter agreement, dated May 31, 2006, among the Note Insurer, the Issuer,
        the
        Sponsor and the Depositor.

       

      Premium
        Rate:
        The per
        annum rate at which the Premium for the Policy is calculated, which shall
        be
        0.150% per annum of the Note Principal Balance of the Class A
        Notes.

       

      Prepayment
        Assumption:
        A
        specified CPR and a Constant Draw Rate of 15%.

       

      Prepayment
        Interest Shortfall:
        With
        respect to any Payment Date, for each such HELOC that was the subject of
        a
        Principal Prepayment in full or in part during the related Collection Period
        that was applied by the Servicer to reduce the outstanding principal balance
        of
        such HELOC on a date preceding the Due Date in the succeeding Collection
        Period,
        an amount equal to interest at the applicable Net Mortgage Rate on the amount
        of
        such Principal Prepayment for the number of days commencing on the date on
        which
        the prepayment is applied and ending on the last day of the calendar month
        preceding such Payment Date. 

       

      Principal
        Collection Amount:
        With
        respect to any Payment Date, an amount equal to the sum of (1) the total
        amount
        of all principal received by or on behalf of the Servicer with respect to
        the
        HELOCs by the Determination Date for such Payment Date and not previously
        distributed (including liquidation proceeds, condemnation proceeds and insurance
        proceeds), (2) the principal portions of the total amount deposited in the
        payment account in connection with the repurchase of any HELOC by the Depositor,
        the Originator or the Sponsor; and (3) the principal portions of the total
        amount deposited in the payment account in connection with the optional
        redemption of the Offered Notes minus (4) any amounts payable or reimbursable
        to
        the Servicer, the Owner Trustee, the Custodian, the Master Servicer, the
        Credit
        Risk Manager, the Indenture Trustee or the Securities Administrator on such
        Payment Date in excess of the Interest Collection Amount for that Payment
        Date.

       

      Principal
        Prepayment:
        Any
        payment (whether partial or full) or other recovery of principal on a HELOC
        which is received in advance of its scheduled Due Date to the extent that
        it is
        not accompanied by an amount as to interest representing scheduled interest
        due
        on any date or dates in any month or months subsequent to the month of
        prepayment, including Insurance Proceeds and Repurchase Proceeds, but excluding
        the principal portion of Excess Liquidation Proceeds.

       

      Proceeding:
        Any
        suit in equity, action at law or other judicial or administrative
        proceeding.

       

      Qualified
        Insurer:
        Any
        insurance company duly qualified as such under the laws of the state or states
        in which the related Mortgaged Property or Mortgaged Properties is or are
        located, duly authorized and licensed in such state or states to transact
        the
        type of insurance business in which it is engaged and approved as an insurer
        by
        the Master Servicer, so long as the claims paying ability of which is acceptable
        to the Rating Agencies for mortgage-backed notes having the same rating as
        the
        Notes rated by the Rating Agencies as of the Closing Date (without regard
        to the
        Policy).

       

      Qualified
        Substitute HELOC:
        As
        defined in the HELOC Purchase Agreement.

       

      Rapid
        Amortization Event:
        With
        respect to any Payment Date, any of the following events: (i) failure of
        the
        Issuing Entity, Depositor or Servicer to make a timely payment or deposit
        required under the Indenture, (ii) a material breach of any representation
        or
        warranty made by the Issuing Entity, Depositor, Originator or Servicer has
        occurred and is continuing, (iii) the bankruptcy, insolvency or receivership
        of
        the Depositor or the Servicer, (iv) the Issuing Entity becomes subject to
        regulation by the Commission under the Investment Company Act, (v) aggregate
        draws (regardless of whether such draws have been reimbursed) exceeding 1%
        of
        the initial Note Principal Balance of the Class A Notes have been made under
        the
        Policy, (vi) a Servicer Event of Default has occurred, or (vi) the occurrence
        of
        a Rapid Amortization Trigger Event.

       

      Rapid
        Amortization Period:
        The
        Rapid Amortization Period with respect to the Offered Notes will be the period
        beginning on the first Payment Date following the occurrence of a Rapid
        Amortization Event and ending on the Final Scheduled Payment Date.

       

      Rapid
        Amortization Trigger Event:
        A Rapid
        Amortization Trigger Event is in effect with respect to the Class A Notes
        on any
        Payment Date that (i) the rolling six month average of the Outstanding Principal
        Balance of the HELOCs delinquent 60 days or more, in foreclosure, bankruptcy
        and
        REO divided by (y) the Pool Balance, in each case, as of the last day of
        the
        prior Collection Period, exceeds 4.50% of the Pool Balance or (ii) the aggregate
        amount of Realized Losses incurred since the Cut-off Date through the last
        day
        of the related Collection Period divided by the Pool Balance as of the Cut-off
        Date exceeds the applicable percentages set forth below with respect to such
        Payment Date:

       

      

      
        	
                Payment
                  Date 

              	 	
                Percentages

              
	
                Prior
                  to June 2007

              	 	
                1%
                  plus 1/12 of 0.75% for each month thereafter

              
	
                June
                  2007 to May 2008

              	 	
                1.75%
                  plus 1/12 of 0.50% for each month thereafter

              
	
                June
                  2008 to May 2009

              	 	
                2.25%
                  plus 1/12 of 0.25% for each month thereafter

              
	
                June
                  2009 to May 2010

              	 	
                2.50%
                  plus 1/12 of 0.50% for each month thereafter

              
	
                June
                  2010 to May 2011

              	 	
                3.00%
                  plus 1/12 of 0.50% for each month thereafter

              
	
                June
                  2011 and thereafter

              	 	
                3.50%
                  for each month thereafter

              

      

      

       

      Rating
        Agency:
        Any
        nationally recognized statistical rating organization, or its successor,
        that
        rated the Notes at the request of the Depositor at the time of the initial
        issuance of the Notes. Initially, Standard & Poor’s and Moody’s. If such
        organization or a successor is no longer in existence, “Rating Agency” with
        respect to the Notes shall be such nationally recognized statistical rating
        organization, or other comparable Person, designated by the Depositor, notice
        of
        which designation shall be given to the Securities Administrator, the Indenture
        Trustee, the Note Insurer and the Master Servicer. References herein to the
        highest short term unsecured rating category of a Rating Agency shall mean
        A-1
        or better in the case of Standard & Poor’s, P-1 in the case of Moody’s and
        in the case of any other Rating Agency shall mean such equivalent ratings.
        References herein to the highest long-term rating category of a Rating Agency
        shall mean “AAA” in the case of Standard & Poor’s, “Aaa” in the case of
        Moody’s and in the case of any other Rating Agency, such equivalent
        rating.

       

      Rating
        Confirmation:
        A
        letter from each Rating Agency then providing a rating for the Notes at the
        request of the Issuer confirming that the action proposed to be taken by
        the
        Issuer will not, in and of itself, result in a downgrade of any of the ratings
        then applicable to the Notes (without regard to the Policy), or cause any
        Rating
        Agency to suspend or withdraw the Ratings then applicable to the Notes (without
        regard to the Policy).

       

      Realized
        Loss:
        A
        Realized Loss is equal to (i) with respect to a Liquidated HELOC, the unpaid
        principal balance of such Liquidated HELOC, plus interest thereon from the
        date
        on which interest was last paid by the related Mortgagor through the last
        day of
        the month in which the related HELOC was finally liquidated, less any
        Liquidation Proceeds received on such Liquidated HELOC (net of amounts
        reimbursable to the Servicer or the Master Servicer for Servicing Advances
        and
        other related expenses, including attorneys’ fees) and (ii) with respect to a
        Charged Off HELOC, the unpaid principal balance of such Charged Off HELOC,
        plus
        interest thereon from the date on which interest was last paid by the related
        Mortgagor through the last day of the month in which the related HELOC was
        charged off, plus amounts reimbursable to the Servicer or the Master Servicer
        for Servicing Advances and other related expenses, including attorneys’
fees.

       

      Reimbursement
        Amount:
        With
        respect to any Payment Date, an amount equal to the aggregate of any payments
        made with respect to the Class A Notes by the Note Insurer under the Policy
        to
        the extent not previously reimbursed, plus interest on that amount at the
        Late
        Payment Rate, plus any other amounts owing to the Note Insurer under the
        Indenture or the Sale and Servicing Agreement.

       

      Record
        Date:
        With
        respect to the Class A Notes, the business day immediately preceding such
        Payment Date, for so long as the Class A Notes are held in book-entry form
        and
the
        last
        business day of the month immediately preceding the month in which such Payment
        Date occurs
        if the
        Class A Notes are held in physical form and, with respect to the Certificates,
        the last business day of the month immediately preceding the month in which
        such
        Payment Date occurs.

       

      Redeemer:
        The
        meaning specified in Section 8.06 of the Indenture.

       

      Reference
        Banks:
        Any
        leading banks engaged in transactions in Eurodollar deposits in the
        international Eurocurrency market (i) with an established place of business
        in
        London, (ii) whose quotations appear on the Telerate Screen Page 3750 on
        the
        Interest Determination Date, (iii) which have been designated as such by
        the
        Securities Administrator and (iv) which are not Affiliates of the Depositor
        or
        the Sponsor.

       

      Registered
        Holder:
        The
        Person in whose name a Note is registered in the Note Register on the applicable
        Record Date.

       

      Regular
        Interest:
        A
“regular interest” in a REMIC within the meaning of Section 860G(a)(1) of the
        Code.

       

      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.

       

      Release:
        The
        Federal Reserve Board’s statistical Release No. H.15(519).

       

      Relief
        Act:
        The
        Servicemembers Civil Relief Act, as amended, or similar state or local
        laws.

       

      Relief
        Act Interest Shortfall:
        With
        respect to any Payment Date and any HELOC, any reduction in the amount of
        interest collectible on such HELOC for the most recently ended Collection
        Period
        as a result of the application of the Relief Act.

       

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

       

      REMIC
        I:
        The
        segregated pool of assets described in Section 9.01 of the Sale and Servicing
        Agreement.

      

      REMIC
        I Regular Interest:
        Any of
        the separate non-certificated beneficial ownership interests in REMIC I issued
        hereunder and designated as a Regular Interest in REMIC I. Each REMIC I Regular
        Interest shall accrue interest at the related Uncertificated REMIC I
        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 Section 9.01 of the Sale and Servicing Agreement. The designations
        for the respective REMIC I Regular Interests are set forth in 9.01 of the
        Sale
        and Servicing Agreement.

      

      REMIC
        I Interest Loss Allocation Amount:
        With
        respect to any Payment Date, an amount (subject to adjustment based on the
        actual number of days elapsed in the respective Accrual Period) equal to
        (a) the
        product of (i) the aggregate Stated Principal Balance of the HELOCs and REO
        Properties then outstanding and (ii) the Uncertificated REMIC I Pass-Through
        Rate for REMIC I Regular Interest AA minus the Marker Rate, divided by (b)
        12.

       

      REMIC
        I Overcollateralization Amount:
        With
        respect to any date of determination, (i) 1.00% of the aggregate Uncertificated
        Principal Balance of the REMIC I Regular Interests minus (ii) the aggregate
        Uncertificated Principal Balance of each REMIC I Regular Interest for which
        a
        Note is the Corresponding Note, in each case, as of such date of
        determination.

       

      REMIC
        I Principal Loss Allocation Amount:
        With
        respect to any Payment Date, an amount equal to the product of (i) the aggregate
        Stated Principal Balance of the HELOCs and REO Properties then outstanding
        and
        (ii) 1 minus a fraction, the numerator of which is two (2) times the aggregate
        Uncertificated Principal Balance of each REMIC I Regular Interest for which
        a
        Note is the Corresponding Note, and the denominator of which is the aggregate
        Uncertificated Principal Balance of each REMIC I Regular Interest for which
        a
        Note is the Corresponding Note and REMIC I Regular Interest ZZ.

       

      REMIC
        I Required Overcollateralization Amount:
        1.00%
        of the Overcollateralization Target Amount.

      

      REMIC
        II:
        The
        segregated pool of assets described in 9.01 of the Sale and Servicing
        Agreement.

       

      REMIC
        Provisions:
        Provisions of the federal income tax law relating to real estate mortgage
        investment conduits, which appear at Sections 860A through 860G of the Code,
        and
        related provisions, and Treasury Regulations and published rulings, notices
        and
        announcements promulgated thereunder, as the foregoing may be in effect from
        time to time, as well as provisions of applicable state laws.

       

      Rents
        from Real Property:
        With
        respect to any REO Property, gross income of the character described in
        Section 856(d) of the Code as being included in the term “rents from real
        property.”

       

      REO
        Account:
        The
        meaning specified in Section 3.12(b) of the Sale and Servicing
        Agreement.

       

      REO
        Disposition:
        The
        sale or other disposition of an REO Property on behalf of REMIC I.

       

      REO
        Property:
        A
        Mortgaged Property acquired in the name of the Indenture Trustee, for the
        benefit of the Noteholders and the Note Insurer, by foreclosure or deed-in-lieu
        of foreclosure in connection with a defaulted HELOC.

       

      Reportable
        Event:
        The
        meaning specified in Section 4.15 of the Sale and Servicing
        Agreement.

       

      Repurchase
        Price:
        With
        respect to any HELOC (or any property
        acquired with respect thereto) required to be repurchased by the Sponsor,
        the
        Depositor or the Originator pursuant to the HELOC Purchase Agreement or the
        Sale
        and Servicing Agreement, an amount equal to the sum of (i)(a) 100% of the
        Outstanding Principal Balance of such HELOC as of the date of repurchase
        (or if
        the related Mortgaged Property was acquired with respect thereto, 100% of
        the
        Outstanding Principal Balance at the date of the acquisition), plus (b) accrued
        but unpaid interest on the Outstanding Principal Balance at the related Net
        Mortgage Rate, through and including the last day of the month of repurchase,
        plus (c) any unreimbursed Servicing Advances payable to the Servicer or to
        the
        Master Servicer and (ii) any costs and damages (if any) incurred by the Trust
        in
        connection with any violation of such HELOC of any predatory lending
        laws.

       

      Repurchase
        Proceeds:
        The
        Repurchase Price in connection with any repurchase of a HELOC by the Sponsor,
        the Depositor or the Originator and any cash deposit in connection with the
        substitution of a HELOC.

       

      Request
        for Release:
        A
        request for release in the form attached to the Custodial Agreement as Exhibit
        Four.

       

      Required
        Insurance Policy:
        With
        respect to any HELOC, any insurance policy which is required to be maintained
        from time to time under the Sale and Servicing Agreement with respect to
        such
        HELOC.

       

      Required
        Overcollateralization Amount:
        With
        respect to any Payment Date (i) prior to the Payment Date in October 2006,
        0.00%
        and (ii) on and after the Payment Date in October 2006 and prior to the Stepdown
        Date, the product of (A) 2.55% and (B) the Pool Balance as of the Cut-off
        Date,
        (iii) on and after the Payment Date in October 2006 and on or after the Stepdown
        Date provided a Trigger Event is not in effect, the greater of (x) 5.10%
        of the
        Pool Balance as of the last day of the related Collection Period and (y)
        the
        Overcollateralization Floor, and (iv) on and after the Payment Date in October
        2006 and on or after the Stepdown Date and if a Trigger Event is in effect,
        the
        Required Overcollateralization Amount for the immediately preceding Payment
        Date. Notwithstanding the foregoing, on and after any Payment Date following
        the
        reduction of the aggregate Note Principal Balance of the Class A Notes and
        the
        Certificate Principal Balance of the Class G Certificates to zero, the Required
        Overcollateralization Amount shall be zero.

       

      Reserve
        Interest Rate:
        The
        rate per annum that the Securities Administrator determines to be either
        (i) the
        arithmetic mean (rounded upwards if necessary to the nearest whole multiple
        of
        0.0625%) of the one-month U.S. dollar lending rates which New York City banks
        selected by the Securities 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 Securities Administrator
        can determine no such arithmetic mean, the lowest one-month U.S. dollar lending
        rate which New York City banks selected by the Securities Administrator are
        quoting on such Interest Determination Date to leading European
        banks.

       

      Residual
        Certificates:
        The
        Class G Certificates and Class R Certificates, each evidencing the sole class
        of
        Residual Interests in the related REMIC.

       

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

       

      Responsible
        Officer:
        With
        respect to the Securities Administrator, any officer of the Securities
        Administrator with direct responsibility for the administration of the Indenture
        and also, with respect to a particular matter, any other officer to whom
        such
        matter is referred because of such officer’s knowledge of and familiarity with
        the particular subject; and with respect to the Indenture Trustee, any managing
        director, director, vice president, assistant vice president, any associate
        or
        any other officer of the Indenture Trustee customarily performing functions
        similar to those performed by any of the above designated officers who at
        such
        time shall be officers to whom, with respect to a particular matter, such
        matter
        is referred because of such officer’s knowledge of and familiarity with the
        particular subject or who shall have direct responsibility for the
        administration of the Indenture or the Trust Agreement.

       

      Rule
        144A and Related Matters Certificate:
        As
        specified in Section 3.04(d) of the Trust Agreement.

       

      Sale:
        As
        specified in Section 5.15 of the Indenture.

       

      Sale
        and Servicing Agreement:
        The
        Sale and Servicing Agreement, dated as of May 1, 2006, among the Issuer,
        the
        Sponsor, the Servicer, the Indenture Trustee, the Master Servicer, the
        Securities Administrator and the Depositor, as amended from time to time
        in
        accordance with the terms thereof.

       

      Sarbanes-Oxley
        Certification:
        A
        written certification covering servicing of the HELOCs by the related Servicer
        and signed by an officer of the Master Servicer that complies with (i) the
        Sarbanes-Oxley Act of 2002, as amended from time to time, and (ii) the February
        21, 2003 Statement by the Staff of the Division of Corporation Finance of
        the
        Securities and Exchange Commission Regarding Compliance by Asset-Backed Issuers
        with Exchange Act Rules 13a-14 and 15d-14, as in effect from time to time;
        provided that if, after the Closing Date (a) the Sarbanes-Oxley Act of 2002
        is
        amended, (b) the Statement referred to in clause (ii) is modified or superseded
        by any subsequent statement, rule or regulation of the Securities and Exchange
        Commission or any statement of a division thereof, or (c) any future releases,
        rules and regulations are published by the Securities and Exchange Commission
        from time to time pursuant to the Sarbanes-Oxley Act of 2002, 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 than the form of the required certification
        as
        of the Closing Date, the Master Servicer 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.

       

      Scheduled
        Payment:
        The
        meaning specified in the Policy.

       

      Scheduled
        HELOC Payment:
        With
        respect to any HELOC and any month, the scheduled payment or payments of
        principal and interest due during such month on such HELOC which either is
        payable by a Mortgagor in such month under the related Credit Line Agreement
        or,
        in the case of REO Property, would otherwise have been payable under the
        related
        Credit Line Agreement.

       

      Scheduled
        Principal:
        The
        principal portion of any Scheduled HELOC Payment.

       

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

       

      Securities
        Administrator:
        LaSalle
        Bank National Association, or its successor in interest, or any successor
        securities administrator.

       

      Securities
        Administrator Information:
        The
        meaning specified in Section 4.15 of the Sale and Servicing
        Agreement.

       

      Security:
        Any of
        the Certificates or Notes.

       

      Securityholder
        or
Holder:
        Any
        Noteholder or Certificateholder.

       

      Security
        Instrument:
        A
        written instrument creating a valid first lien on a Mortgaged Property securing
        a Credit Line Agreement, which may be any applicable form of mortgage, deed
        of
        trust, deed to secure debt or security deed, including any riders or addenda
        thereto.

       

      Senior
        Interest Distribution Amount:
        With
        respect to any Payment Date, an amount equal to the sum of (i) the Interest
        Payment Amount due to the Class A Notes on such Payment Date plus (ii) the
        Interest Carry Forward Amount, if any, for such Payment Date for the Class
        A
        Notes.

       

      Servicer:
        GreenPoint, or its successors and assigns.

       

      Servicer
        Event of Default:
        The
        meaning specified in Section 8.05 of the Sale and Servicing
        Agreement.

       

      Servicer
        Information:
        The
        meaning specified in Section 4.15 of the Sale and Servicing
        Agreement.

       

      Servicer
        Remittance Date:
        The
        18th
        day of
        the month, or if such day is not a Business Day, the Business Day immediately
        preceding such 18th
        day.

       

      Servicing
        Account:
        Each
        account established by the Servicer pursuant to Section 5.01 of the Sale
        and
        Servicing Agreement. Each Servicing Account must be an Eligible
        Account.

       

      Servicing
        Advances:
        The
        customary and reasonable “out-of-pocket” costs and expenses incurred on or after
        the Cut-off Date by the Servicer in connection with a default, delinquency
        or
        other unanticipated event by the Servicer in the performance of its servicing
        obligations, including, but not limited to, the cost of (i) the preservation,
        restoration and protection of a Mortgaged Property, (ii) any enforcement
        or
        judicial proceedings, including but not limited to foreclosures, in respect
        of a
        particular HELOC, including any expenses incurred in relation to any such
        proceedings that result from the HELOC Loan being registered on the MERS®
System, (iii) the management (including reasonable fees in connection therewith)
        and liquidation of any REO Property, (iv) the performance of its obligations
        under Section 3.01, Section 3.05, Section 3.10, Section 3.12 and Section
        5.01 of
        the Sale and Servicing Agreement and (v) obtaining any legal documentation
        required to be included in the Loan 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 Servicer perform its obligations under the Sale and Servicing Agreement.
        Servicing Advances also include any reasonable “out-of-pocket” cost and expenses
        (including legal fees) incurred by the Servicer in connection with executing
        and
        recording instruments of satisfaction, deeds of reconveyance or assignments
        of
        mortgage to the extent not recovered from the Mortgagor or otherwise payable
        under the Sale and Servicing Agreement. The Servicer shall not be required
        to
        make any Nonrecoverable Servicing Advances.

       

      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:
        As
        to any HELOC and any Payment Date, an amount equal to the product of (i)
        the
        Stated Principal Balance of such HELOC as of the Due Date in the preceding
        calendar month and (ii) the Servicing Fee Rate.

       

      Servicing
        Fee Rate:
        As
        to any HELOC, a per annum rate of 0.500%.

       

      Servicing
        Officer:
        Any
        officer of the Servicer involved in, or responsible for, the administration
        and
        servicing of the HELOCs, whose name and specimen signature appear on a list
        of
        Servicing Officers furnished by the Servicer to the Indenture Trustee, the
        Master Servicer, the Securities Administrator and the Depositor on the Closing
        Date, as such list may from time to time be amended.

       

      Sponsor:
        DB
        Structured Products, Inc. and its successors and assigns.

       

      Standard
        & Poor’s:
        Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., or its
        successor in interest.

       

      Stated
        Principal Balance:
        With
        respect to any HELOC and any Payment Date, the principal balance of the HELOC
        as
        of the Cut-Off date, plus the aggregate amount of all Draws conveyed to the
        Trust in respect of such HELOC minus all collections credited against the
        principal balance of such HELOC in accordance with the related Credit Line
        Agreement and minus all prior related Charge-Off Amounts. The Stated Principal
        Balance of any Charged-Off HELOC is equal to zero.

       

      Statutory
        Trust Statute:
        Chapter
        38 of Title 12 of the Delaware Code, 12 Del.
        Code
§§3801 et seq.,
        as the
        same may be amended from time to time.

       

      Stepdown
        Date:
        The
        Stepdown Date is the later to occur of (x) the Payment Date occurring in
        December 2008 and (y) the first Payment Date on which the Credit Enhancement
        Percentage (calculated for this purpose only after taking into account
        collections of principal on the HELOCs, and excluding any payment of the
        Overcollateralization Increase Amount to the Offered Notes and the Class
        G
        Certificates) is greater than or equal to approximately 5.10%.

       

      Subsequent
        Recoveries:
        With
        respect to any Payment Date, an amount equal to, amounts received during
        the
        related Collection Period by the Servicer specifically related to a defaulted
        HELOC or disposition of an REO Property prior to the related Collection Period
        that resulted in a Realized Loss (i) prior to the liquidation or disposition
        of
        such defaulted HELOC, with respect to a Charged-Off HELOC or (ii) after the
        liquidation or disposition of such defaulted HELOC, with respect to a Liquidated
        HELOC, net of any amounts reimbursable to the Servicer related to obtaining
        such
        Subsequent Recovery. 

       

      Substitute
        HELOC:
        The
        meaning specified in the HELOC Purchase Agreement.

       

      Substitution
        Shortfall Amount:
        As
        defined in Section 2.02 of the Sale and Servicing Agreement.

       

      Tax
        Matters Person:
        The
        person designated as “tax matters person” in the manner provided under Treasury
        Regulation Sections 1.860F-4(d) and 301.6231(a)(7)-1T. The Holder of the
        greatest Percentage Interest in a Class of Residual Certificates shall be
        the
        Tax Matters Person for the related REMIC. The Securities Administrator, or
        any
        successor thereto or assignee thereof, shall serve as tax administrator
        hereunder and as agent for the related Tax Matters Person(s).

       

      Telerate
        Screen Page 3750:
        The
        display designated as page 3750 on the Telerate Service (or such other page
        as
        may replace page 3750 on that service for the purpose of displaying London
        interbank offered rates of major banks).

       

      Transfer:
        Any
        direct or indirect transfer or sale of any ownership interest in a Note or
        a
        Certificate.

       

      Transferor:
        The
        meaning specified in Section 3.04(d) of the Trust Agreement

       

      Treasury
        Regulations:
        Regulations, including proposed or temporary regulations, promulgated under
        the
        Code. References herein to specific provisions of proposed or temporary
        regulations shall include analogous provisions of final Treasury Regulations
        or
        other successor Treasury Regulations.

       

      Trigger
        Event:
        With
        respect to any Payment Date, a Trigger Event is in effect if (x) the percentage
        obtained by dividing (i) the rolling six month average of the Outstanding
        Principal Balance of HELOCs delinquent 60 days or more, in foreclosure,
        bankruptcy and REO by (ii) the Pool Balance, in each case, as of the last
        day of
        the related Collection Period exceeds 4.00% of the Pool Balance as of the
        last
        day of the related Collection Period or (y) the aggregate amount of Realized
        Losses incurred since the Cut-off Date through the last day of the related
        Collection Period divided by the Pool Balance as of the Cut-off Date exceeds
        the
        applicable percentages set forth below with respect to such Payment
        Date:

       

      
        	
                Payment
                  Date

              	 	
                Percentages

              
	
                December
                  2008 to May 2010

              	 	
                2.00%
                  plus 1/12 of 0.50% for each month thereafter

              
	
                June
                  2010 to May 2011

              	 	
                2.50%
                  plus 1/12 of 0.50% for each month thereafter

              
	
                June
                  2011 and thereafter

              	 	
                3.00%

              

      

      

      Trust:
        The ACE
        Securities Corp. Home Equity Loan Trust, Series 2006-GP1 created pursuant
        to the
        Trust Agreement.

       

      Trust
        Agreement:
        The
        Trust Agreement, dated as of May 25, 2006 between the Depositor and the Owner
        Trustee, as amended and restated by the Amended and Restated Trust Agreement,
        dated as of May 31, 2006, among the Depositor, the Owner Trustee, and the
        Securities Administrator.

       

      Trust
        Allocation Percentage:
        With
        respect to any Payment Date, the percentage equivalent of a fraction with
        a
        numerator equal to the Trust Principal Amount for such Payment Date (or,
        in the
        case of the first Payment Date, the Trust Principal Amount as of the Closing
        Date) and a denominator equal to the aggregate Outstanding Principal Balance
        of
        the HELOCs at the end of the previous Collection Period (or, in the case
        of the
        first Payment Date, the Closing Date), provided such percentage shall not
        be
        greater than 100%.

       

      Trust
        Estate:
        The
        meaning specified in the Granting Clause of the Indenture.

       

      Trust
        Indenture Act or TIA:
        The
        Trust Indenture Act of 1939, as amended from time to time, as in effect on
        any
        relevant date.

       

      Trust
        Principal Amount:
        With
        respect to any Payment Date, an amount equal to the Pool Balance as of the
        last
        day of the related Collection Period, reduced by the sum of (i) Certificate
        Principal Balance of the Class G Certificates immediately prior to such Payment
        Date (for the purpose of this calculation, not reduced by any Class G Excess
        Spread Amount unless such Certificate Principal Balance has been or will
        be
        reduced to zero as of such Payment Date) and (ii) any Additional Balance
        Advance
        Amounts funded during the related Collection Period, if any. 

       

      UCC:
        The
        Uniform Commercial Code, as amended from time to time, as in effect in any
        specified jurisdiction.

       

      Uncertificated
        Accrued Interest:
        With
        respect to each REMIC I Regular Interest on each Payment Date, an amount
        equal
        to one month’s interest at the Uncertificated REMIC I Pass-Through Rate on the
        related Uncertificated Principal Balance of such REMIC I Regular Interest.
        In
        each case, Uncertificated Accrued Interest will be reduced by any Interest
        Shortfalls allocated to such REMIC I Regular Interests.

      

      Uncertificated
        Principal Balance:
        The
        amount of REMIC I Regular Interests outstanding as of any date of determination.
        As of the Closing Date, the Uncertificated Principal Balance of each REMIC
        I
        Regular Interest shall equal the amount set forth in 9.01 of the Sale and
        Servicing Agreement as its initial uncertificated principal balance. On each
        Payment Date, the Uncertificated Principal Balance of the REMIC I Regular
        Interests shall be reduced by all distributions of principal made on such
        REMIC
        I Regular Interests on such Payment Date pursuant to Section 9.02(b)(ii)
        of the
        Sale and Servicing Agreement and, if and to the extent necessary and
        appropriate, shall be further reduced on such Payment Date by Charge-Off
        Amounts
        as provided in Section 9.03 of the Sale and Servicing Agreement, and the
        Uncertificated Principal Balance of REMIC I Regular Interest ZZ shall be
        increased by interest deferrals as provided in Section 10.02(b)(i) of the
        Sale
        and Servicing Agreement. The Uncertificated Principal Balance of each REMIC
        I
        Regular Interest shall never be less than zero.

      

      Uncertificated
        REMIC I Pass-Through Rate:
        With
        respect to any REMIC I Regular Interest and any Payment Date, a per annum
        rate
        equal to the weighted average Net Mortgage Rate of the HELOCs as of the first
        day of the related Collection Period, weighted on the basis of the Stated
        Principal Balances thereof as of the first day of the related Collection
        Period,
        minus (ii) the Premium Rate multiplied by a fraction the numerator of which
        is
        the aggregate Note Principal Balance of the Class A Notes and the denominator
        of
        which is the Stated Principal Balance of the HELOCs, expressed as a per annum
        rate and (ii) commencing with the Payment Date in June 2007, one-twelfth
        of
        0.50% of the aggregate principal balance of the HELOCs as of the first day
        of
        the related Collection Period and the denominator of which is the aggregate
        principal balance of the HELOCs as of the first day of the related Collection
        Period, (or as of the Cut-off Date with respect to the first Payment Date),
        after giving effect to principal prepayments received during the related
        Collection Period.

      

      Undercollateralized
        Amount:
        The
        meaning specified in Section 6.02 of the Sale and Servicing
        Agreement.

       

      Underwriter:
        Deutsche Bank Securities Inc.

       

      Uninsured
        Cause:
        Any
        cause of damage to a Mortgaged Property or related REO Property such that
        the
        complete restoration of such Mortgaged Property or related REO Property is
        not
        fully reimbursable by the hazard insurance policies required to be maintained
        pursuant to the related Servicing Agreement, without regard to whether or
        not
        such policy is maintained.

       

      Unpaid
        Interest Shortfall Amount:
        With
        respect to any Class of Notes and (i) the first Payment Date, zero, and (ii)
        any
        Payment Date after the first Payment Date, the amount, if any, by which (A)
        the
        sum of (1) the Current Interest for such Class of Notes for the immediately
        preceding Payment Date and (2) the outstanding Unpaid Interest Shortfall
        Amount,
        if any, for such Class of Notes for such preceding Payment Date exceeds (B)
        the
        aggregate amount distributed on such Class of Notes in respect of interest
        calculated pursuant to clause (A) above on such preceding Payment Date, plus
        interest on the amount of the interest due but not paid on such Class of
        Notes
        on such preceding Payment Date, to the extent permitted by law, at the Note
        Rate
        for such Class for the related Interest Accrual Period.

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