Document:

exv4w1

 

Exhibit 4.1

 

FREMONT MORTGAGE SECURITIES CORPORATION,

as Depositor,

FREMONT INVESTMENT & LOAN,

as Originator and Servicer,

WELLS FARGO BANK, N.A.,

as Master Servicer and Trust Administrator,

and

HSBC BANK USA, NATIONAL ASSOCIATION,

as Trustee

 

POOLING AND SERVICING AGREEMENT

Dated as of August 1, 2006

 

FREMONT HOME LOAN TRUST 2006-B

MORTGAGE-BACKED CERTIFICATES,

SERIES 2006-B

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	PAGE	 
	ARTICLE I DEFINITIONS	 	 	28	 
	 	 	 
	 	 	 	 
	Section 1.01.	 	Definitions
	 	 	28	 
	 	 	 
	 	 	 	 
	ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES	 	 	125	 
	 	 	 
	 	 	 	 
	Section 2.01.	 	Conveyance of Mortgage Loans
	 	 	125	 
	Section 2.02.	 	Acceptance by the Trustee or Trust Administrator of the Mortgage Loans
	 	 	129	 
	Section 2.03.	 	Representations, Warranties and Covenants of the Originator and the Servicer
	 	 	130	 
	Section 2.04.	 	Delivery of Opinion of Counsel in Connection with Substitution; Non-Qualified Mortgages
	 	 	133	 
	Section 2.05.	 	Execution and Delivery of Certificates
	 	 	134	 
	Section 2.06.	 	Representations and Warranties of the Depositor
	 	 	134	 
	Section 2.07.	 	Representations, Warranties and Covenants of the Servicer, the Originator and the Master Servicer
	 	 	136	 
	 	 	 
	 	 	 	 
	ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS	 	 	140	 
	 	 	 
	 	 	 	 
	Section 3.01.	 	Servicer to Service Mortgage Loans
	 	 	140	 
	Section 3.02.	 	Subservicing Agreements between the Servicer and Subservicers
	 	 	142	 
	Section 3.03.	 	Successor Subservicers
	 	 	144	 
	Section 3.04.	 	Liability of the Servicer
	 	 	144	 
	Section 3.05.	 	No Contractual Relationship between Subservicers and the Trustee, Master Servicer,
Trust Administrator or Certificateholder
	 	 	144	 
	Section 3.06.	 	Assumption or Termination of Subservicing Agreements by Master Servicer,
Trustee or Trust Administrator
	 	 	145	 
	Section 3.07.	 	Collection of Certain Mortgage Loan Payments
	 	 	145	 
	Section 3.08.	 	Subservicing Accounts
	 	 	146	 
	Section 3.09.	 	Collection of Taxes, Assessments and Similar Items; Escrow Accounts
	 	 	147	 
	Section 3.10.	 	Collection Account
	 	 	148	 
	Section 3.11.	 	Withdrawals from the Collection Account and Distribution Account
	 	 	149	 
	Section 3.12.	 	Investment of Funds in the Collection Account and the Distribution Account
	 	 	151	 
	Section 3.13.	 	Maintenance of Hazard Insurance, Errors and Omissions and Fidelity Coverage
	 	 	152	 
	Section 3.14.	 	Enforcement of Due-on-Sale Clauses; Assumption Agreements
	 	 	154	 
	Section 3.15.	 	Realization upon Defaulted Mortgage Loans
	 	 	155	 
	Section 3.16.	 	Release of Mortgage Files
	 	 	156	 
	Section 3.17.	 	Title, Conservation and Disposition of REO Property
	 	 	157	 
	Section 3.18.	 	Notification of Adjustments
	 	 	159	 
	Section 3.19.	 	Access to Certain Documentation and Information Regarding the Mortgage Loans
	 	 	159	 
	Section 3.20.	 	Documents, Records and Funds in Possession of the Servicer to Be Held for the Trustee
	 	 	159	 
	Section 3.21.	 	Servicing Compensation
	 	 	160	 
	Section 3.22.	 	Annual Statement as to Compliance
	 	 	160	 

					
	 	 	 	 	 
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Pooling & Servicing Agreement
	 	 
	 	 

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	 	 	 	 	PAGE	 
	Section 3.23.	 	Report on Assessment of Compliance and Attestation
	 	 	161	 
	Section 3.24.	 	Master Servicer to Act as Servicer
	 	 	163	 
	Section 3.25.	 	Compensating Interest
	 	 	163	 
	Section 3.26.	 	Credit Reporting; Gramm-Leach-Bliley Act
	 	 	164	 
	Section 3.27.	 	Pool I Net
WAC Rate Carryover Reserve Account; Distribution Account; Swap
Account; Interest Coverage Account
	 	 	164	 
	Section 3.28.	 	Optional Purchase of Delinquent Mortgage Loans
	 	 	171	 
	Section 3.29.	 	REMIC-Related Covenants
	 	 	171	 
	 	 	 
	 	 	 	 
	ARTICLE IIIA ADMINISTRATION AND MASTER SERVICING OF THE MORTGAGE LOANS BY THE MASTER
SERVICER	 	 	171	 
	 	 	 
	 	 	 	 
	Section 3A.01.	 	Master Servicer
	 	 	171	 
	Section 3A.02	 	REMIC-Related Covenants
	 	 	172	 
	Section 3A.03	 	Monitoring of Servicer
	 	 	172	 
	Section 3A.04	 	Fidelity Bond
	 	 	173	 
	Section 3A.05	 	Power to Act; Procedures
	 	 	174	 
	Section 3A.06	 	Due-on-Sale Clauses; Assumption Agreements
	 	 	174	 
	Section 3A.07	 	Documents, Records and Funds in Possession of Master Servicer To
Be Held for Trustee
	 	 	174	 
	 	 	 
	 	 	 	 
	ARTICLE IV DISTRIBUTIONS AND ADVANCES BY THE SERVICER	 	 	175	 
	 	 	 
	 	 	 	 
	Section 4.01.	 	Advances
	 	 	176	 
	Section 4.02.	 	Priorities of Distribution
	 	 	177	 
	Section 4.03.	 	Monthly Statements to Certificateholders
	 	 	196	 
	Section 4.04.	 	Certain Matters Relating to the Determination of LIBOR
	 	 	199	 
	Section 4.05.	 	Allocation of Realized Loss Amounts
	 	 	200	 
	Section 4.06.	 	Compliance with Withholding Requirements
	 	 	200	 
	Section 4.07.	 	Commission Reporting
	 	 	201	 
	Section 4.08.	 	REMIC Distributions and Allocation of Losses
	 	 	209	 
	 	 	 
	 	 	 	 
	ARTICLE V THE CERTIFICATES	 	 	221	 
	 	 	 
	 	 	 	 
	Section 5.01.	 	The Certificates
	 	 	221	 
	Section 5.02.	 	Certificate Register; Registration of Transfer and Exchange of Certificates
	 	 	222	 
	Section 5.03.	 	Mutilated, Destroyed, Lost or Stolen Certificates
	 	 	227	 
	Section 5.04.	 	Persons Deemed Owners
	 	 	228	 
	Section 5.05.	 	Access to List of Certificateholders’ Names and Addresses
	 	 	228	 
	Section 5.06.	 	Maintenance of Office or Agency
	 	 	228	 
	 	 	 
	 	 	 	 
	ARTICLE VI THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER AND THE SERVICER	 	 	228	 
	 	 	 
	 	 	 	 
	Section 6.01.	 	Respective Liabilities of the Depositor, the Originator, the
Master Servicer and the Servicer
	 	 	228	 
	Section 6.02.	 	Merger or Consolidation of the Depositor, the Originator, the
Master Servicer or the Servicer
	 	 	229	 
	Section 6.03.	 	Limitation on Liability of the Depositor, the Originator, the
Master Servicer, the Trust Administrator, the Servicer and Others
	 	 	229	 
	Section 6.04.	 	Limitation on Resignation of the Servicer
	 	 	230	 

					
	 	 	 	 	 
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	 	 	 	 	PAGE	 
	Section 6.05.	 	Additional Indemnification by the Servicer; Third Party Claims
	 	 	230	 
	Section 6.06.	 	Rights of the Depositor, the Master Servicer, the Trust Administrator and the Trustee in Respect of the
Servicer
	 	 	231	 
	Section 6.07.	 	Limitation on Resignation of the Master Servicer
	 	 	232	 
	Section 6.08.	 	Assignment of Master Servicing
	 	 	232	 
	 	 	 
	 	 	 	 
	ARTICLE VII DEFAULT	 	 	232	 
	 	 	 
	 	 	 	 
	Section 7.01.	 	Events of Default
	 	 	232	 
	Section 7.02.	 	Master Servicer to Act; Appointment of Successor
	 	 	238	 
	Section 7.03.	 	Notification to Certificateholders
	 	 	240	 
	 	 	 
	 	 	 	 
	ARTICLE VIII CONCERNING THE TRUSTEE AND THE TRUST ADMINISTRATOR	 	 	240	 
	 	 	 
	 	 	 	 
	Section 8.01.	 	Duties of the Trustee and Trust Administrator
	 	 	240	 
	Section 8.02.	 	Certain Matters Affecting the Trustee and the Trust Administrator
	 	 	241	 
	Section 8.03.	 	Neither the Trustee Nor the Trust Administrator Liable for Certificates or
Mortgage Loans
	 	 	243	 
	Section 8.04.	 	Trustee and Trust Administrator May Own Certificates
	 	 	244	 
	Section 8.05.	 	Fees and Expenses of the Trustee and Trust Administrator
	 	 	244	 
	Section 8.06.	 	Eligibility Requirements for the Trustee and Trust Administrator
	 	 	245	 
	Section 8.07.	 	Resignation and Removal of the Trustee or Trust Administrator
	 	 	245	 
	Section 8.08.	 	Successor Trustee or Trust Administrator
	 	 	246	 
	Section 8.09.	 	Merger or Consolidation of the Trustee or the Trust Administrator
	 	 	247	 
	Section 8.10.	 	Appointment of Co-Trustee or Separate Trustee.
	 	 	247	 
	Section 8.11.	 	Representations and Warranties of the Trustee and Trust Administrator
	 	 	248	 
	 	 	 
	 	 	 	 
	ARTICLE IX TERMINATION	 	 	249	 
	 	 	 
	 	 	 	 
	Section 9.01.	 	Termination upon Liquidation or Purchase of the Mortgage Loans
	 	 	249	 
	Section 9.02.	 	Final Distribution on the Certificates
	 	 	250	 
	Section 9.03.	 	Additional Termination Requirements
	 	 	251	 
	 	 	 
	 	 	 	 
	ARTICLE X MISCELLANEOUS PROVISIONS	 	 	252	 
	 	 	 
	 	 	 	 
	Section 10.01.	 	Amendment
	 	 	252	 
	Section 10.02.	 	Recordation of Agreement; Counterparts
	 	 	254	 
	Section 10.03.	 	Governing Law
	 	 	254	 
	Section 10.04.	 	Intention of Parties
	 	 	254	 
	Section 10.05.	 	Notices
	 	 	255	 
	Section 10.06.	 	Severability of Provisions
	 	 	256	 
	Section 10.07.	 	Assignment; Sales; Advance Facilities
	 	 	256	 
	Section 10.08.	 	Limitation on Rights of Certificateholders
	 	 	258	 
	Section 10.09.	 	Inspection and Audit Rights
	 	 	259	 
	Section 10.10.	 	Certificates Nonassessable and Fully Paid
	 	 	259	 
	Section 10.11.	 	Waiver of Jury Trial
	 	 	259	 
	Section 10.12.	 	Benefit of Agreement
	 	 	259	 
	 	 	 
	 	 	 	 
	ARTICLE XI REMIC PROVISIONS	 	 	259	 
	 	 	 
	 	 	 	 
	Section 11.01.	 	REMIC Administration
	 	 	260	 
	Section 11.02.	 	Prohibited Transactions and Activities
	 	 	265	 

					
	 	 	 	 	 
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	 	 	 	 	PAGE	 
	Section 11.03.	 	Indemnification
	 	 	265	 
	 	 	 
	 	 	 	 
	SCHEDULES	 	 	 	 
	 	 	 
	 	 	 	 
	Schedule I	 	Pool I Mortgage Loan Schedule
	 	 	 	 
	Schedule II	 	Pool II Mortgage Loan Schedule
	 	 	 	 
	Schedule III	 	Reserved
	 	 	 	 
	Schedule IV	 	Representations and Warranties of Fremont Investment & Loan as to the Mortgage Loans
	 	 	 	 
	 	 	 
	 	 	 	 
	EXHIBITS
	 	 	 	 
	 	 	 
	 	 	 	 
	Exhibit A	 	Form of Class A, Class SL-A, Class M, Class SL-M and Class B Certificates
	 	 	 	 
	Exhibit B	 	Form of Class P Certificate
	 	 	 	 
	Exhibit C	 	Form of Class [R][RX] Certificate
	 	 	 	 
	Exhibit D	 	Form of Class C and Class SL-C Certificates
	 	 	 	 
	Exhibit E	 	Form of Initial Certification of Trust Administrator
	 	 	 	 
	Exhibit F	 	Form of Document Certification and Exception Report of Trust Administrator
	 	 	 	 
	Exhibit G	 	Form of Residual Transfer Affidavit and Agreement
	 	 	 	 
	Exhibit H	 	Form of Transferor Certificate
	 	 	 	 
	Exhibit I	 	Form of Rule 144A Letter
	 	 	 	 
	Exhibit J	 	Form of Request for Release
	 	 	 	 
	Exhibit K	 	Form of Contents for Each Mortgage File
	 	 	 	 
	Exhibit L	 	Power of Attorney
	 	 	 	 
	Exhibit M	 	Form of Trust Administrator Certification
	 	 	 	 
	Exhibit N	 	Form of Servicer Certification
	 	 	 	 
	Exhibit O	 	Purchase Agreement
	 	 	 	 
	Exhibit P	 	Standard & Poor’s LEVELS® Glossary
	 	 	 	 
	Exhibit Q	 	Form of Calculation of Realized Loss
	 	 	 	 
	Exhibit R	 	Relevant Servicing Criteria
	 	 	 	 
	Exhibit S	 	Additional Form 10-D Disclosure
	 	 	 	 
	Exhibit T	 	Additional Form 10-K Disclosure
	 	 	 	 
	Exhibit U	 	Form 8-K Disclosure Information
	 	 	 	 
	Exhibit V	 	Additional Disclosure Notification
	 	 	 	 

					
	 	 	 	 	 
	Fremont 2006-B

Pooling & Servicing Agreement
	 	 
	 	 

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     THIS POOLING AND SERVICING AGREEMENT, dated as of August 1, 2006, among FREMONT MORTGAGE
SECURITIES CORPORATION, as depositor (the “Depositor”), FREMONT INVESTMENT & LOAN, as
originator and servicer (the “Originator” and the “Servicer”, as applicable; and
together “Fremont”), and WELLS FARGO BANK, N.A., as master servicer and trust administrator
(the “Master Servicer” and “Trust Administrator” in such capacities, respectively),
and HSBC BANK USA, NATIONAL ASSOCIATION, as trustee (the “Trustee”),

W I T N E S S E T H:

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

PRELIMINARY STATEMENT

     The Issuing Entity 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 thirty-two Classes of Certificates, designated as (i) the Class 1-A
Certificates, (ii) the Class 2-A-1, Class 2-A-2, Class 2-A-3 and Class 2-A-4 Certificates, (iii)
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 and Class M-11 Certificates, (iv) the Class SL-A Certificates, (v) the Class SL-M1,
Class SL-M2, Class SL-M3, Class SL-M4, Class SL-M5, Class SL-M6, Class SL-M7, Class SL-M8 and Class
SL-M9 Certificates, (vi) the Class SL-B1 Certificates, (vii) the Class C Certificates, (viii) the
Class SL-C Certificates, (ix) the Class P Certificates and (x) the Class R and Class RX
Certificates. The descriptions of each REMIC that follow are part of the Preliminary Statement.
Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement
shall be resolved in a manner that preserves the validity of such REMIC elections described below.

REMIC I

     As provided herein, the Trust Administrator will make an election to treat the assets of the
portion of the Trust Fund related to the Pool I Mortgage Loans (exclusive of the Interest Coverage
Account, the Pool I Swap Agreement, the Pool I Swap Account and the Pool I Net WAC Rate Carryover
Reserve Account and any Servicer Prepayment Payment Amounts) as a real estate mortgage investment
conduit (a “REMIC”) for federal income tax purposes, and such segregated pool of assets
will be designated as “REMIC I.” The Class R-I Interest will represent the sole class of “residual
interests” in REMIC I for purposes of the REMIC Provisions under federal income tax law. Interest
on all Classes of REMIC I Regular Interests will be calculated on the basis of a 360-day year
consisting of twelve 30-day months.

     The following table irrevocably sets forth the designation, the Uncertificated REMIC I
Pass-Through Rate, the initial Uncertificated Balance, and solely for purposes of satisfying
Treasury Regulations Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of
the REMIC I Interests. None of the REMIC I Regular Interests shall be certificated.

Fremont 2006-B

Pooling & Servicing Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	Initial Uncertificated	 	Uncertificated REMIC	 	Latest Possible
	Designation	 	Balance	 	I Pass-Through Rate	 	Maturity Date(1)
	1-IML

	 	$	215,406,009.00	 	 	Variable (2)
	 	August 2036
	2-IML

	 	$	788,223,068.00	 	 	Variable (2)
	 	August 2036

 

			
	(1)	 	For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
Distribution Date immediately following the maturity date for the Mortgage Loan with the
latest maturity date has been designated as the “latest possible maturity date” for each REMIC
I Regular Interest.
	 
	(2)	 	Calculated in accordance with the definition of “Uncertificated REMIC I Pass-Through
Rate” herein.

Fremont 2006-B

Pooling & Servicing Agreement

2

 

REMIC II

     As provided herein, the Trust Administrator 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 II.” The Class R-II Interest shall
evidence the sole class of “residual interests” in REMIC II for purposes of the REMIC Provisions.
The following table irrevocably sets forth the designation, the Uncertificated REMIC II
Pass-Through Rate, the initial Uncertificated 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
II Regular Interests (as defined herein). None of the REMIC II Regular Interests shall be
certificated.

	 	 	 	 	 	 	 	 	 
	 	 	Initial Uncertificated	 	Uncertificated REMIC	 	Latest Possible
	Designation	 	Balance	 	II Pass-Through Rate	 	Maturity Date(1)
	I

	 	$	4,308,226.31	 	 	Variable (2)
	 	August 2036
	I-1-A

	 	$	667,630.36	 	 	Variable (2)
	 	August 2036
	I-1-B

	 	$	667,630.36	 	 	Variable (2)
	 	August 2036
	I-2-A

	 	$	798,749.82	 	 	Variable (2)
	 	August 2036
	I-2-B

	 	$	798,749.82	 	 	Variable (2)
	 	August 2036
	I-3-A

	 	$	928,939.13	 	 	Variable (2)
	 	August 2036
	I-3-B

	 	$	928,939.13	 	 	Variable (2)
	 	August 2036
	I-4-A

	 	$	1,057,714.60	 	 	Variable (2)
	 	August 2036
	I-4-B

	 	$	1,057,714.60	 	 	Variable (2)
	 	August 2036
	I-5-A

	 	$	1,184,586.58	 	 	Variable (2)
	 	August 2036
	I-5-B

	 	$	1,184,586.58	 	 	Variable (2)
	 	August 2036
	I-6-A

	 	$	1,309,066.82	 	 	Variable (2)
	 	August 2036
	I-6-B

	 	$	1,309,066.82	 	 	Variable (2)
	 	August 2036
	I-7-A

	 	$	1,430,667.57	 	 	Variable (2)
	 	August 2036
	I-7-B

	 	$	1,430,667.57	 	 	Variable (2)
	 	August 2036
	I-8-A

	 	$	1,548,907.52	 	 	Variable (2)
	 	August 2036
	I-8-B

	 	$	1,548,907.52	 	 	Variable (2)
	 	August 2036
	I-9-A

	 	$	1,663,312.62	 	 	Variable (2)
	 	August 2036
	I-9-B

	 	$	1,663,312.62	 	 	Variable (2)
	 	August 2036
	I-10-A

	 	$	1,773,278.43	 	 	Variable (2)
	 	August 2036
	I-10-B

	 	$	1,773,278.43	 	 	Variable (2)
	 	August 2036
	I-11-A

	 	$	1,859,975.71	 	 	Variable (2)
	 	August 2036
	I-11-B

	 	$	1,859,975.71	 	 	Variable (2)
	 	August 2036
	I-12-A

	 	$	1,929,480.29	 	 	Variable (2)
	 	August 2036
	I-12-B

	 	$	1,929,480.29	 	 	Variable (2)
	 	August 2036
	I-13-A

	 	$	1,995,039.48	 	 	Variable (2)
	 	August 2036
	I-13-B

	 	$	1,995,039.48	 	 	Variable (2)
	 	August 2036
	I-14-A

	 	$	2,056,365.96	 	 	Variable (2)
	 	August 2036

Fremont 2006-B

Pooling & Servicing Agreement

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	 	 	Initial Uncertificated	 	Uncertificated REMIC	 	Latest Possible
	Designation	 	Balance	 	II Pass-Through Rate	 	Maturity Date(1)
	I-14-B

	 	$	2,056,365.96	 	 	Variable (2)
	 	August 2036
	I-15-A

	 	$	2,113,189.83	 	 	Variable (2)
	 	August 2036
	I-15-B

	 	$	2,113,189.83	 	 	Variable (2)
	 	August 2036
	I-16-A

	 	$	2,165,262.39	 	 	Variable (2)
	 	August 2036
	I-16-B

	 	$	2,165,262.39	 	 	Variable (2)
	 	August 2036
	I-17-A

	 	$	2,212,356.67	 	 	Variable (2)
	 	August 2036
	I-17-B

	 	$	2,212,356.67	 	 	Variable (2)
	 	August 2036
	I-18-A

	 	$	2,254,270.40	 	 	Variable (2)
	 	August 2036
	I-18-B

	 	$	2,254,270.40	 	 	Variable (2)
	 	August 2036
	I-19-A

	 	$	2,290,826.76	 	 	Variable (2)
	 	August 2036
	I-19-B

	 	$	2,290,826.76	 	 	Variable (2)
	 	August 2036
	I-20-A

	 	$	2,360,214.90	 	 	Variable (2)
	 	August 2036
	I-20-B

	 	$	2,360,214.90	 	 	Variable (2)
	 	August 2036
	I-21-A

	 	$	2,650,803.91	 	 	Variable (2)
	 	August 2036
	I-21-B

	 	$	2,650,803.91	 	 	Variable (2)
	 	August 2036
	I-22-A

	 	$	52,979,235.62	 	 	Variable (2)
	 	August 2036
	I-22-B

	 	$	52,979,235.62	 	 	Variable (2)
	 	August 2036
	I-23-A

	 	$	2,351,479.04	 	 	Variable (2)
	 	August 2036
	I-23-B

	 	$	2,351,479.04	 	 	Variable (2)
	 	August 2036
	I-24-A

	 	$	318,586.31	 	 	Variable (2)
	 	August 2036
	I-24-B

	 	$	318,586.31	 	 	Variable (2)
	 	August 2036
	I-25-A

	 	$	311,278.80	 	 	Variable (2)
	 	August 2036
	I-25-B

	 	$	311,278.80	 	 	Variable (2)
	 	August 2036
	I-26-A

	 	$	304,141.91	 	 	Variable (2)
	 	August 2036
	I-26-B

	 	$	304,141.91	 	 	Variable (2)
	 	August 2036
	I-27-A

	 	$	297,171.09	 	 	Variable (2)
	 	August 2036
	I-27-B

	 	$	297,171.09	 	 	Variable (2)
	 	August 2036
	I-28-A

	 	$	290,363.38	 	 	Variable (2)
	 	August 2036
	I-28-B

	 	$	290,363.38	 	 	Variable (2)
	 	August 2036
	I-29-A

	 	$	283,713.43	 	 	Variable (2)
	 	August 2036
	I-29-B

	 	$	283,713.43	 	 	Variable (2)
	 	August 2036
	I-30-A

	 	$	277,218.82	 	 	Variable (2)
	 	August 2036
	I-30-B

	 	$	277,218.82	 	 	Variable (2)
	 	August 2036
	I-31-A

	 	$	328,050.03	 	 	Variable (2)
	 	August 2036
	I-31-B

	 	$	328,050.03	 	 	Variable (2)
	 	August 2036
	I-32-A

	 	$	262,617.46	 	 	Variable (2)
	 	August 2036
	I-32-B

	 	$	262,617.46	 	 	Variable (2)
	 	August 2036
	I-33-A

	 	$	302,627.18	 	 	Variable (2)
	 	August 2036
	I-33-B

	 	$	302,627.18	 	 	Variable (2)
	 	August 2036

Fremont 2006-B

Pooling & Servicing Agreement

4

 

	 	 	 	 	 	 	 	 	 
	 	 	Initial Uncertificated	 	Uncertificated REMIC	 	Latest Possible
	Designation	 	Balance	 	II Pass-Through Rate	 	Maturity Date(1)
	I-34-A

	 	$	304,837.30	 	 	Variable (2)
	 	August 2036
	I-34-B

	 	$	304,837.30	 	 	Variable (2)
	 	August 2036
	I-35-A

	 	$	413,771.83	 	 	Variable (2)
	 	August 2036
	I-35-B

	 	$	413,771.83	 	 	Variable (2)
	 	August 2036
	I-36-A

	 	$	229,891.66	 	 	Variable (2)
	 	August 2036
	I-36-B

	 	$	229,891.66	 	 	Variable (2)
	 	August 2036
	I-37-A

	 	$	224,789.17	 	 	Variable (2)
	 	August 2036
	I-37-B

	 	$	224,789.17	 	 	Variable (2)
	 	August 2036
	I-38-A

	 	$	219,799.62	 	 	Variable (2)
	 	August 2036
	I-38-B

	 	$	219,799.62	 	 	Variable (2)
	 	August 2036
	I-39-A

	 	$	214,920.88	 	 	Variable (2)
	 	August 2036
	I-39-B

	 	$	214,920.88	 	 	Variable (2)
	 	August 2036
	I-40-A

	 	$	210,149.99	 	 	Variable (2)
	 	August 2036
	I-40-B

	 	$	210,149.99	 	 	Variable (2)
	 	August 2036
	I-41-A

	 	$	205,484.53	 	 	Variable (2)
	 	August 2036
	I-41-B

	 	$	205,484.53	 	 	Variable (2)
	 	August 2036
	I-42-A

	 	$	200,922.63	 	 	Variable (2)
	 	August 2036
	I-42-B

	 	$	200,922.63	 	 	Variable (2)
	 	August 2036
	I-43-A

	 	$	196,461.88	 	 	Variable (2)
	 	August 2036
	I-43-B

	 	$	196,461.88	 	 	Variable (2)
	 	August 2036
	I-44-A

	 	$	192,099.85	 	 	Variable (2)
	 	August 2036
	I-44-B

	 	$	192,099.85	 	 	Variable (2)
	 	August 2036
	I-45-A

	 	$	187,834.14	 	 	Variable (2)
	 	August 2036
	I-45-B

	 	$	187,834.14	 	 	Variable (2)
	 	August 2036
	I-46-A

	 	$	183,663.13	 	 	Variable (2)
	 	August 2036
	I-46-B

	 	$	183,663.13	 	 	Variable (2)
	 	August 2036
	I-47-A

	 	$	179,584.14	 	 	Variable (2)
	 	August 2036
	I-47-B

	 	$	179,584.14	 	 	Variable (2)
	 	August 2036
	I-48-A

	 	$	175,595.83	 	 	Variable (2)
	 	August 2036
	I-48-B

	 	$	175,595.83	 	 	Variable (2)
	 	August 2036
	I-49-A

	 	$	171,695.79	 	 	Variable (2)
	 	August 2036
	I-49-B

	 	$	171,695.79	 	 	Variable (2)
	 	August 2036
	I-50-A

	 	$	167,881.59	 	 	Variable (2)
	 	August 2036
	I-50-B

	 	$	167,881.59	 	 	Variable (2)
	 	August 2036
	I-51-A

	 	$	164,152.45	 	 	Variable (2)
	 	August 2036
	I-51-B

	 	$	164,152.45	 	 	Variable (2)
	 	August 2036
	I-52-A

	 	$	160,505.40	 	 	Variable (2)
	 	August 2036
	I-52-B

	 	$	160,505.40	 	 	Variable (2)
	 	August 2036
	I-53-A

	 	$	156,939.37	 	 	Variable (2)
	 	August 2036

Fremont 2006-B

Pooling & Servicing Agreement

5

 

	 	 	 	 	 	 	 	 	 
	 	 	Initial Uncertificated	 	Uncertificated REMIC	 	Latest Possible
	Designation	 	Balance	 	II Pass-Through Rate	 	Maturity Date(1)
	I-53-B

	 	$	156,939.37	 	 	Variable (2)
	 	August 2036
	I-54-A

	 	$	153,451.95	 	 	Variable (2)
	 	August 2036
	I-54-B

	 	$	153,451.95	 	 	Variable (2)
	 	August 2036
	I-55-A

	 	$	150,041.79	 	 	Variable (2)
	 	August 2036
	I-55-B

	 	$	150,041.79	 	 	Variable (2)
	 	August 2036
	I-56-A

	 	$	147,950.78	 	 	Variable (2)
	 	August 2036
	I-56-B

	 	$	147,950.78	 	 	Variable (2)
	 	August 2036
	I-57-A

	 	$	156,110.37	 	 	Variable (2)
	 	August 2036
	I-57-B

	 	$	156,110.37	 	 	Variable (2)
	 	August 2036
	I-58-A

	 	$	139,759.27	 	 	Variable (2)
	 	August 2036
	I-58-B

	 	$	139,759.27	 	 	Variable (2)
	 	August 2036
	I-59-A

	 	$	160,449.33	 	 	Variable (2)
	 	August 2036
	I-59-B

	 	$	160,449.33	 	 	Variable (2)
	 	August 2036
	I-60-A

	 	$	132,775.84	 	 	Variable (2)
	 	August 2036
	I-60-B

	 	$	132,775.84	 	 	Variable (2)
	 	August 2036
	I-61-A

	 	$	129,841.09	 	 	Variable (2)
	 	August 2036
	I-61-B

	 	$	129,841.09	 	 	Variable (2)
	 	August 2036
	I-62-A

	 	$	126,970.72	 	 	Variable (2)
	 	August 2036
	I-62-B

	 	$	126,970.72	 	 	Variable (2)
	 	August 2036
	I-63-A

	 	$	124,163.13	 	 	Variable (2)
	 	August 2036
	I-63-B

	 	$	124,163.13	 	 	Variable (2)
	 	August 2036
	I-64-A

	 	$	121,417.24	 	 	Variable (2)
	 	August 2036
	I-64-B

	 	$	121,417.24	 	 	Variable (2)
	 	August 2036
	I-65-A

	 	$	118,731.45	 	 	Variable (2)
	 	August 2036
	I-65-B

	 	$	118,731.45	 	 	Variable (2)
	 	August 2036
	I-66-A

	 	$	116,104.41	 	 	Variable (2)
	 	August 2036
	I-66-B

	 	$	116,104.41	 	 	Variable (2)
	 	August 2036
	I-67-A

	 	$	113,535.06	 	 	Variable (2)
	 	August 2036
	I-67-B

	 	$	113,535.06	 	 	Variable (2)
	 	August 2036
	I-68-A

	 	$	111,022.04	 	 	Variable (2)
	 	August 2036
	I-68-B

	 	$	111,022.04	 	 	Variable (2)
	 	August 2036
	I-69-A

	 	$	108,564.29	 	 	Variable (2)
	 	August 2036
	I-69-B

	 	$	108,564.29	 	 	Variable (2)
	 	August 2036
	I-70-A

	 	$	106,160.20	 	 	Variable (2)
	 	August 2036
	I-70-B

	 	$	106,160.20	 	 	Variable (2)
	 	August 2036
	I-71-A

	 	$	103,808.96	 	 	Variable (2)
	 	August 2036
	I-71-B

	 	$	103,808.96	 	 	Variable (2)
	 	August 2036
	I-72-A

	 	$	4,509,929.43	 	 	Variable (2)
	 	August 2036
	I-72-B

	 	$	4,509,929.43	 	 	Variable (2)
	 	August 2036

Fremont 2006-B

Pooling & Servicing Agreement

6

 

	 	 	 	 	 	 	 	 	 
	 	 	Initial Uncertificated	 	Uncertificated REMIC	 	Latest Possible
	Designation	 	Balance	 	II Pass-Through Rate	 	Maturity Date(1)
	II

	 	$	15,764,850.48	 	 	Variable (2)
	 	August 2036
	II-1-A

	 	$	2,443,022.14	 	 	Variable (2)
	 	August 2036
	II-1-B

	 	$	2,443,022.14	 	 	Variable (2)
	 	August 2036
	II-2-A

	 	$	2,922,820.19	 	 	Variable (2)
	 	August 2036
	II-2-B

	 	$	2,922,820.19	 	 	Variable (2)
	 	August 2036
	II-3-A

	 	$	3,399,214.62	 	 	Variable (2)
	 	August 2036
	II-3-B

	 	$	3,399,214.62	 	 	Variable (2)
	 	August 2036
	II-4-A

	 	$	3,870,435.41	 	 	Variable (2)
	 	August 2036
	II-4-B

	 	$	3,870,435.41	 	 	Variable (2)
	 	August 2036
	II-5-A

	 	$	4,334,690.92	 	 	Variable (2)
	 	August 2036
	II-5-B

	 	$	4,334,690.92	 	 	Variable (2)
	 	August 2036
	II-6-A

	 	$	4,790,194.44	 	 	Variable (2)
	 	August 2036
	II-6-B

	 	$	4,790,194.44	 	 	Variable (2)
	 	August 2036
	II-7-A

	 	$	5,235,161.19	 	 	Variable (2)
	 	August 2036
	II-7-B

	 	$	5,235,161.19	 	 	Variable (2)
	 	August 2036
	II-8-A

	 	$	5,667,829.99	 	 	Variable (2)
	 	August 2036
	II-8-B

	 	$	5,667,829.99	 	 	Variable (2)
	 	August 2036
	II-9-A

	 	$	6,086,466.13	 	 	Variable (2)
	 	August 2036
	II-9-B

	 	$	6,086,466.13	 	 	Variable (2)
	 	August 2036
	II-10-A

	 	$	6,488,857.83	 	 	Variable (2)
	 	August 2036
	II-10-B

	 	$	6,488,857.83	 	 	Variable (2)
	 	August 2036
	II-11-A

	 	$	6,806,104.30	 	 	Variable (2)
	 	August 2036
	II-11-B

	 	$	6,806,104.30	 	 	Variable (2)
	 	August 2036
	II-12-A

	 	$	7,060,438.47	 	 	Variable (2)
	 	August 2036
	II-12-B

	 	$	7,060,438.47	 	 	Variable (2)
	 	August 2036
	II-13-A

	 	$	7,300,335.53	 	 	Variable (2)
	 	August 2036
	II-13-B

	 	$	7,300,335.53	 	 	Variable (2)
	 	August 2036
	II-14-A

	 	$	7,524,744.05	 	 	Variable (2)
	 	August 2036
	II-14-B

	 	$	7,524,744.05	 	 	Variable (2)
	 	August 2036
	II-15-A

	 	$	7,732,676.43	 	 	Variable (2)
	 	August 2036
	II-15-B

	 	$	7,732,676.43	 	 	Variable (2)
	 	August 2036
	II-16-A

	 	$	7,923,222.62	 	 	Variable (2)
	 	August 2036
	II-16-B

	 	$	7,923,222.62	 	 	Variable (2)
	 	August 2036
	II-17-A

	 	$	8,095,552.09	 	 	Variable (2)
	 	August 2036
	II-17-B

	 	$	8,095,552.09	 	 	Variable (2)
	 	August 2036
	II-18-A

	 	$	8,248,924.61	 	 	Variable (2)
	 	August 2036
	II-18-B

	 	$	8,248,924.61	 	 	Variable (2)
	 	August 2036
	II-19-A

	 	$	8,382,693.25	 	 	Variable (2)
	 	August 2036
	II-19-B

	 	$	8,382,693.25	 	 	Variable (2)
	 	August 2036

Fremont 2006-B

Pooling & Servicing Agreement

7

 

	 	 	 	 	 	 	 	 	 
	 	 	Initial Uncertificated	 	Uncertificated REMIC	 	Latest Possible
	Designation	 	Balance	 	II Pass-Through Rate	 	Maturity Date(1)
	II-20-A

	 	$	8,636,601.36	 	 	Variable (2)
	 	August 2036
	II-20-B

	 	$	8,636,601.36	 	 	Variable (2)
	 	August 2036
	II-21-A

	 	$	9,699,937.35	 	 	Variable (2)
	 	August 2036
	II-21-B

	 	$	9,699,937.35	 	 	Variable (2)
	 	August 2036
	II-22-A

	 	$	193,863,930.88	 	 	Variable (2)
	 	August 2036
	II-22-B

	 	$	193,863,930.88	 	 	Variable (2)
	 	August 2036
	II-23-A

	 	$	8,604,634.72	 	 	Variable (2)
	 	August 2036
	II-23-B

	 	$	8,604,634.72	 	 	Variable (2)
	 	August 2036
	II-24-A

	 	$	1,165,784.94	 	 	Variable (2)
	 	August 2036
	II-24-B

	 	$	1,165,784.94	 	 	Variable (2)
	 	August 2036
	II-25-A

	 	$	1,139,044.96	 	 	Variable (2)
	 	August 2036
	II-25-B

	 	$	1,139,044.96	 	 	Variable (2)
	 	August 2036
	II-26-A

	 	$	1,112,929.34	 	 	Variable (2)
	 	August 2036
	II-26-B

	 	$	1,112,929.34	 	 	Variable (2)
	 	August 2036
	II-27-A

	 	$	1,087,421.41	 	 	Variable (2)
	 	August 2036
	II-27-B

	 	$	1,087,421.41	 	 	Variable (2)
	 	August 2036
	II-28-A

	 	$	1,062,510.37	 	 	Variable (2)
	 	August 2036
	II-28-B

	 	$	1,062,510.37	 	 	Variable (2)
	 	August 2036
	II-29-A

	 	$	1,038,176.57	 	 	Variable (2)
	 	August 2036
	II-29-B

	 	$	1,038,176.57	 	 	Variable (2)
	 	August 2036
	II-30-A

	 	$	1,014,411.19	 	 	Variable (2)
	 	August 2036
	II-30-B

	 	$	1,014,411.19	 	 	Variable (2)
	 	August 2036
	II-31-A

	 	$	1,200,414.97	 	 	Variable (2)
	 	August 2036
	II-31-B

	 	$	1,200,414.97	 	 	Variable (2)
	 	August 2036
	II-32-A

	 	$	960,981.29	 	 	Variable (2)
	 	August 2036
	II-32-B

	 	$	960,981.29	 	 	Variable (2)
	 	August 2036
	II-33-A

	 	$	1,107,386.57	 	 	Variable (2)
	 	August 2036
	II-33-B

	 	$	1,107,386.57	 	 	Variable (2)
	 	August 2036
	II-34-A

	 	$	1,115,473.95	 	 	Variable (2)
	 	August 2036
	II-34-B

	 	$	1,115,473.95	 	 	Variable (2)
	 	August 2036
	II-35-A

	 	$	1,514,091.93	 	 	Variable (2)
	 	August 2036
	II-35-B

	 	$	1,514,091.93	 	 	Variable (2)
	 	August 2036
	II-36-A

	 	$	841,229.59	 	 	Variable (2)
	 	August 2036
	II-36-B

	 	$	841,229.59	 	 	Variable (2)
	 	August 2036
	II-37-A

	 	$	822,558.33	 	 	Variable (2)
	 	August 2036
	II-37-B

	 	$	822,558.33	 	 	Variable (2)
	 	August 2036
	II-38-A

	 	$	804,300.38	 	 	Variable (2)
	 	August 2036
	II-38-B

	 	$	804,300.38	 	 	Variable (2)
	 	August 2036
	II-39-A

	 	$	786,447.87	 	 	Variable (2)
	 	August 2036

Fremont 2006-B

Pooling & Servicing Agreement

8

 

	 	 	 	 	 	 	 	 	 
	 	 	Initial Uncertificated	 	Uncertificated REMIC	 	Latest Possible
	Designation	 	Balance	 	II Pass-Through Rate	 	Maturity Date(1)
	II-39-B

	 	$	786,447.87	 	 	Variable (2)
	 	August 2036
	II-40-A

	 	$	768,990.01	 	 	Variable (2)
	 	August 2036
	II-40-B

	 	$	768,990.01	 	 	Variable (2)
	 	August 2036
	II-41-A

	 	$	751,917.97	 	 	Variable (2)
	 	August 2036
	II-41-B

	 	$	751,917.97	 	 	Variable (2)
	 	August 2036
	II-42-A

	 	$	735,224.87	 	 	Variable (2)
	 	August 2036
	II-42-B

	 	$	735,224.87	 	 	Variable (2)
	 	August 2036
	II-43-A

	 	$	718,901.87	 	 	Variable (2)
	 	August 2036
	II-43-B

	 	$	718,901.87	 	 	Variable (2)
	 	August 2036
	II-44-A

	 	$	702,940.15	 	 	Variable (2)
	 	August 2036
	II-44-B

	 	$	702,940.15	 	 	Variable (2)
	 	August 2036
	II-45-A

	 	$	687,330.87	 	 	Variable (2)
	 	August 2036
	II-45-B

	 	$	687,330.87	 	 	Variable (2)
	 	August 2036
	II-46-A

	 	$	672,068.12	 	 	Variable (2)
	 	August 2036
	II-46-B

	 	$	672,068.12	 	 	Variable (2)
	 	August 2036
	II-47-A

	 	$	657,142.11	 	 	Variable (2)
	 	August 2036
	II-47-B

	 	$	657,142.11	 	 	Variable (2)
	 	August 2036
	II-48-A

	 	$	642,547.92	 	 	Variable (2)
	 	August 2036
	II-48-B

	 	$	642,547.92	 	 	Variable (2)
	 	August 2036
	II-49-A

	 	$	628,276.71	 	 	Variable (2)
	 	August 2036
	II-49-B

	 	$	628,276.71	 	 	Variable (2)
	 	August 2036
	II-50-A

	 	$	614,319.66	 	 	Variable (2)
	 	August 2036
	II-50-B

	 	$	614,319.66	 	 	Variable (2)
	 	August 2036
	II-51-A

	 	$	600,673.80	 	 	Variable (2)
	 	August 2036
	II-51-B

	 	$	600,673.80	 	 	Variable (2)
	 	August 2036
	II-52-A

	 	$	587,328.35	 	 	Variable (2)
	 	August 2036
	II-52-B

	 	$	587,328.35	 	 	Variable (2)
	 	August 2036
	II-53-A

	 	$	574,279.38	 	 	Variable (2)
	 	August 2036
	II-53-B

	 	$	574,279.38	 	 	Variable (2)
	 	August 2036
	II-54-A

	 	$	561,518.06	 	 	Variable (2)
	 	August 2036
	II-54-B

	 	$	561,518.06	 	 	Variable (2)
	 	August 2036
	II-55-A

	 	$	549,039.46	 	 	Variable (2)
	 	August 2036
	II-55-B

	 	$	549,039.46	 	 	Variable (2)
	 	August 2036
	II-56-A

	 	$	541,387.97	 	 	Variable (2)
	 	August 2036
	II-56-B

	 	$	541,387.97	 	 	Variable (2)
	 	August 2036
	II-57-A

	 	$	571,245.88	 	 	Variable (2)
	 	August 2036
	II-57-B

	 	$	571,245.88	 	 	Variable (2)
	 	August 2036
	II-58-A

	 	$	511,413.23	 	 	Variable (2)
	 	August 2036
	II-58-B

	 	$	511,413.23	 	 	Variable (2)
	 	August 2036

Fremont 2006-B

Pooling & Servicing Agreement

9

 

	 	 	 	 	 	 	 	 	 
	 	 	Initial Uncertificated	 	Uncertificated REMIC	 	Latest Possible
	Designation	 	Balance	 	II Pass-Through Rate	 	Maturity Date(1)
	II-59-A

	 	$	587,123.17	 	 	Variable (2)
	 	August 2036
	II-59-B

	 	$	587,123.17	 	 	Variable (2)
	 	August 2036
	II-60-A

	 	$	485,859.16	 	 	Variable (2)
	 	August 2036
	II-60-B

	 	$	485,859.16	 	 	Variable (2)
	 	August 2036
	II-61-A

	 	$	475,120.17	 	 	Variable (2)
	 	August 2036
	II-61-B

	 	$	475,120.17	 	 	Variable (2)
	 	August 2036
	II-62-A

	 	$	464,616.78	 	 	Variable (2)
	 	August 2036
	II-62-B

	 	$	464,616.78	 	 	Variable (2)
	 	August 2036
	II-63-A

	 	$	454,343.13	 	 	Variable (2)
	 	August 2036
	II-63-B

	 	$	454,343.13	 	 	Variable (2)
	 	August 2036
	II-64-A

	 	$	444,295.26	 	 	Variable (2)
	 	August 2036
	II-64-B

	 	$	444,295.26	 	 	Variable (2)
	 	August 2036
	II-65-A

	 	$	434,467.30	 	 	Variable (2)
	 	August 2036
	II-65-B

	 	$	434,467.30	 	 	Variable (2)
	 	August 2036
	II-66-A

	 	$	424,854.34	 	 	Variable (2)
	 	August 2036
	II-66-B

	 	$	424,854.34	 	 	Variable (2)
	 	August 2036
	II-67-A

	 	$	415,452.44	 	 	Variable (2)
	 	August 2036
	II-67-B

	 	$	415,452.44	 	 	Variable (2)
	 	August 2036
	II-68-A

	 	$	406,256.71	 	 	Variable (2)
	 	August 2036
	II-68-B

	 	$	406,256.71	 	 	Variable (2)
	 	August 2036
	II-69-A

	 	$	397,263.21	 	 	Variable (2)
	 	August 2036
	II-69-B

	 	$	397,263.21	 	 	Variable (2)
	 	August 2036
	II-70-A

	 	$	388,466.05	 	 	Variable (2)
	 	August 2036
	II-70-B

	 	$	388,466.05	 	 	Variable (2)
	 	August 2036
	II-71-A

	 	$	379,862.29	 	 	Variable (2)
	 	August 2036
	II-71-B

	 	$	379,862.29	 	 	Variable (2)
	 	August 2036
	II-72-A

	 	$	16,502,930.59	 	 	Variable (2)
	 	August 2036
	II-72-B

	 	$	16,502,930.59	 	 	Variable (2)
	 	August 2036

 

			
	(1)	 	For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
Distribution Date immediately following the maturity date for the Mortgage Loan with the
latest maturity date has been designated as the “latest possible maturity date” for each REMIC
II Regular Interest.
	 
	(2)	 	Calculated in accordance with the definition of “Uncertificated REMIC II
Pass-Through Rate” herein.

Fremont 2006-B

Pooling & Servicing Agreement

10

 

REMIC III

     As provided herein, the Trust Administrator shall elect to treat the segregated pool of assets
consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such
segregated pool of assets shall be designated as “REMIC III.” The Class R-III Interest shall
evidence the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions.
The following table irrevocably sets forth the designation, the Uncertificated REMIC III
Pass-Through Rate, the initial Uncertificated 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
III Regular Interests (as defined herein). None of the REMIC III Regular Interests shall be
certificated.

	 	 	 	 	 	 	 	 	 
	 	 	Initial	 	Uncertificated	 	 
	 	 	Uncertificated	 	REMIC III Pass-	 	Latest Possible
	Designation	 	Balance	 	Through Rate	 	Maturity Date (1)
	LTI-AA

	 	$	491,778,148.73	 	 	Variable(2)
	 	August 2036
	LTI-1-A

	 	$	844,050.00	 	 	Variable(2)
	 	August 2036
	LTI-2-A-1

	 	$	1,083,620.00	 	 	Variable(2)
	 	August 2036
	LTI-2-A-2

	 	$	745,475.00	 	 	Variable(2)
	 	August 2036
	LTI-2-A-3

	 	$	921,375.00	 	 	Variable(2)
	 	August 2036
	LTI-2-A-4

	 	$	339,695.00	 	 	Variable(2)
	 	August 2036
	LTI-M-1

	 	$	225,815.00	 	 	Variable(2)
	 	August 2036
	LTI-M-2

	 	$	158,070.00	 	 	Variable(2)
	 	August 2036
	LTI-M-3

	 	$	92,835.00	 	 	Variable(2)
	 	August 2036
	LTI-M-4

	 	$	85,305.00	 	 	Variable(2)
	 	August 2036
	LTI-M-5

	 	$	80,290.00	 	 	Variable(2)
	 	August 2036
	LTI-M-6

	 	$	75,270.00	 	 	Variable(2)
	 	August 2036
	LTI-M-7

	 	$	72,760.00	 	 	Variable(2)
	 	August 2036
	LTI-M-8

	 	$	62,720.00	 	 	Variable(2)
	 	August 2036
	LTI-M-9

	 	$	47,670.00	 	 	Variable(2)
	 	August 2036
	LTI-M-10

	 	$	32,615.00	 	 	Variable(2)
	 	August 2036
	LTI-M-11

	 	$	50,215.00	 	 	Variable(2)
	 	August 2036
	LTI-ZZ

	 	$	5,118,509.77	 	 	Variable(2)
	 	August 2036
	LTI-P

	 	$	100.00	 	 	Variable(2)
	 	August 2036
	LTI-1-SUB

	 	$	4,659.60	 	 	Variable(2)
	 	August 2036
	LTI-1-GRP

	 	$	21,540.60	 	 	Variable(2)
	 	August 2036
	LTI-2-SUB

	 	$	17,019.01	 	 	Variable(2)
	 	August 2036
	LTI-2-GRP

	 	$	61,803.30	 	 	Variable(2)
	 	August 2036
	LTI-XX

	 	$	501,709,515.99	 	 	Variable(2)
	 	August 2036

 

			
	1)	 	For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
Distribution Date immediately following the maturity date for the Mortgage Loan with the
latest maturity date has been designated as the “latest possible maturity date” for each REMIC
III Regular Interest.
	 
	(2)	 	Calculated in accordance with the definition of “Uncertificated REMIC III
Pass-Through Rate” herein.
	 
	(3)	 	REMIC III Regular Interest LTI-IO will not have an Uncertificated Balance, but will
accrue interest on its Uncertificated Notional Amount.

Fremont 2006-B

Pooling & Servicing Agreement

11

 

REMIC IV

     As provided herein, the Trust Administrator will make an election to treat the assets of the
portion of the Trust Fund related to the Pool II Mortgage Loans (exclusive of the Interest Coverage
Account, Pool II Swap Agreement, the Pool II Swap Account and the Pool II Net WAC Rate Carryover
Reserve Account and any Servicer Prepayment Payment Amounts) as a REMIC for federal income tax
purposes, and such segregated pool of assets will be designated as “REMIC IV.” The Class R-IV
Interest will represent the sole class of “residual interests” in REMIC IV for purposes of the
REMIC Provisions under federal income tax law. Interest on all Classes of REMIC IV Regular
Interests will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

     The following table irrevocably sets forth the designation, the Uncertificated REMIC IV
Pass-Through Rate, the initial Uncertificated Balance, and solely for purposes of satisfying
Treasury Regulations Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of
the REMIC IV Interests. None of the REMIC IV Regular Interests shall be certificated.

	 	 	 	 	 	 	 	 	 
	 	 	Initial	 	 	 	 
	 	 	Uncertificated	 	Uncertificated REMIC IV	 	Latest Possible
	Designation	 	Balance	 	Pass-Through Rate	 	Maturity Date(1)
	ML
	 	$283,477,242
	 	 	Variable (2)	 	 	August 2036

 

			
	1)	 	For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
Distribution Date immediately following the maturity date for the Mortgage Loan with the
latest maturity date has been designated as the “latest possible maturity date” for each REMIC
IV Regular Interest.
	 
	(2)	 	Calculated in accordance with the definition of “Uncertificated REMIC IV
Pass-Through Rate” herein.

Fremont 2006-B

Pooling & Servicing Agreement

12

 

REMIC V

     As provided herein, the Trust Administrator shall elect to treat the segregated pool of assets
consisting of the REMIC IV Regular Interests as a REMIC for federal income tax purposes, and such
segregated pool of assets shall be designated as “REMIC V.” The Class R-V Interest shall evidence
the sole class of “residual interests” in REMIC V for purposes of the REMIC Provisions. The
following table irrevocably sets forth the designation, the Uncertificated REMIC V Pass-Through
Rate, the initial Uncertificated 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 V Regular
Interests (as defined herein). None of the REMIC V Regular Interests shall be certificated.

	 	 	 	 	 	 	 	 	 
	 	 	Initial Uncertificated	 	Uncertificated REMIC	 	Latest Possible
	Designation	 	Balance	 	V Pass-Through Rate	 	Maturity Date(1)
	III

	 	$	18,432,242.00	 	 	Variable (2)
	 	August 2036
	III-1-A

	 	$	1,207,000.00	 	 	Variable (2)
	 	August 2036
	III-1-B

	 	$	1,207,000.00	 	 	Variable (2)
	 	August 2036
	III-2-A

	 	$	1,878,000.00	 	 	Variable (2)
	 	August 2036
	III-2-B

	 	$	1,878,000.00	 	 	Variable (2)
	 	August 2036
	III-3-A

	 	$	2,054,500.00	 	 	Variable (2)
	 	August 2036
	III-3-B

	 	$	2,054,500.00	 	 	Variable (2)
	 	August 2036
	III-4-A

	 	$	2,230,500.00	 	 	Variable (2)
	 	August 2036
	III-4-B

	 	$	2,230,500.00	 	 	Variable (2)
	 	August 2036
	III-5-A

	 	$	2,400,500.00	 	 	Variable (2)
	 	August 2036
	III-5-B

	 	$	2,400,500.00	 	 	Variable (2)
	 	August 2036
	III-6-A

	 	$	2,566,500.00	 	 	Variable (2)
	 	August 2036
	III-6-B

	 	$	2,566,500.00	 	 	Variable (2)
	 	August 2036
	III-7-A

	 	$	2,607,500.00	 	 	Variable (2)
	 	August 2036
	III-7-B

	 	$	2,607,500.00	 	 	Variable (2)
	 	August 2036
	III-8-A

	 	$	2,758,000.00	 	 	Variable (2)
	 	August 2036
	III-8-B

	 	$	2,758,000.00	 	 	Variable (2)
	 	August 2036
	III-9-A

	 	$	2,905,500.00	 	 	Variable (2)
	 	August 2036
	III-9-B

	 	$	2,905,500.00	 	 	Variable (2)
	 	August 2036
	III-10-A

	 	$	3,044,000.00	 	 	Variable (2)
	 	August 2036
	III-10-B

	 	$	3,044,000.00	 	 	Variable (2)
	 	August 2036
	III-11-A

	 	$	3,176,500.00	 	 	Variable (2)
	 	August 2036
	III-11-B

	 	$	3,176,500.00	 	 	Variable (2)
	 	August 2036
	III-12-A

	 	$	3,297,500.00	 	 	Variable (2)
	 	August 2036
	III-12-B

	 	$	3,297,500.00	 	 	Variable (2)
	 	August 2036
	III-13-A

	 	$	3,152,000.00	 	 	Variable (2)
	 	August 2036
	III-13-B

	 	$	3,152,000.00	 	 	Variable (2)
	 	August 2036
	III-14-A

	 	$	3,126,500.00	 	 	Variable (2)
	 	August 2036

Fremont 2006-B

Pooling & Servicing Agreement

13

 

	 	 	 	 	 	 	 	 	 
	 	 	Initial Uncertificated	 	Uncertificated REMIC	 	Latest Possible
	Designation	 	Balance	 	V Pass-Through Rate	 	Maturity Date(1)
	III-14-B

	 	$	3,126,500.00	 	 	Variable (2)
	 	August 2036
	III-15-A

	 	$	3,232,000.00	 	 	Variable (2)
	 	August 2036
	III-15-B

	 	$	3,232,000.00	 	 	Variable (2)
	 	August 2036
	III-16-A

	 	$	3,327,500.00	 	 	Variable (2)
	 	August 2036
	III-16-B

	 	$	3,327,500.00	 	 	Variable (2)
	 	August 2036
	III-17-A

	 	$	3,411,000.00	 	 	Variable (2)
	 	August 2036
	III-17-B

	 	$	3,411,000.00	 	 	Variable (2)
	 	August 2036
	III-18-A

	 	$	3,303,000.00	 	 	Variable (2)
	 	August 2036
	III-18-B

	 	$	3,303,000.00	 	 	Variable (2)
	 	August 2036
	III-19-A

	 	$	3,198,000.00	 	 	Variable (2)
	 	August 2036
	III-19-B

	 	$	3,198,000.00	 	 	Variable (2)
	 	August 2036
	III-20-A

	 	$	3,096,000.00	 	 	Variable (2)
	 	August 2036
	III-20-B

	 	$	3,096,000.00	 	 	Variable (2)
	 	August 2036
	III-21-A

	 	$	2,998,500.00	 	 	Variable (2)
	 	August 2036
	III-21-B

	 	$	2,998,500.00	 	 	Variable (2)
	 	August 2036
	III-22-A

	 	$	2,912,000.00	 	 	Variable (2)
	 	August 2036
	III-22-B

	 	$	2,912,000.00	 	 	Variable (2)
	 	August 2036
	III-23-A

	 	$	5,417,500.00	 	 	Variable (2)
	 	August 2036
	III-23-B

	 	$	5,417,500.00	 	 	Variable (2)
	 	August 2036
	III-24-A

	 	$	5,084,000.00	 	 	Variable (2)
	 	August 2036
	III-24-B

	 	$	5,084,000.00	 	 	Variable (2)
	 	August 2036
	III-25-A

	 	$	4,606,000.00	 	 	Variable (2)
	 	August 2036
	III-25-B

	 	$	4,606,000.00	 	 	Variable (2)
	 	August 2036
	III-26-A

	 	$	4,292,500.00	 	 	Variable (2)
	 	August 2036
	III-26-B

	 	$	4,292,500.00	 	 	Variable (2)
	 	August 2036
	III-27-A

	 	$	3,997,000.00	 	 	Variable (2)
	 	August 2036
	III-27-B

	 	$	3,997,000.00	 	 	Variable (2)
	 	August 2036
	III-28-A

	 	$	3,716,000.00	 	 	Variable (2)
	 	August 2036
	III-28-B

	 	$	3,716,000.00	 	 	Variable (2)
	 	August 2036
	III-29-A

	 	$	1,820,500.00	 	 	Variable (2)
	 	August 2036
	III-29-B

	 	$	1,820,500.00	 	 	Variable (2)
	 	August 2036
	III-30-A

	 	$	1,740,500.00	 	 	Variable (2)
	 	August 2036
	III-30-B

	 	$	1,740,500.00	 	 	Variable (2)
	 	August 2036
	III-31A

	 	$	1,665,000.00	 	 	Variable (2)
	 	August 2036
	III-31-B

	 	$	1,665,000.00	 	 	Variable (2)
	 	August 2036
	III-32-A

	 	$	1,588,500.00	 	 	Variable (2)
	 	August 2036
	III-32-B

	 	$	1,588,500.00	 	 	Variable (2)
	 	August 2036
	III-33-A

	 	$	1,516,500.00	 	 	Variable (2)
	 	August 2036
	III-33-B

	 	$	1,516,500.00	 	 	Variable (2)
	 	August 2036

Fremont 2006-B

Pooling & Servicing Agreement

14

 

	 	 	 	 	 	 	 	 	 
	 	 	Initial Uncertificated	 	Uncertificated REMIC	 	Latest Possible
	Designation	 	Balance	 	V Pass-Through Rate	 	Maturity Date(1)
	III-34-A

	 	$	1,447,500.00	 	 	Variable (2)
	 	August 2036
	III-34-B

	 	$	1,447,500.00	 	 	Variable (2)
	 	August 2036
	III-35-A

	 	$	1,379,500.00	 	 	Variable (2)
	 	August 2036
	III-35-B

	 	$	1,379,500.00	 	 	Variable (2)
	 	August 2036
	III-36-A

	 	$	1,315,000.00	 	 	Variable (2)
	 	August 2036
	III-36-B

	 	$	1,315,000.00	 	 	Variable (2)
	 	August 2036
	III-37-A

	 	$	1,252,000.00	 	 	Variable (2)
	 	August 2036
	III-37-B

	 	$	1,252,000.00	 	 	Variable (2)
	 	August 2036
	III-38-A

	 	$	1,191,500.00	 	 	Variable (2)
	 	August 2036
	III-38-B

	 	$	1,191,500.00	 	 	Variable (2)
	 	August 2036
	III-39-A

	 	$	1,133,000.00	 	 	Variable (2)
	 	August 2036
	III-39-B

	 	$	1,133,000.00	 	 	Variable (2)
	 	August 2036
	III-40-A

	 	$	1,076,500.00	 	 	Variable (2)
	 	August 2036
	III-40-B

	 	$	1,076,500.00	 	 	Variable (2)
	 	August 2036
	III-41-A

	 	$	1,021,500.00	 	 	Variable (2)
	 	August 2036
	III-41-B

	 	$	1,021,500.00	 	 	Variable (2)
	 	August 2036
	III-42-A

	 	$	968,000.00	 	 	Variable (2)
	 	August 2036
	III-42-B

	 	$	968,000.00	 	 	Variable (2)
	 	August 2036
	III-43-A

	 	$	917,000.00	 	 	Variable (2)
	 	August 2036
	III-43-B

	 	$	917,000.00	 	 	Variable (2)
	 	August 2036
	III-44-A

	 	$	867,500.00	 	 	Variable (2)
	 	August 2036
	III-44-B

	 	$	867,500.00	 	 	Variable (2)
	 	August 2036
	III-45-A

	 	$	819,000.00	 	 	Variable (2)
	 	August 2036
	III-45-B

	 	$	819,000.00	 	 	Variable (2)
	 	August 2036
	III-46-A

	 	$	772,500.00	 	 	Variable (2)
	 	August 2036
	III-46-B

	 	$	772,500.00	 	 	Variable (2)
	 	August 2036
	III-47-A

	 	$	727,500.00	 	 	Variable (2)
	 	August 2036
	III-47-B

	 	$	727,500.00	 	 	Variable (2)
	 	August 2036
	III-48-A

	 	$	684,000.00	 	 	Variable (2)
	 	August 2036
	III-48-B

	 	$	684,000.00	 	 	Variable (2)
	 	August 2036
	III-49-A

	 	$	743,500.00	 	 	Variable (2)
	 	August 2036
	III-49-B

	 	$	743,500.00	 	 	Variable (2)
	 	August 2036
	III-50-A

	 	$	703,500.00	 	 	Variable (2)
	 	August 2036
	III-50-B

	 	$	703,500.00	 	 	Variable (2)
	 	August 2036
	III-51-A

	 	$	664,500.00	 	 	Variable (2)
	 	August 2036
	III-51-B

	 	$	664,500.00	 	 	Variable (2)
	 	August 2036
	III-52-A

	 	$	626,000.00	 	 	Variable (2)
	 	August 2036
	III-52-B

	 	$	626,000.00	 	 	Variable (2)
	 	August 2036
	III-53-A

	 	$	590,000.00	 	 	Variable (2)
	 	August 2036

Fremont 2006-B

Pooling & Servicing Agreement

15

 

	 	 	 	 	 	 	 	 	 
	 	 	Initial Uncertificated	 	Uncertificated REMIC	 	Latest Possible
	Designation	 	Balance	 	V Pass-Through Rate	 	Maturity Date(1)
	III-53-B

	 	$	590,000.00	 	 	Variable (2)
	 	August 2036
	III-54-A

	 	$	554,500.00	 	 	Variable (2)
	 	August 2036
	III-54-B

	 	$	554,500.00	 	 	Variable (2)
	 	August 2036
	III-55-A

	 	$	520,000.00	 	 	Variable (2)
	 	August 2036
	III-55-B

	 	$	520,000.00	 	 	Variable (2)
	 	August 2036
	III-56-A

	 	$	487,500.00	 	 	Variable (2)
	 	August 2036
	III-56-B

	 	$	487,500.00	 	 	Variable (2)
	 	August 2036
	III-57-A

	 	$	455,000.00	 	 	Variable (2)
	 	August 2036
	III-57-B

	 	$	455,000.00	 	 	Variable (2)
	 	August 2036
	III-58-A

	 	$	424,000.00	 	 	Variable (2)
	 	August 2036
	III-58-B

	 	$	424,000.00	 	 	Variable (2)
	 	August 2036
	III-59-A

	 	$	393,500.00	 	 	Variable (2)
	 	August 2036
	III-59-B

	 	$	393,500.00	 	 	Variable (2)
	 	August 2036
	III-60-A

	 	$	364,500.00	 	 	Variable (2)
	 	August 2036
	III-60-B

	 	$	364,500.00	 	 	Variable (2)
	 	August 2036
	III-61-A

	 	$	541,000.00	 	 	Variable (2)
	 	August 2036
	III-61-B

	 	$	541,000.00	 	 	Variable (2)
	 	August 2036
	III-62-A

	 	$	515,000.00	 	 	Variable (2)
	 	August 2036
	III-62-B

	 	$	515,000.00	 	 	Variable (2)
	 	August 2036
	III-63-A

	 	$	489,000.00	 	 	Variable (2)
	 	August 2036
	III-63-B

	 	$	489,000.00	 	 	Variable (2)
	 	August 2036
	III-64-A

	 	$	464,500.00	 	 	Variable (2)
	 	August 2036
	III-64-B

	 	$	464,500.00	 	 	Variable (2)
	 	August 2036
	III-65-A

	 	$	441,000.00	 	 	Variable (2)
	 	August 2036
	III-65-B

	 	$	441,000.00	 	 	Variable (2)
	 	August 2036
	III-66-A

	 	$	418,000.00	 	 	Variable (2)
	 	August 2036
	III-66-B

	 	$	418,000.00	 	 	Variable (2)
	 	August 2036
	III-67-A

	 	$	395,000.00	 	 	Variable (2)
	 	August 2036
	III-67-B

	 	$	395,000.00	 	 	Variable (2)
	 	August 2036
	III-68-A

	 	$	374,500.00	 	 	Variable (2)
	 	August 2036
	III-68-B

	 	$	374,500.00	 	 	Variable (2)
	 	August 2036
	III-69-A

	 	$	353,000.00	 	 	Variable (2)
	 	August 2036
	III-69-B

	 	$	353,000.00	 	 	Variable (2)
	 	August 2036
	III-70-A

	 	$	330,000.00	 	 	Variable (2)
	 	August 2036
	III-70-B

	 	$	330,000.00	 	 	Variable (2)
	 	August 2036
	III-71-A

	 	$	310,000.00	 	 	Variable (2)
	 	August 2036
	III-71-B

	 	$	310,000.00	 	 	Variable (2)
	 	August 2036
	III-72-A

	 	$	8,466,500.00	 	 	Variable (2)
	 	August 2036
	III-72-B

	 	$	8,466,500.00	 	 	Variable (2)
	 	August 2036

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	(1)	 	For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
Distribution Date immediately following the maturity date for the Mortgage Loan with the
latest maturity date has been designated as the “latest possible maturity date” for each REMIC
V Regular Interest.
	 
	(2)	 	Calculated in accordance with the definition of “Uncertificated REMIC V
Pass-Through Rate” herein.

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REMIC VI

     As provided herein, the Trust Administrator shall elect to treat the segregated pool of assets
consisting of the REMIC V Regular Interests as a REMIC for federal income tax purposes, and such
segregated pool of assets shall be designated as “REMIC VI.” The Class R-VI Interest shall
evidence the sole class of “residual interests” in REMIC VI for purposes of the REMIC Provisions.
The following table irrevocably sets forth the designation, the Uncertificated REMIC VI
Pass-Through Rate, the initial Uncertificated 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
VI Regular Interests (as defined herein). None of the REMIC VI Regular Interests shall be
certificated.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Uncertificated	 	 
	 	 	Initial Uncertificated	 	REMIC VI Pass-	 	Latest Possible
	Designation	 	Balance	 	Through Rate	 	Maturity Date (1)
	LTII-AA

	 	$	277,807,697.16	 	 	Variable(2)
	 	August 2036
	LTII-SL-A

	 	$	1,895,040.00	 	 	Variable(2)
	 	August 2036
	LTII-SL-M1

	 	$	136,060.00	 	 	Variable(2)
	 	August 2036
	LTII-SL-M2

	 	$	121,890.00	 	 	Variable(2)
	 	August 2036
	LTII-SL-M3

	 	$	83,620.00	 	 	Variable(2)
	 	August 2036
	LTII-SL-M4

	 	$	73,700.00	 	 	Variable(2)
	 	August 2036
	LTII-SL-M5

	 	$	76,530.00	 	 	Variable(2)
	 	August 2036
	LTII-SL-M6

	 	$	70,860.00	 	 	Variable(2)
	 	August 2036
	LTII-SL-M7

	 	$	69,450.00	 	 	Variable(2)
	 	August 2036
	LTII-SL-M8

	 	$	65,190.00	 	 	Variable(2)
	 	August 2036
	LTII-SL-M9

	 	$	58,110.00	 	 	Variable(2)
	 	August 2036
	LTII-SL-B1

	 	$	62,360.00	 	 	Variable(2)
	 	August 2036
	LTII-ZZ

	 	$	2,956,734.84	 	 	Variable(2)
	 	August 2036
	LTII-IO

	 	 	(3)	 	 	Variable(2)
	 	August 2036

 

			
	1)	 	For purposes of Section 1.860G-1(a)(4)(ii) of the Treasury regulations, the
Distribution Date immediately following the maturity date for the Mortgage Loan with the
latest maturity date has been designated as the “latest possible maturity date” for each REMIC
VI Regular Interest.
	 
	(2)	 	Calculated in accordance with the definition of “Uncertificated REMIC VI
Pass-Through Rate” herein.
	 
	(3)	 	REMIC VI Regular Interest LTII-IO will not have an Uncertificated Balance, but will
accrue interest on its Uncertificated Notional Amount.

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Pooling & Servicing Agreement

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REMIC VII

     As provided herein, the Trust Administrator shall make an election to treat the segregated
pool of assets consisting of the REMIC III Regular Interests and the REMIC VI Regular Interests as
a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as
“REMIC VII.” The Class R-VII Interest represents the sole class of “residual interests” in REMIC
VII for purposes of the REMIC Provisions. Interest on each Class listed below entitled to interest
(other than the Class C Interest and the Class SL-C Interest) will be calculated on the basis of
the actual number of days in the related Interest Accrual Period and a 360-day year. Interest on
the Class C Interest and the Class SL-C Interest will be calculated on the basis of a 360-day year
consisting of twelve 30-day months.

     Each Class listed below, other than the Class R Certificates, represents ownership of a
Regular Interest in REMIC VII and also represents (i) the right to receive payments with respect to
the Net WAC Rate Carryover Amount (as defined herein) and (ii) the obligation to pay Class IO
Distribution Amounts (as defined herein). The Class P Interests do not represent rights or
obligations in respect of (i) or (ii) above. The entitlement to principal of the Regular Interest
which corresponds to each Certificate shall be equal in amount and timing to the entitlement to
principal of such Certificate.

     The following table sets forth (or describes) the Class designation, Certificate Interest
Rate, initial Certificate Principal Balance or the REMIC VII Uncertificated Balance for each Class
of Certificates or REMIC VII Uncertificated Regular Interest:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Initial Certificate	 	 	 	 
	 	 	Principal Balance or	 	 	 	 
	 	 	Initial REMIC VII	 	 	 	 
	 	 	Uncertificated	 	Certificate	 	Assumed Final
	Class	 	Balance	 	Interest Rate	 	Maturity Dates (1)
	1-A

	 	$	168,810,000	 	 	 	(2	)	 	August 2036
	2-A-1

	 	$	216,724,000	 	 	 	(2	)	 	August 2036
	2-A-2

	 	$	149,095,000	 	 	 	(2	)	 	August 2036
	2-A-3

	 	$	184,275,000	 	 	 	(2	)	 	August 2036
	2-A-4

	 	$	67,939,000	 	 	 	(2	)	 	August 2036
	M-1

	 	$	45,163,000	 	 	 	(2	)	 	August 2036
	M-2

	 	$	31,614,000	 	 	 	(2	)	 	August 2036
	M-3

	 	$	18,567,000	 	 	 	(2	)	 	August 2036
	M-4

	 	$	17,061,000	 	 	 	(2	)	 	August 2036
	M-5

	 	$	16,058,000	 	 	 	(2	)	 	August 2036
	M-6

	 	$	15,054,000	 	 	 	(2	)	 	August 2036
	M-7

	 	$	14,552,000	 	 	 	(2	)	 	August 2036
	M-8

	 	$	12,544,000	 	 	 	(2	)	 	August 2036
	M-9

	 	$	9,534,000	 	 	 	(2	)	 	August 2036
	M-10

	 	$	6,523,000	 	 	 	(2	)	 	August 2036
	M-11

	 	$	10,043,000	 	 	 	(2	)	 	August 2036

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	 	 	Initial Certificate	 	 	 	 
	 	 	Principal Balance or	 	 	 	 
	 	 	Initial REMIC VII	 	 	 	 
	 	 	Uncertificated	 	Certificate	 	Assumed Final
	Class	 	Balance	 	Interest Rate	 	Maturity Dates(1)
	SL-A

	 	$	189,504,000	 	 	 	(2	)	 	August 2036
	SL-M-1

	 	$	13,606,000	 	 	 	(2	)	 	August 2036
	SL-M-2

	 	$	12,189,000	 	 	 	(2	)	 	August 2036
	SL-M-3

	 	$	8,362,000	 	 	 	(2	)	 	August 2036
	SL-M-4

	 	$	7,370,000	 	 	 	(2	)	 	August 2036
	SL-M-5

	 	$	7,653,000	 	 	 	(2	)	 	August 2036
	SL-M-6

	 	$	7,086,000	 	 	 	(2	)	 	August 2036
	SL-M-7

	 	$	6,945,000	 	 	 	(2	)	 	August 2036
	SL-M-8

	 	$	6,519,000	 	 	 	(2	)	 	August 2036
	SL-M-9

	 	$	5,811,000	 	 	 	(2	)	 	August 2036
	SL-B1

	 	$	6,236,000	 	 	 	(2	)	 	August 2036
	C Interest

	 	(3)

	 	 	(3	)	 	August 2036
	P Interest

	 	$	100	 	 	 	(4	)	 	August 2036
	Class SWAP-I-IO
Interest

	 	N/A(5)

	 	N/A(5)
	 	August 2036
	SL-C Interest

	 	(6)

	 	 	(6	)	 	August 2036
	Class SWAP-II-IO
Interest

	 	N/A(7)

	 	N/A(7)
	 	August 2036

 

			
	(1)	 	Solely for purposes of Section 1.860G-1(a)(4)(ii) of the Treasury regulations, the
Distribution Date following the maturity date for the Mortgage Loan with the latest maturity
date has been designated as the “latest possible maturity date” for each Class of Certificates
or REMIC VII Uncertificated Regular Interest, each of which represents one or more of the
“regular interests” in REMIC VII.
	 
	(2)	 	Each REMIC VII Regular Interest, a variable rate calculated in accordance with the definition
of “Pass-Through Rate” herein. For purposes of the REMIC Provisions, with respect to each
REMIC VII Regular Interest, each reference to a Net WAC Rate in the applicable Pass-Through
Rate shall be deemed to be a reference to the REMIC VII Net WAC Rate; therefore, on any
Distribution Date on which the Pass-Through Rate for the Class of Certificates exceeds the
REMIC VII Net WAC Rate, interest accruals based on such excess shall be treated as having been
paid from the related Net WAC Rate Carryover Reserve Account or the Swap Account , as
applicable. On any Distribution Date on which the Pass-Through Ratee on a Class of
Certificates is based on the applicable Net WAC Cap, the amount of interest that would have
accrued on such Class of Certificates if the REMIC VII Net WAC Rate were substituted for the
applicable Net WAC Cap shall be treated as having been paid by the related Class of
Certificates to the Swap Account, all pursuant to and as further provided in Section 3.27
herein.
	 
	(3)	 	The Class C Interest will accrue interest at the Class C Pass-Through Rate on the Notional
Amount of the Class C Certificates outstanding from time to time which shall equal the
aggregate of the Uncertificated Principal Balances of the REMIC III Regular Interests (other
than REMIC III Regular Interest LTI-P). The Class C Interest will have an initial
Uncertificated Principal Balance equal to the Initial Overcollateralization Amount for the
Pool I Certificates. The Class C Interest will not accrue interest on its Uncertificated
Principal Balance.
	 
	(4)	 	The Class P Interest does not bear interest. The Class P Interest represents the right to
receive payments in respect of Prepayment Premiums.
	 
	(5)	 	The Class SWAP-I-IO Interest will not have a Pass-Through Rate or a Certificate Principal
Balance, but will be entitled to 100% of amounts distributed on REMIC III Regular Interest
LTI-IO.

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	(6)	 	The Class SL-C Interest will accrue interest at the Class SL-C Pass-Through Rate on the
Notional Amount of the Class SL-C Certificates outstanding from time to time which shall equal
the aggregate of the Uncertificated Principal Balances of the REMIC VI Regular Interests .
The Class SL-C Interest will have an initial Uncertificated Principal Balance equal to the
Initial Overcollateralization Amount for the Pool II Certificates. The Class SL-C Interest
will not accrue interest on its Uncertificated Principal Balance.
	 
	(5)	 	The Class SWAP-II-IO Interest will not have a Pass-Through Rate or a Certificate Principal
Balance, but will be entitled to 100% of amounts distributed on REMIC VI Regular Interest
LTII-IO.

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REMIC VIII

     As provided herein, the Trust Administrator 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 VIII.” The Class RX-VIII Interest
represents the sole class of “residual interests” in REMIC VIII for purposes of the REMIC
Provisions.

     The following table sets forth (or describes) the Class designation, Pass-Through Rate and
initial Certificate Principal Balance for the Class C Certificates that represents a “regular
interest” in REMIC VII created hereunder:

	 	 	 	 	 	 	 	 	 
	 	 	Initial Certificate	 	 	 	Assumed Final
	Class Designation	 	Principal Balance	 	Pass-Through Rate	 	Maturity Date(1)
	Class C Certificate

	 	 	(2	)(3)	 	Variable(2)
	 	August 2036

 

			
	(1)	 	Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
Distribution Date following the maturity date for the Mortgage Loan with the latest maturity
date has been designated as the “latest possible maturity date” for the Class C Certificates.
	 
	(2)	 	The Class C Certificates will receive 100% of amounts received in respect of the Class C
Interest.
	 
	(3)	 	The Certificate Principal Balance of the Class C Certificates shall equal the REMIC VII
Uncertificated Principal Balance of the Class C Interest. The Certificate Principal Balance
of the Class C Certificates is for federal income tax purposes only.  Interest does not accrue
on the Certificate Principal Balance of the Class C Certificates and the Holders of the Class C
Certificates are not entitled to principal payments in reduction of the Certificate Principal Balance of
the Class C Certificates.

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REMIC IX

     As provided herein, the Trust Administrator 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 IX.” The Class RX-IX Interest
represents the sole class of “residual interests” in REMIC IX for purposes of the REMIC Provisions.

     The following table sets forth (or describes) the Class designation, Pass-Through Rate and
initial Certificate Principal Balance for the Class P Certificates that represents a “regular
interest” in REMIC IX created hereunder:

	 	 	 	 	 	 	 
	 	 	 	 	Certificate	 	Assumed Final
	Class Designation	 	Pass-Through Rate	 	Principal Balance	 	Maturity Date(1)
	Class P Certificate

	 	N/A
	 	$100.00(2)
	 	August 2036

 

			
	(1)	 	Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
Distribution Date following the maturity date for the Mortgage Loan with the latest maturity
date has been designated as the “latest possible maturity date” for the Class P Certificates.
	 
	(2)	 	The Class P Certificates will receive 100% of amounts received in respect of the Class P
Interest.

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REMIC X

     As provided herein, the Trust Administrator shall make an election to treat the segregated
pool of assets consisting of the Class SWAP-I-IO Interest as a REMIC for federal income tax
purposes, and such segregated pool of assets shall be designated as “REMIC X.” The Class R-X-X
Interest represents the sole class of “residual interests” in REMIC X for purposes of the REMIC
Provisions. The following table irrevocably sets forth the designation, the Pass-Through Rate, the
initial aggregate 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 X Regular
Interest, which will be uncertificated.

	 	 	 	 	 	 	 
	 	 	 	 	Initial Aggregate	 	 
	 	 	 	 	Certificate	 	Latest Possible
	Designation	 	Pass-Through Rate	 	Principal Balance	 	Maturity Date(1)
	SWAP-I-IO

	 	Variable(2)
	 	N/A
	 	August 2036

 

			
	(1)	 	For purposes of Section 1.860G-1(a)(4)(iii) of the
Treasury regulations, the Distribution Date
immediately following the maturity date for the
Mortgage Loan with the latest maturity date has been
designated as the “latest possible maturity date” for
REMIC X Regular Interest SWAP-I-IO.
	 
	(2)	 	REMIC X Regular Interest SWAP-I-IO shall receive 100%
of amounts received in respect of the Class SWAP-I-IO
Interest.

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REMIC XI

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

     The following table sets forth (or describes) the Class designation, Pass-Through Rate and
initial Certificate Principal Balance for the Class SL-C Certificates that represents a “regular
interest” in REMIC X created hereunder:

	 	 	 	 	 	 	 	 	 
	 	 	Initial Certificate	 	 	 	Assumed Final
	Class Designation	 	Principal Balance	 	Pass-Through Rate	 	Maturity Date(1)
	Class SL-C Certificate

	 	 	(2	)(3)	 	Variable(2)
	 	August 2036

 

			
	(1)	 	Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
Distribution Date following the maturity date for the Mortgage Loan with the latest maturity
date has been designated as the “latest possible maturity date” for the Class SL-C
Certificates.
	 
	(2)	 	The Class SL-C Certificates will receive 100% of amounts received in respect of the Class
SL-C Interest.
	 
	(3)	 	The Certificate Principal Balance of the Class SL-C Certificates shall equal the REMIC VII
Uncertificated Principal Balance of the Class SL-C Interest. The Certificate Principal Balance of
the Class SL-C Certificates is for federal income tax purposes only.  Interest does not accrue on
the Certificate Principal Balance of the Class SL-C Certificates and the Holders of the Class SL-C
Certificates are not entitled to principal payments in reduction of the Certificate Principal Balance of the
Class SL-C Certificates.

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REMIC XII

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

     The following table irrevocably sets forth the designation, the Pass-Through Rate, the initial
aggregate 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 XII Regular
Interest, which will be uncertificated.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial Aggregate	 	 
	 	 	 	 	 	 	Certificate Principal	 	Latest Possible
	Designation	 	Pass-Through Rate	 	Balance	 	Maturity Date(1)
	SWAP-II-IO
	 	Variable(2)
	 	N/A
	 	August 2036

 

			
	(1)	 	For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution
Date immediately following the maturity date for the Mortgage Loan with the latest maturity
date has been designated as the “latest possible maturity date” for REMIC XII Regular
Interest SWAP-II-IO.
	 
	(2)	 	REMIC XII Regular Interest SWAP-II-IO shall receive 100% of amounts received in respect of
the Class SWAP-II-IO Interest.

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     The minimum denomination for each Class of the Offered Certificates will be $100,000,
with integral multiples of $1 in excess thereof except that one Certificate in each Class may be
issued in a different amount. The minimum denomination for (a) each of the Class P, Class R and
Class RX Certificates will be a 100% Percentage Interest in such Class and (b) the Class C and
Class SL-C Certificates will be a 10% Percentage Interest in such Class.

     Set forth below are designations of Classes of Certificates to the categories used herein:

	 	 	 
	Book-Entry Certificates

	 	All Classes of Certificates other than the
Physical Certificates.
	 
	 	 
	ERISA-Restricted Certificates

	 	The Offered Certificates and the Private
Certificates.
	 
	 	 
	LIBOR Certificates

	 	The Pool I Senior Certificates, the Pool I
Subordinate Certificates, the Pool II
Senior Certificates and the Pool II
Subordinate Certificates (other than the
Class SL-B1 Certificates).
	 
	 	 
	Offered Certificates

	 	All Classes of Certificates other than the
Private Certificates.
	 
	 	 
	Physical Certificates

	 	Class C, Class SL-C, Class P, Class R and
Class RX Certificates.
	 
	 	 
	Private Certificates

	 	Class C, Class SL-C, Class P, Class R and
Class RX Certificates.
	 
	 	 
	Rating Agencies

	 	Moody’s, Standard & Poor’s, Fitch and DBRS.
	 
	 	 
	Regular Certificates

	 	All Classes of Certificates other than the Class R and
Class RX Certificates (exclusive of the
right to receive any Pool I Net WAC Rate
Carryover Amounts or Pool II Net WAC Rate
Carryover Amounts, or the obligation to
pay any Class IO Distribution Amount, as
applicable) each of which (other than the
Class C, Class SL-C and Class P
Certificates) represents a regular
interest in REMIC VII for purposes of the
REMIC provisions. The Class C
Certificates represent a regular interest
in REMIC VIII for purposes of the REMIC
provisions. The Class P Certificates
represent a regular interest in REMIC IX
for purposes of the REMIC provisions. The
Class SL-C Certificates represent a
regular interest in REMIC XI for purposes
of the REMIC provisions.
	 
	 	 
	Residual Certificates

	 	Class R and Class RX Certificates.
	 
	 	 
	Pool I Certificates

	 	Pool I Senior Certificates, Pool I
Subordinate Certificates, Class C and
Class P Certificates, and the Residual
Certificates.

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	Pool I Senior Certificates

	 	Class 1-A, Class 2-A-1, Class 2-A-2, Class
2-A-3 and Class 2-A-4 Certificates.
	 
	 	 
	Pool I Subordinate Certificates

	 	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 and Class
M-11 Certificates.
	 
	 	 
	Pool II Certificates

	 	Pool II Senior Certificates, Pool II
Subordinate Certificates, Class SL-C
Certificates, and the Residual
Certificates.
	 
	 	 
	Pool II Senior Certificates

	 	Class SL-A Certificates.
	 
	 	 
	Pool II Subordinate Certificates

	 	Class SL-M1, Class SL-M2, Class SL-M3,
Class SL-M4, Class SL-M5, Class SL-M6,
Class SL-M7, Class SL-M8, Class SL-M9 and
Class SL-B1 Certificates.

ARTICLE I

DEFINITIONS

     Section 1.01. Definitions.

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

     10-K Filing Deadline: As defined in Section 4.07(a)(iv)(A).

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

     30-Day Delinquency: Each Mortgage Loan with respect to which any portion of a
Scheduled Payment is, as of the last day of the prior Due Period, one month past due (without
giving effect to any grace period).

     60+ Day Delinquent Mortgage Loan: Each Mortgage Loan with respect to which any
portion of a Scheduled Payment is, as of the last day of the prior Due Period, two months or more
past due (without giving effect to any grace period), each Mortgage Loan in foreclosure, all REO
Property and each Mortgage Loan for which the Mortgagor has filed for bankruptcy (but not including
any liquidated Mortgage Loan (or related REO Property) as of the end of the related Prepayment
Period).

     Accepted Master Servicing Practices: With respect to any Mortgage Loan, as
applicable, (1) either (x) those mortgage master servicing practices of prudent mortgage lending
institutions which master service mortgage loans of the same type and quality as such Mortgage Loan
in the jurisdiction where the related Mortgaged Property is located to the extent applicable to the
Master Servicer (except in its capacity as successor to the Servicer), or (y) as provided in
Section 3A.01 hereof, but in no event below the standard set forth in clause (x) and (2) in
accordance with applicable local, state and federal laws, rules and regulations.

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     Accepted Servicing Practices: With respect to any Mortgage Loan, as applicable, (1)
either (x) those mortgage servicing practices of prudent mortgage lending institutions which
service mortgage loans of the same type and quality as such Mortgage Loan in the jurisdiction where
the related Mortgaged Property is located to the extent applicable to the Servicer, or (y) as
provided in Section 3.01 hereof, but in no event below the standard set forth in clause (x)
and (2) in accordance with applicable local, state and federal laws, rules and regulations.

     Account: Any of the Collection Account, the Distribution Account, the Pool I Swap
Account, the Pool II Swap Account, any Escrow Account, the Interest Coverage Account, the Pool I
Net WAC Rate Carryover Reserve Account or the Pool II Net WAC Rate Carryover Reserve Account. Each
Account shall be an Eligible Account.

     Additional Disclosure Notification: As defined in Section 4.07(a)(ii) hereof.

     Additional Form 10-D Disclosure: As defined in Section 4.07(a)(i) hereof.

     Additional Form 10-K Disclosure: As defined in Section 4.07(a)(iv).

     Adjustable Rate Mortgage Loan: An adjustable rate Mortgage Loan purchased pursuant to
the Purchase Agreement and identified as such on the Mortgage Loan Schedules.

     Adjusted Net Mortgage Interest Rate: As to each Mortgage Loan and at any time, the
per annum rate equal to the Mortgage Interest Rate less the Expense Fee Rate.

     Adjustment Date: As to any Adjustable Rate Mortgage Loan, the first Due Date on which
the related Mortgage Interest Rate adjusts as set forth in the related Mortgage Note and each Due
Date thereafter on which the Mortgage Interest Rate adjusts as set forth in the related Mortgage
Note.

     Advance: Any P&I Advance or Servicing Advance made by the Master Servicer or the
Servicer in respect of any Distribution Date.

     Advance Facility: A financing or other facility as described in Section
10.07(a).

     Advancing Person: The Person to whom the Servicer’s rights under this Agreement to be
reimbursed for any P&I Advances or Servicing Advances have been assigned pursuant to Section
10.07.

     Adverse REMIC Event: As defined in Section 11.01(f) hereof.

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

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

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     Applied Realized Loss Amounts: Pool I Applied Realized Loss Amounts or Pool II
Applied Realized Loss Amounts, as applicable.

     Appraised Value: With respect to any Mortgage Loan, the value of the related
Mortgaged Property based upon the appraisal made for the originator at the time of origination of
such Mortgage Loan or the sales price of such Mortgaged Property at such time of origination,
whichever is less; provided, however, that in the case of a refinanced Mortgage Loan, such value is
based solely upon the appraisal made at the time of origination of such refinanced Mortgage Loan.

     Assignment of Mortgage: An assignment of the Mortgage, notice of transfer or
equivalent instrument in recordable form (other than the assignee’s name and recording information
not yet returned from the recording office), reflecting the sale of the Mortgage to the Trustee.

     Back-Up Certification: As defined in Section 4.07(a)(iv).

     Base Rate: For any Distribution Date and any Class of LIBOR Certificates, the sum of
(i) one-month LIBOR plus (ii) the related Pass-Through Margin.

     Best’s: Best’s Key Rating Guide, as the same shall be amended from time to time.

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

     Business Day: Any day other than (i) Saturday or Sunday, or (ii) a day on which
banking and savings and loan institutions, in (a) the states of New York, Maryland, Minnesota and
California, (b) the state in which the Servicer’s servicing operations are located, or (c) the
state in which the Trustee’s operations are located, are authorized or obligated by law or
executive order to be closed.

     Certificate: Any one of the Certificates executed by the Trust Administrator in
substantially the forms attached hereto as exhibits.

     Certificate Principal Balance: With respect to any Class of Certificates, other than
the Class C, Class SL-C, Class R or Class RX Certificates, at any date, the maximum dollar amount
of principal to which the Holder thereof is then entitled hereunder, such amount being equal to the
Denomination thereof minus all distributions of principal previously made with respect thereto and
in the case of the Pool I Subordinate Certificates or the Pool II Subordinate Certificates, reduced
by any Applied Realized Loss Amounts applicable to such Class; provided, however, that the
Certificate Principal Balances of the Pool I Subordinate Certificates or the Pool II Subordinate
Certificates then outstanding will be increased in direct order of seniority by the amount of any
Subsequent Recoveries distributed to any Class senior to such Class. With respect to the Class C
or Class SL-C Certificate and any Distribution Date, an amount equal to the Uncertificated
Principal Balance of the related Class C or Class SL-C Interest. The Class R or Class RX
Certificates will not have a Certificate Principal Balance.

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     Certificate Interest Rate: With respect to each Distribution Date during the Interest
Accrual Period and each Class of LIBOR Certificates and the Class C and Class SL-C Certificates,
the related Pass-Through Rate.

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

     Certificate Register: The register maintained pursuant to Section 5.02.

     Certificate Registrar: The registrar appointed pursuant to Section 5.02.

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

     Certification Parties: As defined in Section 4.07(a)(iv) hereof.

     Certifying Person: As defined in Section 4.07(a)(iv) hereof.

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

     Class A Certificates: Any of the Class 1-A Certificates and the Class 2-A
Certificates, as applicable.

     Class 1-A Certificates: All Certificates bearing the Class designation of “Class
1-A-1 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Net WAC Rate Carryover Amount, and (iii) the obligation to pay the
Pool I Class IO Distribution Amount.

     Class 2-A Certificates: Any of the Class 2-A-1, Class 2-A-2, Class 2-A-3 and Class
2-A-4 Certificates, as applicable.

     Class 2-A-1 Certificates: All Certificates bearing the Class designation of “Class
2-A-1 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the

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right to receive its related Net WAC Rate Carryover Amount, and (iii) the obligation to pay
the Pool I Class IO Distribution Amount.

     Class 2-A-2 Certificates: All Certificates bearing the Class designation of “Class
2-A-2 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions (ii) the
right to receive its related Net WAC Rate Carryover Amount, and (iii) the obligation to pay the
Pool I Class IO Distribution Amount.

     Class 2-A-3 Certificates: All Certificates bearing the Class designation of “Class
2-A-3 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Net WAC Rate Carryover Amount, and (iii) the obligation to pay the
Pool I Class IO Distribution Amount.

     Class 2-A-4 Certificates: All Certificates bearing the Class designation of “Class
2-A-4 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Net WAC Rate Carryover Amount, and (iii) the obligation to pay the
Pool I Class IO Distribution Amount.

     Class C Certificates: All Certificates bearing the Class designation of “Class C
Certificates” representing the right to distributions as set forth herein and therein and
representing a regular interest in REMIC VIII for purposes of the REMIC Provisions.

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

     Class C Distributable Amount: With respect to the Class C Interest and any
Distribution Date, the sum of (i) the interest accrued on such Class C Interest at its Pass-Through
Rate calculated on its Notional Amount less the amount (without duplication) of any Pool I Net WAC
Rate Carryover Payments paid pursuant to Section 4.02(a)(iii) and less the amount applied
as a Pool I Extra Principal Distribution Amount on such Distribution Date, (ii) any amount of the
Uncertificated Principal Balance of the Class C Interest remaining that is distributable as a Pool
I Overcollateralization Release Amount and (iii) the aggregate of amounts remaining in the Pool I
Net WAC Rate Carryover Reserve Account after the distributions in Sections
4.02(a)(iii)(N)(1) and (2) and the Pool I Swap Account after distributions in
Section 4.02(g). With respect to the Class C Certificate, 100% of the amount distributed
to the Class C Interest.

     Class C Interest: An uncertificated interest in the Trust Fund held by the Trustee on
behalf of the Holders of the Class C Certificate and representing the right to distributions as set
forth herein and evidencing (i) a regular interest in REMIC VII for purposes of the REMIC
Provisions, (ii) the obligation to pay Pool I Net WAC Rate Carryover Amounts and Pool I Swap
Termination Payments and (iii) the right to receive and the obligation to pay Pool I Class IO
Distribution Amounts.

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     Class M Certificates: 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 and Class M-11 Certificates.

     Class M-1 Principal Distribution Amount: For any distribution date, an amount equal to
the lesser of (I) the aggregate certificate principal balance of the Class M-1 Certificates
immediately prior to such distribution date and (II) the excess of (x) the sum of (i) the aggregate
certificate principal balance of the Pool I Senior Certificates (after taking into account the
payment of the Pool I Senior Principal Distribution Amount on such distribution date) and (ii) the
aggregate certificate principal balance of the Class M-1 Certificates immediately prior to such
distribution date over (y) the lesser of (A) the product of (i) 65.80% and (ii) the aggregate
Stated Principal Balance of the Pool 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 Pool 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 $5,018,145.

     Class M-2 Principal Distribution Amount: For any distribution date, an amount equal
to the lesser of (I) the aggregate certificate principal balance of the Class M-2 Certificates
immediately prior to such distribution date and (II) the excess of (x) the sum of (i) the aggregate
certificate principal balance of the Pool I Senior Certificates (after taking into account the
payment of the Pool I Senior Principal Distribution Amount on such distribution date), (ii) the
aggregate certificate principal balance of the Class M-1 Certificates (after taking into account
the payment of the Class M-1 Principal Distribution Amount on such distribution date) and (iii) the
aggregate certificate principal balance of the Class M-2 Certificates immediately prior to such
distribution date over (y) the lesser of (A) the product of (i) 72.10% and (ii) the aggregate
Stated Principal Balance of the Pool 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 Pool 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 $5,018,145.

     Class M-3 Principal Distribution Amount: For any distribution date, an amount equal
to the lesser of (I) the aggregate certificate principal balance of the Class M-3 Certificates
immediately prior to such distribution date and (II) the excess of (x) the sum of (i) the aggregate
certificate principal balance of the Pool I Senior Certificates (after taking into account the
payment of the Pool I Senior Principal Distribution Amount on such distribution date), (ii) the
aggregate certificate principal balance of the Class M-1 Certificates (after taking into account
the payment of the Class M-1 Principal Distribution Amount on such distribution date), (iii) the
aggregate certificate principal balance of the Class M-2 Certificates (after taking into account
the payment of the Class M-2 Principal Distribution Amount on such distribution date) and (iv) the
aggregate certificate principal balance of the Class M-3 Certificates immediately prior to such
distribution date over (y) the lesser of (A) the product of (i) 75.80% and (ii) the aggregate
Stated Principal Balance of the Pool I Mortgage Loans as of the last day of the related due period
(after

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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 Pool 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 $5,018,145.

     Class M-4 Principal Distribution Amount: For any distribution date, an amount equal
to the lesser of (I) the aggregate certificate principal balance of the Class M-4 Certificates
immediately prior to such distribution date and (II) the excess of (x) the sum of (i) the aggregate
certificate principal balance of the Pool I Senior Certificates (after taking into account the
payment of the Pool I Senior Principal Distribution Amount on such distribution date), (ii) the
aggregate certificate principal balance of the Class M-1 Certificates (after taking into account
the payment of the Class M-1 Principal Distribution Amount on such distribution date), (iii) the
aggregate certificate principal balance of the Class M-2 Certificates (after taking into account
the payment of the Class M-2 Principal Distribution Amount on such distribution date), (iv) the
aggregate certificate principal balance of the Class M-3 Certificates (after taking into account
the payment of the Class M-3 Principal Distribution Amount on such distribution date), and (v) the
aggregate 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) 79.20% and (ii) the aggregate
Stated Principal Balance of the Pool 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 Pool 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 $5,018,145.

     Class M-5 Principal Distribution Amount: For any distribution date, an amount equal
to the lesser of (I) the aggregate certificate principal balance of the Class M-5 Certificates
immediately prior to such distribution date and (II) the excess of (x) the sum of (i) the aggregate
certificate principal balance of the Pool I Senior Certificates (after taking into account the
payment of the Pool I Senior Principal Distribution Amount on such distribution date), (ii) the
aggregate certificate principal balance of the Class M-1 Certificates (after taking into account
the payment of the Class M-1 Principal Distribution Amount on such distribution date), (iii) the
aggregate certificate principal balance of the Class M-2 Certificates (after taking into account
the payment of the Class M-2 Principal Distribution Amount on such distribution date), (iv) the
aggregate certificate principal balance of the Class M-3 Certificates (after taking into account
the payment of the Class M-3 Principal Distribution Amount on such distribution date), (v) the
aggregate certificate principal balance of the Class M-4 Certificates (after taking into account
the payment of the Class M-4 Principal Distribution Amount on such distribution date) and (vi) the
aggregate 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) 82.40% and (ii) the aggregate
Stated Principal Balance of the Pool 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 Pool I Mortgage Loans

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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 $5,018,145.

     Class M-6 Principal Distribution Amount: For any distribution date, an amount equal
to the lesser of (I) the aggregate certificate principal balance of the Class M-6 Certificates
immediately prior to such distribution date and (II) the excess of (x) the sum of (i) the aggregate
certificate principal balance of the Pool I Senior Certificates (after taking into account the
payment of the Pool I Senior Principal Distribution Amount on such distribution date), (ii) the
aggregate certificate principal balance of the Class M-1 Certificates (after taking into account
the payment of the Class M-1 Principal Distribution Amount on such distribution date), (iii) the
aggregate certificate principal balance of the Class M-2 Certificates (after taking into account
the payment of the Class M-2 Principal Distribution Amount on such distribution date), (iv) the
aggregate certificate principal balance of the Class M-3 Certificates (after taking into account
the payment of the Class M-3 Principal Distribution Amount on such distribution date), (v) the
aggregate certificate principal balance of the Class M-4 Certificates (after taking into account
the payment of the Class M-4 Principal Distribution Amount on such distribution date), (vi) the
aggregate certificate principal balance of the Class M-5 Certificates (after taking into account
the payment of the Class M-5 Principal Distribution Amount on such distribution date) and (vii) the
aggregate 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) 85.40% and (ii) the aggregate
Stated Principal Balance of the Pool 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 Pool 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 $5,018,145.

     Class M-7 Principal Distribution Amount: For any distribution date, an amount equal
to the lesser of (I) the aggregate certificate principal balance of the Class M-7 Certificates
immediately prior to such distribution date and (II) the excess of (x) the sum of (i) the aggregate
certificate principal balance of the Pool I Senior Certificates (after taking into account the
payment of the Pool I Senior Principal Distribution Amount on such distribution date), (ii) the
aggregate certificate principal balance of the Class M-1 Certificates (after taking into account
the payment of the Class M-1 Principal Distribution Amount on such distribution date), (iii) the
aggregate certificate principal balance of the Class M-2 Certificates (after taking into account
the payment of the Class M-2 Principal Distribution Amount on such distribution date), (iv) the
aggregate certificate principal balance of the Class M-3 Certificates (after taking into account
the payment of the Class M-3 Principal Distribution Amount on such distribution date), (v) the
aggregate certificate principal balance of the Class M-4 Certificates (after taking into account
the payment of the Class M-4 Principal Distribution Amount on such distribution date), (vi) the
aggregate certificate principal balance of the Class M-5 Certificates (after taking into account
the payment of the Class M-5 Principal Distribution Amount on such distribution date), (vii) the
aggregate certificate principal balance of the Class M-6 Certificates (after taking into account
the payment of the Class M-6 Principal Distribution Amount on such distribution date) and (viii)
the aggregate certificate principal balance of the Class M-7 Certificates immediately prior to such

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distribution date over (y) the lesser of (A) the product of (i) 88.30% and (ii) the aggregate
Stated Principal Balance of the Pool 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 Pool 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 $5,018,145.

     Class M-8 Principal Distribution Amount: For any distribution date, an amount equal
to the lesser of (I) the aggregate certificate principal balance of the Class M-8 Certificates
immediately prior to such distribution date and (II) the excess of (x) the sum of (i) the aggregate
certificate principal balance of the Pool I Senior Certificates (after taking into account the
payment of the Pool I Senior Principal Distribution Amount on such distribution date), (ii) the
aggregate certificate principal balance of the Class M-1 Certificates (after taking into account
the payment of the Class M-1 Principal Distribution Amount on such distribution date), (iii) the
aggregate certificate principal balance of the Class M-2 Certificates (after taking into account
the payment of the Class M-2 Principal Distribution Amount on such distribution date), (iv) the
aggregate certificate principal balance of the Class M-3 Certificates (after taking into account
the payment of the Class M-3 Principal Distribution Amount on such distribution date), (v) the
aggregate certificate principal balance of the Class M-4 Certificates (after taking into account
the payment of the Class M-4 Principal Distribution Amount on such distribution date), (vi) the
aggregate certificate principal balance of the Class M-5 Certificates (after taking into account
the payment of the Class M-5 Principal Distribution Amount on such distribution date), (vii) the
aggregate certificate principal balance of the Class M-6 Certificates (after taking into account
the payment of the Class M-6 Principal Distribution Amount on such distribution date), (viii) the
aggregate certificate principal balance of the Class M-7 Certificates (after taking into account
the payment of the Class M-7 Principal Distribution Amount on such distribution date), and (ix) the
aggregate 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) 90.80% and (ii) the aggregate
Stated Principal Balance of the Pool 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 Pool 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 $5,018,145.

     Class M-9 Principal Distribution Amount: For any distribution date, an amount equal
to the lesser of (I) the aggregate certificate principal balance of the Class M-9 Certificates
immediately prior to such distribution date and (II) the excess of (x) the sum of (i) the aggregate
certificate principal balance of the Pool I Senior Certificates (after taking into account the
payment of the Pool I Senior Principal Distribution Amount on such distribution date), (ii) the
aggregate certificate principal balance of the Class M-1 Certificates (after taking into account
the payment of the Class M-1 Principal Distribution Amount on such distribution date), (iii) the
aggregate certificate principal balance of the Class M-2 Certificates (after taking into account
the payment of the Class M-2 Principal Distribution Amount on such distribution date), (iv) the

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aggregate certificate principal balance of the Class M-3 Certificates (after taking into
account the payment of the Class M-3 Principal Distribution Amount on such distribution date), (v)
the aggregate certificate principal balance of the Class M-4 Certificates (after taking into
account the payment of the Class M-4 Principal Distribution Amount on such distribution date), (vi)
the aggregate certificate principal balance of the Class M-5 Certificates (after taking into
account the payment of the Class M-5 Principal Distribution Amount on such distribution date),
(vii) the aggregate certificate principal balance of the Class M-6 Certificates (after taking into
account the payment of the Class M-6 Principal Distribution Amount on such distribution date),
(viii) the aggregate certificate principal balance of the Class M-7 Certificates (after taking into
account the payment of the Class M-7 Principal Distribution Amount on such distribution date), (ix)
the aggregate certificate principal balance of the Class M-8 Certificates (after taking into
account the payment of the Class M-8 Principal Distribution Amount on such distribution date), and
(x) the aggregate 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 Pool 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 Pool 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 $5,018,145.

     Class M-10 Principal Distribution Amount: For any distribution date, an amount equal
to the lesser of (I) the aggregate certificate principal balance of the Class M-10 Certificates
immediately prior to such distribution date and (II) the excess of (x) the sum of (i) the aggregate
certificate principal balance of the Pool I Senior Certificates (after taking into account the
payment of the Pool I Senior Principal Distribution Amount on such distribution date), (ii) the
aggregate certificate principal balance of the Class M-1 Certificates (after taking into account
the payment of the Class M-1 Principal Distribution Amount on such distribution date), (iii) the
aggregate certificate principal balance of the Class M-2 Certificates (after taking into account
the payment of the Class M-2 Principal Distribution Amount on such distribution date), (iv) the
aggregate certificate principal balance of the Class M-3 Certificates (after taking into account
the payment of the Class M-3 Principal Distribution Amount on such distribution date), (v) the
aggregate certificate principal balance of the Class M-4 Certificates (after taking into account
the payment of the Class M-4 Principal Distribution Amount on such distribution date), (vi) the
aggregate certificate principal balance of the Class M-5 Certificates (after taking into account
the payment of the Class M-5 Principal Distribution Amount on such distribution date), (vii) the
aggregate certificate principal balance of the Class M-6 Certificates (after taking into account
the payment of the Class M-6 Principal Distribution Amount on such distribution date), (viii) the
aggregate certificate principal balance of the Class M-7 Certificates (after taking into account
the payment of the Class M-7 Principal Distribution Amount on such distribution date), (ix) the
aggregate certificate principal balance of the Class M-8 Certificates (after taking into account
the payment of the Class M-8 Principal Distribution Amount on such distribution date), (x) the
aggregate certificate principal balance of the Class M-9 Certificates (after taking into account
the payment of the Class M-9 Principal Distribution Amount on such distribution date), and (xi) the
aggregate 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) 94.00% and (ii) the aggregate
Stated

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Principal Balance of the Pool 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 Pool 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 $5,018,145.

     Class M-11 Principal Distribution Amount: For any distribution date, an amount equal
to the lesser of (I) the aggregate certificate principal balance of the Class M-11 Certificates
immediately prior to such distribution date and (II) the excess of (x) the sum of (i) the aggregate
certificate principal balance of the Pool I Senior Certificates (after taking into account the
payment of the Pool I Senior Principal Distribution Amount on such distribution date), (ii) the
aggregate certificate principal balance of the Class M-1 Certificates (after taking into account
the payment of the Class M-1 Principal Distribution Amount on such distribution date), (iii) the
aggregate certificate principal balance of the Class M-2 Certificates (after taking into account
the payment of the Class M-2 Principal Distribution Amount on such distribution date), (iv) the
aggregate certificate principal balance of the Class M-3 Certificates (after taking into account
the payment of the Class M-3 Principal Distribution Amount on such distribution date), (v) the
aggregate certificate principal balance of the Class M-4 Certificates (after taking into account
the payment of the Class M-4 Principal Distribution Amount on such distribution date), (vi) the
aggregate certificate principal balance of the Class M-5 Certificates (after taking into account
the payment of the Class M-5 Principal Distribution Amount on such distribution date), (vii) the
aggregate certificate principal balance of the Class M-6 Certificates (after taking into account
the payment of the Class M-6 Principal Distribution Amount on such distribution date), (viii) the
aggregate certificate principal balance of the Class M-7 Certificates (after taking into account
the payment of the Class M-7 Principal Distribution Amount on such distribution date), (ix) the
aggregate certificate principal balance of the Class M-8 Certificates (after taking into account
the payment of the Class M-8 Principal Distribution Amount on such distribution date), (x) the
aggregate certificate principal balance of the Class M-9 Certificates (after taking into account
the payment of the Class M-9 Principal Distribution Amount on such distribution date), (xi) the
aggregate certificate principal balance of the Class M-10 Certificates (after taking into account
the payment of the Class M-10 Principal Distribution Amount on such distribution date), and (xii)
the aggregate 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 Pool 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 Pool 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 $5,018,145.

     Class P Certificates: All Certificates bearing the Class designation of “Class P
Certificates” representing the right to distributions as set forth herein and therein and
representing a regular interest in REMIC IX for purposes of the REMIC Provisions.

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     Class P Interest: An uncertificated interest in the Trust Fund held by the Trustee on
behalf of the Holders of the Class P Certificate representing the right to distributions as set
forth herein and evidencing a regular interest in REMIC VII for purposes of the REMIC Provisions.

     Class R Certificates: All Certificates bearing the Class designation of “Class R
Certificates” and evidencing the ownership of the “residual interest” in each of REMIC I, REMIC II,
REMIC III, REMIC IV, REMIC V, REMIC VI and REMIC VII for purposes of the REMIC Provisions. The
Class R Certificate represents the ownership of the Class R-I Interest, Class R-II Interest, Class
R-III Interest, Class R-IV Interest, Class R-V Interest, Class R-VI Interest and Class R-VII
Interest.

     Class RX Certificates: All Certificates bearing the Class designation of “Class RX
Certificates” and evidencing the ownership of the “residual interest” in each of REMIC VIII, REMIC
IX, REMIC X, REMIC XI and REMIC XII for purposes of the REMIC Provisions. The Class RX Certificate
represents the ownership of the Class RX-VIII Interest, Class RX-IX Interest, Class RX-X Interest,
Class RX-XI Interest and Class 1 RX-XII Interest.

     Class R-I Interest: The residual interest in REMIC I for purposes of the REMIC
Provisions.

     Class R-II Interest: The residual interest in REMIC II for purposes of the REMIC
Provisions.

     Class R-III Interest: The residual interest in REMIC III for purposes of the REMIC
Provisions.

     Class R-IV Interest: The residual interest in REMIC IV for purposes of the REMIC
Provisions.

     Class R-V Interest: The residual interest in REMIC V for purposes of the REMIC
Provisions.

     Class R-VI Interest: The residual interest in REMIC VI for purposes of the REMIC
Provisions.

     Class R-VII Interest: The residual interest in REMIC VII for purposes of the REMIC
Provisions.

     Class RX-VIII Interest: The residual interest in REMIC VIII for purposes of the REMIC
Provisions.

     Class RX-IX Interest: The residual interest in REMIC IX for purposes of the REMIC
Provisions.

     Class RX-X Interest: The residual interest in REMIC X for purposes of the REMIC
Provisions.

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     Class RX-XI Interest: The residual interest in REMIC XI for purposes of the REMIC
Provisions.

     Class RX-XII Interest: The residual interest in REMIC XII for purposes of the REMIC
Provisions.

     Class SL-A Certificates: All Certificates bearing the Class designation of “Class
SL-A Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Pool II Net WAC Rate Carryover Amount and (iii) the obligation to pay
the Pool II Class IO Distribution Amount.

     Class SL-A Principal Distribution Amount: For any Distribution Date means an amount
equal to the excess of the Certificate Principal Balance of the Class SL-A Certificates immediately
prior to such Distribution Date over (y) the lesser of (A) the product of (i) 25.50% and (ii) the
aggregate Stated Principal Balance of the Pool II Mortgage Loans as of the last day of the related
Due Period and (B) the aggregate Stated Principal Balance of the Pool II Mortgage Loans as of the
last day of the related Due Period minus $1,417,386.

     Class SL-B1 Certificates: All Certificates bearing the Class designation of “Class B1
Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Net WAC Rate Carryover Amount and (iii) the obligation to pay the Pool
II Class IO Distribution Amount.

     Class SL-B1 Principal Distribution Amount: With respect to any Distribution Date, the
excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Pool II Senior
Certificates (after taking into account the distribution of the Class SL-A Principal Distribution
Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class
SL-M1 Certificates (after taking into account the distribution of the Class SL-M1 Principal
Distribution Amount on such Distribution Date), (iii) the aggregate Certificate Principal Balance
of the Class SL-M2 Certificates (after taking into account the distribution of the Class SL-M2
Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal
Balance of the Class SL-M3 Certificates (after taking into account the distribution of the Class
SL-M3 Principal Distribution Amount on such Distribution Date), (v) the aggregate Certificate
Principal Balance of the Class SL-M4 Certificates (after taking into account the distribution of
the Class SL-M4 Principal Distribution Amount on such Distribution Date), (vi) the aggregate
Certificate Principal Balance of the Class SL-M5 Certificates (after taking into account the
distribution of the Class SL-M5 Principal Distribution Amount on such Distribution Date), (vii) the
aggregate Certificate Principal Balance of the Class SL-M6 Certificates (after taking into account
the distribution of the Class SL-M6 Principal Distribution Amount on such Distribution Date),
(viii) the aggregate Certificate Principal Balance of the Class SL-M7 Certificates (after taking
into account the distribution of the Class SL-M7 Principal Distribution Amount on such Distribution
Date), (ix) the aggregate Certificate Principal Balance of the Class SL-M8 Certificates (after
taking into account the distribution of the Class SL-M8 Principal Distribution Amount on such
Distribution Date), (x) the aggregate Certificate Principal Balance of the Class SL-M9 Certificates
(after taking into account the distribution of the Class SL-M9 Principal

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Distribution Amount on such Distribution Date) and (xi) the aggregate Certificate Principal
Balance of the Class SL-B1 Certificates immediately prior to such Distribution Date over (y) the
lesser of (A) the product of (i) 83.20% and (ii) the aggregate Stated Principal Balance of the Pool
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 Pool 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 $1,417,386.

     Class SL-C Certificates: All Certificates bearing the Class designation of “Class
SL-C Certificates” representing the right to distributions as set forth herein and therein and
representing a regular interest in REMIC XI for purposes of the REMIC Provisions.

     Class SL-C Distributable Amount: With respect to the Class SL-C Interest and any
Distribution Date, the sum of (i) the interest accrued on such Class SL-C Interest at its
Pass-Through Rate calculated on its Notional Amount less the amount (without duplication) of any
Pool II Net WAC Rate Carryover Amounts paid pursuant to Section 4.02(e)(iii) and less the
amount applied as a Pool II Extra Principal Distribution Amount on such Distribution Date, (ii) any
amount of the Uncertificated Principal Balance of the Class SL-C Interest remaining that is
distributable as a Pool II Overcollateralization Release Amount and (iii) the aggregate of amounts
remaining in the Pool II Net WAC Rate Carryover Reserve Account after the distributions in
Sections 4.02(e)(iii)(W)(1) and (2) and the Pool II Swap Account after
distributions in Section 4.02(h). With respect to the Class SL-C Certificate, 100% of the
amount distributed to the Class SL-C Interest.

     Class SL-C Interest: An uncertificated interest in the Trust Fund held by the Trustee
on behalf of the Holders of the Class SL-C Certificate and representing the right to distributions
as set forth herein and evidencing (i) a regular interest in REMIC VII for purposes of the REMIC
Provisions, (ii) the obligation to pay Pool II Net WAC Rate Carryover Amounts and Pool II Swap
Termination Payments and (iii) the obligation to pay and the right to receive Pool II Class IO
Distribution Amounts.

     Class SL-M Certificates: The Class SL-M1, Class SL-M2, Class SL-M3, Class SL-M4,
Class SL-M5, Class SL-M6, Class SL-M7, Class SL-M8 and Class SL-M9 Certificates.

     Class SL-M1 Certificates: All Certificates bearing the Class designation of “Class
SL-M1 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Net WAC Rate Carryover Amount and (iii) the obligation to pay the Pool
II Class IO Distribution Amount.

     Class SL-M1 Principal Distribution Amount: With respect to any Distribution Date, the
excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class SL-A
Certificates (after taking into account the distribution of the Class SL-A Principal Distribution
Amount on such Distribution Date) and (ii) the aggregate Certificate Principal Balance of the

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Class SL-M1 Certificates immediately prior to such Distribution Date over (y) the lesser of
(A) the product of (i) 35.10% and (ii) the aggregate Stated Principal Balance of the Pool 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 Pool 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 $1,417,386.

     Class SL-M2 Certificates: All Certificates bearing the Class designation of “Class
SL-M2 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Net WAC Rate Carryover Amount and (iii) the obligation to pay the Pool
II Class IO Distribution Amount.

     Class SL-M2 Principal Distribution Amount: With respect to any Distribution Date, the
excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class SL-A
Certificates (after taking into account the distribution of Class SL-A Principal Distribution
Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class
SL-M1 Certificates (after taking into account the distribution of the Class SL-M1 Principal
Distribution Amount on such Distribution Date) and (iii) the aggregate Certificate Principal
Balance of the Class SL-M2 Certificates immediately prior to such Distribution Date over (y) the
lesser of (A) the product of (i) 43.70% and (ii) the aggregate Stated Principal Balance of the Pool
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 Pool 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 $1,417,386.

     Class SL-M3 Certificates: All Certificates bearing the Class designation of “Class
SL-M3 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Net WAC Rate Carryover Amount and (iii) the obligation to pay the Pool
II Class IO Distribution Amount.

     Class SL-M3 Principal Distribution Amount: With respect to any Distribution Date, the
excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class SL-A
Certificates (after taking into account the distribution of the Class SL-A Principal Distribution
Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class
SL-M1 Certificates (after taking into account the distribution of the Class SL-M1 Principal
Distribution Amount on such Distribution Date), (iii) the aggregate Certificate Principal Balance
of the Class SL-M2 Certificates (after taking into account the distribution of the Class SL-M2
Principal Distribution Amount on such Distribution Date) and (iv) the Certificate Principal Balance
of the Class SL-M3 Certificates immediately prior to such Distribution Date over (y) the

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lesser of (A) the product of (i) 49.60% and (ii) the aggregate Stated Principal Balance of the
Pool 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 Pool 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 $1,417,386.

     Class SL-M4 Certificates: All Certificates bearing the Class designation of “Class
SL-M4 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Net WAC Rate Carryover Amount and (iii) the obligation to pay the Pool
II Class IO Distribution Amount.

     Class SL-M4 Principal Distribution Amount: With respect to any Distribution Date, the
excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class SL-A
Certificates (after taking into account the distribution of the Class SL-A Principal Distribution
Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class
SL-M1 Certificates (after taking into account the distribution of the Class SL-M1 Principal
Distribution Amount on such Distribution Date), (iii) the aggregate Certificate Principal Balance
of the Class SL-M2 Certificates (after taking into account the distribution of the Class SL-M2
Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal
Balance of the Class SL-M3 Certificates (after taking into account the distribution of the Class
SL-M3 Principal Distribution Amount on such Distribution Date) and (v) the aggregate Certificate
Principal Balance of the Class SL-M4 Certificates immediately prior to such Distribution Date over
(y) the lesser of (A) the product of (i) 54.80% and (ii) the aggregate Stated Principal Balance of
the Pool 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 Pool 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 $1,417,386.

     Class SL-M5 Certificates: All Certificates bearing the Class designation of “Class
SL-M5 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Net WAC Rate Carryover Amount and (iii) the obligation to pay the Pool
II Class IO Distribution Amount.

     Class SL-M5 Principal Distribution Amount: With respect to any Distribution Date, the
excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class SL-A
Certificates (after taking into account the distribution of the Class SL-A Principal Distribution
Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class
SL-M1 Certificates (after taking into account the distribution of the Class SL-M1 Principal

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Distribution Amount on such Distribution Date), (iii) the aggregate Certificate Principal
Balance of the Class SL-M2 Certificates (after taking into account the distribution of the Class
SL-M2 Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate
Principal Balance of the Class SL-M3 Certificates (after taking into account the distribution of
the Class SL-M3 Principal Distribution Amount on such Distribution Date), (v) the aggregate
Certificate Principal Balance of the Class SL-M4 Certificates (after taking into account the
distribution of the Class SL-M4 Principal Distribution Amount on such Distribution Date) and (vi)
the aggregate Certificate Principal Balance of the Class SL-M5 Certificates immediately prior to
such Distribution Date over (y) the lesser of (A) the product of (i) 60.20% and (ii) the aggregate
Stated Principal Balance of the Pool 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 Pool 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 $1,417,386.

     Class SL-M6 Certificates: All Certificates bearing the Class designation of “Class
SL-M6 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Net WAC Rate Carryover Amount and (iii) the obligation to pay the Pool
II Class IO Distribution Amount.

     Class SL-M6 Principal Distribution Amount: With respect to any Distribution Date, the
excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class SL-A
Certificates (after taking into account the distribution of the Class SL-A Principal Distribution
Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class
SL-M1 Certificates (after taking into account the distribution of the Class SL-M1 Principal
Distribution Amount on such Distribution Date), (iii) the aggregate Certificate Principal Balance
of the Class SL-M2 Certificates (after taking into account the distribution of the Class SL-M2
Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal
Balance of the Class SL-M3 Certificates (after taking into account the distribution of the Class
SL-M3 Principal Distribution Amount on such Distribution Date), (v) the aggregate Certificate
Principal Balance of the Class SL-M4 Certificates (after taking into account the distribution of
the Class SL-M4 Principal Distribution Amount on such Distribution Date), (vi) the aggregate
Certificate Principal Balance of the Class SL-M5 Certificates (after taking into account the
distribution of the Class SL-M5 Principal Distribution Amount on such Distribution Date) and (vii)
the aggregate Certificate Principal Balance of the Class SL-M6 Certificates immediately prior to
such Distribution Date over (y) the lesser of (A) the product of (i) 65.20% and (ii) the aggregate
Stated Principal Balance of the Pool 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 Pool 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

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unscheduled collections of principal received during the related Prepayment Period) minus
$1,417,386.

     Class SL-M7 Certificates: All Certificates bearing the Class designation of “Class
SL-M7 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Net WAC Rate Carryover Amount and (iii) the obligation to pay the Pool
II Class IO Distribution Amount.

     Class SL-M7 Principal Distribution Amount: With respect to any Distribution Date, the
excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class SL-A
Certificates (after taking into account the distribution of the Class SL-A Principal Distribution
Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class
SL-M1 Certificates (after taking into account the distribution of the Class SL-M1 Principal
Distribution Amount on such Distribution Date), (iii) the aggregate Certificate Principal Balance
of the Class SL-M2 Certificates (after taking into account the distribution of the Class SL-M2
Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal
Balance of the Class SL-M3 Certificates (after taking into account the distribution of the Class
SL-M3 Principal Distribution Amount on such Distribution Date), (v) the aggregate Certificate
Principal Balance of the Class SL-M4 Certificates (after taking into account the distribution of
the Class SL-M4 Principal Distribution Amount on such Distribution Date), (vi) the aggregate
Certificate Principal Balance of the Class SL-M5 Certificates (after taking into account the
distribution of the Class SL-M5 Principal Distribution Amount on such Distribution Date), (vii) the
aggregate Certificate Principal Balance of the Class SL-M6 Certificates (after taking into account
the distribution of the Class SL-M6 Principal Distribution Amount on such Distribution Date) and
(viii) the aggregate Certificate Principal Balance of the Class SL-M7 Certificates immediately
prior to such Distribution Date over (y) the lesser of (A) the product of (i) 70.10% and (ii) the
aggregate Stated Principal Balance of the Pool 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 Pool 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
$1,417,386.

     Class SL-M8 Certificates: All Certificates bearing the Class designation of “Class
SL-M8 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Net WAC Rate Carryover Amount and (iii) the obligation to pay the Pool
II Class IO Distribution Amount.

     Class SL-M8 Principal Distribution Amount: With respect to any Distribution Date, the
excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class SL-A
Certificates (after taking into account the distribution of the Class SL-A Principal Distribution
Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class
SL-M1 Certificates (after taking into account the distribution of the Class SL-M1 Principal

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Distribution Amount on such Distribution Date), (iii) the aggregate Certificate Principal
Balance of the Class SL-M2 Certificates (after taking into account the distribution of the Class
SL-M2 Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate
Principal Balance of the Class SL-M3 Certificates (after taking into account the distribution of
the Class SL-M3 Principal Distribution Amount on such Distribution Date), (v) the aggregate
Certificate Principal Balance of the Class SL-M4 Certificates (after taking into account the
distribution of the Class SL-M4 Principal Distribution Amount on such Distribution Date), (vi) the
aggregate Certificate Principal Balance of the Class SL-M5 Certificates (after taking into account
the distribution of the Class SL-M5 Principal Distribution Amount on such Distribution Date), (vii)
the aggregate Certificate Principal Balance of the Class SL-M6 Certificates (after taking into
account the distribution of the Class SL-M6 Principal Distribution Amount on such Distribution
Date), (viii) the aggregate Certificate Principal Balance of the Class SL-M7 Certificates (after
taking into account the distribution of the Class SL-M7 Principal Distribution Amount on such
Distribution Date) and (ix) the aggregate Certificate Principal Balance of the Class SL-M8
Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of
(i) 74.70% and (ii) the aggregate Stated Principal Balance of the Pool 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 Pool 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 $1,417,386.

     Class SL-M9 Certificates: All Certificates bearing the Class designation of “Class
SL-M9 Certificates” representing the right to distributions as set forth herein and therein and
representing (i) a regular interest in REMIC VII for purposes of the REMIC Provisions, (ii) the
right to receive its related Net WAC Rate Carryover Amount and (iii) the obligation to pay the Pool
II Class IO Distribution Amount.

     Class SL-M9 Principal Distribution Amount: With respect to any Distribution Date, the
excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class SL-A
Certificates (after taking into account the distribution of the Class SL-A Principal Distribution
Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class
SL-M1 Certificates (after taking into account the distribution of the Class SL-M1 Principal
Distribution Amount on such Distribution Date), (iii) the aggregate Certificate Principal Balance
of the Class SL-M2 Certificates (after taking into account the distribution of the Class SL-M2
Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal
Balance of the Class SL-M3 Certificates (after taking into account the distribution of the Class
SL-M3 Principal Distribution Amount on such Distribution Date), (v) the aggregate Certificate
Principal Balance of the Class SL-M4 Certificates (after taking into account the distribution of
the Class SL-M4 Principal Distribution Amount on such Distribution Date), (vi) the aggregate
Certificate Principal Balance of the Class SL-M5 Certificates (after taking into account the
distribution of the Class SL-M5 Principal Distribution Amount on such Distribution Date), (vii) the
aggregate Certificate Principal Balance of the Class SL-M6 Certificates (after taking into account
the distribution of the Class SL-M6 Principal Distribution Amount on such Distribution Date),
(viii) the aggregate Certificate Principal Balance of the Class SL-M7 Certificates (after

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taking into account the distribution of the Class SL-M7 Principal Distribution Amount on such
Distribution Date), (ix) the aggregate Certificate Principal Balance of the Class SL-M8
Certificates (after taking into account the distribution of the Class SL-M8 Principal Distribution
Amount on such Distribution Date) and (x) the aggregate Certificate Principal Balance of the Class
SL-M9 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the
product of (i) 78.80% and (ii) the aggregate Stated Principal Balance of the Pool 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 Pool 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 $1,417,386.

     Class Swap-I-IO Interest: An uncertificated interest on the Trust Fund evidencing
regular interest in REMIC VII for purposes of REMIC Provisions.

     Class Swap-II-IO Interest: An uncertificated interest on the Trust Fund evidencing
regular interest in REMIC VII for purposes of REMIC Provisions.

     Closing Date: August 3, 2006.

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

     Collection Account: As defined in Section 3.10(a).

     Commission: The United States Securities and Exchange Commission.

     Compensating Interest: For any Distribution Date, the lesser of (a) the Prepayment
Interest Shortfall, if any, for such Distribution Date, with respect to voluntary Principal
Prepayments in full by the Mortgagor (excluding any payments made upon liquidation of the Mortgage
Loan), and (b) the amount of the Servicing Fee payable to the Servicer for such Distribution Date.

     Condemnation Proceeds: All awards, compensation and/or settlements in respect of a
Mortgaged Property, whether permanent or temporary, partial or entire, by exercise of the power of
eminent domain or condemnation.

     Corporate Trust Office. The designated office of the Trustee or the Trust
Administrator, as the case may be, at which at any particular time its corporate trust business
with respect to this Agreement is administered, which office at the date of the execution of this
Agreement is located at (i) with respect to the Trustee, HSBC Bank USA, National Association, 452
Fifth Avenue, New York, New York 10018, or at such other address as the Trustee may designate from
time to time by notice to the Certificateholders, the Depositor, the Servicer, the Master Servicer,
the Originator and the Trust Administrator, or (ii) with respect to the Trust Administrator, (A)
for certificate transfer purposes, Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479,
Attention: Corporate Trust Services-Fremont 2006-B, (B) for matters relating to the Custodial

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Files, 24 Executive Park, Suite 100, Irvine, California 92614, Attention: Fremont 2006-B, and
(C) for all other purposes, 9062 Old Annapolis Road, Columbia, Maryland 21045 Attn: Client
Manager-Fremont 2006-B, facsimile no. (410) 715-2380 and which is the address to which notices to
and correspondence with the Trust Administrator should be directed.

     Corresponding Class: The Class of interests in one Trust REMIC created under this
Agreement that corresponds to the Class of interests in the other Trust REMIC or to a Class of
Certificates in the manner set out below:

	 	 	 
	Corresponding REMIC III or REMIC VI Classes	 	Corresponding REMIC Classes
	LTI-1-A
	 	Class 1-A Certificates
	LTI-2-A-1
	 	Class 2-A-1 Certificates
	LTI-2-A-2
	 	Class 2-A-2 Certificates
	LTI-2-A-3
	 	Class 2-A-3 Certificates
	LTI-2-A-4
	 	Class 2-A-4 Certificates
	LTI-M-1
	 	Class M-1 Certificates
	LTI-M-2
	 	Class M-2 Certificates
	LTI-M-3
	 	Class M-3 Certificates
	LTI-M-4
	 	Class M-4 Certificates
	LTI-M-5
	 	Class M-5 Certificates
	LTI-M-6
	 	Class M-6 Certificates
	LTI-M-7
	 	Class M-7 Certificates
	LTI-M-8
	 	Class M-8 Certificates
	LTI-M-9
	 	Class M-9 Certificates
	LTI-M-10
	 	Class M-10 Certificates
	LTI-M-11
	 	Class M-11 Certificates
	LT-I-IO
	 	Class Swap-I-IO Interest
	LTII-SL-A
	 	Class SL-A Certificates
	LTII-SL-M1
	 	Class SL-M1 Certificates
	LTII-SL-M2
	 	Class SL-M2 Certificates
	LTII-SL-M3
	 	Class SL-M3 Certificates
	LTII-SL-M4
	 	Class SL-M4 Certificates
	LTII-SL-M5
	 	Class SL-M5 Certificates
	LTII-SL-M6
	 	Class SL-M6 Certificates
	LTII-SL-M7
	 	Class SL-M7 Certificates
	LTII-SL-M8
	 	Class SL-M8 Certificates
	LTII-SL-M9
	 	Class SL-M9 Certificates
	LTII-SL-B1
	 	Class SL-B1 Certificates
	LT-II-IO
	 	Class Swap-II-IO Interest

     With respect to the Class C Interest, Class SL-C Interest and the Class P Interest, the Class
C Certificates, Class SL-C Certificates and the Class P Certificates, respectively.

     Current Interest: With respect to any Distribution Date for each Class of the Offered
Certificates, the aggregate amount of interest accrued during the related Interest Accrual Period
at the applicable Pass-Through Rate on the related Class Certificate Principal Balance

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immediately prior to such Distribution Date, as reduced by such Class’s share of Net
Prepayment Interest Shortfalls and Relief Act Interest Shortfalls for the related Due Period
allocated to such Class pursuant to Section 4.02.

     Custodial Fee: With respect to each mortgage Loan and any Distribution Date, an
amount equal to the product of (i) one-twelfth of the Custodial Fee Rate and (ii) the Stated
Principal Balance of such Mortgage Loans as of the first day of the calendar month preceding the
month in which such Distribution Date occurs.

     Custodial Fee Rate: 0.000% per annum; provided, however, that if Wells Fargo Bank,
N.A. ceases to be Master Servicer and Trust Administrator hereunder, the Custodial Fee Rate shall
be 0.002%.

     Custodial File: With respect to each Mortgage Loan, the file retained by the Trust
Administrator consisting of items (a)-(h) as listed on Exhibit K hereto.

     Cut-off Date: With respect to each Mortgage Loan (other than a Substitute Mortgage
Loan), August 1, 2006. With respect to all Substitute Mortgage Loans, their respective dates of
substitution. References herein to the “Cut-off Date,” when used with respect to more than one
Mortgage Loan, shall be to the respective Cut-off Dates for such Mortgage Loans.

     Cut-off Date Pool Principal Balance: The aggregate Stated Principal Balances of all
Mortgage Loans as of the close of business on the Cut-off Date (after giving effect to payments of
principal due on that date).

     Data Tape Information: The information provided by the Originator as of the Cut-off
Date to the Depositor setting forth the following information with respect to each Mortgage Loan:
(1) the Originator’s Mortgage Loan identifying number; (2) the Mortgagor’s name; (3) the street
address of the Mortgaged Property including the city, state and zip code; (4) a code indicating
whether the Mortgaged Property is owner-occupied, a second home or investment property; (5) the
number and type of residential units constituting the Mortgaged Property (i.e., a single family
residence, a 2-4 family residence, a unit in a condominium project or a unit in a planned unit
development, manufactured housing); (6) the original months to maturity or the remaining months to
maturity from the Cut-off Date, in any case based on the original amortization schedule and, if
different, the maturity expressed in the same manner but based on the actual amortization schedule;
(7) the Loan-to-Value Ratio at origination; (8) the Mortgage Interest Rate as of the Cut-off Date;
(9) the date on which the Scheduled Payment was due on the Mortgage Loan and, if such date is not
consistent with the Due Date currently in effect, such Due Date; (10) the stated maturity date;
(11) the amount of the Scheduled Payment as of the Cut-off Date; (12) the last payment date on
which a Scheduled Payment was actually applied to pay interest and, if applicable, the outstanding
principal balance; (13) the original principal amount of the Mortgage Loan; (14) the principal
balance of the Mortgage Loan as of the close of business on the Cut-off Date, after deduction of
payments of principal due and collected on or before the Cut-off Date; (15) with respect to
Adjustable Rate Mortgage Loans, the Adjustment Date; (16) with respect to Adjustable Rate Mortgage
Loans, the Gross Margin; (17) with respect to Adjustable Rate Mortgage Loans, the Lifetime Rate Cap
under the terms of the Mortgage Note; (18) with respect to Adjustable Rate Mortgage Loans, a code
indicating the type of Index;

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(19) with respect to Adjustable Rate Mortgage Loans, the Periodic Mortgage Interest Rate Cap
under the terms of the Mortgage Note; (20) the type of Mortgage Loan (i.e., fixed rate, adjustable
rate, first lien); (21) a code indicating the purpose of the loan (i.e., purchase, rate and term
refinance, equity take-out refinance); (22) a code indicating the documentation style (i.e., full
documentation, easy documentation or stated income); (23) the loan credit classification (as
described in the Underwriting Guidelines); (24) whether such Mortgage Loan provides for a
Prepayment Premium; (25) the Prepayment Premium period of such Mortgage Loan, if applicable; (26) a
description of the Prepayment Premium, if applicable; (27) the Mortgage Interest Rate as of
origination; (28) the credit risk score at origination; (29) the date of origination; (30) the
Mortgage Interest Rate adjustment period; (31)the Minimum Mortgage Interest Rate; (32) the Mortgage
Interest Rate calculation method (i.e., 30/360, simple interest, other); (33) a code indicating
whether the Mortgage Loan is a High Cost Mortgage Loan; (34) a code indicating whether the Mortgage
Loan has been modified; (35) the current Loan-to-Value Ratio; (36) [Reserved]; (37) the Due Date
for the first Scheduled Payment; (38) the original Scheduled Payment due; (39) with respect to the
related Mortgagor, the debt-to-income ratio; (40) the Appraised Value of the Mortgaged Property;
(41) the sales price of the Mortgaged Property if the Mortgage Loan was originated in connection
with the purchase of the Mortgaged Property; (42) the MERS identification number; and (43) a code
indicating if a Mortgage Loan is a 30-Day Delinquency. With respect to the Mortgage Loans in the
aggregate: (1) the number of Mortgage Loans; (2) the current aggregate outstanding principal
balance of the Mortgage Loans; (3) the weighted average Mortgage Interest Rate of the Mortgage
Loans; and (4) the weighted average maturity of the Mortgage Loans.

     DBRS: Dominion Bond Rating Service, Inc. If DBRS is designated as a Rating Agency in
the Preliminary Statement, for purposes of Section 10.05(b) the address for notices to DBRS
shall be Dominion Bond Rating Service, Inc., 55 Broadway, 28th Floor, New York, New York
10006, or such other address as DBRS may hereafter furnish to the Depositor, the Servicer, the
Master Servicer, the Trust Administrator and the Trustee.

     Debt Service Reduction: With respect to any Mortgage Loan, a reduction by a court of
competent jurisdiction in a proceeding under the United States Bankruptcy Code in the Scheduled
Payment for such Mortgage Loan which became final and non-appealable, except for such a reduction
resulting from a Deficient Valuation or any reduction that results in a permanent forgiveness of
principal.

     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
principal balance of the Mortgage Loan, which valuation results from a proceeding initiated under
the United States Bankruptcy Code.

     Definitive Certificates: Any Certificate evidenced by a Physical Certificate and any
Certificate issued in lieu of a Book-Entry Certificate pursuant to Section 5.02(e).

     Deleted Mortgage Loan: As defined in Section 2.03(c).

     Delinquency Rate: With respect to any month and the Pool I Mortgage Loans or the Pool II
Mortgage Loans, the quotient (expressed as a percentage) of (1) the Stated Principal Balance

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of the 60+ Day Delinquent Mortgage Loans in such pool, divided by (2) the aggregate Stated
Principal Balance of the Mortgage Loans in such pool as of the last day of the related month, not
including in both (1) and (2) a Liquidated Mortgage Loan as of the end of the Prepayment Period.

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

     Depositor: Fremont Mortgage Securities Corporation, a Delaware corporation, and its
successors in interest.

     Depository: The initial Depository shall be The Depository Trust Company, the nominee
of which is CEDE & Co., as the registered Holder of the Book-Entry Certificates. The Depository
shall at all times be a “clearing corporation” as defined in Section 8-102(a)(5) of the Uniform
Commercial Code of the State of New York.

     Depository Institution: Any depository institution or trust company, including the
Trustee, that (a) is incorporated under the laws of the United States of America or any State
thereof, (b) is subject to supervision and examination by federal or state banking authorities and
(c) has outstanding unsecured commercial paper or other short-term unsecured debt obligations that
are rated P-1 by Moody’s and A-1 by Standard & Poor’s.

     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 each 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.

     Distribution Account: The separate Eligible Account created and maintained by the
Trust Administrator pursuant to Section 3.27(b) in the name of the Trust Administrator for
the benefit of the Certificateholders and designated “Wells Fargo Bank, N.A. in trust for
registered Holders of Fremont Home Loan Trust 2006-B Mortgage-Backed Certificates, Series 2006-B.”
Funds in the Distribution Account shall be held in trust for the Certificateholders for the uses
and purposes set forth in this Agreement and may be invested in Permitted Investments.

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

     Document Certification and Exception Report: The report attached to Exhibit F
hereto.

     Downgrade Provisions: As defined in the Pool I Swap Agreement or Pool II Swap
Agreement, as applicable. In summary, the Downgrade Provisions provide that if the relevant Swap
Provider’s long-term credit ratings fall below the levels specified in the relevant Swap
Agreement, such Swap Provider will be required, subject to the Rating Agency Condition (as

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defined in
the relevant Swap Agreement) to (1) post collateral securing its obligations under
the relevant Swap Agreement, (2) obtain a substitute Swap Provider acceptable to the Rating
Agencies that will assume the obligation of the relevant Swap Provider under the relevant Swap
Agreement, (3) obtain a guaranty or contingent agreement of the relevant Swap Provider’s obligations
under the relevant Swap Agreement from another person acceptable to the Rating Agencies or (4)
establish any other arrangement sufficient to restore the credit rating of the relevant
Certificates; all as more particularly set forth in the relevant Swap Agreement.

     Due Date: The day of the month on which the Scheduled Payment is due on a Mortgage
Loan, exclusive of any days of grace.

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

     Eligible Account: Either (i) an account 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 a subsidiary of a holding company,
the short-term unsecured debt obligations of such holding company) are rated A-1 by Standard &
Poor’s and P-1 by Moody’s (and a comparable rating if another Rating Agency is specified by the
Depositor by written notice to the Servicer) at the time any amounts are held on deposit therein,
(ii) a trust account or accounts maintained with a federal or state chartered depository
institution or trust company acting in its fiduciary capacity or (iii) any other account acceptable
to each Rating Agency. Eligible Accounts may bear interest, and may include, if otherwise
qualified under this definition, accounts maintained with the Trustee.

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

     ERISA-Qualifying Underwriting: A best efforts or firm commitment underwriting or
private placement that meets the requirements of Prohibited Transaction Exemption (“PTE”)
2002-41, 67 Fed. Reg. 54487 (2002) (or any successor thereto), or any substantially similar
administrative exemption granted by the U.S. Department of Labor.

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

     Escrow Account: The Eligible Account or Accounts established and maintained pursuant
to Section 3.09(b).

     Escrow Payments: As defined in Section 3.09(b) of this Agreement.

     Event of Default: Any (i) Servicer Event of Default or (ii) Master Servicer Event of
Termination, each as defined in Section 7.01.

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

     Expense Fee Rate: As to each Mortgage Loan, a per annum rate equal to the sum of the
Servicing Fee Rate, the Master Servicing Fee Rate and the Custodial Fee Rate (if applicable).

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     Expense Fees: As to each Mortgage Loan, the sum of the Servicing Fee, the Master
Servicing Fee and the Custodial Fee (if applicable).

     FDIC: The 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 as contemplated by
this Agreement), a determination made by the Servicer that all Insurance Proceeds, Condemnation
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 and deliver a certificate of a Servicing Officer evidencing
such determination to the Master Servicer.

     Final Scheduled Distribution Date: The Final Scheduled Distribution Date for each
Class of Certificates is the Distribution Date occurring in August 2036.

     Fitch: Fitch, Inc. If Fitch is designated as a Rating Agency in the Preliminary
Statement, for purposes of Section 10.05(b) the address for notices to Fitch shall be
Fitch, Inc., One State Street Plaza, New York, New York 10004, Attention: Residential Mortgage
Pass-Through Group, or such other address as Fitch may hereafter furnish to the Depositor, the
Servicer, the Master Servicer, the Trust Administrator and the Trustee.

     Form 8-K Disclosure Information: As defined in Section 4.07(a)(iii) hereof.

     Formula Rate: With respect to each Class of Pool I Senior Certificates and Pool I
Subordinate Certificates, the lesser of the related Base Rate for such Class and the Pool I Maximum
Cap (if applicable). With respect to the Class SL-A Certificates and the Pool II Subordinate
Certificates (other than the Class SL-B1 Certificates), the related Base Rate for such Class. With
respect to the Class SL-B1 Certificates, for any Distribution Date on or prior to the Optional
Termination Date, 6.50% per annum and, for any Distribution Date after the Optional Termination
Date, 7.00% per annum.

     Fremont: Fremont Investment & Loan, a California industrial bank, and its successors
in interest.

     Gross Margin: With respect to each Adjustable Rate Mortgage Loan, the fixed
percentage amount set forth in the related Mortgage Note to be added to the applicable Index to
determine the Mortgage Interest Rate.

     Group 1 Allocation Percentage: For any Distribution Date, the percentage equivalent
of a fraction, the numerator of which is (i) the aggregate Stated Principal Balance for the Group 1
Mortgage Loans for such Distribution Date, and the denominator of which is (ii) the aggregate
Stated Principal Balance for the Group 1 Mortgage Loans and the Group 2 Mortgage Loans for such
Distribution Date.

     Group 1 Interest Remittance Amount: With respect to any Distribution Date, that
portion of the Pool I Available Funds for such Distribution Date attributable to interest received
or

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advanced with respect to the Group 1 Mortgage Loans, reduced by the pro rata portion of the
amounts specified in clause (y) of the definition of Pool I Available Funds for such Distribution
Date.

     Group 1 Mortgage Loans: The Mortgage Loans identified on the Pool I Mortgage Loan
Schedule as Group 1 Mortgage Loans.

     Group 1 Net WAC Rate: A per annum rate equal to (a) the weighted average of the Pool
I Adjusted Net Mortgage Interest Rates then in effect at the beginning of the related Due Period on
the Group 1 Mortgage Loans (adjusted for Principal Prepayments during such Due Period that were
distributed on the Distribution Date falling within such Due Period), less (y) the Pool I Net Swap
Payment or Pool I Swap Termination Payment, if any, made to the Pool I Swap Provider (only if such
Pool I Swap Termination Payment is not due to a Pool I Swap Provider Trigger Event) multiplied by
Group 1 Allocation Percentage expressed as a percentage, equal to a fraction, the numerator of
which is equal to the Pool I Net Swap Payment or Pool I Swap Termination Payment made to the Pool I
Swap Provider by the Issuing Entity multiplied by 12, and the denominator of which is equal to the
aggregate Stated Principal Balance of the Pool I Mortgage Loans, multiplied by (b) 30 divided by
the actual number of days in such Interest Accrual Period. For federal income tax purposes, the
economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated
REMIC I Pass-Through Rate on REMIC III Regular Interest LTI-1-GRP, weighted on the basis of the
Uncertificated Principal Balance of such REMIC III Regular Interest (such rate shall be referred to
as the “Group 1 REMIC VII Net WAC Rate”).

     Group 1 Principal Allocation Percentage: With respect to any Distribution Date, the
percentage equivalent of a fraction, the numerator of which is (i) the Pool I Principal Remittance
Amount for the Group 1 Mortgage Loans for such Distribution Date, and the denominator of which is
(ii) the sum of the Pool I Principal Remittance Amount for such Distribution Date.

     Group 1 Principal Distribution Amount: With respect to any Distribution Date, the sum
of (i) the excess of (x) the Pool I Principal Remittance Amount relating to the Group 1 Mortgage
Loans over (y) the Pool I Overcollateralization Release Amount multiplied by the Group 1 Principal
Allocation Percentage for such Distribution Date and (ii) the Pool I Extra Principal Distribution
Amount for such Distribution Date multiplied by the Group 1 Principal Allocation Percentage.

     Group 1 Senior Certificates: The Class 1-A Certificates.

     Group 1 Senior Principal Distribution Amount: With respect to any Distribution Date,
an amount equal to the lesser of (I) the aggregate Certificate Principal Balance of the Class 1-A
Certificates immediately prior to such Distribution Date and (II) an amount equal to the excess of
(x) the aggregate Certificate Principal Balance of the Class 1-A Certificates immediately prior to
such Distribution Date over (y) the lesser of (A) the product of (i) 56.80% and (ii) the aggregate
Stated Principal Balance of the Group 1 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 Principal Prepayments received during the related
Prepayment Period) and (B) the aggregate Stated Principal Balance of the Group 1 Mortgage

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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 Principal
Prepayments received during the related Prepayment Period) minus $1,077,030.

     Group 2 Interest Remittance Amount: With respect to any Distribution Date, that
portion of the Pool I Available Funds for such Distribution Date attributable to interest received
or advanced with respect to the Group 2 Mortgage Loans, reduced by the pro rata portion of the
amounts specified in clause (y) of the definition of Pool I Available Funds for such Distribution
Date.

     Group 2 Mortgage Loans: The Mortgage Loans identified on the Pool I Mortgage Loan
Schedule as Group 2 Mortgage Loans.

     Group 2 Net WAC Rate: A per annum rate equal to (a) the weighted average of the
Adjusted Net Mortgage Interest Rates then in effect at the beginning of the related Due Period on
the Group 2 Mortgage Loans (adjusted for Principal Prepayments during such Due Period that were
distributed on the Distribution Date falling within such Due Period), less (y) the Pool I Net Swap
Payment or Pool I Swap Termination Payment, if any, and made to the Pool I Swap Provider (only if
such Pool I Swap Termination Payment is not due to a Pool I Swap Provider Trigger Event) multiplied
by Group 2 Allocation Percentage expressed as a percentage, equal to a fraction, the numerator of
which is equal to the Pool I Net Swap Payment or Pool I Swap Termination Payment made to the Pool I
Swap Provider by the Issuing Entity multiplied by 12, and the denominator of which is equal to the
aggregate Stated Principal Balance of the Pool I Mortgage Loans, multiplied by (b) 30 divided by
the actual number of days in such Interest Accrual Period. For federal income tax purposes, the
economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated
REMIC I Pass-Through Rate on REMIC III Regular Interest LTI-2-GRP, weighted on the basis of the
Uncertificated Principal Balance of such REMIC III Regular Interest (such rate shall be referred to
as the “Group 2 REMIC VII Net WAC Rate”).

     Group 2 Principal Allocation Percentage: With respect to any Distribution Date, the
percentage equivalent of a fraction, the numerator of which is (i) the Pool I Principal Remittance
Amount for the Group 2 Mortgage Loans for such Distribution Date, and the denominator of which is
(ii) the Pool I Principal Remittance Amount for such Distribution Date.

     Group 2 Principal Distribution Amount: With respect to any Distribution Date, the sum
of (i) the excess of (x) the Pool I Principal Remittance Amount relating to the Group 2 Mortgage
Loans over (y) the Pool I Overcollateralization Release Amount multiplied by the Group 2 Principal
Allocation Percentage for such Distribution Date and (ii) the Pool I Extra Principal Distribution
Amount for such Distribution Date multiplied by the Group 2 Principal Allocation Percentage.

     Group 2 Senior Certificates: The Class 2-A-1, Class 2-A-2, Class 2-A-3 and Class
2-A-4 Certificates.

     Group 2 Senior Principal Distribution Amount: With respect to any Distribution Date,
an amount equal to the lesser of (I) the aggregate Certificate Principal Balance of the Group 2

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Senior Certificates immediately prior to such Distribution Date and (II) the excess of (x) the
aggregate Certificate Principal Balance of the Class 2-A Certificates immediately prior to such
Distribution Date over (y) the lesser of (A) the product of (i) 56.80% and (ii) the aggregate
Stated Principal Balance of the Group 2 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 Principal Prepayments received during the related Prepayment
Period) and (B) the aggregate Stated Principal Balance of the Group 2 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 Principal Prepayments
received during the related Prepayment Period) minus $3,941,115.

     High Cost Mortgage Loan: A Mortgage Loan classified as (a) a “high cost” loan under
the Home Ownership and Equity Protection Act of 1994, (b) a “high cost,” “threshold,” “covered” or
“predatory” loan under any other applicable state, federal or local law (or a similarly classified
loan using different terminology under a law imposing heightened regulatory scrutiny or additional
legal liability for residential mortgage loans having high interest rates, points and/or fees) or
(c) a High Cost Loan or Covered Loan as defined in the Standard & Poor’s LEVELS® Glossary attached
as Exhibit P (the “Glossary”) where (x) a “High Cost Loan” is each loan identified
in the column “Category under applicable anti-predatory lending law” of the table entitled
“Standard & Poor’s High Cost Loan Categorization” in the Glossary as each such loan is defined in
the applicable anti-predatory lending law of the State or jurisdiction specified in such table and
(y) “Covered Loan” is each loan identified in the column “Category under applicable anti-predatory
lending law” of the table entitled “Standard & Poor’s High Covered Loan Categorization” in the
Glossary as each such loan is defined in the applicable anti-predatory lending law of the State of
jurisdiction specified in such table.

     Independent: When used with respect to any accountants, a Person who is “independent”
within the meaning of Rule 2-01(B) of the Securities and Exchange Commission’s Regulation S-X.
Independent means, when used with respect to any other Person, a Person who (A) is in fact
independent of another specified Person and any affiliate of such other Person, (B) does not have
any material direct or indirect financial interest in such other Person or any affiliate of such
other Person, (C) is not connected with such other Person or any affiliate of such other Person as
an officer, employee, promoter, underwriter, Trust Administrator, partner, director or Person
performing similar functions and (D) is not a member of the immediate family of a Person defined in
clause (B) or (C) above.

     Index: As to each Adjustable Rate Mortgage Loan, the index from time to time in
effect for the adjustment of the Mortgage Interest Rate set forth as such on the related Mortgage
Note.

     Initial Mortgage Interest Rate Cap: With respect to each Adjustable Rate Mortgage
Loan, the absolute maximum amount set forth in a provision of each Mortgage Note by which the
Mortgage Interest Rate therein may increase or decrease on the first Adjustment Date above or below
the Mortgage Interest Rate previously in effect.

     Initial Overcollateralization Amount: With respect to all of the Certificates,
$32,269,219. With respect to the Pool I Certificates, $20,072,976. With respect to the Pool II
Certificates, $12,196,243.

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     Insurance Policy: With respect to any Mortgage Loan included in the Trust Fund, any
insurance policy, including all riders and endorsements thereto in effect, including any
replacement policy or policies for any Insurance Policies.

     Insurance Proceeds: The proceeds of any title policy, hazard policy or other
insurance policy covering a Mortgage Loan, to the extent such proceeds 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 Accrual Period: With respect to each Class of LIBOR Certificates and any
Distribution Date, the period commencing on the Distribution Date occurring in the month preceding
the month in which the current Distribution Date occurs and ending on the day immediately preceding
the current Distribution Date (or, in the case of the first Distribution Date, the period from and
including the Closing Date to but excluding such first Distribution Date). For purposes of
computing interest accruals on each Class of Offered Certificates, each Interest Accrual Period has
the actual number of days in such month and each year is assumed to have 360 days. For purposes of
computing interest accruals on each of the Regular Interests in REMIC I through REMIC VI, the Class
C Interest, the Class C Certificates, the Class SL-C Interest, and the Class SL-C Certificates,
each Interest Accrual Period will be the prior calendar month, and each such month is assumed to
have 30 days and each year is assumed to have 360 days. With respect to the Class SL-B1
Certificates and any Distribution Date, the calendar month immediately preceding the calendar month
in which such Distribution Date occurs. For purposes of computing interest accruals on the Class
SL-B1 Certificates, each month is assumed to have 30 days and each year is assumed to have 360
days.

     Interest Coverage Account: An account established and held by the Trust Administrator
pursuant to Section 3.27.

     Investment Account: As defined in Section 3.12(a).

     Issuing
Entity: Fremont Home Loan Trust 2006-B.

     Late Collections: With respect to any Mortgage Loan and any Due Period, all amounts
received after the Remittance Date immediately following such Due Period, whether as late payments
of Scheduled Payments or as Insurance Proceeds, Condemnation 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
for such Due Period and not previously recovered.

     LIBOR: With respect to any Interest Accrual Period other than the first Interest
Accrual Period for the LIBOR Certificates, the rate determined by the Trust Administrator on the
related LIBOR Determination Date on the basis of the offered rate for one-month U.S. dollar
deposits as
such rate appears on Telerate Page 3750 as of 11:00 a.m. (London time) on such date;
provided, that if such rate does not appear on Telerate Page 3750, the rate for such date
will be determined on the basis of the rates at which one-month U.S. dollar deposits are offered by
the Reference Banks at approximately 11:00 a.m. (London time) on such date to prime banks in the
London

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interbank market. In such event, the Trust Administrator will request the principal London
office of each of the Reference Banks to provide a quotation of its rate. If at least two such
quotations are provided, the rate for that date will be the arithmetic mean of the quotations
(rounded upwards if necessary to the nearest whole multiple of 1/16%). If fewer than two
quotations are provided as requested, the rate for that date will be the arithmetic mean of the
rates quoted by major banks in New York City, selected by the Trust Administrator (after
consultation with the Depositor), at approximately 11:00 a.m. (New York City time) on such date for
one-month U.S. dollar loan to leading European banks. LIBOR for the first Interest Accrual Period
shall be 5.42067%.

     LIBOR Determination Date: With respect to any Interest Accrual Period for the LIBOR
Certificates, the second London Business Day preceding the commencement of such Interest Accrual
Period.

     Lifetime Rate Cap: The provision of each Mortgage Note related to an Adjustable Rate
Mortgage Loan which provides for an absolute maximum Mortgage Interest Rate thereunder. The
Mortgage Interest Rate during the terms of each Adjustable Rate Mortgage Loan shall not at any time
exceed the Mortgage Interest Rate at the time of origination of such Adjustable Rate Mortgage Loan
by more than the amount per annum set forth on the Mortgage Loan Schedule.

     Liquidated Mortgage Loan: With respect to any Distribution Date, a defaulted Mortgage
Loan (including any REO Property) which was liquidated in the calendar month preceding the month of
such Distribution Date and as to which the Servicer has certified (in accordance with this
Agreement) that it has received all amounts it expects to receive in connection with the
liquidation of such Mortgage Loan including the final disposition of any REO Property.

     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 coverage under this Agreement by reason
of its being purchased, sold or replaced pursuant to or as contemplated by this Agreement. 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 coverage under this
Agreement by reason of its being purchased pursuant to this Agreement.

     Liquidation Proceeds: The amounts, other than Insurance Proceeds, Condemnation
Proceeds or those received following the acquisition of REO Property, received in connection with
the liquidation of a defaulted Mortgage Loan, whether through the sale or assignment of such
Mortgage Loan, trustee’s sale, foreclosure sale or otherwise.

     Loan Group: The Group 1 Mortgage Loans and the Group 2 Mortgage Loans, as applicable.

     Loan-to-Value Ratio or LTV: With respect to any Mortgage Loan, the ratio (expressed
as a percentage) of the original outstanding principal amount of the Mortgage Loan (or, in the case
of a second-lien Mortgage Loan, the combined original outstanding principal amount of such Mortgage
Loan and any first-lien mortgage loan on the same Mortgaged Property) as of the Cut-off Date
(unless otherwise indicated), to either (a) if the Mortgage Loan was made to finance

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the acquisition of the related Mortgaged Property, the least of (i) the purchase price of the
Mortgaged Property, or (ii) the Appraisal Value of the Mortgaged Property at origination, or (b) if
the Mortgage Loan was a refinancing or modification, the Appraisal Value of the Mortgaged Property
at the time of the refinancing or modification.

     London Business Day: Any day on which dealings in deposits of United States dollars
are transacted in the London interbank market.

     Master Servicer: As of the Closing Date, Wells Fargo Bank, N.A. and thereafter, its
respective successors in interest who meet the qualifications of this Agreement. As long as a
Master Servicer is required under this Agreement, the Master Servicer and the Trust Administrator
shall at all times be the same Person.

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

     Master Servicing Fee: With respect to each Mortgage Loan and any Distribution Date,
an amount equal to the product of (i) one-twelfth of the Master Servicing Fee Rate, and (ii) the
Stated Principal Balance of such Mortgage Loan as of the first day of the calendar month preceding
the month in which such Distribution Date occurs.

     Master Servicing Fee Rate: 0.0135% per annum; provided, however, that if Wells Fargo
Bank, N.A. ceases to be the Master Servicer and is replaced by a successor Master Servicer, then
such rate shall be 0.0115% per annum; provided further, however, if Fremont Investment & Loan has
been removed as Servicer or has resigned as Servicer, and in either such case if a Master Servicer
is no longer required hereunder, then the Master Servicing Fee Rate shall be 0.00% per annum.

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

     Maximum LTI-ZZ Uncertificated Accrued Interest Deferral Amount: With respect to any
Distribution Date, the excess of (i) accrued interest at the Uncertificated REMIC III Pass-Through
Rate applicable to REMIC III Regular Interest LTI-ZZ for such Distribution Date on a balance equal
to the Uncertificated Principal Balance of REMIC III Regular Interest LTI-ZZ minus the REMIC III
Overcollateralization Amount, in each case for such Distribution Date, over (ii) the Uncertificated
Accrued Interest on REMIC III Regular Interest LTI-1-A, REMIC III Regular Interest LTI-2-A-1, REMIC
III Regular Interest LTI-2-A-2, REMIC III Regular Interest LTI-2-A-3, REMIC III Regular Interest
LTI-2-A-4, REMIC III Regular Interest LTI-M-1,
REMIC III Regular Interest LTI-M-2, REMIC III Regular Interest LTI-M-3, REMIC III Regular
Interest LTI-M-4, REMIC III Regular Interest LTI-M-5, REMIC III Regular Interest LTI-M-6, REMIC III
Regular Interest LTI-M-7, REMIC III Regular Interest LTI-M-8, REMIC III Regular Interest LTI-M-9,
REMIC III Regular Interest LTI-M-10 and REMIC III Regular Interest LTI-M-11 and REMIC III Regular
Interest LTI-ZZ for such Distribution Date, with the rate on each

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such REMIC III Regular Interest subject to a cap equal to the lesser of (x) LIBOR plus the
related Pass-Through Margin and (y) the related Net WAC Pass-Through Rate (calculated for this
purpose by substituting the Pool I REMIC VII Net WAC Rate) for the purpose of this calculation for
such Distribution Date; provided, however, that solely for this purpose, calculations of the
Uncertificated REMIC III Pass-Through Rate and the related caps with respect to each such REMIC III
Regular Interest shall be multiplied by a fraction, the numerator of which is the actual number of
days in the Interest Accrual Period and the denominator of which is 30.

     Maximum LTII-ZZ Uncertificated Accrued Interest Deferral Amount: With respect to any
Distribution Date, the excess of (i) accrued interest at the Uncertificated REMIC VI Pass-Through
Rate applicable to REMIC VI Regular Interest LTII-ZZ for such Distribution Date on a balance equal
to the Uncertificated Principal Balance of REMIC VI Regular Interest LTII-ZZ minus the REMIC VI
Overcollateralization Amount, in each case for such Distribution Date, over (ii) the Uncertificated
Accrued Interest on REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest LTII-SL-A, REMIC
VI Regular Interest LTII-SL-M1, REMIC VI Regular Interest LTII-SL-M2, REMIC VI Regular Interest
LTII-SL-M3, REMIC VI Regular Interest LTII-SL-M4, REMIC VI Regular Interest LTII-SL-M5, REMIC VI
Regular Interest LTII-SL-M6, REMIC VI Regular Interest LTII-SL-M7, REMIC VI Regular Interest
LTII-SL-M8, REMIC VI Regular Interest LTII-SL-M9 and REMIC VI Regular Interest LTII-SL-B1 for such
Distribution Date, with the rate on each such REMIC VI Regular Interest subject to a cap equal to
the lesser of (x) the Formula Rate and (y) the related Net WAC
Pass-Through Rate (calculated for this purpose by substituting the Pool II REMIC VII Net WAC Rate)
for the purpose of this calculation for such Distribution Date; provided, however, that solely for
this purpose, calculations of the Uncertificated REMIC VI Pass-Through Rate and the related caps
with respect to each such REMIC VI Regular Interest (other than REMIC VI Regular Interest
LTII-SL-B1) shall be multiplied by a fraction, the numerator of which is the actual number of days
in the Interest Accrual Period and the denominator of which is 30.

     Maximum Mortgage Interest Rate: With respect to an Adjustable Rate Mortgage Loan, the
specified maximum mortgage rate over the life of such mortgage loan; with respect to a Mortgage
Loan with a fixed rate, the Mortgage Interest Rate.

     MERS: As defined in Section 2.01.

     MERS Designated Mortgage Loan: Mortgage Loans for which (a) the Originator has
designated or will designate MERS as, and has taken or will take such action as is necessary to
cause MERS to be, the mortgagee of record, as nominee for the Originator, in accordance with MERS
Procedure Manual and (b) the Originator has designated or will designate the Trustee as the
Investor on the MERS® System.

     MERS Procedure Manual: The MERS Procedures Manual, as it may be amended, supplemented
or otherwise modified from time to time.

     MERS® System: MERS mortgage electronic registry system, as more particularly
described in the MERS Procedures Manual.

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     Minimum Mortgage Interest Rate: With respect to an Adjustable Rate Mortgage Loan, the
specified minimum mortgage rate over the life of such mortgage loan; with respect to a Mortgage
Loan with a fixed rate, the Mortgage Interest Rate.

     Monthly Statement: The statement made available to the Certificateholders pursuant to
Section 4.03.

     Moody’s: Moody’s Investors Service, Inc. If Moody’s is designated as a Rating Agency
in the Preliminary Statement, for purposes of Section 10.05(b) the address for notices to
Moody’s shall be Moody’s Investors Service, Inc., 99 Church Street, New York, New York 10007,
Attention: Residential Mortgage Pass-Through Group, or such other address as Moody’s may hereafter
furnish to the Depositor, the Servicer, the Master Servicer, the Trust Administrator and the
Trustee.

     Mortgage: The mortgage, deed of trust or other instrument identified on the Mortgage
Loan Schedule as securing a Mortgage Note.

     Mortgage File: The items pertaining to a particular Mortgage Loan contained in either
the Servicing File or Custodial File.

     Mortgage Interest Rate: The annual rate of interest borne on a Mortgage Note with
respect to each Mortgage Loan.

     Mortgage Loan: An individual Mortgage Loan which is the subject of this Agreement,
each Mortgage Loan originally sold and subject to this Agreement being identified on either the
Pool I Mortgage Loan Schedule or the Pool II Mortgage Loan Schedule, which Mortgage Loan includes,
without limitation, the Mortgage File, the Custodial File, the Servicing File, the Scheduled
Payments, Principal Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
REO Disposition proceeds, Prepayment Premiums and all other rights, benefits, proceeds and
obligations arising from or in connection with such Mortgage Loan, excluding replaced or
repurchased Mortgage Loans.

     Mortgage Loan Documents: The mortgage loan documents pertaining to each Mortgage
Loan.

     Mortgage Loan Schedule. Either or both of the Pool I Mortgage Loan Schedule and the
Pool II Mortgage Loan Schedule, as the context requires.

     Mortgage Note: The note or other evidence of the indebtedness of a Mortgagor under a
Mortgage Loan.

     Mortgaged Property: The real property (or leasehold estate, if applicable) identified
on the Mortgage Loan Schedule as securing repayment of the debt evidenced by a Mortgage Note.

     Mortgagor: The obligor(s) on a Mortgage Note.

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     Net Monthly Excess Cash Flow: For any Distribution Date the amount remaining for
distribution pursuant to subsection 4.02(a)(iii) and subsection 4.02(e)(iii) (before giving effect
to distributions pursuant to such subsections).

     Net Prepayment Interest Shortfall: For any Distribution Date, the amount by which the
sum of the Prepayment Interest Shortfalls exceeds the sum of the Compensating Interest payments
made on such Distribution Date.

     Net Swap Payment: A Pool I Net Swap Payment or a Pool II Net Swap Payment, as
applicable.

     Net WAC Rate: For any Distribution Date, the Group 1 Net WAC Rate, the Group 2 Net
WAC Rate, the Pool I Subordinate Net WAC Rate and the Pool II Net WAC Rate, as applicable.

     Net WAC Rate Carryover Amounts: Pool I Net WAC Rate Carryover Amounts or Pool II Net
WAC Rates Carryover Amounts, as applicable.

     Net WAC Rate Carryover Reserve Accounts: The Pool I Net WAC Rate Carryover Reserve
Account or the Pool II Net WAC Rate Carryover Reserve Account, as applicable.

     NIM Trust: Fremont NIM Trust 2006-B, a Delaware statutory trust, or other special
purpose entity created to securitize the cashflows relating to the Class C and/or Class P
Certificates.

     Nonrecoverable P&I Advance: Any P&I Advance previously made or proposed to be made in
respect of a Mortgage Loan or REO Property that, in the good faith business judgment of the
Servicer, will not or, in the case of a proposed P&I Advance, would not be ultimately recoverable
from related late payments, Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds on
such Mortgage Loan or REO Property as provided herein.

     Nonrecoverable Servicing Advance: Any Servicing Advances previously made or proposed
to be made in respect of a Mortgage Loan or REO Property, which, in the good faith business
judgment of the Servicer, will not or, in the case of a proposed Servicing Advance, would not, be
ultimately recoverable from related Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds
or otherwise.

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

     Notional Amount: With respect to the Class C Interest and the Class C Certificates, a
notional amount equal to the aggregate principal balance of the [REMIC III Regular Interests (other
than REMIC III Regular Interest LTIP)]. With respect to the Class SL-C Interest and the
Class SL-C Certificates, a notional amount equal to the aggregate Uncertificated Principal
Balance of the REMIC VI Regular Interests.

     Offered Certificates: As defined in the Preliminary Statement.

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     Officer’s Certificate: A certificate signed by an officer of the Servicer with
responsibility for the servicing of the Mortgage Loans required to be serviced by the Servicer and
listed on a list delivered to the Trustee or Trust Administrator, as applicable, pursuant to this
Agreement.

     Opinion of Counsel: A written opinion of counsel, who may be in-house counsel for the
Servicer or a Subservicer, the Master Servicer, the Pool I Swap Provider, the Pool II Swap
Provider, the Originator or the Depositor, reasonably acceptable to the Trustee and the Trust
Administrator; provided, that any Opinion of Counsel relating to (a) qualification of any Trust
REMIC as a REMIC or (b) compliance with the REMIC Provisions, must be an opinion of counsel who (i)
is in fact independent of the Servicer of the Mortgage Loans, (ii) does not have any material
direct or indirect financial interest in the Servicer of the Mortgage Loans or in an affiliate of
either and (iii) is not connected with the Servicer of the Mortgage Loans as an officer, employee,
director or person performing similar functions.

     Optional Termination Date: Any Distribution Date when the aggregate Stated Principal
Balance of the Mortgage Loans, as of the last day of the related Due Period, is equal to 10% or
less of the Cut-off Date Pool Principal Balance that has been designated as an Optional Termination
Date by the Servicer or holder of the Class R or Class RX Certificate.

     Originator: Fremont.

     OTS: Office of Thrift Supervision, and any successor thereto.

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

     (i) Certificates theretofore canceled by the Trustee or the Trust Administrator or delivered
to the Trustee or the Trust Administrator for cancellation; and

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

     Outstanding Mortgage Loan: As of any Due Date, a Mortgage Loan with a Stated
Principal Balance greater than zero which was not the subject of a Principal Prepayment in Full
prior to such Due Date and which did not become a Liquidated Mortgage Loan prior to such Due Date.

     Overcollateralization Target Amount: The Pool I Overcollateralization Target Amount
or the Pool II Overcollateralization Target Amount, as applicable.

     Ownership Interest: As to any Residual Certificate, any ownership 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.

     P&I Advance: As to any Mortgage Loan or REO Property, any advance made by the
Servicer in respect of any Remittance Date representing the aggregate of all payments of principal
and interest, net of the Servicing Fee, that were due during the related Due Period on the Mortgage
Loans and that were delinquent on the related Remittance Date, plus certain

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amounts representing assumed payments not covered by any current net income on the Mortgaged
Properties acquired by foreclosure or deed in lieu of foreclosure as determined pursuant to
Section 4.01.

     Pass-Through Margin: With respect to each Class of LIBOR Certificates, the following
percentages:

	 	 	 	 	 	 	 	 	 
	 	 	On or Prior to	 	 
	 	 	Optional	 	After the Optional
	 	 	Termination Date	 	Termination Date
	Class 1-A Certificates
	 	 	0.15	%	 	 	0.30	%
	Class 2-A-1 Certificates
	 	 	0.04	%	 	 	0.08	%
	Class 2-A-2 Certificates
	 	 	0.10	%	 	 	0.20	%
	Class 2-A-3 Certificates
	 	 	0.16	%	 	 	0.32	%
	Class 2-A-4 Certificates
	 	 	0.24	%	 	 	0.48	%
	Class M1 Certificates
	 	 	0.28	%	 	 	0.42	%
	Class M2 Certificates
	 	 	0.30	%	 	 	0.45	%
	Class M3 Certificates
	 	 	0.32	%	 	 	0.48	%
	Class M4 Certificates
	 	 	0.36	%	 	 	0.54	%
	Class M5 Certificates
	 	 	0.39	%	 	 	0.585	%
	Class M6 Certificates
	 	 	0.45	%	 	 	0.675	%
	Class M7 Certificates
	 	 	0.90	%	 	 	1.35	%
	Class M8 Certificates
	 	 	1.07	%	 	 	1.605	%
	Class M9 Certificates
	 	 	1.90	%	 	 	2.85	%
	Class M10 Certificates
	 	 	2.50	%	 	 	3.75	%
	Class M11 Certificates
	 	 	2.50	%	 	 	3.75	%
	Class SL-A Certificates
	 	 	0.19	%	 	 	0.38	%
	Class SL-M1 Certificates
	 	 	0.35	%	 	 	0.525	%
	Class SL-M2 Certificates
	 	 	0.36	%	 	 	0.54	%
	Class SL-M3 Certificates
	 	 	0.39	%	 	 	0.585	%
	Class SL-M4 Certificates
	 	 	0.54	%	 	 	0.81	%
	Class SL-M5 Certificates
	 	 	0.63	%	 	 	0.945	%
	Class SL-M6 Certificates
	 	 	0.68	%	 	 	1.02	%
	Class SL-M7 Certificates
	 	 	1.50	%	 	 	2.25	%
	Class SL-M8 Certificates
	 	 	1.70	%	 	 	2.55	%
	Class SL-M9 Certificates
	 	 	2.50	%	 	 	3.75	%

     Pass-Through Rate: For any Distribution Date and (x) the Class SL-B1 Certificates,
the Formula Rate for such Class, and (y) with respect to each Class of Offered Certificates other
than the Class SL-B1 Certificates, a rate equal to the lesser of (i) the related Formula Rate for
such Class and (ii) the related Net WAC Rate (if applicable).

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     With respect to the Class C Interest and any Distribution Date, a rate per annum equal to the
percentage equivalent of a fraction, the numerator of which is (x) the sum of (i) 100% of the
interest on REMIC III Regular Interest LTIP and (ii) interest on the Uncertificated Principal
Balance of each REMIC III Regular Interest listed in clause (y) at a rate equal to the related
Uncertificated REMIC III Pass-Through Rate minus the Pool I Marker Rate and the denominator of
which is (y) the aggregate Uncertificated Principal Balance of REMIC III Regular Interest LTI-AA,
REMIC III Regular Interest LTI-1-A, REMIC III Regular Interest LTI-2-A-1, REMIC III Regular
Interest LTI-2-A-2, REMIC III Regular Interest LTI-2-A-3, REMIC III Regular Interest LTI-2-A-4,
REMIC III Regular Interest LTI-M-1, REMIC III Regular Interest LTI-M-2, REMIC III Regular Interest
LTI-M-3, REMIC III Regular Interest LTI-M-4, REMIC III Regular Interest LTI-M-5, REMIC III Regular
Interest LTI-M-6, REMIC III Regular Interest LTI-M-7, REMIC III Regular Interest LTI-M-8, REMIC III
Regular Interest LTI-M-9, REMIC III Regular Interest LTI-M-10, REMIC III Regular Interest LTI-M-11
and REMIC III Regular Interest LTI-ZZ.

     With respect to the Class SL-C Interest and any Distribution Date, a rate per annum equal to
the percentage equivalent of a fraction, the numerator of which is (x) interest on the
Uncertificated Principal Balance of each REMIC VI Regular Interest listed in clause (y) at a rate
equal to the related Uncertificated REMIC VI Pass-Through Rate minus the Pool II Marker Rate and
the denominator of which is (y) the aggregate Uncertificated Principal Balance of REMIC VI Regular
Interest LTII-AA, REMIC VI Regular Interest LTII-SL-A, REMIC VI Regular Interest LTII-SL-M1, REMIC
VI Regular Interest LTII-SL-M2, REMIC VI Regular Interest LTII-SL-M3, REMIC VI Regular Interest
LTII-SL-M4, REMIC VI Regular Interest LTII-SL-M5, REMIC VI Regular Interest LTII-SL-M6, REMIC VI
Regular Interest LTII-SL-M7, REMIC VI Regular Interest LTII-SL-M8, REMIC VI Regular Interest
LTII-SL-M9, REMIC VI Regular Interest LTII-SL-B1, and REMIC VI Regular Interest LTII-ZZ.

     For federal income tax purposes, the Pass-Through Rate for the Class C Certificates shall be
an amount equal to 100% of the amounts distributable to the Class C Interest issued by REMIC VII
for such Distribution Date.

     For federal income tax purposes, the Pass-Through Rate for the Class SL-C Certificates shall
be an amount equal to 100% of the amounts distributable to the Class SL-C Interest issued by REMIC
VII for such Distribution Date.

     For federal income tax purposes, the Pass-Through Certificate Rate for the Class SWAP-I-IO
Interest shall be an amount equal to 100% of the amounts distributable to REMIC III Regular
Interest LTI-IO for such Distribution Date.

     For federal income tax purposes, the Pass-Through Certificate Rate for the Class SWAP-II-IO
Interest shall be an amount equal to 100% of the amounts distributable to REMIC VI Regular Interest
LTII-IO for such Distribution Date.

     PCAOB: The Public Company Accounting Oversight Board.

     Percentage Interest: As to any Certificate, the percentage interest evidenced thereby
in distributions required to be made on the related Class, such percentage interest being set forth
on

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the face thereof or equal to the percentage obtained by dividing the Denomination of such
Certificate by the aggregate of the Denominations of all Certificates of the same Class.

     Periodic Mortgage Interest Rate Cap: With respect to each Adjustable Rate Mortgage
Loan, the absolute maximum amount set forth in a provision of each Mortgage Note by which the
Mortgage Interest Rate therein may increase or decrease on an Adjustment Date (other than the first
Adjustment Date) above or below the Mortgage Interest Rate previously in effect. The Periodic
Mortgage Interest Rate Cap for each Adjustable Rate Mortgage Loan is the rate set forth on the
Mortgage Loan Schedule.

     Permitted Investment: Any one or more of the following obligations or securities
acquired at a purchase price of not greater than par, regardless of whether issued by the
Depositor, the Servicer, the Master Servicer, the Trust Administrator, the Trustee or any of their
respective Affiliates:

     (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) demand and time deposits in, certificates of deposit of, or bankers’ acceptances
(which shall each have an original maturity of not more than 90 days and, in the case of
bankers’ acceptances, shall in no event have an original maturity of more than 365 days or a
remaining maturity of more than 30 days) denominated in United States dollars and issued by
any Depository Institution and rated P-1 by Moody’s and A-1+ by Standard & Poor’s;

     (iii) repurchase obligations with respect to any security described in clause (i) above
entered into with a Depository Institution (acting as principal);

     (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 each Rating Agency that rates such securities in its highest long-term
unsecured rating categories 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 each Rating Agency that rates such
securities in its highest short-term unsecured debt rating available at the time of such
investment;

     (vi) units of money market funds, including money market funds advised or managed by
the Master Servicer, the Trustee or the Trust Administrator or an Affiliate thereof, that
have the highest applicable rating from the Rating Agencies, if so rated; and

     (vii) if previously confirmed in writing to the Trust Administrator, any other demand,
money market or time deposit, or any other obligation, security or investment, as may be
acceptable to the Rating Agencies as a permitted investment of funds backing

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securities having ratings equivalent to its highest initial rating of the Pool I Senior
Certificates and Pool II Senior Certificates;

provided, however, 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 Person other than (i) the United States, any State or
political subdivision thereof, 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) which 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, (v) a Person that is not
a U.S. Person or a U.S. Person with respect to whom income from a Residual Certificate is
attributable to a foreign permanent establishment or fixed base (within the meaning of an
applicable income tax treaty) of such Person or any other U.S. Person, (vi) an “electing large
partnership” within the meaning of Section 775 of the Code and (vii) any other Person so designated
by the Depositor based upon an Opinion of Counsel that the Transfer of an Ownership Interest in a
Residual Certificate to such Person may cause any Trust REMIC to fail to qualify as a REMIC at any
time that the 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, partnership, joint venture, association, limited
liability company, joint-stock company, trust, unincorporated organization or government, or any
agency or political subdivision thereof.

     Physical Certificates: As specified in the Preliminary Statement.

     Pool I Applied Realized Loss Amount: With respect to any Distribution Date, the
amount, if any, by which the aggregate Class Certificate Principal Balance of the Pool I Senior
Certificates, the Pool I Subordinate Certificates and the Class P Certificates after distributions
of principal on such Distribution Date exceeds the aggregate Stated Principal Balance of the Pool I
Mortgage Loans for such Distribution Date.

     Pool I Available Funds: With respect to any Distribution Date and the Pool I Mortgage
Loans to the extent received by the Trust Administrator (x) the sum of (i) all scheduled
installments of interest (net of the related Expense Fees) and principal due on the Due Date
on such Pool I Mortgage Loans in the related Due Period and received on or prior to the related
Determination Date, together with any P&I Advances in respect thereof; (ii) all Condemnation

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Proceeds, Insurance Proceeds and Liquidation Proceeds on the Pool I Mortgage Loans during the
related Prepayment Period (in each case, net of unreimbursed expenses incurred in connection with a
liquidation or foreclosure and unreimbursed Advances, if any); (iii) all partial or full Principal
Prepayments on the Pool I Mortgage Loans received during the related Prepayment Period together
with all Compensating Interest thereon and any amounts paid by the Servicer or Master Servicer in
respect of Prepayment Interest Shortfalls for such Distribution Date pursuant to Sections
3.25 and 3A.12, respectively (excluding in each case Prepayment Premiums, Servicer
Prepayment Payment Amounts related to the Pool I Mortgage Loans and any Prepayment Interest
Excess); (iv) any Subsequent Recoveries, (v) amounts received with respect to such Distribution
Date as the Substitution Adjustment Amount or purchase price in respect of a Deleted Mortgage Loan
that is a Pool I Mortgage Loan or a Pool I Mortgage Loan repurchased by the Originator or the
Depositor as of such Distribution Date, and (vi) any amounts withdrawn from the Interest Coverage
Account with respect to the Pool I Mortgage Loans; reduced by (y) amounts in reimbursement for P&I
Advances and Servicing Advances previously made with respect to the Pool I Mortgage Loans and other
amounts to which the Servicer, the Master Servicer, the Depositor, the Trust Administrator
(including in its capacity as the Swap Administrator), the Trustee (or co-trustee) or the Pool I
Swap Provider (including any Pool I Net Swap Payment owed to the Pool I Swap Provider or Swap
Termination Payment owed to the Pool I Swap Provider other than Swap Termination Payments resulting
from a Pool I Swap Provider Trigger Event) are entitled to be paid or reimbursed pursuant to this
Agreement, the Pool I Swap Agreement or the Swap Administration Agreement.

     Pool I Certificates: As defined in the Preliminary Statement hereto.

     Pool I Credit Enhancement Percentage: With respect to any Distribution Date, the
percentage obtained by dividing (x) the sum of (i) the aggregate Class Certificate Principal
Balance of the Pool I Subordinate Certificates and (ii) the Pool I Overcollateralized Amount (in
each case after taking into account the distributions of the Principal Distribution Amount for such
Distribution Date) by (y) the aggregate Stated Principal Balance of the Pool I Mortgage Loans for
such Distribution Date, calculated prior to taking into account distributions of principal on the
Pool I Mortgage Loans and distribution of the Group 1 Principal Distribution Amount and the Group 2
Principal Distribution Amount to the Holders of the Pool I Certificates then entitled to
distributions of principal on such Distribution Date.

     Pool I Excess Overcollateralized Amount: With respect to any Distribution Date, the
excess, if any, of (a) the Pool I Overcollateralized Amount on such Distribution Date over (b) the
Pool I Overcollateralization Target Amount for such Distribution Date.

     Pool I Excess Cashflow: With respect to any Distribution Date, the sum of (1) the
excess, if any, of (x) the interest collected on the Pool I Mortgage Loans by the Servicer on or
prior to the related Determination Date (exclusive of any Pool I Prepayment Interest Excess) or
advanced by the Servicer for the related Servicer Remittance Date, net of the Expense Fees with
respect to the Pool I Mortgage Loans, over (y) the sum of the amounts paid to the Classes of
Certificates pursuant to Sections 4.02(a)(i)(I), (II) and (III) and (2) any
Pool I
Overcollateralization Release Amount for such Distribution Date.

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     Pool I Extra Principal Distribution Amount: As of any Distribution Date, the
lesser of (x) the Pool I Excess Cashflow for such Distribution Date and (y) the related Pool I
Overcollateralization Deficiency for such Distribution Date.

     Pool I Fixed Payer Rate: 5.69%.

     Pool I 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 III
Pass-Through Rate for REMIC III Regular Interest LTI-1-A, REMIC III Regular Interest LTI-2-A-1,
REMIC III Regular Interest LTI-2-A-2, REMIC III Regular Interest LTI-2-A-3, REMIC III Regular
Interest LTI-2-A-4, REMIC III Regular Interest LTI-M-1, REMIC III Regular Interest LTI-M-2, REMIC
III Regular Interest LTI-M-3, REMIC III Regular Interest LTI-M-4, REMIC III Regular Interest
LTI-M-5, REMIC III Regular Interest LTI-M-6, REMIC III Regular Interest LTI-M-7, REMIC III Regular
Interest LTI-M-8, REMIC III Regular Interest LTI-M-9, REMIC III Regular Interest LTI-M-10, REMIC
III Regular Interest LTI-M-11 and REMIC III Regular Interest LTI-ZZ, with the rate on each such
REMIC III Regular Interest (other than REMIC III Regular Interest LTI-ZZ) subject to the lesser of
(i) LIBOR plus the related Pass-Through Margin and (ii) the related Net WAC Pass-Through Rate
(calculated for this purpose by substituting the Pool I REMIC VII Net WAC Rate) for the purpose of
this calculation for such Distribution Date and with the rate on REMIC III Regular Interest LTI-ZZ
subject to a cap of zero for the purpose of this calculation; provided, however, that solely for
this purpose, calculations of the Uncertificated REMIC III Pass-Through Rate and the related caps
with respect to each such REMIC III Regular Interest shall be multiplied by a fraction, the
numerator of which is the actual number of days in the Interest Accrual Period and the denominator
of which is 30.

     Pool I Maximum Cap: For any Distribution Date means the Pool I Senior Maximum Cap
relating to the Group 1 Mortgage Loans or the Group 2 Mortgage Loans, as applicable.

     Pool I Mortgage Loan: A Mortgage Loan identified on the Pool I Mortgage Loan
Schedule.

     Pool I Mortgage Loan Schedule: As of any date, the list of Pool I Mortgage Loans
included in the Trust Fund on such date, attached hereto as Schedule I. The Pool I
Mortgage Loan Schedule shall set forth by Loan Group the following information with respect to each
Mortgage Loan in such Loan Group:

     (i) the Mortgagor’s name and the Originator’s Mortgage Loan identifying number;

     (ii) the street address of the Mortgaged Property including the state and zip code;

     (iii) a code indicating whether the Mortgaged Property is owner-occupied;

     (iv) the number and type of residential dwelling constituting the Mortgaged Property
(i.e., a single family residence, a 2-4 family residence, a unit in a condominium project or
a unit in a planned unit development, manufactured housing);

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     (v) the original months to maturity;

     (vi) the Loan-to-Value Ratio, at origination;

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

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

     (ix) the stated maturity date of such Mortgage Loan;

     (x) the amount of the monthly payment (a) at origination and (b) due on the first Due
Date after the Cut-off Date;

     (xi) the last Due Date on which a monthly payment was actually applied to the unpaid
Stated Principal Balance;

     (xii) the original principal amount of the Mortgage Loan as of the date of origination;

     (xiii) the Stated Principal Balance of the Mortgage Loan as of the close of business on
the Cut-off Date;

     (xiv) with respect to each Adjustable Rate Mortgage Loan, the Applicable Index and
Gross Margin;

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

     (xvi) with respect to each Adjustable Rate Mortgage Loan, the Maximum Mortgage Interest
Rate;

     (xvii) with respect to each Adjustable Rate Mortgage Loan, the Minimum Mortgage
Interest Rate;

     (xviii) the Mortgage Interest Rate at origination;

     (xix) with respect to each Adjustable Rate Mortgage Loan, the Periodic Mortgage
Interest Rate Cap and the Initial Mortgage Interest Rate Cap;

     (xx) a code indicating the documentation program;

     (xxi) with respect to each Adjustable Rate Mortgage Loan, the first Adjustment Date
immediately following the Cut-off Date and the Adjustment Date frequency;

     (xxii) the value of the Mortgaged Property used to calculate the LTV for the related
Mortgage Loan;

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

     (xxiv) the Originator’s risk grade;

     (xxv) the actual interest “paid to date” of the Mortgage Loan as of the Cut-off Date;

     (xxvi) the number of years any Prepayment Premium is in effect;

     (xxvii) the loan type (i.e. fixed, adjustable; 2/28, 3/27, etc.);

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

     (xxix) a code indicating whether such Mortgage Loan is a Group 1 Mortgage Loan or a
Group 2 Mortgage Loan;

     (xxx) a code indicating whether the Mortgage Loan is a MERS Designated Mortgage Loan
and, if so, its corresponding mortgage identification number; and

     (xxxi) a code indicating whether the Mortgage Loan is subject to a Prepayment Premium,
if any.

     The Pool I Mortgage Loan Schedule shall set forth the following information with respect to
the Mortgage Loans in the aggregate as of the Cut-off Date: (1) the number of Pool I Mortgage
Loans; (2) the current principal balance of the Pool I Mortgage Loans; (3) the weighted average
Mortgage Interest Rate of the Pool I Mortgage Loans; and (4) the weighted average maturity of the
Pool I Mortgage Loans. The Pool I Mortgage Loan Schedule shall set forth the aggregate Stated
Principal Balance of the Pool I Mortgage Loans. The Pool I Mortgage Loan Schedule shall be amended
from time to time by the Depositor in accordance with the provisions of this Agreement. With
respect to any Substitute Mortgage Loan, the 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.

     Pool I Net Swap Payment: A net payment, if any, to be made on each Distribution Date
under the Pool I Swap Agreement, representing payments (a) by or on behalf of the Trust, to the
Pool I Swap Provider, to the extent that the fixed amount exceeds the corresponding floating
amount, plus any such amounts that remain unpaid from prior Distribution Dates, or (b) by the Pool
I Swap Provider to the Trust, to the extent that the floating amount exceeds the corresponding
fixed amount; all as more particularly set forth in the Pool I Swap Agreement.

     Pool I Net WAC Rate Carryover Amount: With respect to each Class of Pool I Senior
Certificates and Pool I Subordinate Certificates, as of any Distribution Date, if on such
Distribution Date there are unpaid Pool I Net WAC Rate Carryover Amounts from prior Distribution
Dates or the Pass-Through Rate for any Class of Pool I Senior Certificates or Pool I Subordinate
Certificates is based upon the Pool I Net WAC Rate, the sum of (A) the excess of the Formula Rate
for that Class of Pool I Senior Certificates or Pool I Subordinate Certificates over (i) with
respect to the Group 1 Senior Certificates, the Group 1 Net WAC Rate, (ii) with

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respect to the Group 2 Senior Certificates, the Group 2 Net WAC Rate, and (iii) with respect
to the Pool I Subordinate Certificates, the Pool I Subordinate Net WAC Rate, and (B) the Pool I Net
WAC Rate Carryover Amount for such Class of Certificates for all previous Distribution Dates not
previously paid, together with interest thereon at the applicable Pass-Through Rate for such Class
(without giving effect to any such limitations) of Certificates for such Distribution Date.

     Pool I Net WAC Rate Carryover Payment: For any Distribution Date, an amount equal to
the aggregate of the Pool I Net WAC Rate Carryover Amounts for such Distribution Date.

     Pool I Net WAC Rate Carryover Reserve Account: The separate Eligible Account created
and maintained by the Trust Administrator pursuant to Section 3.27(a) in the name of the
Trust Administrator for the benefit of the Holders of Regular Certificates that are Pool I
Certificates and designated “Wells Fargo Bank, N.A. in trust for registered Holders of Fremont Home
Loan Trust 2006-B, Mortgage-Backed Certificates, Series 2006-B.” Funds in the Pool I Net WAC Rate
Carryover Reserve Account shall be held in trust for the Holders of Regular Certificates that are
Pool I Certificates for the uses and purposes set forth in this Agreement. Amounts on deposit in
the Pool I Net WAC Rate Carryover Reserve Account shall not be invested. The Pool I Net WAC Rate
Carryover Reserve Account shall not be an asset of any Trust REMIC.

     Pool I Overcollateralized Amount: As of any Distribution Date, the excess, if any, of
(a) the aggregate Stated Principal Balance of the Pool I Mortgage Loans and REO Properties with
respect to the Pool I Mortgage Loans for such Distribution Date over (b) the aggregate Class
Certificate Principal Balance of the Pool I Senior Certificates, the Pool I Subordinate
Certificates and the Class P Certificate as of such Distribution Date (after giving effect to the
payment of the Pool I Principal Remittance Amount on such Certificates on such Distribution Date).

     Pool I Overcollateralization Deficiency: With respect to any Distribution Date, the
excess, if any, of (a) the Pool I Overcollateralization Target Amount applicable to such
Distribution Date over (b) the Pool I Overcollateralized Amount applicable to such Distribution
Date.

     Pool I Overcollateralization Release Amount: With respect to any Distribution Date,
an amount equal to the lesser of (a) the Pool I Excess Overcollateralized Amount and (b) the Pool I
Excess Cashflow.

     Pool I Overcollateralization Target Amount: With respect to any Distribution Date (i)
prior to the Pool I Stepdown Date or on the Pool I Stepdown Date if the Pool I Stepdown Date is
caused by scenario (i) in the definition of Pool I Stepdown Date, then the Pool I
Overcollateralization Target Amount prior to distributing the Pool I Senior Principal Distribution
Amount to pay the Pool I Senior Certificates to zero is 2.00% of the aggregate Stated Principal
Balance of the Pool I Mortgage Loans as of the Cut-off Date; and (ii) on the Pool I Stepdown Date
if the Pool I Stepdown Date is caused by scenario (i) in the definition of Pool I Stepdown Date, so
long as a Pool I Trigger Event is not in effect, then the Pool I Overcollateralization Target
Amount will be recalculated after distribution of the Pool I Senior Principal Distribution

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Amount to pay the Pool I Senior Certificates to zero pursuant to Section 4.02(a)(ii)(II)(A)
and (B) or after the Pool I Stepdown Date, so long as a Pool I Trigger Event is not in effect, the
greater of (a) 4.00% of the then current aggregate Stated Principal Balance of the Pool I Mortgage
Loans as of the last day of the related Due Period (after giving effect to scheduled payments of
principal received during the related Due Period and unscheduled collections of principal received
during the related Prepayment Period) and (b) 0.50% of the aggregate Stated Principal Balance of
the Pool I Mortgage Loans as of the Cut-off Date; or (iii) on or after the Pool I Stepdown Date and
if a Pool I Trigger Event is in effect, the Pool I 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
Pool I Offered Certificates to zero, the Pool I Overcollateralization Target Amount will be zero.

     Pool I Principal Remittance Amount: With respect to any Distribution Date, the amount
equal to the sum of the following amounts (without duplication) with respect to the related Due
Period: (i) each scheduled payment of principal on a Pool I Mortgage Loan due during such Due
Period and received by the Servicer on or prior to the Determination Date or advanced by the
Servicer prior to the related Remittance Date (including the portion of Insurance Proceeds or
Condemnation Proceeds allocable to principal), and all Principal Prepayments on the Pool I Mortgage
Loans received during the related Prepayment Period, (ii) the Liquidation Proceeds on the Pool I
Mortgage Loans allocable to principal actually collected by the Servicer during the related
Prepayment Period, (iii) the portion of the purchase price allocable to principal with respect to
each Deleted Mortgage Loan with respect to the Pool I Mortgage Loans, the repurchase obligation for
which arose during the related Prepayment Period, that was repurchased during the period from the
prior Distribution Date through the Remittance Date for the current Distribution Date, (iv) the
principal portion of all Substitution Adjustment Amounts with respect to the substitutions of with
respect to the Pool I Mortgage Loans that occur during the calendar month in which such
Distribution Date occurs and (v) the allocable portion of the proceeds received with respect to the
termination of the Trust Fund with respect to the Pool I Mortgage Loans (to the extent such
proceeds relate to principal), less any amounts specified in clause (y) of the definition of Pool I
Available Funds for such Distribution Date to the extent not already reimbursed or paid from the
Group 1 Interest Remittance Amount or the Group 2 Interest Remittance Amount.

     Pool I REMIC VII Net WAC Rate: The weighted average of the Group 1 REMIC VII Net WAC
Rate and the Group 2 REMIC VII Net WAC Rate based on the Stated Principal Balance of the Mortgage
Loans in the two Loan Groups.

     Pool I Senior Maximum Cap: With respect to any Distribution Date after the first
Distribution Date, means the per annum rate (subject to adjustment based on the actual number of
days elapsed in the related Interest Accrual Period) equal to (i) the sum of (x) the weighted
average of the Adjusted Net Maximum Mortgage Rates of the Pool I Mortgage Loans in the related Loan
Group and (y) the Pool I Net Swap Payment made by the Pool I Swap Provider, if any, multiplied by
the Group 1 Allocation Percentage or Group 2 Allocation Percentage, as applicable, divided by (ii)
the aggregate Stated Principal Balance of the Pool I Mortgage Loans in the related Loan Group.

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     Pool I Senior Principal Distribution Amount: For any Distribution Date, the sum of
(i) the Group 1 Senior Principal Distribution Amount for such Distribution Date and (ii) the Group
2 Senior Principal Distribution Amount for such Distribution Date.

     Pool I Senior Enhancement Percentage: For any Distribution Date, the fraction,
expressed as a percentage, the numerator of which is the sum of (i) the aggregate Certificate
Principal Balance of the Pool I Subordinate Certificates and the Pool I Overcollateralized Amount
(which, for purposes of this definition, will not be less than zero), and the denominator of which
is the aggregate Stated Principal Balance of the Pool I Mortgage Loans, after giving effect to
distributions on that Distribution Date.

     Pool I Stated Principal Balance: As to any Distribution Date, the aggregate Stated
Principal Balance of the Pool I Mortgage Loans for such Distribution Date that were Outstanding
Mortgage Loans on the Due Date in the related Due Period.

     Pool I Stepdown Date: The earlier to occur of (i) the Distribution Date on which the
aggregate Certificate Principal Balance of the Pool I Senior Certificates prior to any
distributions of principal for such Distribution Date are made is less than or equal to the Pool I
Principal Remittance Amount and (ii) the later to occur of (A) the Distribution Date occurring in
September 2009 and (B) the first Distribution Date on which the Pool I Senior Enhancement
Percentage (calculated for this purpose only after taking into account distributions of principal
on the Pool I Mortgage Loans but prior to distribution of the Group 1 Principal Distribution Amount
and the Group 2 Principal Distribution Amount to the Holders of the Pool I Certificates then
entitled to distributions of principal on such Distribution Date) is greater than or equal to
43.20%.

     Pool I Subordinate Net WAC Rate: For any Distribution Date, a per annum rate equal to
the weighted average of the Group 1 Net WAC Rate and the Group 2 Net WAC Rate based on (a) the
excess of (i) the aggregate Stated Principal Balance of the Group 1 Mortgage Loans over (ii) the
Certificate Principal Balance of the Group 1 Senior Certificates and (b) the excess of (i) the
aggregate Stated Principal Balance of the Group 2 Mortgage Loans over (ii) the Certificate
Principal Balance of the Group 2 Senior Certificates. For federal income tax purposes, for any
Distribution Date with respect to the REMIC III Regular Interests the ownership of which is
represented by the Subordinate Certificates, the economic equivalent of such rate shall be
expressed as the weighted average (adjusted for the actual number of days elapsed in the related
Interest Accrual Period) of the Uncertificated REMIC II Pass-Through Rates on (a) REMIC III Regular
Interest LT1SUB, subject to a cap and a floor equal to the weighted average of the uncertified
REMIC III Pass-Through Rate of the REMIC III Regular Interest LTI-1-GRP and (b) REMIC III Regular
Interest LT2SUB, subject to a cap and a floor equal to the weighted average of the uncertified
REMIC III Pass-Through Rate of REMIC III Regular Interest LTI-2-GRP (such rate shall be referred to
as the “Subordinate REMIC VII Net WAC Rate”).

     Pool I Swap Account: A segregated trust account to be opened and maintained by the
Swap Administrator into which the Swap Administrator will, on each Distribution Date, deposit
certain amounts, if any, received from the Pool I Swap Provider from which distributions in respect
of Pool I Unpaid Interest Shortfall Amounts, Pool I Net WAC Rate Carryover Amounts, amounts
necessary to maintain the applicable Pool I Overcollateralization Target Amount and

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Pool I Applied Realized Loss Amounts on the Pool I Subordinate Certificates will be made. The
Pool I Swap Account will be an asset of the Trust but not of any REMIC.

     Pool I Swap Agreement: The interest rate swap agreement entered into by the Trust
Administrator on behalf of the Issuing Entity and the Pool I Swap Provider, as evidenced by the
ISDA Master Agreement dated as of August 3, 2006 between Swiss Re Financial Products Corporation
and Wells Fargo Bank, N.A., the ISDA Schedule to the Master Agreement dated as of August 3, 2006
between Swiss Re Financial Products Corporation and the Trust Administrator, the Swap Confirmation
dated as of August 3, 2006 between Fremont Investment & Loan, Swiss Re Financial Products
Corporation and the Trust Administrator, and the ISDA Novation Agreement dated as of August 3, 2006
between Fremont Investment & Loan, Swiss Re Financial Products Corporation and the Trust
Administrator.

     Pool I Swap Default: Such events of default under, and as set forth in, the Pool I
Swap Agreement.

     Pool I Swap Early Termination: A Swap Early Termination as defined in the Pool I Swap
Agreement.

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

     Pool I Swap Provider: Swiss Re Financial Products Corporation and its successors in
interest.

     Pool I Swap Provider Trigger Event: As described in the Pool I Swap Agreement, (i) an
event of default under the Pool I Swap Agreement with respect to which the Pool I Swap provider is
a Defaulting Party (as defined in the Pool I Swap Agreement), (ii) a Termination Event under the
Pool I Swap Agreement with respect to which the Pool I Swap Provider is the sole Affected Party (as
defined in the Pool I Swap Agreement) or (iii) an Additional Termination Event (as defined in the
Pool I Swap Agreement) under the Pool I Swap Agreement with respect to which the Pool I Swap
Provider is the sole Affected Party.

     Pool I Swap Termination Payment: A termination payment that either the Issuing Entity
or the Pool I Swap Provider may be liable to make, payable under the terms of the Swap
Administration Agreement, upon the occurrence of any Pool I Swap Early Termination, as set forth
in the Pool I Swap Agreement.

     Pool I Trigger Event: With respect to any Distribution Date, a Pool I Trigger Event
exists if (i) the Rolling Three Month Delinquency Rate as of the last day of the related Due
Period, equals or exceeds 38.04% of the Pool I Senior Enhancement Percentage as of the last day of
the prior Due Period or (ii) the quotient (expressed as a percentage) of (x) the aggregate amount
of Realized Losses with respect to the Pool I Mortgage Loans incurred since the Cut-off Date
through the last day of the related Prepayment Period divided by (y) the Cut-off Date Pool I
Principal Balance, exceeds the applicable percentages set forth below with respect to such
Distribution Date:

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	Distribution Date Occurring In	 	Loss Percentage
	September 2008 through August 2009

	 	1.40% for the first month, plus
an additional 1/12th
of 1.75% for each month
thereafter

	September 2009 through August 2010

	 	3.15% for the first month, plus
an additional 1/12th
of 1.75% for each month
thereafter

	September 2010 through August 2011

	 	4.90% for the first month, plus
an additional 1/12th of 1.45%
for each month thereafter

	September 2011 through August 2012

	 	6.35% for the first month, plus
an additional 1/12th
of 0.75% for each month
thereafter

	September 2012 and thereafter

	 	 	7.10	%

     Pool II Applied Realized Loss Amount: With respect to any Distribution Date, the
amount, if any, by which the aggregate Class Certificate Principal Balance of the Pool II Senior
Certificates and the Pool II Subordinate Certificates after distributions of principal on such
Distribution Date exceeds the aggregate Stated Principal Balance of the Pool II Mortgage Loans for
such Distribution Date.

     Pool II Available Funds: With respect to any Distribution Date and the Pool II
Mortgage Loans to the extent received by the Trust Administrator (x) the sum of (i) all scheduled
installments of interest (net of the related Expense Fees) and principal due on the Due Date on
such Pool II Mortgage Loans in the related Due Period and received on or prior to the related
Determination Date, together with any P&I Advances in respect thereof; (ii) all Condemnation
Proceeds, Insurance Proceeds and Liquidation Proceeds on the Pool II Mortgage Loans during the
related Prepayment Period (in each case, net of unreimbursed expenses incurred in connection with a
liquidation or foreclosure and unreimbursed Advances, if any); (iii) all partial or full Principal
Prepayments on the Pool II Mortgage Loans received during the related Prepayment Period together
with all Compensating Interest thereon and any amounts paid by the Servicer or Master Servicer in
respect of Prepayment Interest Shortfalls for such Distribution Date pursuant to Sections
3.25 and 3A.12, respectively (excluding in each case Prepayment Premiums, Servicer
Prepayment Payment Amounts related to the Pool II Mortgage Loans and any Prepayment Interest
Excess); (iv) any Subsequent Recoveries, (v) amounts received with respect to such Distribution
Date as the Substitution Adjustment Amount or purchase price in respect of a Deleted Mortgage Loan
that is a Pool II Mortgage Loan or a Pool II Mortgage Loan repurchased by the Originator or the
Depositor as of such Distribution Date, and (vi) any amounts withdrawn from the Interest Coverage
Account with respect to the Pool II Mortgage Loans; reduced by (y) amounts in reimbursement for P&I
Advances and Servicing Advances previously made with respect to the Pool II Mortgage Loans and
other amounts to which the Servicer, the Master Servicer, the Depositor, the Trust Administrator
(including in its capacity as Swap Administrator), the Trustee (or co-trustee) or the Swap Provider
(including any Net Swap Payment owed to the Pool II Swap Provider or Swap Termination Payment owed
to the Swap

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Provider other than termination payments resulting from a Swap Provider Trigger Event) are
entitled to be paid or reimbursed pursuant to this Agreement.

     Pool II Certificate: As defined in the Preliminary Statement hereto.

     Pool II Class IO Distribution Amount: As defined in Section 3.27(d).

     Pool II Compensating Interest: That portion of Compensating Interest attributable to
the Pool II Mortgage Loans.

     Pool II Excess Cashflow: For any Distribution Date means the sum of (x) any Pool II
Overcollateralization Release Amount and (y) the excess of the Pool II Available Funds over the sum
of (i) the Current Interest and Pool II Unpaid Interest Amounts with respect to the Class SL-A
Certificates, (ii) the Current Interest distributable to the Pool II Subordinate Certificates and
(iii) the Pool II Principal Remittance Amount.

     Pool II Excess Overcollateralized Amount: With respect to any Distribution Date, the
excess, if any, of (a) the Pool II Overcollateralized Amount on such Distribution Date over (b) the
Pool II Overcollateralization Target Amount for such Distribution Date.

     Pool II Extra Principal Distribution Amount: As of any Distribution Date, the lesser
of (x) the Pool II Excess Cashflow for such Distribution Date and (y) the related Pool II
Overcollateralization Deficiency for such Distribution Date.

     Pool II Fixed Payer Rate: 5.78%.

     Pool II Interest Remittance Amount: With respect to any Distribution Date, that
portion of the Pool II Available Funds for such Distribution Date attributable to interest received
or advanced on the Pool II Mortgage Loans and to Pool II Compensating Interest paid by the
Servicer, reduced by the amounts specified in clause (y) of the definition of Pool II Available
Funds for such Distribution Date.

     Pool II Marker Rate: With respect to the Class SL-C Interest and any Distribution
Date, a per annum rate equal to two (2) times the weighted average of the Uncertificated REMIC VI
Pass-Through Rate for REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest LTII-SL-A, REMIC
VI Regular Interest LTII-SL-M1, REMIC VI Regular Interest LTII-SL-M2, REMIC VI Regular Interest
LTII-SL-M3, REMIC VI Regular Interest LTII-SL-M4, REMIC VI Regular Interest LTII-SL-M5, REMIC VI
Regular Interest LTII-SL-M6, REMIC VI Regular Interest LTII-SL-M7, REMIC VI Regular Interest
LTII-SL-M8, REMIC VI Regular Interest LTII-SL-M9, REMIC VI Regular Interest LTII-SL-B1, and REMIC
VI Regular Interest LTII-ZZ, with the rate on each such REMIC VI Regular Interest (other than REMIC
VI Regular Interest LTII-ZZ) subject to the lesser of (i) the
Formula Rate and (ii) the related Net WAC Pass-Through Rate (calculated for this purpose by substituting
the Pool II REMIC VII Net WAC Rate) for the purpose of this calculation for such Distribution Date
and with the rate on REMIC VI Regular Interest LTII-ZZ subject to a cap of zero for the purpose of
this calculation; provided, however, that solely for this purpose, calculations of the
Uncertificated REMIC VI Pass-Through Rate and the related caps with respect to each such REMIC VI
Regular Interest (other than REMIC VI Regular Interest LTII-SL-B1) shall be

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multiplied by a fraction, the numerator of which is the actual number of days in the
Interest Accrual Period and the denominator of which is 30.

     Pool II Mortgage Loan: A Mortgage Loan identified on the Pool II Mortgage Loan
Schedule.

     Pool II Mortgage Loan Schedule: As of any date, the list of Pool II Mortgage Loans
included in the Trust Fund on such date, attached hereto as Schedule II. The Pool II
Mortgage Loan Schedule shall set forth the following information with respect to each Pool II
Mortgage Loan:

     (i) the Mortgagor’s name and the Originator’s Mortgage Loan identifying number;

     (ii) the street address of the Mortgaged Property including the state and zip code;

     (iii) a code indicating whether the Mortgaged Property is owner-occupied;

     (iv) the number and type of residential dwelling constituting the Mortgaged Property
(i.e., a single family residence, a 2-4 family residence, a unit in a condominium project or
a unit in a planned unit development, manufactured housing);

     (v) the original months to maturity;

     (vi) the Loan-to-Value Ratio, at origination;

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

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

     (ix) the stated maturity date of such Mortgage Loan;

     (x) the amount of the monthly payment (a) at origination and (b) due on the first Due
Date after the Cut-off Date;

     (xi) the last Due Date on which a monthly payment was actually applied to the unpaid
Stated Principal Balance;

     (xii) the original principal amount of the Mortgage Loan as of the date of origination;

     (xiii) the Stated Principal Balance of the Mortgage Loan as of the close of business on
the Cut-off Date;

     (xiv) with respect to each Adjustable Rate Mortgage Loan, the Applicable Index and
Gross Margin;

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

     (xvi) with respect to each Adjustable Rate Mortgage Loan, the Maximum Mortgage Interest
Rate;

     (xvii) with respect to each Adjustable Rate Mortgage Loan, the Minimum Mortgage
Interest Rate;

     (xviii) the Mortgage Interest Rate at origination;

     (xix) with respect to each Adjustable Rate Mortgage Loan, the Periodic Mortgage
Interest Rate Cap and the Initial Mortgage Interest Rate Cap;

     (xx) a code indicating the documentation program;

     (xxi) with respect to each Adjustable Rate Mortgage Loan, the first Adjustment Date
immediately following the Cut-off Date and the Adjustment Date frequency;

     (xxii) the value of the Mortgaged Property used to calculate the LTV for the related
Mortgage Loan;

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

     (xxiv) the Originator’s risk grade;

     (xxv) the actual interest “paid to date” of the Mortgage Loan as of the Cut-off Date;

     (xxvi) the number of years any Prepayment Premium is in effect;

     (xxvii) the loan type (i.e. fixed, adjustable; 2/28, 3/27, etc.);

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

     (xxix) [RESERVED];

     (xxx) a code indicating whether the Mortgage Loan is a MERS Designated Mortgage Loan
and, if so, its corresponding mortgage identification number; and

     (xxxi) a code indicating whether the Mortgage Loan is subject to a Prepayment Premium,
if any.

     The Pool II Mortgage Loan Schedule shall set forth the following information with respect to
the Pool II Mortgage Loans in the aggregate as of the Cut-off Date: (1) the number of Pool II
Mortgage Loans; (2) the current principal balance of the Pool II Mortgage Loans; (3) the weighted
average Mortgage Interest Rate of the Pool II Mortgage Loans; and (4) the weighted average maturity
of the Pool II Mortgage Loans. The Mortgage Loan Schedule shall set forth the

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aggregate Stated Principal Balance of the Pool II Mortgage Loans. The Pool II Mortgage Loan
Schedule shall be amended from time to time by the Depositor in accordance with the provisions of
this Agreement. With respect to any Substitute Mortgage Loan, the 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.

     Pool II Net Swap Payment: A net payment, if any, to be made on each Distribution Date
under the Pool II Swap Agreement, representing payments (a) by or on behalf of the Trust, to the
Pool II Swap Provider, to the extent that the fixed amount exceeds the corresponding floating
amount, plus any such amounts that remain unpaid from prior Distribution Dates, or (b) by the Pool
II Swap Provider to the Trust, to the extent that the floating amount exceeds the corresponding
fixed amount, all as more particularly set forth in the Pool II Swap Agreement.

     Pool II Net WAC Rate: For any Distribution Date means a per annum rate equal to (I)
the weighted average of the Pool II Adjusted Net Mortgage Rates then in effect at the beginning of
the related Due Period (adjusted for prepayments during such Due Period that were distributed on
the Distribution Date falling within such Due Period), less (II) an amount expressed as a per annum
rate, equal to the sum of (x) the product of (i) any Pool II Net Swap Payment owed to the Pool II
Swap Provider divided by the outstanding principal balance of the Pool II Mortgage Loans and (ii)
12 and (y) the product of (i) any Pool II Swap Termination Payment (other than any Pool II Swap
Termination Payment resulting from a Pool II Swap Provider Trigger Event), payable by the Issuing
Entity, divided by the outstanding principal balance of the Pool II Mortgage Loans and (ii) 12.
Because of the application of the funds from the Interest Coverage Account on the first
Distribution Date, the Pool II Net WAC Rate will not be calculated for the first Distribution Date.

     For federal income tax purposes and for any Distribution Date with respect to the Pool II
Senior Certificates and Pool II Subordinate Certificates (other than the Class SL-B1 Certificates)
and for purposes of calculating the Pool II Marker Rate and the Maximum LTII-ZZ Uncertificated
Interest Deferral Amount, the weighted average (adjusted for the actual number of days elapsed in
the related Interest Accrual Period) of the Uncertificated REMIC VI Pass-Through Rate on the REMIC
VI Regular Interests (other than the Class LTII-IO Interest), weighted on the basis of the
Uncertificated Principal Balance of each such REMIC VI Regular Interest divided by (ii) an amount
equal to (a) 30, divided by (b) the actual number of days in the Accrual Period (such amount the
“Pool II REMIC VII Net WAC Rate”).

     Pool II Net WAC Rate Carryover Amount: With respect to each Class of Pool II Senior
Certificates and Pool II Subordinate Certificates (other than the Class SL-B1 Certificates), as of
any Distribution Date, if on such Distribution Date there are unpaid Pool II Net WAC Rate Carryover
Amounts from prior Distribution Dates or the Pass-Through Rate for any Class of Pool II Senior
Certificates or Pool II Subordinate Certificates is based upon the Pool II Net WAC Rate, the sum of
(A) the excess of the amount of interest that Class of Certificates would have been entitled to
receive on that Distribution Date, calculated using the Formula Rate for that Class of Pool II
Senior Certificates or Pool II Subordinate Certificates, over the amount of interest that Class of
Certificates received on that Distribution Date based on the Pool II Net WAC Rate and (B) the Pool
I Net WAC Rate Carryover Amount for such Class of Certificates for all previous Distribution Dates
not previously paid, together with interest thereon at the

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applicable Pass-Through Rate for such Class (without giving effect to any such limitations) of
Certificates for such Distribution Date.

     Pool II Net WAC Rate Carryover Reserve Account: The separate Eligible Account created
and maintained by the Trustee pursuant to Section 3.27(a) in the name of the Trust
Administrator for the benefit of the Holders of Regular Certificates that are Pool II Certificates
and designated “Wells Fargo Bank, N.A. in trust for registered Holders of Fremont Home Loan Trust
2006-B, Mortgage-Backed Certificates, Series 2006-B.” Funds in the Pool II Net WAC Rate Carryover
Reserve Account shall be held in trust for the Holders of Regular Certificates that are Pool II
Certificates for the uses and purposes set forth in this Agreement. Amounts on deposit in the Pool
II Net WAC Rate Carryover Reserve Account shall not be invested. The Pool II Net WAC Rate
Carryover Reserve Account shall not be an asset of any Trust REMIC.

     Pool II Offered Certificates: The Pool II Senior Certificates and the Pool II
Subordinate Certificates being offered by this free writing prospectus supplement.

     Pool II Overcollateralized Amount: means for any Distribution Date an amount equal to
(i) the aggregate Stated Principal Balance of the Pool 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) on the related Determination Date minus (ii) the aggregate
Certificate Principal Balance of the Pool II Senior Certificates and the Pool II Subordinate
Certificates as of such Distribution Date (after giving effect to distributions to be made on such
Distribution Date).

     Pool II Overcollateralization Deficiency: With respect to any Distribution Date, the
excess, if any, of (a) the Pool II Overcollateralization Target Amount applicable to such
Distribution Date over (b) the Pool II Overcollateralized Amount applicable to such Distribution
Date.

     Pool II Overcollateralization Increase Amount: for any Distribution Date means the
amount, if any, by which the Pool II Overcollateralization Target Amount for such Distribution Date
exceeds the Pool II Overcollateralized Amount for such Distribution Date with the Pool II
Overcollateralized Amount for such Distribution Date calculated, for this purpose only, after
giving effect to distributions in respect of the Pool II Principal Remittance Amount on such
Distribution Date, but before giving effect to any other distributions on the Pool II Certificates
in reduction of the Certificate Principal Balances thereof on such Distribution Date.

     Pool II Overcollateralization Release Amount: With respect to any Distribution Date,
an amount equal to the lesser of (a) the Pool II Excess Overcollateralized Amount and (b) the Pool
II Excess Cashflow.

     Pool II Overcollateralization Target Amount: With respect to any Distribution Date
(i) prior to the Pool II Stepdown Date or on the Pool II Stepdown Date if the Pool II Stepdown Date
is caused by scenario (i) in the definition of Pool II Stepdown Date, then the Pool II
Overcollateralization Target Amount prior to distributing the Pool II Senior Principal Distribution
Amount to pay the Pool II Senior Certificates to zero is 8.40% of the aggregate

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Stated Principal Balance of the Pool II Mortgage Loans as of the Cut-off Date plus the
cumulative Subordinate Acceleration Amount (and any similarly applied Pool II Net Swap Payments
received from the Pool II Swap Provider) distributed to the holder of the Class SL-B1 Certificates
on prior Distribution Dates, (ii) on the Pool II Stepdown Date if the Pool II Stepdown Date is
caused by scenario (i) in the definition of Pool II Stepdown Date, so long as a Pool II Trigger
Event is not in effect, then the Pool II Overcollateralization Target Amount will be recalculated
after distribution of the Pool II Senior Principal Distribution Amount to pay the Pool II Senior
Certificates to zero pursuant to Section 4.02(e)(ii)(II)(A)(1) or after the Pool II Stepdown Date,
so long as a Pool II Trigger Event is not in effect, the greater of (a) 16.80% of the then current
aggregate Stated Principal Balance of the Pool II Mortgage Loans as of the last day of the related
Due Period (after giving effect to scheduled payments of principal received during the related Due
Period and unscheduled collections of Principal Prepayments received during the related Prepayment
Period) plus the product of (x) a fraction, the numerator of which is the cumulative Subordinate
Acceleration Amount (and any similarly applied Pool II Net Swap Payments received from the Pool II
Swap Provider) distributed to the Holders of the Class SL-B1 Certificates on prior Distribution
Dates, and the denominator of which is the aggregate Stated Principal Balance of the Pool II
Mortgage Loans as of the Cut-off Date, (y) 2 and (z) the current aggregate Stated Principal Balance
of the Pool II Mortgage Loans as of the last day of 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 Stated Principal Balance of the Pool II Mortgage Loans as of the
Cut-off Date; or (iii) on or after the Pool II Stepdown Date and if a Pool II Trigger Event is in
effect, the Pool II Overcollateralization Target Amount for the immediately preceding Distribution
Date and the Subordinate Acceleration Amount (and any similarly applied Pool II Net Swap Payments
received from the Pool II Swap Provider) distributed to the Holders of the Class SL-B1 Certificates
on any Distribution Dates occurring after the first Distribution Date on which the Trigger Event is
deemed to be in effect. Notwithstanding the foregoing, on and after any Distribution Date
following the reduction of the aggregate Certificate Principal Balance of the Pool II Offered
Certificates to zero, the Pool II Overcollateralization Target Amount will be zero.

     Pool II Principal Distribution Amount: With respect to any Distribution Date, the sum
of (a) the principal portion of all scheduled monthly payments on the Pool II Mortgage Loans due
during the related Due Period, whether or not received on or prior to the related Determination
Date; (b) the principal portion of all proceeds received in respect of the repurchase of a Pool II
Mortgage Loan (or, in the case of a substitution, certain amounts representing a principal
adjustment) as required by this Agreement during the related Prepayment Period; (c) the principal
portion of all other unscheduled collections, including insurance proceeds, liquidation proceeds
and all full and partial principal prepayments, received during the related Prepayment Period, to
the extent applied as recoveries of principal on the Pool II Mortgage Loans, and (d) the amount of
any Pool II Overcollateralization Increase Amount for such Distribution Date minus the amount of
any Pool II Overcollateralization Release Amount for such Distribution.

     Pool II Principal Remittance Amount: With respect to any Distribution Date, the
amount equal to the sum of the following amounts (without duplication) with respect to the related
Due Period: (i) each scheduled payment of principal on a Pool II Mortgage Loan due during such Due
Period and received by the Servicer on or prior to the Determination Date or advanced by the
Servicer prior to the related Remittance Date (including the portion of Insurance Proceeds or

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Condemnation Proceeds allocable to principal), and all Principal Prepayments received during
the related Prepayment Period, (ii) the Liquidation Proceeds on the Pool II Mortgage Loans
allocable to principal actually collected by the Servicer during the related Prepayment Period,
(iii) the portion of the purchase price allocable to principal with respect to each Deleted
Mortgage Loan with respect to the Pool II Mortgage Loans, the repurchase obligation for which arose
during the related Prepayment Period, that was repurchased during the period from the prior
Distribution Date through the Remittance Date for the current Distribution Date, (iv) the principal
portion of all Substitution Adjustment Amounts with respect to the substitutions of Pool II
Mortgage Loans that occur during the calendar month in which such Distribution Date occurs and (v)
the allocable portion of the proceeds received with respect to the termination of the Trust Fund
with respect to the Pool II Mortgage Loans (to the extent such proceeds relate to principal), less
any amounts specified in clause (y) of the definition of Pool II Available Funds for such
Distribution Date to the extent not already reimbursed or paid from the Pool II Interest Remittance
Amount.

     Pool II Senior Certificates: The Class SL-A Certificates.

     Pool II Senior Enhancement Percentage: For any Distribution Date and a Class of Pool
II Senior Certificates or Pool II Subordinate Certificates, the percentage obtained by dividing (x)
the aggregate Certificate Principal Balance of each Class of Pool II Certificates junior in
priority to such Class and the Pool II Overcollateralized Amount by (y) the aggregate Stated
Principal Balance of the Pool II Mortgage Loans, calculated after to taking into account
distributions of principal on the Pool II Mortgage Loans and distribution of the Pool II Principal
Distribution Amount to the Holders of the Pool II Certificates then entitled to distributions of
principal on such Distribution Date.

     Pool II Stated Principal Balance: As to any Distribution Date, the aggregate Stated
Principal Balance of the Pool II Mortgage Loans for such Distribution Date that were Outstanding
Mortgage Loans on the Due Date in the related Due Period.

     Pool II Stepdown Date: The earlier to occur of (i) the Distribution Date on which the
aggregate Certificate Principal Balance of the Class SL-A Certificates prior to any distributions
of principal for such Distribution Date are made is less than or equal to the Pool II Principal
Remittance Amount and (ii) the later to occur of (A) the Distribution Date occurring in September
2009 and (B) the first Distribution Date on which the Pool II Senior Enhancement Percentage
(calculated for this purpose only after taking into account distributions of principal on the Pool
II Mortgage Loans but prior to distribution of the Pool II Principal Distribution Amount to the
Holders of the Pool II Certificates then entitled to distributions of principal on such
Distribution Date) is greater than or equal to 74.50%.

     Pool II Swap Account: A segregated trust account to be opened and maintained by the
Swap Administrator into which the Swap Administrator will, on each Distribution Date, deposit
certain amounts, if any, received from the Pool II Swap Provider from which distributions in
respect of Pool II Unpaid Interest Shortfall Amounts, Pool II Net WAC Rate Carryover Amounts,
amounts necessary to maintain the applicable Pool II Overcollateralization Target Amount and Pool
II Applied Realized Loss Amounts on the Pool II Subordinate Certificates will be made. The Pool II
Swap Account will be an asset of the Trust but not of any REMIC.

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     Pool II Swap Agreement: The interest rate swap agreement entered into by the Trust
Administrator on behalf of the Issuing Entity and the Pool II Swap Provider, as evidenced by the
Mortgage Derivatives Confirmation and Agreement dated as of August 3, 2006 between Bear Stearns
Financial Products Inc. and the Trust Administrator and the Novation Confirmation dated as of
August 3, 2006 between Fremont Investment & Loan, the Trust Administrator, Bear Stearns Bank PLC
and Bear Stearns Financial Products Inc.

     Pool II Swap Default: Such events of default under, and as set forth in, the Pool II
Swap Agreement.

     Pool II Swap Early Termination: A Swap Early Termination as defined in the Pool II
Swap Agreement.

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

     Pool II Swap Provider: Bear Stearns Financial Products Inc. and its successors in
interest.

     Pool II Swap Provider Trigger Event: As described in the Pool II Swap Agreement, (i)
an event of default under the Pool II Swap Agreement with respect to which the Pool II Swap
provider is a Defaulting Party (as defined in the Pool II Swap Agreement), (ii) a Termination Event
under the Pool II Swap Agreement with respect to which the Pool II Swap Provider is the sole
Affected Party (as defined in the Pool II Swap Agreement) or (iii) an Additional Termination Event
(as defined in the Pool II Swap Agreement) under the Pool II Swap Agreement with respect to which
the Pool II Swap Provider is the sole Affected Party.

     Pool II Swap Termination Payment: a termination payment that either the Issuing
Entity or the Pool II Swap Provider may be liable to make, payable under the terms of the Swap
Administration Agreement, upon the occurrence of any Pool II Swap Early Termination, as set forth
in the Pool II Swap Agreement.

     Pool II Trigger Event: With respect to any Distribution Date on or after the Pool II
Stepdown Date, a Pool II Trigger Event exists if (i) the Rolling Six Month Delinquency Rate for the
Pool II Mortgage Loans as of the last day of the related Due Period, equals or exceeds 10.75% of
the Pool II Senior Enhancement Percentage as of the last day of the prior Due Period or (ii) the
quotient (expressed as a percentage) of (x) the aggregate amount of Realized Losses with respect to
the Pool II Mortgage Loans incurred since the Cut-off Date through the last day of the related
Prepayment Period divided by (y) the Cut-off Date Pool II Principal Balance, exceeds the applicable
percentages set forth below with respect to such Distribution Date:

	 	 	 	 	 
	Distribution Date Occurring In	 	Loss Percentage
	September 2008 through August 2009
	 	 	3.45	%
	September 2009 through August 2010
	 	 	7.75	%
	September 2010 through August 2011
	 	 	10.25	%
	September 2011 through August 2012
	 	 	12.25	%
	September 2012 and thereafter
	 	 	13.00	%

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     Prepayment Interest Excess: With respect to any Remittance Date, the sum of, for each
Mortgage Loan that was, during the portion of the Prepayment Period from the 1st day of
the month in which such Remittance Date occurs through the 15th day of the month in
which such Remittance Date occurs, the subject of a Principal Prepayment in Full that was applied
by the Servicer to reduce the outstanding principal balance of such Mortgage Loan on a date
preceding the Due Date in the succeeding Prepayment Period, an amount equal to the product of (a)
the Mortgage Interest Rate net of the Servicing Fee Rate for such Mortgage Loan, (b) the amount of
the Principal Prepayment in Full for such Mortgage Loan, (c) 1/360 and (d) the number of days
commencing on the first day of the calendar month in which such Remittance Date occurs and ending
on the date on which such Principal Prepayment in Full was applied.

     Prepayment Interest Shortfall: With respect to any Remittance Date, the sum of, for
each Mortgage Loan that was, during the portion of the Prepayment Period from the 16th
day of the calendar month preceding such Remittance Date to the last day of the calendar month
preceding such Remittance Date, the subject of a Principal Prepayment in Full that was applied by
the Servicer to reduce the outstanding principal balance of such Mortgage Loan on a date preceding
the Due Date in the succeeding Prepayment Period, an amount equal to the product of (a) the
Mortgage Interest Rate net of the Servicing Fee Rate for such Mortgage Loan, with respect to the
Servicer’s obligation in respect of any Prepayment Interest Shortfall, or the sum of the Servicing
Fee Rate and the Master Servicing Fee Rate, with respect to the Master Servicer’s obligation in
respect of any Prepayment Interest Shortfall, (b) the amount of the Principal Prepayment for such
Mortgage Loan, (c) 1/360 and (d) the number of days commencing on the date on which such Principal
Prepayment was applied and ending on the last day of the related Prepayment Period.

     Prepayment Period: With respect to any Distribution Date, (a) with respect to a
Principal Prepayment in Full, the period from and including the 16th day of the month preceding the
month in which such Distribution Date occurs (or, in the case of the first Distribution Date, from
August 1, 2006) to and including the 15th day of the month in which such Distribution Date occurs,
and (b) with respect to Principal Prepayments in part, the calendar month prior to such Remittance
Date.

     Prepayment Premium: Any prepayment premium, penalty or charge collected by the
Servicer with respect to a Mortgage Loan from a Mortgagor in connection with any voluntary
Principal Prepayment in Full pursuant to the terms of the related Mortgage Note.

     Principal Prepayment: Any partial payment or other recovery of principal on a
Mortgage Loan (including upon liquidation of a Mortgage Loan) which is received in advance of its
scheduled Due Date, excluding any Prepayment Premium and which is not accompanied by an amount of
interest representing scheduled interest due on any date or dates in any month or months subsequent
to the month of prepayment.

     Principal Prepayment in Full: Any Principal Prepayment made by a Mortgagor of the
entire principal balance of a Mortgage Loan.

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     Private Certificates: As defined in the Preliminary Statement.

     Prospectus Supplement: The Prospectus Supplement, dated August 3, 2006, relating to
the Offered Certificates.

     PUD: A planned unit development.

     Purchase Agreement: The Mortgage Loan Purchase Agreement, dated as of August 1, 2006,
by and between Fremont and the Depositor.

     Qualified Correspondent: Any Person from which the Servicer purchased Mortgage Loans,
provided that the following conditions are satisfied: (i) such Mortgage Loans were originated
pursuant to an agreement between the Servicer and such Person that contemplated that such Person
would underwrite mortgage loans from time to time, for sale to the Servicer, in accordance with
underwriting guidelines designated by the Servicer (“Designated Guidelines”) or guidelines
that do not vary materially from such Designated Guidelines; (ii) such Mortgage Loans were in fact
underwritten as described in clause (i) above and were acquired by the Servicer within 180 days
after origination; (iii) either (x) the Designated Guidelines were, at the time such Mortgage Loans
were originated, used by the Servicer in origination of mortgage loans of the same type as the
Mortgage Loans for the Servicer’s own account or (y) the Designated Guidelines were, at the time
such Mortgage Loans were underwritten, designated by the Servicer on a consistent basis for use by
lenders in originating mortgage loans to be purchased by the Servicer; and (iv) the Servicer
employed, at the time such Mortgage Loans were acquired by the Servicer, pre-purchase or
post-purchase quality assurance procedures (which may involve, among other things, review of a
sample of mortgage loans purchased during a particular time period or through particular channels)
designed to ensure that Persons from which it purchased mortgage loans properly applied the
underwriting criteria designated by the Servicer.

     Rating Agency: Each of the Rating Agencies specified in the Preliminary Statement.
If such organization or a successor is no longer in existence, “Rating Agency” shall be such
nationally recognized statistical rating organization, or other comparable Person, as is designated
by the Depositor, notice of which designation shall be given to the Trustee. References herein to
a given rating or rating category of a Rating Agency shall mean such rating category without giving
effect to any modifiers. For purposes of Section 10.05(c), the addresses for notices to
each Rating Agency shall be the address specified therefor in the definition corresponding to the
name of such Rating Agency, or such other address as either such Rating Agency may hereafter
furnish to the Depositor and the Servicer.

     Realized Loss Percentage: For purposes of the Servicer Termination Test and the
Servicer Enhanced Review Test, the percentage produced by the following calculation: (i) (a) the
aggregate amount of cumulative Realized Losses incurred on the Mortgage Loans since the Cut-off
Date through the last day of the related Due Period, minus (b) any amount received with respect to
Realized Losses on the Mortgage Loans subsequent to a Final Recovery Determination being made with
respect to the Mortgage Loans, divided by (ii) the aggregate Stated Principal Balance of the
Mortgage Loans as of the Cut-off Date; provided however, that for purposes of this definition, the
term “Realized Losses” shall not include Debt Service Reductions or Deficient Valuations.

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     Realized Losses: With respect to any date of determination and any Liquidated
Mortgage Loan, the amount, if any, by which (a) the unpaid principal balance of such Liquidated
Mortgage Loan together with accrued and unpaid interest thereon exceeds (b) the Liquidation
Proceeds with respect thereto net of the expenses incurred by the Servicer in connection with the
liquidation of such Liquidated Mortgage Loan and net of any amount of unreimbursed Servicing
Advances with respect to such Liquidated Mortgage Loan.

     Record Date: With respect to any Distribution Date, the close of business on the
Business Day immediately preceding such Distribution Date; provided, however, that
for any Certificate issued in definitive form, the Record Date shall be the close of business on
the last day of the calendar month immediately preceding the related Distribution Date (or if such
day is not a Business Day, on the immediately preceding Business Day).

     Reference Bank: As defined in Section 4.04.

     Regular Certificates: As defined in the Preliminary Statement.

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

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

     Relief Act Interest Shortfall: With respect to any Distribution Date and any Mortgage
Loan, any reduction in the amount of interest collectible on such Mortgage Loan for the most
recently ended Due Period as a result of the application of the Servicemembers Civil Relief Act, as
amended, or any similar state statutes.

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

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

     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 Preliminary Statement hereto. The

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designations for the respective REMIC I Regular Interests are set forth in the Preliminary
Statement hereto.

     REMIC II Group I Regular Interests: REMIC II Regular Interest I-1-A through REMIC II
Regular Interest I-72-B as designated in the Preliminary Statement hereto.

     REMIC II Group 2 Regular Interests: REMIC II Regular Interest II-1-A through REMIC II
Regular Interest II-72-B as designated in the Preliminary Statement hereto.

     REMIC II Regular Interest: Any of the separate non-certificated beneficial ownership
interests in REMIC II issued hereunder and designated as a Regular Interest in REMIC II. Each REMIC
II Regular Interest shall accrue interest at the related Uncertificated REMIC II Pass-Through Rate
in effect from time to time, and shall be entitled to distributions of principal, subject to the
terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal
Balance as set forth in the Preliminary Statement hereto. The designations for the respective REMIC
II Regular Interests are set forth in the Preliminary Statement hereto. The REMIC II Regular
Interests consist of the REMIC II Group 1 Regular Interests and the REMIC II Group 2 Regular
Interests.

     REMIC III Interest Loss Allocation Amount: With respect to any Distribution Date, an
amount (subject to adjustment based on the actual number of days elapsed in the respective Interest
Accrual Periods for the indicated Regular Interests for such Distribution Date) equal to (a) the
product of (i) 50% of the aggregate Stated Principal Balance of the Pool I Mortgage Loans and REO
Properties then outstanding and (ii) the Uncertificated REMIC III Pass-Through Rate for REMIC III
Regular Interest LTI-AA minus the Pool I Marker Rate, divided by (b) 12.

     REMIC III Marker Allocation Percentage: 50% of any amount payable or loss
attributable from the Mortgage Loans, which shall be allocated to REMIC III Regular Interest
LTI-AA, REMIC III Regular Interest LTI-1-A, REMIC III Regular Interest LTI-2-A-1, REMIC III Regular
Interest LTI-2-A-2, REMIC III Regular Interest LTI-2-A-3, REMIC III Regular Interest LTI-2-A-4,
REMIC III Regular Interest LTI-M-1, REMIC III Regular Interest LTI-M-2, REMIC III Regular Interest
LTI-M-3, REMIC III Regular Interest LTI-M-4, REMIC III Regular Interest LTI-M-5, REMIC III Regular
Interest LTI-M-6, REMIC III Regular Interest LTI-M-7, REMIC III Regular Interest LTI-M-8, REMIC III
Regular Interest LTI-M-9, REMIC III Regular Interest LTI-M-10, REMIC III Regular Interest LTI-M-11,
REMIC III Regular Interest LTI-ZZ and REMIC III Regular Interest LTI-P.

     REMIC III Overcollateralization Target Amount: 0.50% of the Pool I
Overcollateralization Target Amount.

     REMIC III Overcollateralized Amount: With respect to any date of determination, (i)
0.50% of the aggregate Uncertificated Principal Balance of the REMIC III Regular Interests minus
(ii) the aggregate Uncertificated Principal Balance of REMIC III Regular Interest LTI-1-A, REMIC
III Regular Interest LTI-2-A-1, REMIC III Regular Interest LTI-2-A-2, REMIC III Regular Interest
LTI-2-A-3, REMIC III Regular Interest LTI-2-A-4, REMIC III Regular Interest LTI-M-1, REMIC III
Regular Interest LTI-M-2, REMIC III Regular Interest LTI-M-3, REMIC III Regular Interest LTI-M-4,
REMIC III Regular Interest LTI-M-5, REMIC III Regular Interest

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LTI-M-6, REMIC III Regular Interest LTI-M-7, REMIC III Regular Interest LTI-M-8, REMIC III
Regular Interest LTI-M-9, REMIC III Regular Interest LTI-M-10, REMIC III Regular Interest LTI-M-11
and REMIC III Regular Interest LTI-ZZ in each case as of such date of determination.

     REMIC III Principal Loss Allocation Amount: With respect to any Distribution Date, an
amount equal to the product of (i) 50% of the aggregate Stated Principal Balance of the Pool I
Mortgage Loans and the Pool I REO Properties then outstanding and (ii) one minus a fraction, the
numerator of which is two times the aggregate Uncertificated Principal Balance of REMIC III Regular
Interest LTI-1-A, REMIC III Regular Interest LTI-2-A-1, REMIC III Regular Interest LTI-2-A-2, REMIC
III Regular Interest LTI-2-A-3, REMIC III Regular Interest LTI-2-A-4, REMIC III Regular Interest
LTI-M-1, REMIC III Regular Interest LTI-M-2, REMIC III Regular Interest LTI-M-3, REMIC III Regular
Interest LTI-M-4, REMIC III Regular Interest LTI-M-5, REMIC III Regular Interest LTI-M-6, REMIC III
Regular Interest LTI-M-7, REMIC III Regular Interest LTI-M-8, REMIC III Regular Interest LTI-M-9,
REMIC III Regular Interest LTI-M-10 and REMIC III Regular Interest LTI-M-11 and the denominator of
which is the aggregate Uncertificated Principal Balance of REMIC III Regular Interest LTI-1-A,
REMIC III Regular Interest LTI-2-A-1, REMIC III Regular Interest LTI-2-A-2, REMIC III Regular
Interest LTI-2-A-3, REMIC III Regular Interest LTI-2-A-4, REMIC III Regular Interest LTI-M-1, REMIC
III Regular Interest LTI-M-2, REMIC III Regular Interest LTI-M-3, REMIC III Regular Interest
LTI-M-4, REMIC III Regular Interest LTI-M-5, REMIC III Regular Interest LTI-M-6, REMIC III Regular
Interest LTI-M-7, REMIC III Regular Interest LTI-M-8, REMIC III Regular Interest LTI-M-9, REMIC III
Regular Interest LTI-M-10, REMIC III Regular Interest LTI-M-11 and REMIC III Regular Interest
LTI-ZZ.

     REMIC III Regular Interest: Any of the separate non-certificated beneficial ownership
interests in REMIC III issued hereunder and designated as a “regular interest” in REMIC III. Each
REMIC III Regular Interest shall accrue interest at the related Uncertificated REMIC III
Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal
(other than REMIC III Regular Interest LTI-IO), 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 III Regular Interests:
REMIC III Regular Interest LTI-AA, REMIC III Regular Interest LTI-1-A, REMIC III Regular Interest
LTI-2-A-1, REMIC III Regular Interest LTI-2-A-2, REMIC III Regular Interest LTI-2-A-3, REMIC III
Regular Interest LTI-2-A-4, REMIC III Regular Interest LTI-M-1, REMIC III Regular Interest LTI-M-2,
REMIC III Regular Interest LTI-M-3, REMIC III Regular Interest LTI-M-4, REMIC III Regular Interest
LTI-M-5, REMIC III Regular Interest LTI-M-6, REMIC III Regular Interest LTI-M-7, REMIC III Regular
Interest LTI-M-8, REMIC III Regular Interest LTI-M-9, REMIC III Regular Interest LTI-M-10, REMIC
III Regular Interest LTI-M-11, REMIC III Regular Interest LTI-ZZ, REMIC III Regular Interest
LTI-1-SUB, REMIC III Regular Interest LTI-1-GRP, REMIC III Regular Interest LTI-2-SUB, REMIC III
Regular Interest LTI-2-GRP, REMIC III Regular Interest LTI-XX, REMIC III Regular Interest LTI-IO
and REMIC III Regular Interest LTI-P.

     REMIC III Sub WAC Allocation Percentage: 50% of any amount payable from or loss
attributable to the Mortgage Loans, which shall be allocated to REMIC III Regular Interest LTI-

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1-SUB, REMIC III Regular Interest LTI-1-GRP, REMIC III Regular Interest LTI-2-SUB, REMIC III
Regular Interest LTI-2-GRP and REMIC III Regular Interest LTI-XX.

     REMIC III Subordinated Balance Ratio: The ratio among the Uncertificated Principal
Balances of each REMIC III Regular Interest ending with the designation “SUB,” equal to the ratio
between, with respect to each such REMIC III Regular Interest, the excess of (x) the aggregate
Stated Principal Balance of the Pool I Mortgage Loans in the related Loan Group over (y) the
current Certificate Principal Balance of Class A Certificates in the related Loan Group.

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

     REMIC V Regular Interest: Any of the separate non-certificated beneficial ownership
interests in REMIC V issued hereunder and designated as a Regular Interest in REMIC V. Each REMIC V
Regular Interest shall accrue interest at the related Uncertificated REMIC V Pass-Through Rate in
effect from time to time, and shall be entitled to distributions of principal, subject to the terms
and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance
as set forth in the Preliminary Statement hereto. The designations for the respective REMIC V
Regular Interests are set forth in the Preliminary Statement hereto. The REMIC V Regular Interests
consist of REMIC V Regular Interest III-1-A through REMIC V Regular Interest III-72-B as designated
in the Preliminary Statement hereto.

     REMIC VI Interest Loss Allocation Amount: With respect to any Distribution Date, an
amount (subject to adjustment based on the actual number of days elapsed in the respective Interest
Accrual Periods for the indicated Regular Interests for such Distribution Date) equal to (a) the
product of (i) the aggregate Stated Principal Balance of the Pool II Mortgage Loans and Pool REO
Properties then outstanding and (ii) the Uncertificated REMIC VI Pass-Through Rate for REMIC VI
Regular Interest LTII-AA minus the Pool II Marker Rate, divided by (b) 12.

     REMIC VI Overcollateralization Target Amount: 1.00% of the Pool II
Overcollateralization Target Amount.

     REMIC VI Overcollateralized Amount: With respect to any date of determination, (i)
1.00% of the aggregate Uncertificated Principal Balance of the REMIC VI Regular Interests minus
(ii) the aggregate Uncertificated Principal Balance of REMIC VI Regular Interest LTII-SL-A, REMIC
VI Regular Interest LTII-SL-M1, REMIC VI Regular Interest LTII-SL-M2, REMIC VI Regular Interest
LTII-SL-M3, REMIC VI Regular Interest LTII-SL-M4, REMIC VI Regular Interest LTII-SL-M5, REMIC VI
Regular Interest LTII-SL-M6, REMIC VI Regular Interest LTII-SL-M7, REMIC VI Regular Interest
LTII-SL-M8, REMIC VI Regular Interest LTII-SL-M9, REMIC VI Regular Interest LTII-SL-B1 and REMIC VI
Regular Interest LTII-ZZ.

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     REMIC VI 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 Pool II Mortgage
Loans and the Pool II REO Properties then outstanding and (ii) one minus a fraction, the numerator
of which is two times the aggregate Uncertificated Principal Balance of REMIC VI Regular Interest
LTII-AA, REMIC VI Regular Interest LTII-SL-A, REMIC VI Regular Interest LTII-SL-M1, REMIC VI
Regular Interest LTII-SL-M2, REMIC VI Regular Interest LTII-SL-M3, REMIC VI Regular Interest
LTII-SL-M4, REMIC VI Regular Interest LTII-SL-M5, REMIC VI Regular Interest LTII-SL-M6, REMIC VI
Regular Interest LTII-SL-M7, REMIC VI Regular Interest LTII-SL-M8, REMIC VI Regular Interest
LTII-SL-M9 and REMIC VI Regular Interest LTII-SL-B1 and the denominator of which is the aggregate
Uncertificated Principal Balance of REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest
LTII-SL-A, REMIC VI Regular Interest LTII-SL-M1, REMIC VI Regular Interest LTII-SL-M2, REMIC VI
Regular Interest LTII-SL-M3, REMIC VI Regular Interest LTII-SL-M4, REMIC VI Regular Interest
LTII-SL-M5, REMIC VI Regular Interest LTII-SL-M6, REMIC VI Regular Interest LTII-SL-M7, REMIC VI
Regular Interest LTII-SL-M8, REMIC VI Regular Interest LTII-SL-M9, REMIC VI Regular Interest
LTII-SL-B1, and REMIC VI Regular Interest LTII-ZZ.

     REMIC VI Regular Interest: Any of the separate non-certificated beneficial ownership
interests in REMIC VI issued hereunder and designated as a “regular interest” in REMIC VI. Each
REMIC VI Regular Interest shall accrue interest at the related Uncertificated REMIC VI Pass-Through
Rate in effect from time to time, and shall be entitled to distributions of principal (other than
REMIC VI Regular Interest LTII-IO), 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 VI Regular Interests: REMIC VI
Regular Interest LTII-AA, REMIC VI Regular Interest LTII-SL-A, REMIC VI Regular Interest
LTII-SL-M1, REMIC VI Regular Interest LTII-SL-M2, REMIC VI Regular Interest LTII-SL-M3, REMIC VI
Regular Interest LTII-SL-M4, REMIC VI Regular Interest LTII-SL-M5, REMIC VI Regular Interest
LTII-SL-M6, REMIC VI Regular Interest LTII-SL-M7, REMIC VI Regular Interest LTII-SL-M8, REMIC VI
Regular Interest LTII-SL-M9, REMIC VI Regular Interest LTII-SL-B1, REMIC VI Regular Interest
LTII-ZZ and REMIC VI Regular Interest LTII-IO.

     REMIC VII Regular Interest: The REMIC regular interest portion of the Certificates
(other than the Class R and Class RX Certificates), the Class C Interest, the Class SL-C Interest
the Class P Interest, the Class SWAP-I-IO Interest and the Class SWAP-II-IO Interest.

     REMIC VIII Regular Interest: The REMIC regular interest portion of the Class C
Certificate.

     REMIC IX Regular Interest: The REMIC regular interest portion of the Class P
Certificate.

     REMIC X Regular Interest: The Class Swap-I-IO Interest.

     REMIC XI Regular Interest: The REMIC regular interest portion of the Class SL-C
Certificate.

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     REMIC XII Regular Interest: The Class Swap-II-IO Interest.

     REMIC Regular Interest: Any REMIC I Regular Interest, REMIC II Regular Interest,
REMIC III Regular Interest, REMIC IV Regular Interest, REMIC V Regular Interest, REMIC VI Regular
Interest, REMIC VII Regular Interest, REMIC VIII Regular Interest, REMIC IX Regular Interest; REMIC
X Regular Interest, REMIC XI Regular Interest or REMIC XII Regular Interest.

     Remittance Date: With respect to any Distribution Date, no later than 12:00 PM,
Central Time on the Business Day immediately preceding such Distribution Date.

     REO Disposition: The final sale by the Servicer of any REO Property.

     REO Imputed Interest: As to any REO Property, for any period, an amount equivalent to
interest (at the Mortgage Interest Rate net of the Servicing Fee Rate that would have been
applicable to the related Mortgage Loan had it been outstanding) on the unpaid principal balance of
the Mortgage Loan as of the date of acquisition thereof (as such balance is reduced pursuant to
Section 3.15 by any income from the REO Property treated as a recovery of principal).

     REO Property: A Mortgaged Property acquired by the Trust Fund through foreclosure or
deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan.

     Reportable Event: As defined in 4.07(a)(iii).

     Reporting Date: The 18th day of each calendar month or the immediately preceding
Business Day if the 18th is not a Business Day.

     Reporting Servicer: As defined in Section 4.07(a)(iv).

     Repurchase Price: With respect to any Mortgage Loan, an amount equal to the sum of
(i) the unpaid principal balance of such Mortgage Loan as of the date of repurchase, (ii) interest
on such unpaid principal balance of such Mortgage Loan at the Mortgage Interest Rate from the last
date through which interest has been paid and distributed to the Trust Administrator to the date of
repurchase, (iii) all unreimbursed Servicing Advances and (iv) all expenses incurred by the
Servicer, the Trust, the Trust Administrator or the Trustee, as the case may be, in respect of a
breach or defect, including, without limitation, (a) expenses arising out of the Servicer’s, the
Trust Administrator’s or Trustee’s, as the case may be, enforcement of the Originator’s repurchase
obligation, to the extent not included in clause (iii), and (b) any costs and damages incurred by
the Trust in connection with any violation by such Mortgage Loan of any predatory lending law or
abusive lending law.

     Request for Release: The Request for Release submitted by the Servicer to the Trust
Administrator, substantially in the form of Exhibit J.

     Residual Certificates: As specified in the Preliminary Statement.

     Responsible Officer: When used with respect to the Trustee means any officer in the
Corporate Trust Office with direct responsibility for the administration of this Agreement and

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any other officer to whom a particular matter is referred because of such officer’s knowledge
of and familiarity with the particular subject; and when used with respect to the Trust
Administrator means any vice president, any assistant vice president, any assistant secretary, any
assistant treasurer, any associate or any other officer of the Trustee or the Trust Administrator
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 and who
shall have direct responsibility for the administration of this Agreement.

     Rolling Six-Month Delinquency Rate: With respect to any Distribution Date, the
weighted average of the Delinquency Rates for each of six calendar months immediately preceding
such Distribution Date; provided, that with respect to the first five Distribution Dates, it shall
refer to the preceding one, two, three, four or five calendar months, as appropriate.

     Rolling Three-Month Delinquency Rate: With respect to any Distribution Date, the
weighted average of the Delinquency Rates for each of three calendar months immediately preceding
such Distribution Date; provided, that with respect to the first two Distribution Dates, it shall
refer to the preceding one or two calendar months, as appropriate.

     Rule 144A Letter: As defined in Section 5.02(b).

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

     Sarbanes-Oxley Certification: A written certification signed by an officer of the
Servicer that complies with (i) the Sarbanes-Oxley Act of 2002, as amended from time to time, and
(ii) Exchange Act Rules 13a-14(d) and 15d-14(d), as in effect from time to time; provided that if,
after the Closing Date (a) the Sarbanes-Oxley Act of 2002 is amended, (b) the Rules referred to in
clause (ii) are modified or superceded by any subsequent statement, rule or regulation of the
Commission or any statement of a division thereof, or (c) any future releases, rules and
regulations are published by the Commission from time to time pursuant to the Sarbanes-Oxley Act 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 Servicer, materially
more onerous than the form of the required certification as of the Closing Date, the Sarbanes-Oxley
Certification shall be as agreed to by the Servicer and the Depositor following a negotiation in
good faith to determine how to comply with any such new requirements.

     Scheduled Payment: The scheduled monthly payment on a Mortgage Loan due on any Due
Date allocable to principal and/or interest on such Mortgage Loan which, unless otherwise specified
herein, shall give effect to any related Debt Service Reduction and any Deficient Valuation that
affects the amount of the monthly payment due on such Mortgage Loan.

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

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     Servicer: Fremont, and if a successor servicer is appointed hereunder, such successor
servicer.

     Servicer Enhanced Review Test: With respect to any Distribution Date, the Servicer
will fail the Servicer Enhanced Review Test if both (i) the outstanding rating by Moody’s of
Fremont as a servicer of residential mortgage loans is not “SQ2” or better (including any +/-
designation), and (ii) the Realized Loss Percentage for the Pool I Mortgage Loans exceeds the
applicable percentages set forth below:

	 	 	 	 	 
	Distribution Date Occurring In	 	Percentage
	September 2007 through August 2008
	 	 	1.50	%
	September 2008 through August 2009
	 	 	2.50	%
	September 2009 through August 2010
	 	 	3.50	%
	September 2010 through August 2011
	 	 	5.25	%
	September 2011 through August 2012
	 	 	6.75	%
	September 2012 and thereafter
	 	 	7.30	%

     Servicer Event of Default: One or more of the events described in Section
7.01(a).

     Servicer Prepayment Payment Amounts: As defined in Section 3.07(a).

     Servicer Remittance Report: As defined in Section 4.03(d).

     Servicer Termination Test: With respect to any Distribution Date, the Servicer will
fail the Servicer Termination Test if the Realized Loss Percentage for the Pool I Mortgage Loans
exceeds the applicable percentages set forth below or such other higher amounts as set by any of
the Rating Agencies with respect to such Distribution Date:

	 	 	 	 	 
	Distribution Date Occurring In	 	Percentage
	September 2007 through August 2008
	 	 	1.75	%
	September 2008 through August 2009
	 	 	2.75	%
	September 2009 through August 2010
	 	 	3.75	%
	September 2010 through August 2011
	 	 	5.50	%
	September 2011 through August 2012
	 	 	7.00	%
	September 2012 and thereafter
	 	 	8.00	%

     Servicing Advances: The reasonable “out-of-pocket” costs and expenses (including
legal fees) incurred by the Servicer in the performance of its servicing obligations in connection
with a default, delinquency or other unanticipated event, including, but not limited to, the cost
of (i) the preservation, restoration, inspection and protection of a Mortgaged Property, (ii) any
enforcement or judicial proceedings, including foreclosures and litigation, in respect of a
particular Mortgage Loan, (iii) the management (including reasonable fees in connection therewith)
and liquidation of any REO Property, and (iv) the performance of its obligations under Sections
3.01, 3.09, 3.13 and 3.15. 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

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Mortgage in connection with any satisfaction or foreclosures in respect of any Mortgage Loan
to the extent not recovered from the Mortgagor or otherwise payable under this 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 Function Participant: Any Subservicer or Subcontractor of a Servicer, the
Master Servicer, or the Trust Administrator, respectively.

     Servicing Fee: With respect to each Mortgage Loan and any Distribution Date, an
amount equal to the product of (i) one-twelfth of the Servicing Fee Rate, and (ii) the Stated
Principal Balance of such Mortgage Loan as of the first day of the calendar month preceding the
month in which such Distribution Date occurs. Such fee shall be payable monthly, and shall be pro
rated for any portion of a month during which the Mortgage Loan is serviced by the Servicer under
this Agreement. The Servicing Fee is payable solely from the interest portion (including
recoveries with respect to interest from Liquidation Proceeds, Insurance Proceeds, Condemnation
Proceeds and proceeds received with respect to REO Properties, to the extent permitted by
Section 3.11) of such Scheduled Payment collected by the Servicer or as otherwise provided
under Section 3.11.

     Servicing Fee Rate: With respect to each Mortgage Loan, 0.50% per annum.

     Servicing File: With respect to each Mortgage Loan, the file retained by the Servicer
consisting of originals or copies of all documents in the Mortgage File which are not delivered to
the Trust Administrator in the Custodial File and copies of the Mortgage Loan Documents set forth
in Exhibit K hereto.

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

     Servicing Rights: Any and all of the following: (a) all rights and obligations to
service the Mortgage Loans; (b) any compensation for servicing the Mortgage Loans; (c) any late
fees, penalties or similar payments with respect to the Mortgage Loans (other than prepayment
penalties); (d) all agreements or documents creating, defining or evidencing any such servicing
rights to the extent they relate to such servicing rights; (e) any interest on Escrow Accounts
allowed by law or other similar payments with respect to the Mortgage Loans and any amounts
actually collected with respect thereto; (f) all accounts and other rights to payment related to
any of the property described in this paragraph; (g) the right to possess and use any and all
servicing files, servicing records, data tapes, computer records, or other information pertaining
to the Mortgage Loans to the extent relating to the past, present or prospective servicing of the
Mortgage Loans; and (h) all rights, powers and privileges incident to any of the foregoing.

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     Servicing Transfer Costs: All reasonable out-of-pocket costs and expenses (including
all extraordinary expenses) incurred by the Master Servicer in connection with the transfer of
servicing from a terminated Servicer, including, without limitation, any such 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 Master Servicer to correct any errors
or insufficiencies in the servicing data or otherwise to enable the Master Servicer (or any
successor Servicer appointed pursuant to Section 7.02) to service the Mortgage Loans
properly and effectively.

     Similar Law: As defined in Section 5.02.

     Six-Month LIBOR Index: With respect to each applicable Adjustable Rate Mortgage Loan,
the rate as determined on the basis of rates at which six-month U.S. dollar deposits are offered to
prime banks in the London interbank market on such date as provided in the related Mortgage Note.

     Standard & Poor’s: Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.
If Standard & Poor’s is designated as a Rating Agency in the Preliminary Statement, for purposes of
Section 10.05(b) the address for notices to Standard & Poor’s shall be Standard & Poor’s,
55 Water Street, New York, New York 10041, Attention: Residential Mortgage Surveillance Group -
Fremont 2006-B, or such other address as Standard & Poor’s may hereafter furnish to the Depositor,
the Servicer, the Master Servicer, the Trust Administrator and the Trustee.

     Start-up Day: As defined in Section 11.01(b).

     Stated Principal Balance: As to each Mortgage Loan and as of any date of
determination, (i) the principal balance of the Mortgage Loan at the Cut-off Date after giving
effect to payments of principal due on or before such date, minus (ii) all amounts previously
remitted to the Trustee with respect to the related Mortgage Loan representing payments or
recoveries of principal including advances in respect of scheduled payments of principal;
provided, however, that the Stated Principal Balance of any second lien Mortgage Loan with
respect to which any portion of a Scheduled Payment is, as of the last day of the prior Due Period,
more than 180 days past due (without giving effect to any grace period) is zero. For purposes of
any Distribution Date, the Stated Principal Balance of any Mortgage Loan will give effect to any
scheduled payments of principal received by the Servicer on or prior to the related Determination
Date or advanced by the Servicer for the related Remittance Date and any unscheduled principal
payments and other unscheduled principal collections received during the related Prepayment Period.

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

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     Subordinate Acceleration Amount: With respect to any Distribution Date, the aggregate
amount paid to the Class SL-B1 Certificates under Section 4.02(e)(iii)(U) and Section
4.02(i)(i) herein.

     Subordinate Certificates: As specified in the Preliminary Statement.

     Subsequent Recoveries: Amounts recovered by the Servicer in respect of a liquidated
Mortgage Loan in regard to which a Realized Loss has occurred.

     Subservicer: Any Person that services Mortgage Loans on behalf of the Servicer, and
is responsible for the performance (whether directly or through subservicers or Subcontractors) of
servicing functions required to be performed under this Agreement, any related Servicing Agreement
or any sub-servicing agreement that are identified in Item 1122(d) of Regulation AB.

     Subservicing Account: As defined in Section 3.08.

     Subservicing Agreements: As defined in Section 3.02(a).

     Substitute Mortgage Loan: A Mortgage Loan substituted by the Originator for a Deleted
Mortgage Loan which must, on the date of such substitution, as confirmed in a Request for Release,
substantially in the form of Exhibit J, (i) have a Stated Principal Balance, after
deduction of the principal portion of the Scheduled Payment due in the month of substitution, not
in excess of the Stated Principal Balance of the Deleted Mortgage Loan; (ii) be accruing interest
at a rate no lower than and not more than 1.00% per annum higher than, that of the Deleted Mortgage
Loan; (iii) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (iv) have
a remaining term to maturity no greater than (and not more than one year less than that of) the
Deleted Mortgage Loan; and (v) comply with each representation and warranty set forth in
Section 2.03.

     Substitution Adjustment Amount: The meaning ascribed to such term pursuant to
Section 2.03(f).

     Swap Account: The Pool I Swap Account and Pool II Swap Account, as applicable.

     Swap Agreement: The Pool I Swap Agreement and the Pool II Swap Agreement, as
applicable.

     Swap Default: A Pool I Swap Default or Pool II Swap Default, as the context requires.

     Swap Early Termination: A Pool I Swap Early Termination or a Pool II Swap Early
Termination, as the context requires.

     Swap Provider Trigger Event: A Pool I Swap Provider Trigger Event or a Pool II Swap
Provider Trigger Event, as the context requires.

     Swap Termination Payment: A Pool I Swap Termination Payment or a Pool II Swap
Termination Payment, as the context requires.

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     Tax Service Contract: As defined in Section 3.09(a).

     Telerate Page 3750: The display page currently so designated on the Bridge Telerate
Service (or such other page as may replace that page on that service for displaying comparable
rates or prices).

     Termination Price: As defined in Section 9.01.

     Third-Party Originator: Each Person, other than a Qualified Correspondent, that
originated Mortgage Loans acquired by the Servicer.

     Transfer: Any direct or indirect transfer or sale of any Ownership Interest in a
Residual Certificate.

     Transfer Affidavit: As defined in Section 5.02(c)(ii).

     Transferor Certificate: As defined in Section 5.02(b).

     Trust: The express trust created hereunder in Section 2.01(c).

     Trust Administrator: Wells Fargo Bank, N.A., and its successors in interest and, if a
successor trust administrator is appointed hereunder, such successor.

     Trust Fund: The corpus of the trust created hereunder consisting of (i) the Mortgage
Loans and all interest and principal received on or with respect thereto after the related Cut-off
Date, other than such amounts which were due on the Mortgage Loans on or before the related Cut-off
Date; (ii) the Collection Account, Net WAC Rate Carryover Reserve Accounts, the Interest Coverage
Account, the Distribution Account, the Swap Accounts and all amounts deposited therein pursuant to
the applicable provisions of this Agreement; (iii) property that secured a Mortgage Loan and has
been acquired by foreclosure, deed-in-lieu of foreclosure or otherwise; (iv) the Swap Agreements,
and (v) all proceeds of the conversion, voluntary or involuntary, of any of the foregoing.

     Trust REMIC: Each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC
VII, REMIC VIII, REMIC IX, REMIC X, REMIC XI and REMIC XII.

     Trustee: HSBC Bank USA, National Association, and its successors in interest and, if
a successor trustee is appointed hereunder, such successor.

     Uncertificated Accrued Interest: With respect to any REMIC Regular Interest for any
Distribution Date, one month’s interest at the Uncertificated REMIC Pass-Through Rate applicable to
such REMIC Regular Interest for such Distribution Date, accrued on the Uncertificated Principal
Balance or Uncertificated Notional Amount thereof immediately prior to such Distribution Date.
Uncertificated Accrued Interest in respect of any such REMIC Regular Interest shall accrue on the
basis of a 360-day year consisting of twelve 30-day months. Uncertificated Accrued Interest with
respect to each Distribution Date, as to any REMIC Regular Interest, shall be reduced by an amount
equal to the sum of (a) the aggregate Prepayment Interest Shortfall, if any, for such Distribution
Date to the extent not covered by

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payments provided for herein and (b) the aggregate amount of any Relief Act Interest
Shortfall, if any, allocated, in each case, to such REMIC Regular Interest. In addition,
Uncertificated Accrued Interest with respect to each Distribution Date, as to any REMIC Regular
Interest shall be reduced by Realized Losses, if any, allocated to such REMIC Regular Interest.

     Uncertificated Principal Balance: The amount of any REMIC Regular Interest (other
than REMIC III Regular Interest LTI-IO, the REMIC VII Class Swap-I-IO Interest, the REMIC VI
Regular Interest LTII-IO and the REMIC VII Class Swap-II-IO Interest) outstanding as of any date of
determination. As of the Closing Date, the Uncertificated Principal Balance of each REMIC Regular
Interest (other than REMIC III Regular Interest LTI-IO, the REMIC VII Class Swap-I-IO Interest, the
REMIC VI Regular Interest LTII-IO and the REMIC VII Class Swap-II-IO 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 (other than REMIC III Regular Interest LTI-IO, the REMIC VII Class Swap-I-IO Interest, the
REMIC VI Regular Interest LTII-IO and the REMIC VII Class Swap-II-IO Interest) shall be reduced by
all distributions of principal made on such REMIC Regular Interest on such Distribution Date and,
if and to the extent necessary and appropriate, shall be further reduced on such Distribution Date
by Realized Losses. The Uncertificated Principal Balance of REMIC III Regular Interest LTI-ZZ and
REMIC VI Regular Interest LTII-ZZ shall be increased by interest deferrals as provided herein. The
Uncertificated Principal Balance of each REMIC Regular Interest shall never be less than zero.

     Uncertificated Notional Amount: With respect to REMIC III Regular Interest LTI-IO and
each Distribution Date listed below, the aggregate Uncertificated Principal Balance of the REMIC II
Regular Interests beginning with either I or II and ending with the designation “A” listed below;
with respect to REMIC VI Regular Interest LTII-IO and each Distribution Date listed below, the
aggregate Uncertificated Principal Balance of the REMIC V Regular Interests beginning with III and
ending with the designation “A” listed below:

	 	 	 
	Distribution	 	 
	Date	 	REMIC II or REMIC V Regular Interests
	1

	 	I-1-A through I-72-A, II-1-A through II-72-A and III-1-A through III-72-A
	2

	 	I-2-A through I-72-A, II-2-A through II-72-A and III-2-A through III-72-A
	3

	 	I-3-A through I-72-A, II-3-A through II-72-A and III-3-A through III-72-A
	4

	 	I-4-A through I-72-A, II-4-A through II-72-A and III-4-A through III-72-A
	5

	 	I-5-A through I-72-A, II-5-A through II-72-A and III-5-A through III-72-A
	6

	 	I-6-A through I-72-A, II-6-A through II-72-A and III-6-A through III-72-A
	7

	 	I-7-A through I-72-A, II-7-A through II-72-A and III-7-A through III-72-A
	8

	 	I-8-A through I-72-A, II-8-A through II-72-A and III-8-A through III-72-A
	9

	 	I-9-A through I-72-A, II-9-A through II-72-A and III-9-A through III-72-A
	10

	 	I-10-A through I-72-A, II-10-A through II-72-A and III-10-A through III-72-A
	11

	 	I-11-A through I-72-A, II-11-A through II-72-A and III-11-A through III-72-A
	12

	 	I-12-A through I-72-A, II-12-A through II-72-A and III-12-A through III-72-A
	13

	 	I-13-A through I-72-A, II-13-A through II-72-A and III-13-A through III-72-A
	14

	 	I-14-A through I-72-A, II-14-A through II-72-A and III-14-A through III-72-A
	15

	 	I-15-A through I-72-A, II-15-A through II-72-A and III-15-A through III-72-A
	16

	 	I-16-A through I-72-A, II-16-A through II-72-A and III-16-A through III-72-A
	17

	 	I-17-A through I-72-A, II-17-A through II-72-A and III-17-A through III-72-A
	18

	 	I-18-A through I-72-A, II-18-A through II-72-A and III-18-A through III-72-A
	19

	 	I-19-A through I-72-A, II-19-A through II-72-A and III-19-A through III-72-A
	20

	 	I-20-A through I-72-A, II-20-A through II-72-A and III-20-A through III-72-A
	21

	 	I-21-A through I-72-A, II-21-A through II-72-A and III-21-A through III-72-A
	22

	 	I-22-A through I-72-A, II-22-A through II-72-A and III-22-A through III-72-A

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	Distribution	 	 
	Date	 	REMIC II or REMIC V Regular Interests
	23

	 	I-23-A through I-72-A, II-23-A through II-72-A and III-23-A through III-72-A

	24

	 	I-24-A through I-72-A, II-24-A through II-72-A and III-24-A through III-72-A

	25

	 	I-25-A through I-72-A, II-25-A through II-72-A and III-25-A through III-72-A

	26

	 	I-26-A through I-72-A, II-26-A through II-72-A and III-26-A through III-72-A

	27

	 	I-27-A through I-72-A, II-27-A through II-72-A and III-27-A through III-72-A

	28

	 	I-28-A through I-72-A, II-28-A through II-72-A and III-28-A through III-72-A

	29

	 	I-29-A through I-72-A, II-29-A through II-72-A and III-29-A through III-72-A

	30

	 	I-30-A through I-72-A, II-30-A through II-72-A and III-30-A through III-72-A

	31

	 	I-31-A through I-72-A, II-31-A through II-72-A and III-31-A through III-72-A

	32

	 	I-32-A through I-72-A, II-32-A through II-72-A and III-32-A through III-72-A

	33

	 	I-33-A through I-72-A, II-33-A through II-72-A and III-33-A through III-72-A

	34

	 	I-34-A through I-72-A, II-34-A through II-72-A and III-34-A through III-72-A

	35

	 	I-35-A through
I-72-A, II-35-A through II-72-A and III-35-A through III-72-A

	36

	 	I-36-A through I-72-A, II-36-A through II-72-A and III-36-A through III-72-A

	37

	 	I-37-A through I-72-A, II-37-A through II-72-A and III-37-A through III-72-A

	38

	 	I-38-A through I-72-A, II-38-A through II-72-A and III-38-A through III-72-A

	39

	 	I-39-A through I-72-A, II-39-A through II-72-A and III-39-A through III-72-A

	40

	 	I-40-A through I-72-A, II-40-A through II-72-A and III-40-A through III-72-A

	41

	 	I-41-A through I-72-A, II-41-A through II-72-A and III-41-A through III-72-A

	42

	 	I-42-A through I-72-A, II-42-A through II-72-A and III-42-A through III-72-A

	43

	 	I-43-A through I-72-A, II-43-A through II-72-A and III-43-A through III-72-A

	44

	 	I-44-A through I-72-A, II-44-A through II-72-A and III-44-A through III-72-A

	45

	 	I-45-A through I-72-A, II-45-A through II-72-A and III-45-A through III-72-A

	46

	 	I-46-A through I-72-A, II-46-A through II-72-A and III-46-A through III-72-A

	47

	 	I-47-A through I-72-A, II-47-A through II-72-A and III-47-A through III-72-A

	48

	 	I-48-A through I-72-A, II-48-A through II-72-A and III-48-A through III-72-A

	49

	 	I-49-A through I-72-A, II-49-A through II-72-A and III-49-A through III-72-A

	50

	 	I-50-A through I-72-A, II-50-A through II-72-A and III-50-A through III-72-A

	51

	 	I-51-A through I-72-A, II-51-A through II-72-A and III-51-A through III-72-A

	52

	 	I-52-A through I-72-A, II-52-A through II-72-A and III-52-A through III-72-A

	53

	 	I-53-A through I-72-A, II-53-A through II-72-A and III-53-A through III-72-A

	54

	 	I-54-A through I-72-A, II-54-A through II-72-A and III-54-A through III-72-A

	55

	 	I-55-A through I-72-A, II-55-A through II-72-A and III-55-A through III-72-A

	56

	 	I-56-A through I-72-A, II-56-A through II-72-A and III-56-A through III-72-A

	57

	 	I-57-A through I-72-A, II-57-A through II-72-A and III-57-A through III-72-A

	58

	 	I-58-A through I-72-A, II-58-A through II-72-A and III-58-A through III-72-A

	59

	 	I-59-A through I-72-A, II-59-A through II-72-A and III-59-A through III-72-A

	60

	 	I-60-A through I-72-A, II-60-A through II-72-A and III-60-A through III-72-A

	61

	 	I-61-A through I-72-A, II-61-A through II-72-A and III-61-A through III-72-A

	62

	 	I-62-A through I-72-A, II-62-A through II-72-A and III-62-A through III-72-A

	63

	 	I-63-A through I-72-A, II-63-A through II-72-A and III-63-A through III-72-A

	64

	 	I-64-A through I-72-A, II-64-A through II-72-A and III-64-A through III-72-A

	65

	 	I-65-A through I-72-A, II-65-A through II-72-A and III-65-A through III-72-A

	66

	 	I-66-A through I-72-A, II-66-A through II-72-A and III-66-A through III-72-A

	67

	 	I-67-A through I-72-A, II-67-A through II-72-A and III-67-A through III-72-A

	68

	 	I-68-A through I-72-A, II-68-A through II-72-A and III-68-A through III-72-A

	69

	 	I-69-A through I-72-A, II-69-A through II-72-A and III-69-A through III-72-A

	70

	 	I-70-A through I-72-A, II-70-A through II-72-A and III-70-A through III-72-A

	71

	 	I-71-A and I-72-A, II-71-A and II-72-A and III-71-A and III-72-A

	72

	 	I-72-A, II-72-A and III-72-A

	thereafter

	 	$	0.00	 

     With respect to the Class SWAP-I-IO Interest and any Distribution Date, an amount equal to the
Uncertificated Notional Amount of the REMIC III Regular Interest LTI-IO. With respect to the Class
SWAP-II-IO Interest and any Distribution Date, an amount equal to the Uncertificated Notional
Amount of the REMIC VI Regular Interest LTII-IO.

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     Uncertificated REMIC Pass-Through Rate: The Uncertificated REMIC I Pass-Through Rate,
the Uncertificated REMIC II Pass-Through Rate, the Uncertificated REMIC III Pass-Through Rate,
Uncertificated REMIC IV Pass-Through Rate, Uncertificated REMIC V Pass-Through Rate and the
Uncertificated REMIC VI Pass-Through Rate.

     Uncertificated REMIC I Pass-Through Rate: The interest rate for any REMIC I Regular
Interest with respect to any Distribution Date (and the related Accrual Period) is a per annum rate
equal to the weighted average of the Adjusted Net Mortgage Interest Rates of all the Mortgage Loans
in the related Loan Group, which shall be the Group 1 Mortgage Loans in the case of REMIC I Regular
Interest I-IML, and the Group 2 Mortgage Loans in the cas of REMIC I Regular Interest 2-IML.

     Uncertificated REMIC II Pass-Through Rate: With respect to REMIC II Regular Interest
I, a per annum rate equal to the Uncertificated REMIC I Pass-Through Rate for REMIC I Regular
Interest 1-IML. With respect to each REMIC II Group 1 Regular Interest ending with the designation
“A”, a per annum rate equal to the Uncertificated REMIC I Pass-Through Rate for REMIC I Regular
Interest 1-IML multiplied by 2, subject to a maximum rate of 2 multiplied by the Pool I Fixed Payer
Rate. With respect to each REMIC II Group 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
Uncertificated REMIC I Pass-Through Rate for REMIC I Regular Interest 1-IML over (ii) 2 multiplied
by the Pool I Fixed Payer Rate and (y) 0.00%. With respect to REMIC II Regular Interest II, a per
annum rate equal to the Uncertificated REMIC I Pass-Through Rate for REMIC I Regular Interest
2-IML. With respect to each REMIC II Group 2 Regular Interest ending with the designation “A”, a
per annum rate equal to the Uncertificated REMIC I Pass-Through Rate for REMIC I Regular Interest
2-IML multiplied by 2, subject to a maximum rate of 2 multiplied by the Pool I Fixed Payer Rate.
With respect to each REMIC II Group 2 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 Uncertificated
REMIC I Pass-Through Rate for REMIC I Regular Interest 2-IML over (ii) 2 multiplied by the Pool I
Fixed Payer Rate and (y) 0.00%.

     Uncertificated REMIC III Pass-Through Rate: With respect to REMIC III Regular
Interest LTI-AA, REMIC III Regular Interest LTI-1-A, REMIC III Regular Interest LTI-2-A-1, REMIC
III Regular Interest LTI-2-A-2, REMIC III Regular Interest LTI-2-A-3, REMIC III Regular Interest
LTI-2-A-4, REMIC III Regular Interest LTI-M-1, REMIC III Regular Interest LTI-M-2, REMIC III
Regular Interest LTI-M-3, REMIC III Regular Interest LTI-M-4, REMIC III Regular Interest LTI-M-5,
REMIC III Regular Interest LTI-M-6, REMIC III Regular Interest LTI-M-7, REMIC III Regular Interest
LTI-M-8, REMIC III Regular Interest LTI-M-9, REMIC III Regular Interest LTI-M-10, REMIC III Regular
Interest LTI-M-11, REMIC III Regular Interest LTI-ZZ, REMIC III Regular Interest LTI-1-SUB, REMIC
III Regular Interest LTI-2-SUB, REMIC III Regular Interest LTI-XX and REMIC III Regular Interest
LTI-P, a per annum rate (but not less than zero) equal to the weighted average of: (x) with respect
to each REMIC II Regular Interest ending with the designation “B”, the weighted average of the
Uncertificated REMIC II Pass-Through Rates for such REMIC II Regular Interests, weighted on the
basis of the Uncertificated Principal Balances of such REMIC II Regular Interests for each such
Distribution Date and (y) with respect to REMIC II Regular Interests ending with the designation
“A”, for each Distribution Date listed below, the weighted average of the rates listed below for
each such

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REMIC II Regular Interest listed below, weighted on the basis of the Uncertificated Principal
Balances of each such REMIC II Regular Interest for each such Distribution Date:

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	1

	 	I-1-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-1-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	2

	 	I-2-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-2-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate Uncertificated
REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	3

	 	I-3-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-3-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A and I-2-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A and II-2-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	4

	 	I-4-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-4-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-3-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-3-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	5

	 	I-5-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-5-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-4-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-4-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	6

	 	I-6-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-6-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-5-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-5-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	7

	 	I-7-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-7-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-6-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-6-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	8

	 	I-8-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-8-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-7-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-7-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	9

	 	I-9-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate

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	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	 

	 	II-9-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-8-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-8-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	10

	 	I-10-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-10-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-9-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-9-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	11

	 	I-11-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-11-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-10-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-10-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	12

	 	I-12-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-12-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-11-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-11-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	13

	 	I-13-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-13-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-12-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-12-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	14

	 	I-14-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-14-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-13-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-13-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	15

	 	I-15-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-15-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-14-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-14-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	16

	 	I-16-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-16-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-15-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-15-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	17

	 	I-17-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 

	 	II-17-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
Uncertificated REMIC II Pass-Through
Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-16-A
	 	Uncertificated REMIC II Pass-Through Rate

Fremont 2006-B

Pooling & Servicing Agreement

103

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	 

	 	II-1-A through II-16-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	18

	 	I-18-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-18-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-17-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-17-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	19

	 	I-19-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-19-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-18-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-18-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	20

	 	I-20-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-20-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-19-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-19-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	21

	 	I-21-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-21-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-20-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-20-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	22

	 	I-22-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-22-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-21-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-21-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	23

	 	I-23-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-23-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-22-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-22-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	24

	 	I-24-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-24-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-23-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-23-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	25

	 	I-25-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-25-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-24-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-24-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	26

	 	I-26-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate

Fremont 2006-B

Pooling & Servicing Agreement

104

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	 

	 	II-26-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-25-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-25-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	27

	 	I-27-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-27-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-26-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-26-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	28

	 	I-28-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-28-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-27-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-27-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	29

	 	I-29-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-29-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-28-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-28-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	30

	 	I-30-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-30-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-29-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-29-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	31

	 	I-31-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-31-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-31-A through III-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-30-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-30-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	32

	 	I-32-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-32-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-31-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-31-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	33

	 	I-33-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-33-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-32-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-32-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	34

	 	I-34-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-34-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate

Fremont 2006-B

Pooling & Servicing Agreement

105

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	 

	 	I-1-A through I-33-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-33-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	35

	 	I-35-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-35-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-34-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-34-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	36

	 	I-36-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-36-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-35-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-35-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	37

	 	I-37-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-37-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-36-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-36-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	38

	 	I-38-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-38-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-37-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-37-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	39

	 	I-39-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-39-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-38-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-38-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	40

	 	I-40-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-40-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-39-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-39-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	41

	 	I-41-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-41-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-40-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-40-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	42

	 	I-42-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-42-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-41-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-41-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	43

	 	I-43-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of

Fremont 2006-B

Pooling & Servicing Agreement

106

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-43-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR,
subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-42-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-42-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	44

	 	I-44-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-44-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-43-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-43-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	45

	 	I-45-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-45-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-44-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-44-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	46

	 	I-46-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-46-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-45-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-45-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	47

	 	I-47-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-47-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-46-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-46-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	48

	 	I-48-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-48-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-47-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-47-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	49

	 	I-49-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-49-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-48-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-48-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	50

	 	I-50-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-50-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-49-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-49-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	51

	 	I-51-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-51-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate

Fremont 2006-B

Pooling & Servicing Agreement

107

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	 

	 	I-1-A and I-50-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-Aand II-50-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	52

	 	I-52-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-52-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-51-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-51-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	53

	 	I-53-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-53-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-52-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-52-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	54

	 	I-54-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-54-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-53-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-53-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	55

	 	I-55-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-55-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-54-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-54-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	56

	 	I-56-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-56-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-55-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-55-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	57

	 	I-57-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-57-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-56-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-56-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	58

	 	I-58-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-58-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-57-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-57-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	59

	 	I-59-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-59-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-58-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-58-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	60

	 	I-60-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of

Fremont 2006-B

Pooling & Servicing Agreement

108

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-60-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-59-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-59-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	61

	 	I-61-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-61-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-60-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-60-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	62

	 	I-62-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-62-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-61-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-61-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	63

	 	I-63-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-63-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-62-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-62-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	64

	 	I-64-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-64-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-63-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-63-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	65

	 	I-65-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-65-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-64-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-64-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	66

	 	I-66-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-66-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-65-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-65-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	67

	 	I-67-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-67-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-68-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-68-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	68

	 	I-68-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-68-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate

Fremont 2006-B

Pooling & Servicing Agreement

109

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	 

	 	I-1-A through I-67-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-67-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	69

	 	I-69-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-69-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-68-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-68-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	70

	 	I-70-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-70-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-69-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-69-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	71

	 	I-71-A and I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-71-A and II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-70-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-70-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	72

	 	I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	 

	 	I-1-A through I-71-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-71-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	thereafter

	 	I-1-A through I-72-A
	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-72-A
	 	Uncertificated REMIC II Pass-Through Rate

     With respect to REMIC III Regular Interest LTI-1-GRP, a per annum rate (but not less than
zero) equal to the weighted average of (x) with respect to REMIC II Group 1 Regular Interests
ending with the designation “B”, the weighted average of the Uncertificated REMIC II Pass-Through
Rates for such REMIC II Regular Interests, weighted on the basis of the Uncertificated Principal
Balances of each such REMIC II Regular Interest for each such Distribution Date and (y) with
respect to REMIC II Group 1 Regular Interests ending with the designation “A”, for each
Distribution Date listed below, the weighted average of the rates listed below for such REMIC II
Regular Interests listed below, weighted on the basis of the Uncertificated Principal Balances of
each such REMIC II Regular Interest for each such Distribution Date:

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	1

	 	I-1-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	2

	 	I-2-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	3

	 	I-3-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A and I-2-A
	 	Uncertificated REMIC II Pass-Through Rate

Fremont 2006-B

Pooling & Servicing Agreement

110

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	4

	 	I-4-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-3-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	5

	 	I-5-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-4-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	6

	 	I-6-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-5-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	7

	 	I-7-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-6-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	8

	 	I-8-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-7-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	9

	 	I-9-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-8-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	10

	 	I-10-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-9-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	11

	 	I-11-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-10-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	12

	 	I-12-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-11-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	13

	 	I-13-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-12-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	14

	 	I-14-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-13-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	15

	 	I-15-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-14-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	16

	 	I-16-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-15-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	17

	 	I-17-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-16-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	18

	 	I-18-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-17-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	19

	 	I-19-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-18-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	20

	 	I-20-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-19-A
	 	Uncertificated REMIC II Pass-Through Rate

Fremont 2006-B

Pooling & Servicing Agreement

111

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	21

	 	I-21-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-20-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	22

	 	I-22-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-21-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	23

	 	I-23-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-22-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	24

	 	I-24-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-23-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	25

	 	I-25-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-24-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	26

	 	I-26-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-25-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	27

	 	I-27-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-26-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	28

	 	I-28-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-27-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	29

	 	I-29-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-28-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	30

	 	I-30-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-29-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	31

	 	I-31-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-30-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	32

	 	I-32-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-31-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	33

	 	I-33-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-32-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	34

	 	I-34-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-33-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	35

	 	I-35-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-34-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	36

	 	I-36-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-35-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	37

	 	I-37-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-36-A
	 	Uncertificated REMIC II Pass-Through Rate

Fremont 2006-B

Pooling & Servicing Agreement

112

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	38

	 	I-38-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-37-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	39

	 	I-39-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-38-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	40

	 	I-40-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-39-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	41

	 	I-41-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-40-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	42

	 	I-42-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-41-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	43

	 	I-43-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-42-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	44

	 	I-44-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-43-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	45

	 	I-45-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-44-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	46

	 	I-46-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-45-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	47

	 	I-47-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-46-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	48

	 	I-48-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-47-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	49

	 	I-49-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-48-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	50

	 	I-50-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-49-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	51

	 	I-51-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-50-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	52

	 	I-52-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-51-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	53

	 	I-53-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-52-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	54

	 	I-54-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-53-A
	 	Uncertificated REMIC II Pass-Through Rate

Fremont 2006-B

Pooling & Servicing Agreement

113

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	55

	 	I-55-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-54-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	56

	 	I-56-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-55-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	57

	 	I-57-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-56-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	58

	 	I-58-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-57-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	59

	 	I-59-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-58-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	60

	 	I-60-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-59-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	61

	 	I-61-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-60-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	62

	 	I-62-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-61-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	63

	 	I-63-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-62-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	64

	 	I-64-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-63-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	65

	 	I-65-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-64-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	66

	 	I-66-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-65-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	67

	 	I-67-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-66-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	68

	 	I-68-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-67-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	69

	 	I-69-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-68-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	70

	 	I-70-A through I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-69-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	71

	 	I-71-A and I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-70-A
	 	Uncertificated REMIC II Pass-Through Rate

Fremont 2006-B

Pooling & Servicing Agreement

114

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	72

	 	I-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	I-1-A through I-71-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	thereafter

	 	I-1-A through I-72-A
	 	Uncertificated REMIC II Pass-Through Rate

     With respect to REMIC III Regular Interest LTI-2-GRP, a per annum rate (but not less than
zero) equal to the weighted average of (x) with respect to REMIC II Group 2 Regular Interests
ending with the designation “B”, the weighted average of the Uncertificated REMIC II Pass-Through
Rates for such REMIC II Regular Interests, weighted on the basis of the
Uncertificated Principal Balances of each such REMIC II Regular Interest for each such
Distribution Date and (y) with respect to REMIC II Group 2 Regular Interests ending with the
designation “A”, for each Distribution Date listed below, the weighted average of the rates listed
below for such REMIC II Regular Interests listed below, weighted on the basis of the Uncertificated
Principal Balances of each such REMIC II Regular Interest for each such Distribution Date:

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	1

	 	II-1-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	2

	 	II-2-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	3

	 	II-3-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A and II-2-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	4

	 	II-4-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-3-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	5

	 	II-5-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-4-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	6

	 	II-6-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-5-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	7

	 	II-7-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-6-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	8

	 	II-8-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-7-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	9

	 	II-9-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-8-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	10

	 	II-10-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-9-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	11

	 	II-11-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-10-A
	 	Uncertificated REMIC II Pass-Through Rate

Fremont 2006-B

Pooling & Servicing Agreement

115

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	12

	 	II-12-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-11-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	13

	 	II-13-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-12-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	14

	 	II-14-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-13-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	15

	 	II-15-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-14-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	16

	 	II-16-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-15-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	17

	 	II-17-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-16-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	18

	 	II-18-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-17-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	19

	 	II-19-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-18-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	20

	 	II-20-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-19-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	21

	 	II-21-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-20-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	22

	 	II-22-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-21-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	23

	 	II-23-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-22-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	24

	 	II-24-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-23-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	25

	 	II-25-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-24-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	26

	 	II-26-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-25-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	27

	 	II-27-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-26-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	28

	 	II-28-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-27-A
	 	Uncertificated REMIC II Pass-Through Rate

Fremont 2006-B

Pooling & Servicing Agreement

116

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	29

	 	II-29-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-28-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	30

	 	II-30-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-29-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	31

	 	II-31-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-30-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	32

	 	II-32-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-31-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	33

	 	II-33-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-32-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	34

	 	II-34-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-33-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	35

	 	II-35-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-34-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	36

	 	II-36-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-35-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	37

	 	II-37-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-36-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	38

	 	II-38-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-37-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	39

	 	II-39-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-38-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	40

	 	II-40-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-39-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	41

	 	II-41-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-40-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	42

	 	II-42-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-41-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	43

	 	II-43-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-42-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	44

	 	II-44-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-43-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	45

	 	II-45-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-44-A
	 	Uncertificated REMIC II Pass-Through Rate

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117

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	46

	 	II-46-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-45-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	47

	 	II-47-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-46-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	48

	 	II-48-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-47-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	49

	 	II-49-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-48-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	50

	 	II-50-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-49-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	51

	 	II-51-A and II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-50-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	52

	 	II-52-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-51-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	53

	 	II-53-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-52-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	54

	 	II-54-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-53-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	55

	 	II-55-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-54-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	56

	 	II-56-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-55-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	57

	 	II-57-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-56-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	58

	 	II-58-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-57-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	59

	 	II-59-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-58-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	60

	 	II-60-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-59-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	61

	 	II-61-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-60-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	62

	 	II-62-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-61-A
	 	Uncertificated REMIC II Pass-Through Rate

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118

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC II Regular Interest	 	Rate
	63

	 	II-63-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-62-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	64

	 	II-64-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-63-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	65

	 	II-65-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-64-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	66

	 	II-66-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-65-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	67

	 	II-67-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-66-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	68

	 	II-68-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-67-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	69

	 	II-69-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-68-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	70

	 	II-70-A through II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-69-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	71

	 	II-71-A and II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-70-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	72

	 	II-72-A
	 	2 multiplied by Pool I Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	II-1-A through II-71-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	thereafter

	 	II-1-A through II-72-A
	 	Uncertificated REMIC II Pass-Through Rate

     With respect to REMIC III Regular Interest LTI-IO, and (i) the first Distribution Date
through the 72nd Distribution Date, the excess of (x) the weighted average of the
Uncertificated REMIC II Pass-Through Rates for REMIC II Regular Interests including the designation
“A”, over (y) 2 multiplied by Pool I Swap LIBOR. (or 0.00% if there is no excess) and (ii)
thereafter, 0.00%.

     Uncertificated REMIC IV Pass-Through Rate: The interest rate for any REMIC IV Regular
Interest with respect to any Distribution Date (and the related Accrual Period) is a per annum rate
equal to the weighted average of the Adjusted Net Mortgage Interest Rates of all the Mortgage Loans
in the related Loan Group.

     Uncertificated REMIC V Pass-Through Rate: With respect to REMIC V Regular Interest I,
a per annum rate equal to the Uncertificated REMIC IV Pass-Through Rate for REMIC IV Regular
Interest ML. With respect to each REMIC V Regular Interest ending with the designation “A”, a per
annum rate equal to the Uncertificated REMIC IV Pass-Through Rate for REMIC IV Regular Interest ML
multiplied by 2, subject to a maximum rate of 2 multiplied by

Fremont 2006-B

Pooling & Servicing Agreement

119

 

the Pool II Fixed Payer Rate. With
respect to each REMIC V 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 Uncertificated REMIC IV
Pass-Through Rate for REMIC IV Regular Interest ML over (ii) 2 multiplied by the Pool II Fixed
Payer Rate and (y) 0.00%.

     Uncertificated REMIC VI Pass-Through Rate: With respect to REMIC VI Regular Interest
LTII-AA, REMIC VI Regular Interest LTII-SL-A, REMIC VI Regular Interest LTII-SL-M1, REMIC VI
Regular Interest LTII-SL-M2, REMIC VI Regular Interest LTII-SL-M3, REMIC VI Regular Interest
LTII-SL-M4, REMIC VI Regular Interest LTII-SL-M5, REMIC VI Regular Interest LTII-SL-M6, REMIC VI
Regular Interest LTII-SL-M7, REMIC VI Regular
Interest LTII-SL-M8, REMIC VI Regular Interest LTII-SL-M9, REMIC VI Regular Interest
LTII-SL-B1 and REMIC VI Regular Interest LTII-ZZ, a per annum rate (but not less than zero) equal
to the weighted average of: (x) with respect to each REMIC V Regular Interest ending with the
designation “B”, the weighted average of the Uncertificated REMIC V Pass-Through Rates for such
REMIC V Regular Interests, weighted on the basis of the Uncertificated Principal Balances of such
REMIC V Regular Interests for each such Distribution Date and (y) with respect to REMIC V 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 V Regular Interest listed below, weighted on
the basis of the Uncertificated Principal Balances of each such REMIC V Regular Interest for each
such Distribution Date:

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC V Regular Interest	 	Rate
	1

	 	III-1-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	2

	 	III-2-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	3

	 	III-3-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A and III-2-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	4

	 	III-4-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-3-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	5

	 	III-5-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-4-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	6

	 	III-6-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-5-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	7

	 	III-7-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-6-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	8

	 	III-8-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-7-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	9

	 	III-9-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-8-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	10

	 	III-10-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate

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120

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC V Regular Interest	 	Rate
	 

	 	III-1-A through III-9-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	11

	 	III-11-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-10-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	12

	 	III-12-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-11-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	13

	 	III-13-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-12-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	14

	 	III-14-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-13-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	15

	 	III-15-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-14-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	16

	 	III-16-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-15-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	17

	 	III-17-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-16-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	18

	 	III-18-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-17-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	19

	 	III-19-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-18-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	20

	 	III-20-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-19-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	21

	 	III-21-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-20-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	22

	 	III-22-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-21-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	23

	 	III-23-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-22-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	24

	 	III-24-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-23-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	25

	 	III-25-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-24-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	26

	 	III-26-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-25-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	27

	 	III-27-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate

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121

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC V Regular Interest	 	Rate
	 

	 	III-1-A through III-26-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	28

	 	III-28-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-27-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	29

	 	III-29-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-28-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	30

	 	III-30-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-29-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	31

	 	III-31-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-30-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	32

	 	III-32-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-31-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	33

	 	III-33-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-32-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	34

	 	III-34-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-33-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	35

	 	III-35-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-34-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	36

	 	III-36-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-35-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	37

	 	III-37-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-36-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	38

	 	III-38-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-37-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	39

	 	III-39-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-38-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	40

	 	III-40-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-39-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	41

	 	III-41-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-40-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	42

	 	III-42-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-41-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	43

	 	III-43-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-42-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	44

	 	III-44-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate

Fremont 2006-B

Pooling & Servicing Agreement

122

 

	 	 	 	 	 
	Distribution	 	 	 	 
	Date	 	REMIC V Regular Interest	 	Rate
	 

	 	III-1-A through III-43-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	45

	 	III-45-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-44-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	46

	 	III-46-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-45-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	47

	 	III-47-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-46-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	48

	 	III-48-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-47-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	49

	 	III-49-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-48-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	50

	 	III-50-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-49-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	51

	 	III-51-A and III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-50-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	52

	 	III-52-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-51-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	53

	 	III-53-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-52-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	54

	 	III-54-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-53-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	55

	 	III-55-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-54-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	56

	 	III-56-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-55-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	57

	 	III-57-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-56-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	58

	 	III-58-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-57-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	59

	 	III-59-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-58-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	60

	 	III-60-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-59-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	61

	 	III-61-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate

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	Distribution	 	 	 	 
	Date	 	REMIC V Regular Interest	 	Rate
	 

	 	III-1-A through III-60-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	62

	 	III-62-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-61-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	63

	 	III-63-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-62-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	64

	 	III-64-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-63-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	65

	 	III-65-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-64-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	66

	 	III-66-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-65-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	67

	 	III-67-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-66-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	68

	 	III-68-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-67-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	69

	 	III-69-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-68-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	70

	 	III-70-A through III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
	 

	 	 	 	Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-69-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	71

	 	III-71-A and III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-70-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	72

	 	III-72-A
	 	2 multiplied by Pool II Swap LIBOR, subject to a maximum rate of
Uncertificated REMIC II Pass-Through Rate
	 

	 	III-1-A through III-71-A
	 	Uncertificated REMIC II Pass-Through Rate
	 
	 	 	 	 
	thereafter

	 	III-1-A through III-72-A
	 	Uncertificated REMIC II Pass-Through Rate

     With respect to REMIC VI Regular Interest LTII-IO, and (i) the first Distribution Date
through the 72nd Distribution Date, the excess of (x) the weighted average of the
Uncertificated REMIC V Pass-Through Rates for REMIC V Regular Interests including the designation
“A”, over (y) 2 multiplied by Pool II Swap LIBOR (or 0.00% if there is no excess) and (ii)
thereafter, 0.00%.

     Underwriting Guidelines: The underwriting guidelines attached to the Purchase
Agreement.

     Unpaid Interest Amounts: For any Class of certificates and any Distribution Date will
equal the sum of (1) the amount, if any, by which (x) the sum of (A) Current Interest for such
Class for the immediately preceding Distribution Date and (B) any Unpaid Interest Amount from
previous Distribution Dates exceeds (y) the amount distributed in respect of interest on such

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Class on such immediately preceding Distribution Date, and (2) interest on the amount in
clause (1) for the related Interest Accrual Period at the applicable Pass-through Rate (to the
extent permitted by applicable law).

     U.S. Person: (i) A citizen or resident of the United States; (ii) a corporation (or
entity treated as a corporation for tax purposes) created or organized in the United States or
under the laws of the United States or of any State thereof, including, for this purpose, the
District of Columbia; (iii) a partnership (or entity treated as a partnership for tax purposes)
organized in the United States or under the laws of the United States or of any state thereof,
including, for this purpose, the District of Columbia (unless provided otherwise by future Treasury
regulations); (iv) an estate whose income is includible in gross income for United States income
tax purposes regardless of its source; or (v) 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 U.S. Persons
have authority to control all substantial decisions of the trust. Notwithstanding the last clause
of the preceding sentence, to the extent provided in Treasury regulations, certain trusts in
existence on August 20, 1996, and treated as U.S. Persons prior to such date, may elect to continue
to be U.S. Persons.

     Voting Rights: The portion of the voting rights of all of the Certificates which is
allocated to any Certificate. As of any date of determination, (a) 0.5% of all Voting Rights shall
be allocated to the Class C Certificates, if any (such Voting Rights to be allocated among the
Holders of Certificates of each such Class in accordance with their respective Percentage
Interests), (b) 0.5% of all Voting Rights shall be allocated to the Class SL-C Certificates, if any
(such Voting Rights to be allocated among the Holders of Certificates of each such Class in
accordance with their respective Percentage Interests), (c) 0.5% of all Voting Rights shall be
allocated to the Class P Certificates, if any, and (c) the remaining Voting Rights shall be
allocated among Holders of the remaining Classes of Certificates in proportion to the Certificate
Principal Balances of their respective Certificates on such date.

ARTICLE II

CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

     Section 2.01. Conveyance of Mortgage Loans.

     The Depositor, concurrently with the execution and delivery hereof, hereby sells, transfers,
assigns, sets over and otherwise conveys to the Trustee for the benefit of the Certificateholders,
without recourse, all the right, title and interest of the Depositor in and to the Trust Fund,
together with all rights of the Depositor under the Swap Administration Agreement (if any), and the
Trustee, on behalf of the Trust, hereby accepts the Trust Fund.

     (a) In connection with the transfer and assignment of each Mortgage Loan, the Depositor has
delivered or caused to be delivered to the Trustee or the Trust Administrator, as applicable, for
the benefit of the Certificateholders, the following documents or instruments with respect to each
Mortgage Loan so assigned:

     (i) the original Mortgage Note bearing all intervening endorsements showing a complete
chain of endorsement from the originator to the last endorsee, endorsed “Pay

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to the order of                     , without recourse” and signed (which may be by facsimile
signature) in the name of the last endorsee by an authorized officer. To the extent that
there is no room on the face of the Mortgage Notes for endorsements, the endorsement may be
contained on an allonge, if state law so allows and the Trustee is so advised by the
Depositor that state law so allows;

     (ii) the original of any guarantee executed in connection with the Mortgage Note;

     (iii) with respect to each Mortgage Loan, the original Mortgage with evidence of
recording thereon or a certified true copy of such Mortgage submitted for recording. If in
connection with any Mortgage Loan, the Originator cannot deliver or cause to be delivered
the original Mortgage with evidence of recording thereon on or prior to the Closing Date
because of a delay caused by the public recording office where such Mortgage has been
delivered for recordation or because such Mortgage has been lost or because such public
recording office retains the original recorded Mortgage, the Originator (to the extent that
it has not previously delivered the same to the Depositor, the Trustee or the Trust
Administrator) shall deliver or cause to be delivered to the Trustee or Trust Administrator,
(1) a photocopy of such Mortgage, certified by the Originator (or certified by the title
company, escrow agent, or closing attorney) to be a true and complete copy of such Mortgage
dispatched to the appropriate public recording office for recordation; and (2) upon receipt
thereof by the Originator, the original recorded Mortgage, or, in the case of a Mortgage
where a public recording office retains the original recorded Mortgage or in the case where
a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage
certified by such public recording office to be a true and complete copy of the original
recorded Mortgage;

     (iv) the originals of all assumption, modification, consolidation or extension
agreements (if provided), with evidence of recording thereon or a certified true copy of
such agreement submitted for recording;

     (v) except with respect to each MERS Designated Mortgage Loan, the original Assignment
of Mortgage for each Mortgage Loan endorsed in blank and in recordable form;

     (vi) with respect to each Mortgage Loan, the originals of all intervening Assignments
of Mortgage (if any) evidencing a complete chain of assignment from the applicable
originator (or MERS with respect to each MERS Designated Mortgage Loan) to the last endorsee
with evidence of recording thereon, or if any such intervening assignment has not been
returned from the applicable recording office or has been lost or if such public recording
office retains the original recorded Assignments of Mortgage, the Originator (to the extent
that it has not previously delivered the same to the Depositor, the Trustee or the Trust
Administrator) shall deliver or cause to be delivered to the Trustee or the Trust
Administrator, (1) a photocopy of such intervening assignment, certified by the Originator
(or certified by the title company, escrow agent, or closing attorney) to be a complete copy
of such intervening Assignment of Mortgage dispatched to the appropriate public recording
office for recordation upon receipt thereof by the Originator, and (2) the

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original recorded intervening assignment or in the case where an intervening assignment
is lost after recordation in a public recording office, a copy of such intervening
assignment certified by such public recording office to be a true and complete copy of the
original recorded intervening assignment;

     (vii) the original or duplicate lender’s title policy and any riders thereto or, any
one of an original title binder, an original or copy of the preliminary title report or an
original or copy of the title commitment, and if, copies then certified by the title
company;

     (viii) a security agreement, chattel mortgage or equivalent document executed in
connection with the Mortgage (if provided); and

     (ix) original powers of attorney, if applicable, with evidence of recording thereon, if
required.

     Each Mortgage Loan for which a Mortgage Note is missing shall be evidenced by a lost note
affidavit as of the Closing Date. In the event, for purposes of the Closing Date, one or more lost
note affidavits are provided to cover multiple missing Mortgage Notes, the Originator shall deliver
to the Trustee or the Trust Administrator the applicable individual lost note affidavits within ten
(10) Business Days of the Closing Date. If the Originator fails to deliver the required individual
lost note affidavits within the specified period of time, the Trustee or the Trust Administrator
shall notify the Originator to take such remedial actions, including, without limitation, the
repurchase by the Originator of such Mortgage Loan within 30 days of the Closing Date.

     The Originator shall deliver to the Trustee or the Trust Administrator the applicable recorded
document promptly upon receipt from the respective recording office but in no event later than 150
days from the Closing Date.

     If any Mortgage has been recorded in the name of Mortgage Electronic Registration System, Inc.
(“MERS”) or its designee, no Assignment of Mortgage in favor of the Trustee will be
required to be prepared or delivered and instead, the Servicer shall take all reasonable actions as
are necessary at the expense of the Depositor to cause the Trustee to be shown as the owner of the
related Mortgage Loan on the records of MERS for the purpose of the system of recording transfers
of beneficial ownership of mortgages maintained by MERS.

     From time to time, the Originator shall forward with respect to the Mortgage Loans, to the
Trustee or the Trust Administrator additional original documents, and additional documents
evidencing an assumption, modification, consolidation or extension of a Mortgage Loan approved by
the Originator in accordance with the terms of this Agreement. All such mortgage documents held by
the Trustee or the Trust Administrator as to each Mortgage Loan shall constitute the “Custodial
File.”

     The requirements of this paragraph relate only to Mortgage Loans that are not MERS Designated
Mortgage Loans. On or prior to the Closing Date, the Originator shall deliver to the Trustee or
Trust Administrator Assignments of Mortgages, in blank, for each Mortgage Loan

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(except with respect to each MERS Designated Mortgage Loan). The Originator shall cause such
Assignments of Mortgage with completed recording information to be provided to the Trustee or the
Trust Administrator in a reasonably acceptable manner. No later than thirty (30) Business Days
following the later of the Closing Date and the date of receipt by the Servicer of the fully
completed Assignments of Mortgages in recordable form, the Servicer shall promptly submit or cause
to be submitted for recording, at the expense of the Originator at no expense to the Trust Fund,
the Master Servicer, the Trust Administrator, the Trustee or the Depositor in the appropriate
public office for real property records, each Assignment of Mortgage referred to in Section
2.01(a)(vi). Notwithstanding the foregoing, however, for administrative convenience and
facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not be
required to be completed and submitted for recording with respect to any Mortgage Loan if the
Trustee, the Trust Administrator and each Rating Agency have received an opinion of counsel,
satisfactory in form and substance to the Trustee and Trust Administrator and each Rating Agency,
to the effect that the recordation of such Assignments of Mortgage in any specific jurisdiction is
not necessary to protect the Trustee’s interest in the related Mortgage Note. If the Assignment of
Mortgage is to be recorded, the Mortgage shall be assigned by the Originator at the Originator’s
expense to “HSBC Bank USA, National Association, as trustee under the Pooling and Servicing
Agreement dated as of August 1, 2006, Fremont Home Loan Trust 2006-B.” In the event that any such
assignment is lost or returned unrecorded because of a defect therein, the Originator shall
promptly prepare a substitute assignment to cure such defect and thereafter cause each such
assignment to be duly recorded.

     On or prior to the Closing Date, the Depositor shall deliver to the Trustee, the Servicer and
the Trust Administrator a copy of the Data Tape Information with respect to both the Pool I
Mortgage Loans and the Pool II Mortgage Loans in an electronic, machine readable medium in a form
mutually acceptable to the Depositor, the Servicer, the Master Servicer, the Trust Administrator
and the Trustee. Within ten (10) Business Days of the Closing Date, the Depositor shall deliver a
copy of the complete Mortgage Loan Schedule to the Trustee, the Master Servicer, the Trust
Administrator and the Servicer.

     In the event, with respect to any Mortgage Loans, that such original or copy of any document
submitted for recordation to the appropriate public recording office is not so delivered to the
Trustee or the Trust Administrator within 150 days following the Closing Date, and in the event
that the Originator does not cure such failure within 30 days of discovery or receipt of written
notification of such failure from the Depositor, the related Mortgage Loan shall, upon the request
of the Depositor, be repurchased by the Originator at the price and in the manner specified in
Section 2.03. The foregoing repurchase remedy shall not apply in the event that the
Originator cannot deliver such original or copy of any document submitted for recordation to the
appropriate public recording office within the specified period due to a delay caused by the
recording office in the applicable jurisdiction; provided, that the Originator shall
instead deliver a recording receipt of such recording office or, if such recording receipt is not
available, an officer’s certificate of an officer of the Originator confirming that such document
has been accepted for recording.

     Notwithstanding anything to the contrary contained in this Section 2.01, in those
instances where the public recording office retains or loses the original Mortgage or assignment
after it has been recorded, the obligations of the Originator shall be deemed to have been

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satisfied upon delivery by the Originator to the Trustee or the Trust Administrator prior to
the Closing Date of a copy of such Mortgage or assignment, as the case may be, certified (such
certification to be an original thereof) by the public recording office to be a true and complete
copy of the recorded original thereof.

     (b) The Depositor does hereby establish, pursuant to the further provisions of this Agreement
and the laws of the State of New York, an express trust (the “Trust”) to be known, for
convenience, as “Fremont Home Loan Trust 2006-B” and HSBC Bank USA, National Association is hereby
appointed as Trustee in accordance with the provisions of this Agreement.

     (c) The Trust shall have the capacity, power and authority, and the Trustee on behalf of the
Trust is hereby authorized and directed, to accept the sale, transfer, assignment, set over and
conveyance by the Depositor to the Trust of all the right, title and interest of the Depositor in
and to the Trust Fund (including, without limitation, the Mortgage Loans) pursuant to Section
2.01(a). Solely in its capacity as Trust Administrator, the Trust Administrator is hereby
authorized and directed, on behalf of the Certificateholders, to enter into the Swap Agreements and
the Swap Administration Agreement. The Trust Administrator, as Swap Administrator, is also hereby
authorized and directed to enter into the Swap Administration Agreement.

     (d) The parties hereto acknowledge and agree that it is the policy and intention of the Trust
to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, including
without limitation, the representation and warranty set forth in paragraph II(l) of Schedule
IV hereto.

     (e) Notwithstanding anything to the contrary contained herein, the parties hereto acknowledge
that the functions of the Trustee with respect to the custody, acceptance, inspection and release
of Mortgage Files, including but not limited to certain insurance policies and documents
contemplated by this Agreement, and preparation and delivery of the Initial Certification and the
Document Certification and Exception Payment shall be performed by the Trust Administrator.

     Section 2.02. Acceptance by the Trustee or Trust Administrator of the Mortgage Loans.

     The Trustee or the Trust Administrator on its behalf acknowledges receipt of the documents
identified in its initial certification in the form annexed hereto as Exhibit E (the
“Initial Certification”), and declares that it, or the Trust Administrator on its behalf,
holds and will hold such documents and the other documents delivered to it pursuant to Section
2.01, and that it holds or will hold such other assets as are included in the Trust Fund, in
trust for the exclusive use and benefit of all present and future Certificateholders. Each of the
Trustee and the Trust Administrator, as applicable, on its behalf acknowledges that it will
maintain possession of the related Mortgage Notes in any of the states of Minnesota, California or
Utah, unless otherwise permitted by the Rating Agencies.

     Prior to and as a condition to the Closing, the Trustee shall deliver, or cause the Trust
Administrator to deliver, via facsimile (with original to follow the next Business Day) to the
Depositor, the Master Servicer and the Servicer the Initial Certification prior to the Closing
Date, or as the Depositor agrees, on the Closing Date, certifying receipt of a Mortgage Note and

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Assignment of Mortgage for each Mortgage Loan with any exceptions thereon. The Trustee or the
Trust Administrator, as applicable, shall not be responsible to verify the validity, sufficiency or
genuineness of any document in any Custodial File.

     The Trustee or the Trust Administrator, as applicable, shall ascertain that all documents in
the Custodial File required to be reviewed by it are in its possession, and shall deliver to the
Depositor, the Master Servicer and the Servicer the Initial Certification on the Closing Date, and
shall deliver to the Depositor and the Servicer a Document Certification and Exception Report, in
the form annexed hereto as Exhibit F, within 90 days after the Closing Date to the effect
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 such certification as an exception and
not covered by such certification): (i) all documents required to be received by it 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 (i), (ii) and (xii) of the Mortgage Loan Schedule and
items (1), (2), (3) and (13) of the Data Tape Information respecting such Mortgage Loan is correct;
and (iv) each Mortgage Note has been endorsed as provided in Section 2.01 of this
Agreement. The Trustee or Trust Administrator, as applicable, shall not be responsible to verify
the validity, sufficiency or genuineness of any document in any Custodial File.

     The Trustee or the Trust Administrator, as applicable, shall retain possession and custody of
each Custodial File in accordance with and subject to the terms and conditions set forth herein.
The Servicer shall promptly deliver to the Trustee or the Trust Administrator, as applicable, upon
the execution or receipt thereof, the originals of such other documents or instruments constituting
the Custodial File as come into the possession of the Servicer from time to time.

     The Originator shall deliver to the Servicer copies of all trailing documents required to be
included in the Custodial File at the same time the original or certified copies thereof are
delivered to the Trustee or the Trust Administrator, as applicable, including but not limited to
such documents as the title insurance policy and any other Mortgage Loan documents upon return from
the public recording office. The documents shall be delivered by the Originator at the
Originator’s expense to the Servicer and in no event shall the Servicer be responsible for such
expense.

     Section 2.03. Representations, Warranties and Covenants of the Originator and the Servicer.

     (a) The Originator hereby makes the representations and warranties set forth in Schedule
IV hereto to the Depositor, the Trust Administrator and the Trustee as of the Closing Date.

     (b) It is understood and agreed that the representations and warranties set forth in this
Section 2.03 shall survive the transfer of the Mortgage Loans by the Depositor to the
Trustee, and shall inure to the benefit of the Depositor, the Trust Administrator and the Trustee
notwithstanding any restrictive or qualified endorsement on any Mortgage Note or Assignment of
Mortgage or the examination or failure to examine any Mortgage File. Upon discovery by

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any of the Originator, the Depositor, the Trustee, the Trust Administrator, the Master
Servicer or the Servicer of a breach of any of the foregoing representations and warranties, the
party discovering such breach shall give prompt written notice to the others.

     (c) Within 30 days of the earlier of either discovery by or notice to the Originator that any
Mortgage Loan does not conform to the requirements as determined in the Trustee’s or the Trust
Administrator’s review of the related Custodial File or within 60 days of the earlier of either
discovery by or notice to the Originator of any breach of a representation or warranty set forth in
Section 2.03(b), that materially and adversely affects the value of any Mortgage Loan or
the interest of the Trustee or the Certificateholders therein, the Originator shall use its best
efforts to cause to be remedied a material defect in a document constituting part of a Mortgage
File or promptly to cure such breach in all material respects and, if such defect or breach cannot
be remedied, the Originator shall, (i) if such 30- or 60-day period, as applicable, expires prior
to the second anniversary of the Closing Date, remove such related Mortgage Loan (a “Deleted
Mortgage Loan”) from the Trust Fund and substitute in its place a Substitute Mortgage Loan, in
the manner and subject to the conditions set forth in this Section 2.03, or (ii) repurchase
such Mortgage Loan at the Repurchase Price; provided, however, that any such
substitution pursuant to clause (i) above shall not be effected prior to the delivery to the
Trustee and the Trust Administrator of the Opinion of Counsel required by Section 2.04, if
any, and a Request for Release substantially in the form of Exhibit J, and the Mortgage
File for any such Substitute Mortgage Loan; provided, further, that with respect to
any representations and warranties which are made to the best of the Originator’s knowledge, if it
is discovered by the Originator, the Servicer, the Master Servicer, the Trust Administrator, the
Depositor or the Trustee that the substance of such representation and warranty is inaccurate and
such inaccuracy materially and adversely affects the value of the related Mortgage Loans or
materially and adversely affects the interests of the Trustee or the Certificateholders therein or
such inaccuracy materially and adversely affects the value of the related Mortgage Loan or
materially and adversely affects the interests of the Trustee or the Certificateholders therein in
the case of a representation and warranty relating to a particular Mortgage Loan, notwithstanding
the Originator’s lack of knowledge with respect to the substance of such representation and
warranty, such inaccuracy shall be deemed a breach of the applicable representation and warranty.
In the event that a breach which materially and adversely affects the value of the related Mortgage
Loan or Mortgage Loans, as the case may be, or the interests of the Trustee or the
Certificateholders therein, shall involve any representation or warranty set forth in Schedule
IV, 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 Depositor’s
option, be repurchased by the Originator at the Repurchase Price. Notwithstanding the foregoing, a
breach which causes a Mortgage Loan not to constitute a “qualified mortgage” within the meaning of
Section 860G(a)(3) of the Code, or by the Originator of any of the representations and warranties
set forth in clauses I(tt), I(uu) or I(lll) of Schedule IV, in each case, will be deemed
automatically to materially and adversely affect the value of such Mortgage Loan and the interests
of the Trustee and Certificateholders in such Mortgage Loan. In the event that the Trustee or the
Trust Administrator receives notice of a breach by the Originator of any of the representations and
warranties set forth in clauses I(tt), I(uu) or I(lll) of Schedule IV, the Trustee or the
Trust Administrator shall give notice of such breach to the Originator and request the Originator
to repurchase the Mortgage Loan at the Repurchase Price within sixty (60) days of the Originator’s
receipt of such notice. The Originator shall repurchase each such Deleted Mortgage Loan within

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60 days of the earlier of discovery or receipt of notice with respect to each such Deleted
Mortgage Loan.

     (d) With respect to any Substitute Mortgage Loan or Loans, the Originator shall deliver to the
Trustee or the Trust Administrator for the benefit of the Certificateholders, the Mortgage Note,
the Mortgage, the related assignment of the Mortgage, and such other documents and agreements as
are required by Section 2.01, with the Mortgage Note endorsed and the Mortgage assigned as
required by Section 2.01. No substitution is permitted to be made in any calendar month
after the Determination Date for such month. Scheduled Payments due with respect to Substitute
Mortgage Loans in the Due Period of substitution shall not be part of the Trust Fund and will be
retained by the Originator on the next succeeding Distribution Date. For the Due Period of
substitution, distributions to Certificateholders will include the Scheduled Payment due on any
Deleted Mortgage Loan for such Due Period and thereafter the Originator shall be entitled to retain
all amounts received in respect of such Deleted Mortgage Loan.

     (e) In connection with any repurchase or substitution of a Mortgage Loan pursuant to this
Section 2.03, the Servicer shall, based on information provided by the Originator, amend
the Mortgage Loan Schedule for the benefit of the Certificateholders to reflect the removal of such
Deleted Mortgage Loan and the substitution of the Substitute Mortgage Loan or Loans and the
Servicer shall deliver the amended Mortgage Loan Schedule to the Trustee, the Trust Administrator
and the Master Servicer. Upon such substitution, the Substitute Mortgage Loan or 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 Substitute Mortgage Loan or Loans, as of the date of substitution, the
representations and warranties made pursuant to Section 2.03(b) with respect to such
Mortgage Loan. Upon any such substitution and receipt of notice of the deposit to the Collection
Account of the amount required to be deposited therein in connection with such substitution as
described in the following paragraph, the Trustee or the Trust Administrator, as applicable, shall
release the Mortgage File held for the benefit of the Certificateholders relating to such Deleted
Mortgage Loan to the Originator and shall execute and deliver at the direction of the Originator
such instruments of transfer or assignment prepared by the Originator in each case without
recourse, as shall be necessary to vest title in the Originator or its designee, the Trustee’s
interest in any Deleted Mortgage Loan substituted for pursuant to this Section 2.03.

     (f) For any month in which the Originator substitutes one or more Substitute Mortgage Loans
for one or more Deleted Mortgage Loans, the Servicer will determine the amount (if any) by which
the aggregate unpaid principal balance of all such Substitute Mortgage Loans as of the date of
substitution is less than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(after application of the scheduled principal portion of the Scheduled Payments due in the Due
Period of substitution). The amount of such shortage (the “Substitution Adjustment
Amount”) plus an amount equal to the aggregate of any unreimbursed Advances with respect to
such Deleted Mortgage Loans shall be remitted by the Originator to the Servicer for deposit into
the Collection Account on or before the next Remittance Date.

     (g) In addition to such repurchase or substitution obligations, the Originator shall indemnify
the Depositor, any of its Affiliates, the Servicer, the Master Servicer, the Trust Administrator
and the Trustee and hold such parties harmless against any losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments, and

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other costs and expenses resulting from any claim, demand, defense or assertion based on or
grounded upon, or resulting from, a breach by the Originator of any of its representations and
warranties contained in this Agreement.

     (h) In the event that a Mortgage Loan shall have been repurchased pursuant to this Agreement,
the proceeds from such repurchase shall be deposited in the Collection Account by the Servicer
pursuant to Section 3.10 on or before the next Remittance Date and upon such deposit of the
Repurchase Price, the delivery of the Opinion of Counsel required by Section 2.04, if
applicable, and receipt of a Request for Release in the form of Exhibit J hereto, the
Trustee or the Trust Administrator, as applicable, shall release the related Custodial File held
for the benefit of the Certificateholders to such Person as directed by the Servicer, and the
Trustee shall execute and deliver at such Person’s direction such instruments of transfer or
assignment prepared by such Person, in each case without recourse, as shall be necessary to
transfer title from the Trustee. It is understood and agreed that the obligation under this
Agreement of any Person to cure, repurchase or replace any Mortgage Loan as to which a breach has
occurred and is continuing, together with any related indemnification obligations, shall constitute
the sole remedy against such Persons respecting such breach available to Certificateholders, the
Depositor, the Servicer, the Master Servicer, the Trust Administrator or the Trustee on their
behalf.

     The representations and warranties made pursuant to this Section 2.03 shall survive
delivery of the respective Custodial Files to the Trustee or Trust Administrator for the benefit of
the Certificateholders.

     Section 2.04. Delivery of Opinion of Counsel in Connection with Substitution; Non-Qualified Mortgages.

     (a) Notwithstanding any contrary provision of this Agreement, no substitution pursuant to
Section 2.03 shall be made more than 90 days after the Closing Date unless the Originator
delivers to the Trustee and the Trust Administrator an Opinion of Counsel, which Opinion of Counsel
shall not be at the expense of either the Trustee, the Trust Administrator or the Trust Fund,
addressed to the Trustee and the Trust Administrator, to the effect that such substitution will not
(i) result in the imposition of the tax on “prohibited transactions” on any Trust REMIC or
contributions after the Start-up Day, as defined in Sections 860F(a)(2) and 860G(d) of the Code,
respectively or (ii) cause any Trust REMIC to fail to qualify as a REMIC at any time that any
Certificates are outstanding.

     (b) Upon discovery by the Depositor, the Originator, the Master Servicer, the Trust
Administrator, the Servicer 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 promptly (and in any event within five (5) Business Days of discovery) give written notice
thereof to the other parties. In connection therewith, the Trustee shall require the Originator to
repurchase the affected Mortgage Loan within 30 days of the earlier of discovery or receipt of
notice in the same manner as it would a Mortgage Loan for a breach of representation or warranty
made pursuant to Section 2.03. The Trustee shall reconvey to the Originator the Mortgage
Loan to be released pursuant hereto in the same manner, and on

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the same terms and conditions, as it would a Mortgage Loan repurchased for breach of a
representation or warranty contained in Section 2.03.

     Section 2.05. Execution and Delivery of Certificates.

     The Trustee acknowledges the transfer and assignment to it of the Trust Fund and, concurrently
with such transfer and assignment, the Trust Administrator has executed and delivered to or upon
the order of the Depositor, the Certificates in authorized denominations evidencing directly or
indirectly the entire ownership of the Trust Fund. The Trustee agrees to hold the Trust Fund and
exercise the rights referred to above for the benefit of all present and future Holders of the
Certificates.

     Section 2.06. Representations and Warranties of the Depositor.

     The Depositor hereby represents, warrants and covenants to the Trustee, the Trust
Administrator, the Master Servicer, the Servicer and the Originator that as of the date of this
Agreement or as of such date specifically provided herein:

     (a) The Depositor is a corporation duly organized, validly existing and in good standing under
the laws of the state of Delaware;

     (b) The Depositor has the corporate power and authority to convey the Mortgage Loans and to
execute, deliver and perform, and to enter into and consummate the transactions contemplated by,
this Agreement;

     (c) This Agreement has been duly and validly authorized, executed and delivered by the
Depositor, all requisite corporate action having been taken, and, assuming the due authorization,
execution and delivery hereof by the Master Servicer, the Trust Administrator, the Servicer, the
Originator and the Trustee, constitutes or will constitute the legal, valid and binding agreement
of the Depositor, enforceable against the Depositor in accordance with its terms, except as such
enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws relating to or affecting the rights of creditors generally, and by general equity principles
(regardless of whether such enforcement is considered in a proceeding in equity or at law);

     (d) No consent, approval, authorization or order of or registration or filing with, or notice
to, any governmental authority or court is required for the execution, delivery and performance of
or compliance by the Depositor with this Agreement or the consummation by the Depositor of any of
the transactions contemplated hereby, except as have been made on or prior to the Closing Date;

     (e) None of the execution and delivery of this Agreement, the consummation of the transactions
contemplated hereby or thereby, or the fulfillment of or compliance with the terms and conditions
of this Agreement, (i) conflicts or will conflict with or results or will result in a breach of, or
constitutes or will constitute a default or results or will result in an acceleration under (A) the
charter or bylaws of the Depositor, or (B) of any term, condition or provision of any material
indenture, deed of trust, contract or other agreement or instrument to which the Depositor or any
of its subsidiaries is a party or by which it or any of its subsidiaries is bound;

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(ii) results or will result in a violation of any law, rule, regulation, order, judgment or
decree applicable to the Depositor of any court or governmental authority having jurisdiction over
the Depositor or its subsidiaries; or (iii) results in the creation or imposition of any lien,
charge or encumbrance which would have a material adverse effect upon the Mortgage Loans or any
documents or instruments evidencing or securing the Mortgage Loans;

     (f) There are no actions, suits or proceedings before or against or investigations of, the
Depositor pending, or to the knowledge of the Depositor, threatened, before any court,
administrative agency or other tribunal, and no notice of any such action, which, in the
Depositor’s reasonable judgment, might materially and adversely affect the performance by the
Depositor of its obligations under this Agreement, or the validity or enforceability of this
Agreement;

     (g) The Depositor is not in default with respect to any order or decree of any court or any
order, regulation or demand of any federal, state, municipal or governmental agency that may
materially and adversely affect its performance hereunder;

     (h) Immediately prior to the transfer and assignment by the Depositor to the Trustee on the
Closing Date, the Depositor had good title to, and was the sole owner of each Mortgage Loan, free
of any interest of any other Person, and the Depositor has transferred all right, title and
interest in each Mortgage Loan to the Trustee. The transfer of each Mortgage Note and each
Mortgage as and in the manner contemplated by this Agreement is sufficient either (i) fully to
transfer to the Trustee, for the benefit of the Certificateholders, all right, title, and interest
of the Depositor thereto as note holder and mortgagee or (ii) to grant to the Trustee, for the
benefit of the Certificateholders, the security interest referred to in Section 10.04;

     (i) None of the Mortgage Loans has a prepayment penalty period in excess of three years;

     It is understood and agreed that the representations, warranties and covenants set forth in
this Section 2.06 shall survive delivery of the respective Custodial Files to the Trustee
or to a custodian, as the case may be, and shall inure to the benefit of the Trustee.

     Within 60 days of the earlier of either discovery by or notice to the Depositor of a breach of
the representations and warranties set forth in clause (h) or (i) above that materially and
adversely affects the value of any Mortgage Loan or the interest of the Trustee or the
Certificateholders therein, the Depositor shall use its best efforts to promptly cure such breach
in all material respects and if such defect or breach cannot be remedied, the Depositor shall
either (i) if such 60-day period expires prior to the second anniversary of the Closing Date,
remove such Deleted Mortgage Loan from the Trust Fund and substitute in its place a Substitute
Mortgage Loan, in the manner and subject to the conditions set forth in Section 2.03, or
(ii) repurchase such Mortgage Loan at the Repurchase Price. The obligations of the Depositor to
cure such breach or to substitute or purchase any Mortgage Loan constitute the sole remedies
respecting a material breach of any such representation or warranty to the Holders of the
Certificates and the Trustee.

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     Section 2.07. Representations, Warranties and Covenants of the Servicer, the Originator and the Master Servicer.

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

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

     (ii) The Servicer has the full power and authority to service each Mortgage Loan which
the Servicer is required to service hereunder, and to execute, deliver and perform, and to
enter into and consummate the transactions contemplated by this Agreement and has duly
authorized by all necessary action on the part of the Servicer the execution, delivery and
performance of this Agreement; and this Agreement, assuming the due authorization, execution
and delivery thereof by the Depositor, the Originator, the Master Servicer, the Trust
Administrator and the Trustee, constitutes a legal, valid and binding obligation of the
Servicer, enforceable against the Servicer in accordance with its terms, except to the
extent that (a) the enforceability hereof may be limited by bankruptcy, insolvency,
moratorium, receivership and other similar laws relating to creditors’ rights generally and
(b) the remedy of specific performance and injunctive and other forms of equitable relief
may be subject to the equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought;

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

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     (iv) The Servicer is a HUD-approved non-supervised mortgagee pursuant to Section 203
and Section 211 of the National Housing Act, and no event has occurred, including but not
limited to a change in insurance coverage, that would make the Servicer unable to comply
with HUD eligibility requirements or which would require notification to HUD;

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

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

     (vii) The Servicer will not waive any Prepayment Premium or part of a Prepayment
Premium unless such waiver would, in the reasonable opinion of the Servicer, maximize
recovery of total proceeds taking into account the value of such Prepayment Premium and
related Mortgage Loan and doing so is standard and customary in servicing mortgage loans
similar to the Mortgage Loans (including any waiver of a Prepayment Premium in connection
with a refinancing of a Mortgage Loan that is related to a default or an imminent default),
and in no event will it waive a Prepayment Premium in connection with a refinancing of a
Mortgage Loan that is not related to a default or an imminent default. Notwithstanding the
previous sentence, if the Servicer has not received any document or information necessary
for the Servicer to verify the existence or amount of the related Prepayment Premium or if
the Servicer determines that any Prepayment Premium is not legally enforceable under the
circumstances in which the related Principal Prepayment occurs, then the Servicer shall not
be required to attempt to collect the applicable Prepayment Premium, and shall have no
liability or obligation with respect to such Prepayment Premium pursuant to Section
3.07(a) hereof;

     (viii) For each Mortgage Loan, the Servicer will accurately, fully and in a timely
manner report its borrower credit files to each of the three credit repositories; and

     (ix) the Servicer is a member of MERS in good standing and will comply in all material
respects with the rules and procedures of MERS in connection with the servicing of the MERS
Designated Mortgage Loans for as long as such Mortgage Loans are registered with MERS.

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

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     (i) The Originator is an industrial bank duly organized, validly existing and in good
standing under the laws of the state of California;

     (ii) The Originator has full power and authority to own its property, to carry on its
business as presently conducted and to enter into and perform its obligations under this
Agreement;

     (iii) The execution and delivery by the Originator of this Agreement have been duly
authorized by all necessary corporate action on the part of the Originator; and neither the
execution and delivery of this Agreement, nor the consummation of the transactions
contemplated herein, nor compliance with the provisions hereof, will conflict with or result
in a breach of, or constitute a default under, any of the provisions of any law,
governmental rule, regulation, judgment, decree or order binding on the Originator or its
properties or the certificate of incorporation or by-laws of the Originator, except those
conflicts, breaches or defaults which would not reasonably be expected to have a material
adverse effect on the Originator’s ability to enter into this Agreement and to consummate
the transactions contemplated hereby;

     (iv) The execution, delivery and performance by the Originator of this Agreement and
the consummation of the transactions contemplated hereby do not require the consent or
approval of, the giving of notice to, the registration with, or the taking of any other
action in respect of, any state, federal or other governmental authority or agency, except
those consents, approvals, notices, registrations or other actions as have already been
obtained, given or made and, in connection with the recordation of the Mortgages, powers of
attorney or assignments of Mortgages not yet completed;

     (v) This Agreement has been duly executed and delivered by the Originator and, assuming
due authorization, execution and delivery by the Trustee, the Servicer, the Master Servicer,
the Trust Administrator and the Depositor, constitutes a valid and binding obligation of the
Originator, enforceable against it in accordance with its terms (subject to applicable
bankruptcy and insolvency laws and other similar laws affecting the enforcement of the
rights of creditors generally);

     (vi) There are no actions, litigation, suits or proceedings pending or, to the
knowledge of the Originator, threatened against the Originator before or by any court,
administrative agency, arbitrator or governmental body (i) with respect to any of the
transactions contemplated by this Agreement or (ii) with respect to any other matter which
in the judgment of the Originator if determined adversely to the Originator would reasonably
be expected to materially and adversely affect the Originator’s ability to perform its
obligations under this Agreement; and the Originator is not in default with respect to any
order of any court, administrative agency, arbitrator or governmental body so as to
materially and adversely affect the transactions contemplated by this Agreement;

     (vii) The Originator hereby makes the representations and warranties set forth in
Exhibit A to the Mortgage Loan Purchase Agreement, as of the Closing Date, or the
date specified therein, with respect to the Mortgage Loans identified on Schedule I
and Schedule II hereto; and

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     (viii) The Originator is a member of MERS in good standing and will comply in all
material respects with the rules and procedures of MERS in connection with the servicing of
the MERS Mortgage Loans for as long as such Mortgage Loans are registered with MERS.

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

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

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

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

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

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

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

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

     (d) It is understood and agreed that the representations, warranties and covenants set forth
in this Section 2.07 shall survive delivery of the Mortgage Files to the Trustee. Upon
discovery by any of the Depositor, the Originator, the Master Servicer, the Trust Administrator,
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 Premium
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 other such parties. The obligation of the Originator set forth in Section 2.03(d) to
cure breaches shall constitute the sole remedy against the Originator available to the
Certificateholders, the Depositor, the Trust Administrator or the Trustee on behalf of the
Certificateholders respecting a breach of the Originator’s representations, warranties and
covenants contained in paragraph (b)(vii) of this Section 2.07. The obligation of the
Servicer set forth in Section 3.07(a) to pay the amount of any waived Prepayment Premium
shall constitute the sole remedy against the Servicer available to the Certificateholders, the
Depositor, the Trust Administrator or the Trustee on behalf of the Certificateholders respecting a
breach of the Servicer’s representations, warranties and covenants contained in paragraph (a)(vii)
of this Section 2.07.

ARTICLE III

ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

     Section 3.01. Servicer to Service Mortgage Loans.

     (a) For and on behalf of the Certificateholders, the Servicer shall service and administer the
Mortgage Loans in accordance with the terms of this Agreement and the respective Mortgage Loans, to
the extent consistent with such terms and in accordance with Accepted Servicing Practices but
without regard to:

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     (i) any relationship that the Servicer, any Subservicer or any Affiliate of the
Servicer or any Subservicer 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 P&I Advances or Servicing Advances; or

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

     To the extent consistent with the foregoing, the Servicer shall seek to maximize the timely
and complete recovery of principal and interest on the related Mortgage Notes. Subject only to the
above-described servicing standards and the terms of this Agreement and of the respective Mortgage
Loans, the Servicer shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02, to do or cause to be done any and all things in connection with
such servicing and administration which it may deem necessary or desirable. Without limiting the
generality of the foregoing, the Servicer in its own name or in the name of a Subservicer is hereby
authorized and empowered by the Trustee when the Servicer believes it appropriate in its best
judgment in accordance with the Accepted Servicing Practices, to execute and deliver 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. 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 3.16, the Trustee shall execute, at the written request of the Servicer,
and furnish to the Servicer and any Subservicer such documents as are necessary or appropriate to
enable the Servicer or any Subservicer to carry out their servicing and administrative duties
hereunder, and the Trustee hereby grants to the Servicer, and this Agreement shall constitute, a
power of attorney to carry out such duties including a power of attorney to take title to Mortgaged
Properties after foreclosure on behalf of the Trustee. The Trustee shall execute any power of
attorney, in the form annexed hereto as Exhibit L, furnished to it by the Servicer in favor
of the Servicer for the purposes described herein to the extent necessary or desirable to enable
the Servicer to perform its duties hereunder. The Trustee shall not be liable for the actions of
the Servicer or any Subservicers under such powers of attorney or any actions taken by the Servicer
or any Subservicer pursuant to the powers granted to them under this paragraph.

     (b) Subject to Section 3.09(b), in accordance with Accepted Servicing Practices, the
Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the
timely 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(b), and further as provided in Section 3.11. Any cost

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incurred by the Servicer or by Subservicers in effecting the timely payment of taxes and
assessments on a Mortgaged Property shall not be added to the unpaid principal balance of the
related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit.

     (c) 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 4.01) and
the Servicer shall not (i) permit any modification with respect to any Mortgage Loan that would
change the Mortgage Interest Rate, reduce or increase the principal balance (except for reductions
resulting from actual payments of principal) or change the final maturity date on such Mortgage
Loan (except for (A) a reduction of interest payments resulting from the application of the
Servicemembers Civil Relief Act, as amended, or any similar state statutes or (B) as provided in
Section 3.07, if 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 final, temporary or
proposed Treasury regulations promulgated thereunder) and (B) cause any Trust REMIC to fail to
qualify as a REMIC under the Code or the imposition of any tax on “prohibited transactions” or
“contributions after the start-up day” under the REMIC Provisions, or (iii) except as provided in
Section 3.07(a), waive any Prepayment Premiums.

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

     (e) In the event of any change in the outstanding rating by Moody’s of the Servicer as a
servicer of residential mortgage loans, the Servicer shall provide written notice of such change to
the Master Servicer within five (5) Business Days of such change.

     (f) If, on any date of determination, the Servicer fails the Servicer Enhanced Review Test,
the Servicer shall promptly submit a completed form in the form of Exhibit Q to the Master
Servicer with respect to any Realized Losses, together with any supporting documentation reasonably
requested by the Master Servicer, and shall continue to submit completed forms in the form of
Exhibit Q, and related supporting documentation as requested by the Master Servicer, in
connection with any subsequent Realized Losses.

     Section 3.02. Subservicing Agreements between the Servicer and Subservicers.

     (a) The Servicer may enter into one or more subservicing agreements with one or more
Subservicers for the servicing and administration of the Mortgage Loans (“Subservicing
Agreements”).

     (b) Each Subservicer shall be (i) authorized to transact business in the state or states in
which the related Mortgaged Properties it is to service are situated, if and to the extent required
by applicable law to enable the Subservicer to perform its obligations hereunder and under the
Subservicing Agreement and (ii) an institution approved as a mortgage loan originator by the
Federal Housing Administration or an institution that has deposit accounts insured by the FDIC.
Each Subservicing Agreement must impose on the Subservicer requirements conforming

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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 Subservicing
Agreement and will be familiar with the terms thereof. The terms of any Subservicing Agreement
will not be inconsistent with any of the provisions of this Agreement. The Servicer and the
Subservicers may enter into and make amendments to the Subservicing Agreements or enter into
different forms of Subservicing Agreements; provided, however, that any such
amendments or different forms shall be consistent with and not violate the provisions of this
Agreement, and that no such amendment or different form shall be made or entered into which could
be reasonably expected to be materially adverse to the interests of the Trustee, without the
consent of the Trustee. Any variation without the consent of the Trustee from the provisions set
forth in Section 3.08 relating to insurance or priority requirements of Subservicing
Accounts, or credits and charges to the Subservicing Accounts or the timing and amount of
remittances by the Subservicers to the Servicer, are conclusively deemed to be inconsistent with
this Agreement and therefore prohibited. The Servicer shall deliver to the Trustee, the Master
Servicer, the Trust Administrator and the Depositor copies of all Subservicing Agreements, and any
amendments or modifications thereof, promptly upon the Servicer’s execution and delivery of such
instruments.

     Any Subservicing Agreement and any other transactions or services relating to the Mortgage
Loans involving a Subservicer shall be deemed to be between the Subservicer and the Servicer alone,
and the Depositor, the Master Servicer, the Trust Administrator and the Trustee shall have no
obligations, duties or liabilities with respect to a Subservicer including no obligation, duty or
liability of the Depositor, the Master Servicer, the Trust Administrator or Trustee, to pay a
Subservicer’s fees and expenses.

     For purposes of this Agreement, the Servicer shall be deemed to have received any collections,
recoveries or payments with respect to the related Mortgage Loans that are received by a related
Subservicer regardless of whether such payments are remitted by the Subservicer to the Servicer.

     (c) As part of its servicing activities hereunder, the Servicer (except as otherwise provided
in the last sentence of this paragraph), for the benefit of the Trustee, shall enforce the
obligations of each Subservicer under the related Subservicing Agreement to which the Servicer is a
party, including, without limitation, any obligation to make advances in respect of delinquent
payments as required by a Subservicing Agreement. Such enforcement, including, without limitation,
the legal prosecution of claims, termination of Subservicing 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.

     The Servicer shall pay all fees, expenses or penalties necessary in order to terminate the
rights and responsibilities of its Subservicer from the Servicer’s own funds without any right of
reimbursement from the Depositor, the Trustee, the Master Servicer, the Trust Administrator or the
Collection Account.

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	 	Section 3.03.	 	Successor Subservicers.

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

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

	 	Section 3.04.	 	Liability of the Servicer.

     Notwithstanding any Subservicing Agreement, any of the provisions of this Agreement relating
to agreements or arrangements between the Servicer and a Subservicer or reference to actions taken
through a Subservicer or otherwise, the Servicer shall remain obligated and primarily liable to the
Trustee 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
Subservicing Agreements or arrangements or by virtue of indemnification from the Subservicer and to
the same extent and under the same terms and conditions as if the Servicer alone were servicing and
administering such Mortgage Loans. The Servicer shall be entitled to enter into any agreement with
a Subservicer for indemnification of the Servicer by such Subservicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

	 	Section 3.05. 	 	No Contractual Relationship between Subservicers and the Trustee, Master
Servicer, Trust Administrator or Certificateholder.

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

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	 	Section 3.06. 	 	Assumption or Termination of Subservicing Agreements by Master
Servicer, Trustee or Trust Administrator.

     In the event the Servicer at any time shall for any reason no longer be the Servicer
(including by reason of the occurrence of a Servicer Event of Default), the Master Servicer or any
other successor to Servicer pursuant to this Agreement, shall thereupon assume all of the rights
and obligations of the Servicer under each Subservicing Agreement that the Servicer may have
entered into, with copies thereof provided to the Master Servicer prior to the Master Servicer
assuming such rights and obligations, unless the Master Servicer elects to terminate any
Subservicing Agreement in accordance with its terms as provided in Section 3.03.

     Upon such assumption, the Master Servicer, its designee or the successor servicer shall be
deemed, subject to Section 3.03, to have assumed all of the Servicer’s interest therein and
to have replaced the Servicer as a party to each Subservicing Agreement to the same extent as if
each Subservicing Agreement had been assigned to the assuming party, except that (i) the Servicer
shall not thereby be relieved of any liability or obligations under any Subservicing Agreement that
arose before it ceased to be the Servicer and (ii) none of the Trustee, the Trust Administrator,
the Master Servicer, their designees or any successor to the Servicer shall be deemed to have
assumed any liability or obligation of the Servicer that arose before it ceased to be the Servicer.

     The Servicer at its expense shall, upon request of the Master Servicer, the Trust
Administrator or the Trustee, deliver to the assuming party all documents and records relating to
each Subservicing Agreement and the Mortgage Loans then being serviced by it 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 Subservicing Agreements to the assuming party.

	 	Section 3.07.	 	Collection of Certain Mortgage Loan Payments.

     (a) The Servicer shall make reasonable efforts to collect all payments called for under the
terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be
consistent with this Agreement and the terms and provisions of any applicable Insurance Policies,
follow such collection procedures as it would follow with respect to mortgage loans comparable to
the Mortgage Loans and held for its own account. Consistent with the foregoing and Accepted
Servicing Practices, the Servicer may (i) waive any late payment charge or, if applicable, any
penalty interest, or (ii) extend the due dates for the Scheduled Payments due on a Mortgage Note
for a period of not greater than 180 days; provided, 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 4.01 and in accordance with the amortization schedule of such
Mortgage Loan without modification thereof by reason of such arrangements, subject to Section
4.01(d) pursuant to which the Servicer shall not be required to make any such advances that are
Nonrecoverable P&I Advances. Notwithstanding the foregoing, in the event that any Mortgage Loan is
in default or is a 60+ Day Delinquent Mortgage Loan, 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 Interest Rate, forgive

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the payment of principal or interest, extend the final maturity date of such Mortgage
Loan or waive, in whole or in part, a Prepayment Premium), 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 Servicer’s approval of a modification of a Due
Date shall not be considered a modification for purposes of this sentence; provided,
further, that the final maturity date of any Mortgage Loan may not be extended beyond the
Final Scheduled Distribution Date for the Offered Certificates. 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 applicable Servicing File. In addition, notwithstanding the
foregoing, the Servicer may also waive, in whole or in part, a Prepayment Premium if such
Prepayment Premium is (i) not permitted to be collected by applicable law or the collection thereof
would be considered “predatory” pursuant to written guidance published by any applicable federal,
state or local regulatory authority having jurisdiction over such matters, or (ii) the
enforceability thereof is limited (1) by bankruptcy, insolvency, moratorium, receivership or other
similar laws relating to creditor’s rights or (2) due to acceleration in connection with a
foreclosure or other involuntary payment. In order to waive a Prepayment Premium other than as
permitted above, then the Servicer, as a condition to any such waiver of Prepayment Premium, is
required to first pay the amount of such waived Prepayment Premium, for the benefit of the Holders
of the Class P Certificates, by depositing such amount into the Collection Account together with
and at the time that the amount prepaid on the related Mortgage Loan is required to be deposited
into the Collection Account (the “Servicer Prepayment Payment Amounts”); provided,
however, that (i) the Servicer shall not have an obligation to pay the amount of any
uncollected Prepayment Premium if the failure to collect such amount is the direct result of
inaccurate or incomplete information on the Mortgage Loan Schedule in effect at such time and (ii)
any such amount shall be deemed paid outside any Trust REMIC from the Servicer to the holder of the
Class P Interest.

     (b) The Servicer shall give notice to the Trustee, the Trust Administrator, the Master
Servicer, each Rating Agency and the Depositor of any proposed change of the location of the
Collection Account within a reasonable period of time prior to any change thereof.

	 	Section 3.08. 	 	Subservicing Accounts.

     In those cases where a Subservicer is servicing a Mortgage Loan pursuant to a Subservicing
Agreement, the Subservicer will be required to establish and maintain one or more accounts
(collectively, the “Subservicing Account”). The Subservicing Account shall be an Eligible
Account and shall otherwise be acceptable to the Servicer. The Subservicer shall deposit in the
clearing account (which account must be an Eligible 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 Subservicer’s
receipt thereof, all proceeds of Mortgage Loans received by the Subservicer less its servicing
compensation to the extent permitted by the Subservicing Agreement, and shall thereafter deposit
such amounts in the Subservicing Account, in no event more than two Business Days after the deposit
of such funds into the clearing account. The Subservicer shall thereafter deposit such proceeds in
the Collection Account of the Servicer or

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remit such proceeds to the Servicer for deposit in the Collection Account of the Servicer not
later than two Business Days after the deposit of such amounts in the Subservicing Account. For
purposes of this Agreement, the Servicer shall be deemed to have received payments on the Mortgage
Loans when the Subservicer receives such payments.

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

     (a) The Servicer shall ensure that each of the related Mortgage Loans shall be covered by a
paid-in-full, life-of-the-loan tax service contract in effect with respect to each related Mortgage
Loan (each, a “Tax Service Contract”). Each Tax Service Contract shall be assigned to the
Trustee, or its designee, at the Servicer’s expense in the event that the Servicer is terminated as
Servicer of the related Mortgage Loan.

     (b) To the extent that the services described in this paragraph (b) are not otherwise
provided pursuant to the Tax Service Contracts described in paragraph (a) hereof, the Servicer
undertakes to perform such functions. To the extent the related Mortgage Loan provides for Escrow
Payments, the Servicer shall establish and maintain, or cause to be established and maintained, one
or more accounts (the “Escrow Accounts”), which shall be Eligible Accounts. The Servicer
shall deposit in the clearing account (which account must be an Eligible Account) in which it
customarily deposits payments and collections on mortgage loans in connection with its mortgage
loan servicing activities on a daily basis, and in no event more than one Business Day after the
Servicer’s receipt thereof, all collections from the Mortgagors (or related advances from
Subservicers) for the payment of taxes, assessments, hazard insurance premiums and comparable items
for the account of the Mortgagors (“Escrow Payments”) collected on account of the Mortgage
Loans and shall thereafter deposit such Escrow Payments in the Escrow Accounts, in no event more
than two Business Days after the deposit of such funds in the clearing account, 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; (ii) reimburse the Servicer (or a Subservicer to
the extent provided in the related Subservicing Agreement) out of related collections for any
advances made pursuant to Section 3.01 (with respect to taxes and assessments) and
Section 3.13 (with respect to hazard insurance); (iii) refund to Mortgagors any sums as may
be determined to be overages; (iv) apply to the restoration or repair of the Mortgaged Property in
accordance with the Section 3.13; (v) transfer to the Collection Account and application to
reduce the principal balance of the Mortgage Loan in accordance with the terms of the related
Mortgage and Mortgage Note; (vi) pay interest to the Servicer and, if required and as described
below, to Mortgagors on balances in the Escrow Account; (vii) clear and terminate the Escrow
Account at the termination of the Servicer’s obligations and responsibilities in respect of the
related Mortgage Loans under this Agreement; or (viii) recover amounts deposited in error. As part
of its servicing duties, the Servicer or Subservicers shall pay to the Mortgagors interest on funds
in 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. To the extent that a Mortgage does not provide for Escrow Payments,
the Servicer shall use commercially reasonable efforts consistent with Accepted Servicing Practices
to determine whether any such payments are made by the Mortgagor 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. The

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Servicer assumes full responsibility for the payment of all such bills within such time
and shall effect payments of all such bills irrespective of the Mortgagor’s faithful performance in
the payment of same or the making of the Escrow Payments and shall make advances from its own funds
to effect such payments; provided, however, that such advances are deemed to be
Servicing Advances.

	 	Section 3.10. 	 	Collection Account.

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

     (i) all payments on account of principal, including Principal Prepayments, on the
Mortgage Loans;

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

     (iii) all Insurance Proceeds and Condemnation Proceeds (to the extent such Insurance
Proceeds and Condemnation Proceeds are not to be applied to the restoration of the related
Mortgaged Property or released to the related Mortgagor in accordance with the express
requirements of law or in accordance with prudent and customary servicing practices) and all
Liquidation Proceeds;

     (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 3.13(a) in respect of any blanket policy deductibles;

     (vi) all proceeds of any Mortgage Loan repurchased or purchased in accordance with this
Agreement;

     (vii) all Substitution Shortfall Amounts; and

     (viii) all Prepayment Premiums collected by the Servicer.

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     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 late payment charges, NSF fees, reconveyance fees, assumption fees and other similar fees
and charges need not be deposited by the Servicer in the Collection Account and shall, upon
collection, belong to the Servicer as additional compensation for its servicing activities. In the
event the Servicer shall deposit in the Collection Account any amount not required to be deposited
therein, it may at any time withdraw such amount from the Collection Account, any provision herein
to the contrary notwithstanding.

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

	 	Section 3.11. 	 	Withdrawals from the Collection Account and Distribution Account.

     (a) The Servicer and the Trust Administrator, respectively, shall, from time to time, make
withdrawals from the Collection Account or the Distribution Account, as applicable, for any of the
following purposes or as described in Section 4.01:

     (i) on or prior to the Remittance Date, to remit to the Trust Administrator for deposit
into the Distribution Account all funds in the Collection Account on such date less
reimbursements to be made to the Servicer pursuant to this Section 3.11 in respect
of the related Distribution Date together with all amounts representing Prepayment Premiums
from the Mortgage Loans received during the related Prepayment Period;

     (ii) to reimburse the Servicer for P&I Advances, but only to the extent of amounts
received which represent Late Collections (net of the related Servicing Fees) of Scheduled
Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance
with the provisions of Section 4.01;

     (iii) to pay the Servicer or any Subservicer (A) any unpaid Servicing Fees or (B) any
unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent
of any Late Collections, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds or
other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received
with respect to such Mortgage Loan (or the related REO Property);

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

     (v) to pay to the Originator, with respect to each Mortgage Loan that has previously
been repurchased or replaced pursuant to this Agreement all amounts received thereon
subsequent to the date of purchase or substitution, as the case may be;

     (vi) to reimburse the Servicer for (A) any P&I Advance or Servicing Advance
previously made which the Servicer has determined to be a Nonrecoverable P&I Advance

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or Nonrecoverable Servicing Advance in accordance with the provisions of Section
4.01 and (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds,
Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under
Section 3.11(a)(iii);

     (vii) to pay, or to reimburse the Servicer for advances in respect of, expenses
incurred in connection with any Mortgage Loan pursuant to Section 3.15;

     (viii) to pay to the Master Servicer the Master Servicing Fee;

     (ix) in the event Wells Fargo Bank, N.A. ceases to be Master Servicer and Trust
Administrator hereunder but continues to provide services as custodian of the Mortgage
Loans, to pay to Wells Fargo Bank, N.A. the Custodial Fee;

     (x) to reimburse the Servicer, the Depositor, the Master Servicer, the Trust
Administrator (including in its role as Swap Administrator) or the Trustee for expenses
incurred by or reimbursable to the Servicer, the Depositor, the Trustee, the Master Servicer
or the Trust Administrator, as the case may be, pursuant to this Agreement;

     (xi) to reimburse the Servicer, the Master Servicer, the Trust Administrator or the
Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or
defect giving rise to the repurchase obligation under Section 2.03 of this Agreement
that were included in the Repurchase Price of the Mortgage Loan, including any expenses
arising out of the enforcement of the repurchase obligation, to the extent not otherwise
paid pursuant to the terms hereof;

     (xii) to pay to the Trust Administrator, in its role as Swap Administrator, for payment
to the Pool I Swap Provider or Pool II Swap Provider, as applicable, any Net Swap Payment or
Swap Termination Payment (other than Pool I Swap Termination Payments or Pool II Swap
Termination Payments resulting from a Pool I Swap Provider Trigger Event or Pool II Swap
Provider Trigger Event, as applicable) owed to the Pool I Swap Provider or Pool II Swap
Provider, as applicable, as provided in the Swap Administration Agreement;

     (xiii) to withdraw any amounts deposited in the Collection Account in error; and

     (xiv) to clear and terminate the Collection Account upon termination of this Agreement.

     To the extent that the Servicer does not timely make the remittance referred to in clause
(i) above, the Servicer shall pay the Trust Administrator for the account of the Trust
Administrator interest on any amount not timely remitted at the prime rate, from and including the
applicable Remittance Date to but excluding the date such remittance is actually made.

     (b) 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 (a)(ii), (iii), (iv), (v), (vi), (vii), (viii)
and (ix) above. The Servicer shall provide written notification to the Depositor, on or prior

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to the next succeeding Remittance Date, upon making any withdrawals from the Collection
Account pursuant to subclause (a)(vi) above.

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

     (a) The Servicer may invest the funds in the Collection Account and the Trust Administrator
may invest funds in the Distribution Account (for purposes of this Section 3.12, each such
Account is referred to as an “Investment Account”), in one or more Permitted Investments
bearing interest or sold at a discount, and maturing, unless payable on demand, no later than the
Business Day on which such funds are required to be withdrawn from such account pursuant to this
Agreement (or, in the case of investments not managed or advised by the Trust Administrator or an
affiliate thereof, the Business Day prior to such date). All such Permitted Investments shall be
held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall
be made in the name of the Trust Administrator. The Trust Administrator shall be entitled to sole
possession (except with respect to investment direction of funds held in the Collection Account and
any income and gain realized thereon) over each such investment, and any certificate or other
instrument evidencing any such investment shall be delivered directly to the Trust Administrator or
its agent, together with any document of transfer necessary to transfer title to such investment to
the Trust Administrator. In the event amounts on deposit in an Investment Account are at any time
invested in a Permitted Investment payable on demand, the Trust Administrator may:

	 	(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 to the extent 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 Escrow 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 the manner set forth in Section 3.11.
Any other benefit derived from the Collection Account and Escrow Account associated with the
receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage
blanket insurance, and like sources, shall accrue to the benefit of the Servicer, except that the
Servicer shall not realize any economic benefit from any forced charging of services. The Servicer
shall deposit in the Collection Account and Escrow Account the amount of any loss of principal
incurred in respect of any such Permitted Investment made with funds in such accounts immediately
upon realization of such loss.

     (c) All income and gain realized from the investment of funds deposited in the
Distribution Account held by the Trust Administrator, shall be for the benefit of the Trust
Administrator. The Trust Administrator shall deposit in the Distribution Account the amount of

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any loss of principal incurred in respect of any such Permitted Investment made with funds in
such accounts immediately upon realization of such loss.

     (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 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 and the Trust Administrator or their respective Affiliates are permitted to
receive additional compensation that could be deemed to be in their respective 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.

	 	Section 3.13. 	 	Maintenance of Hazard Insurance, Errors and Omissions and Fidelity
Coverage.

     (a) The Servicer shall cause to be maintained for each Mortgage Loan fire insurance with
extended coverage on the related Mortgaged Property in an amount which is at least equal to the
least of (i) the current principal balance of such Mortgage Loan, (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, (iii) the maximum insurable value of the improvements which are a part of
such Mortgaged Property, and (iv) the amount determined by applicable federal or state law, 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 fire 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, plus accrued interest at the Mortgage Interest Rate and related
Servicing Advances. 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 any 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 the Mortgagor fails to provide Mortgage Loan hazard insurance coverage after thirty
(30) days of Servicer’s written notification, the Servicer shall put in place such hazard insurance
coverage on the Mortgagor’s behalf. Any out-of-pocket expense or advance made by the Servicer on
such force placed hazard insurance coverage shall be deemed a Servicing Advance. Any cost incurred
by any Servicer in maintaining any such insurance shall not, for the purpose of calculating
distributions to the Trust Administrator, 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

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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 minimum amount required, under the terms of coverage, to compensate
for any damage or loss on a replacement cost basis (or the unpaid principal balance of the related
Mortgage Loan if replacement cost coverage is not available for the type of building insured) and
(ii) the maximum amount of insurance which is available under the Flood Disaster Protection Act of
1973, as amended. If at any time during the term of the Mortgage Loan, the Servicer determines in
accordance with applicable law and pursuant to the Federal Emergency Management Agency Guides that
a Mortgaged Property is located in a special flood hazard area and is not covered by flood
insurance or is covered in an amount less than the amount required by the Flood Disaster Protection
Act of 1973, as amended, the Servicer shall notify the related Mortgagor to obtain such flood
insurance coverage, and if said Mortgagor fails to obtain the required flood insurance coverage
within forty-five (45) days after such notification, the Servicer shall immediately force place the
required flood insurance on the Mortgagor’s behalf. Any out-of-pocket expense or advance made by
the Servicer on such force placed flood insurance coverage shall be deemed a Servicing Advance.

     In the event that any Servicer shall obtain and maintain a blanket policy with an insurer
having a General Policy Rating of “B” or better in Best’s (or such other rating that is comparable
to such rating) 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 3.13, it being understood and agreed that such policy may contain a deductible
clause, 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 3.13, and there shall have been one or more losses which would have been
covered by such policy, deposit to the Collection Account from its own funds the amount not
otherwise payable under the blanket policy because of such deductible clause. In connection with
its activities as administrator and servicer of the Mortgage Loans, the Servicer agrees to prepare
and present, on behalf of itself, the Trustee 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. The Servicer shall provide the Trustee or Trust Administrator
upon request with copies of any such insurance policies and fidelity bond. 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. The Servicer shall also cause each Subservicer to maintain a policy of insurance covering
errors and omissions and a fidelity bond which would meet such requirements.

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	 	Section 3.14. 	 	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 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 underwriting criteria of the Servicer and such
substitution is in the best interest of the Certificateholders as determined by the Servicer. 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, or a new policy
meeting the requirements of this Section is obtained. Any fee collected by the Servicer in respect
of an assumption or substitution of liability agreement will 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 Interest Rate and the amount of
the Scheduled Payment) may be amended or modified, except as otherwise required pursuant to the
terms thereof and in accordance with Section 3.01(c) herein. 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 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 3.14, 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.

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	 	Section 3.15.	 	Realization upon Defaulted Mortgage Loans.

     The Servicer shall use its best efforts, consistent with Accepted Servicing Practices, to
foreclose upon or otherwise comparably convert (which may include an acquisition of REO Property)
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, and which are not released from this Agreement pursuant
to any other provision hereof. The Servicer shall use reasonable efforts to realize upon such
defaulted Mortgage Loans in such manner as will maximize the receipt of principal and interest by
the Trust Fund, taking into account, among other things, the timing of foreclosure proceedings.
The foregoing is subject to the provisions 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 sole discretion (i)
that such restoration will increase the net proceeds of liquidation of the related Mortgage Loan to
the Trust Fund, after reimbursement to itself for such expenses, and (ii) that such expenses will
be recoverable by the Servicer through Insurance Proceeds, Condemnation Proceeds or Liquidation
Proceeds from the related Mortgaged Property, as contemplated in Section 3.11. The
Servicer shall be responsible for all other costs and expenses incurred by it in any such
proceedings; provided, however, that it shall be entitled to reimbursement thereof from the related
property, as contemplated in Section 3.11.

     The proceeds of any Liquidation Event or REO Disposition, as well as any recovery
resulting from a partial collection of Insurance Proceeds, Condemnation Proceeds or Liquidation
Proceeds or any income from an REO Property, will be applied in the following order of priority:
first, to reimburse the Servicer or any Subservicer for any related unreimbursed Servicing
Advances, pursuant to Section 3.11 or 3.17; second, to accrued and unpaid interest
on the Mortgage Loan or REO Imputed Interest, at the Mortgage Interest Rate, to the date of the
liquidation or REO Disposition, or to the Due Date prior to the Remittance Date on which such
amounts are to be distributed if not in connection with a Liquidation Event or REO Disposition;
third, to reimburse any Servicer for any related unreimbursed P&I Advances, pursuant to Section
3.11; and fourth, as a recovery of principal of the Mortgage Loan. If the amount of the
recovery so allocated to interest is less than a full recovery thereof, that amount will be
allocated as follows: first, to unpaid Servicing Fees; and second, as interest at the Mortgage
Interest Rate (net of the Servicing Fee Rate). The portion of the recovery so allocated to unpaid
Servicing Fees shall be reimbursed to the Servicer or any Subservicer pursuant to Section
3.11 or 3.17. The portions of the recovery so allocated to interest at the Mortgage
Interest Rate (net of the Servicing Fee Rate) and to principal of the Mortgage Loan shall be
applied as follows: first, to reimburse the Servicer or any Subservicer for any related
unreimbursed Servicing Advances in accordance with Section 3.11 or 3.17, and
second, to the Trust Administrator for distribution in accordance with the provisions of
Section 4.02, subject to the last paragraph of Section 3.17 with respect to certain
excess recoveries from an REO Disposition.

     Notwithstanding anything to the contrary contained herein, in connection with a
foreclosure or acceptance of a deed in lieu of foreclosure, in the event the Servicer has received
actual notice of, or has actual knowledge of the presence of, hazardous or toxic substances or
wastes on the related Mortgaged Property, or if the Trustee otherwise requests, the Servicer shall
cause an environmental inspection or review of such Mortgaged Property to be conducted by a

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qualified inspector. Upon completion of the inspection, the Servicer shall promptly provide
the Trustee and the Depositor with a written report of the environmental inspection.

     After reviewing the environmental inspection report, the Depositor shall determine how the
Servicer shall proceed with respect to the Mortgaged Property. In the event (a) the environmental
inspection report indicates that the Mortgaged Property is contaminated by hazardous or toxic
substances or wastes and (b) the Depositor directs the Servicer to proceed with foreclosure or
acceptance of a deed in lieu of foreclosure, the Servicer shall be reimbursed for all reasonable
costs associated with such foreclosure or acceptance of a deed in lieu of foreclosure and any
related environmental clean-up costs, as applicable, from the related Liquidation Proceeds, or if
the Liquidation Proceeds are insufficient to fully reimburse the Servicer, the Servicer shall be
entitled to be reimbursed from amounts in the Collection Account pursuant to Section 3.11.
In the event the Depositor directs the Servicer not to proceed with foreclosure or acceptance of a
deed in lieu of foreclosure, the Servicer shall be reimbursed from general collections for all
Servicing Advances made with respect to the related Mortgaged Property from the Collection Account
pursuant to Section 3.11. Neither the Trustee nor the Master Servicer shall be responsible
for any direction given by the Depositor to the Servicer pursuant to this paragraph.

	 	Section 3.16.	 	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 will, within five (5) Business Days of the payment in full, notify the Trustee or the
Trust Administrator, as applicable, by a certification (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) of a Servicing Officer and shall request delivery to it of the
Custodial File by completing a Request for Release (in the form of Exhibit J or in an
electronic format acceptable to the Trust Administrator). Upon receipt of such certification and
Request for Release, the Trustee or Trust Administrator shall promptly release the related
Custodial File to the Servicer within three (3) Business Days. No expenses incurred in connection
with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection
Account.

     (b) From time to time and as appropriate for the servicing or foreclosure of any Mortgage
Loan, including, for this purpose, collection under any Insurance Policy relating to the Mortgage
Loans, the Trustee or Trust Administrator, as applicable, shall, upon request of the Servicer and
delivery to the Trustee or Trust Administrator, as applicable, of a Request for Release (in the
form of Exhibit J or in an electronic format acceptable to the Trust Administrator),
release the related Custodial File to the Servicer, and the Trustee or Trust Administrator shall,
at the direction of the Servicer, execute such documents provided to it as shall be necessary to
the prosecution of any such proceedings and the Servicer shall retain the Mortgage File in trust
for the benefit of the Trustee. Such Request for Release shall obligate the Servicer to return
each and every document previously requested from the Custodial File to the Trustee or Trust
Administrator, as applicable, 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

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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 to the Trustee or Trust Administrator, as applicable, a certificate of a Servicing
Officer certifying as to 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 certificate
of 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, a
copy of the Request for Release shall be released by the Trustee or Trust Administrator, as
applicable, to the Servicer or its designee. Upon receipt of a Request for Release under this
Section 3.16, the Trustee or Trust Administrator, as applicable, shall deliver the related
Custodial File to the Servicer by overnight courier (such delivery to be at the Servicer’s
expense); provided, however, that in the event the Servicer has not previously
received copies of the relevant Mortgage Loan Documents necessary to service the related Mortgage
Loan in accordance with Accepted Servicing Practices, the Originator shall reimburse the Servicer
for any overnight courier charges incurred for the requested Custodial Files.

     Upon written certification of a Servicing Officer, the Trustee shall execute and deliver to
any Servicer copies of any court pleadings, requests for trustee’s sale or other documents
reasonably necessary to the foreclosure or trustee’s sale in respect of a Mortgaged Property or to
any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage
or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise available at law or in equity, or shall exercise and deliver
to the Servicer a power of attorney sufficient to authorize the Servicer to execute such documents
on its behalf. Each such certification shall include a request that such pleadings or documents be
executed by the Trustee and a statement as to the reason such documents or pleadings are required
and that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect
the lien of the Mortgage, except for the termination of such a lien upon completion of the
foreclosure or trustee’s sale. Notwithstanding anything to the contrary herein, the Trustee shall
in no way be liable or responsible for the willful malfeasance of the Servicer, or for any wrongful
or negligent actions taken by the Servicer, while the Servicer is acting pursuant to the powers
granted to it in this paragraph.

	 	Section 3.17. 	 	Title, Conservation and Disposition of REO Property.

     (a) This Section shall apply only to REO Properties acquired for the account of the Trustee
and shall not apply to any REO Property relating to a Mortgage Loan which was purchased or
repurchased from the Trustee pursuant to any provision hereof. In the event that title to any such
REO Property is acquired, the Servicer shall cause the deed or certificate of sale to be issued in
the name of the Trustee, on behalf of the Certificateholders, or the Trustee’s nominee.

     (b) The Servicer shall manage, conserve, protect and operate each REO Property for the Trustee
solely for the purpose of its prompt disposition and sale. The Servicer, either itself or through
an agent selected by the Servicer, shall manage, conserve, protect and operate the REO Property in
the same manner that it manages, conserves, protects and operates other foreclosed

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property for its own account, and in the same manner that similar property in the same
locality as the REO Property is managed. The Servicer shall attempt to sell the same (and may
temporarily rent the same for a period not greater than one year, except as otherwise provided
below) on such terms and conditions as the Servicer deems to be in the best interest of the
Trustee.

     (c) [Reserved.]

     (d) The Servicer shall segregate and hold all funds collected and received in connection with
the operation of any REO Property separate and apart from its own funds and general assets and
shall deposit such funds in the Collection Account.

     (e) The Servicer shall deposit net of reimbursement to the Servicer for any related
outstanding Servicing Advances and unpaid Servicing Fees provided in Section 3.11, or cause
to be deposited, on a daily basis in the Collection Account all revenues received with respect to
the related REO Property and shall withdraw therefrom funds necessary for the proper operation,
management and maintenance of the REO Property.

     (f) The Servicer, upon an REO Disposition, shall be entitled to reimbursement for any related
unreimbursed Servicing Advances as well as any unpaid Servicing Fees from proceeds received in
connection with the REO Disposition, as further provided in Section 3.11.

     (g) Any net proceeds from an REO Disposition which are in excess of the unpaid principal
balance of the related Mortgage Loan plus all unpaid REO Imputed Interest thereon through the date
of the REO Disposition shall be retained by the Servicer as additional servicing compensation.

     (h) The Servicer shall use Accepted Servicing Practices, to sell, or cause the Subservicer to
sell, any REO Property as soon as possible, but in no event later than the conclusion of the third
calendar year beginning after the year of its acquisition by any Trust REMIC unless (i) the
Servicer applies for, and is granted, an extension of such period from the Internal Revenue Service
pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall
be sold within the applicable extension period, or (ii) the Servicer obtains for the Trustee an
Opinion of Counsel, addressed to the Depositor, the Trustee, the Trust Administrator and the
Servicer, to the effect that the holding by such REMIC of such REO Property subsequent to such
period will not result in the imposition of taxes on “prohibited transactions” as defined in
Section 860F of the Code or cause any Trust REMIC to fail to qualify as a REMIC under the REMIC
Provisions or comparable provisions of relevant state laws at any time. The Servicer shall manage,
conserve, protect and operate each REO Property for the Trustee 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) or result in the receipt by any
REMIC 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 Section
860G(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Servicer shall
either itself or through an agent selected by the Servicer protect and conserve such REO Property
in the same manner and to such extent as is customary in the locality where such REO Property is
located and may, incident to its conservation and protection of the interests of the Trustee on
behalf of the

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Certificateholders, rent the same, or any part thereof, as the Servicer deems to be in the
best interest of the Trustee on behalf of the Certificateholders for the period prior to the
sale of such REO Property; provided, however, that any rent received or accrued
with respect to such REO Property qualifies as “rents from real property” as defined in Section
856(d) of the Code. Neither the Trustee nor the Master Servicer has any obligation with respect to
REO Dispositions.

	 	Section 3.18. 	 	Notification of Adjustments.

     With respect to each Adjustable Rate Mortgage Loan, the Servicer shall adjust the Mortgage
Interest Rate on the related Adjustment Date and shall adjust the Scheduled Payment on the related
mortgage payment adjustment date, if applicable, in compliance with the requirements of applicable
law and the related Mortgage and Mortgage Note. The Servicer shall execute and deliver any and all
necessary notices required under applicable law and the terms of the related Mortgage Note and
Mortgage regarding the Mortgage Interest Rate and Scheduled Payment adjustments. The Servicer
shall promptly, upon written request therefor, deliver to the Trustee, the Trust Administrator and
the Master Servicer such notifications and any additional applicable data regarding such
adjustments and the methods used to calculate and implement such adjustments. Upon the discovery
by the Servicer or the receipt of notice from the Trustee, the Trust Administrator or the Master
Servicer that the Servicer has failed to adjust a Mortgage Interest Rate or Scheduled Payment in
accordance with the terms of the related Mortgage Note, the Servicer shall deposit in the
Collection Account from its own funds the amount of any interest loss caused as such interest loss
occurs.

	 	Section 3.19. 	 	Access to Certain Documentation and Information Regarding the Mortgage
Loans.

     The Servicer shall provide, or cause the Subservicer to provide, to the Depositor, the
Trustee, the Trust Administrator, the Master Servicer, the OTS or the FDIC and the examiners and
supervisory agents thereof, access to the documentation regarding the Mortgage Loans in its
possession required by applicable regulations of the OTS. Such access shall be afforded without
charge, but only upon 15 days’ (or, if a Servicer Event of Default has occurred and is continuing,
2 days’) prior written request and during normal business hours at the offices of the Servicer or
any Subservicer. Nothing in this Section shall derogate from the obligation of any such party to
observe any applicable law prohibiting disclosure of information regarding the Mortgagors and the
failure of any such party to provide access as provided in this Section as a result of such
obligation shall not constitute a breach of this Section.

	 	Section 3.20. 	 	Documents, Records and Funds in Possession of the Servicer to Be Held for
the Trustee.

     The Servicer shall account fully to the Trustee for any funds received by the Servicer or
which otherwise are collected by the Servicer as Liquidation Proceeds, Condemnation Proceeds or
Insurance Proceeds in respect of any Mortgage Loan. All Mortgage Files and funds collected or held
by, or under the control of, the Servicer in respect of any Mortgage Loans, whether from the
collection of principal and interest payments or from Liquidation Proceeds, including, but not
limited to, any funds on deposit in the Collection Account, shall be held by the Servicer for and
on behalf of the Trustee and shall be and remain the sole and exclusive property of the Trustee,

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subject to the applicable provisions of this Agreement. The Servicer also agrees that
it shall not create, incur or subject any Mortgage File or any funds that are deposited in the
Collection Account, the Distribution Account or any Escrow Account, or any funds that otherwise are
or may become due or payable to the Trustee for the benefit of the Certificateholders, to any
claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, or assert
by legal action or otherwise any claim or right of setoff against any Mortgage File or any funds
collected on, or in connection with, a Mortgage Loan, except, however, that the Servicer shall be
entitled to set off against and deduct from any such funds any amounts that are properly due and
payable to the Servicer under this Agreement.

	 	Section 3.21. 	 	Servicing Compensation.

     (a) As compensation for its activities hereunder, the Servicer shall, with respect to each
Mortgage Loan, be entitled to retain from deposits to the Collection Account and from Liquidation
Proceeds, Insurance Proceeds, and Condemnation Proceeds related to such Mortgage Loan, the
Servicing Fee with respect to each Mortgage Loan (less any portion of such amounts retained by any
Subservicer). In addition, the Servicer shall be entitled to recover unpaid Servicing Fees out of
related late collections and as otherwise permitted in Section 3.11. Except as provided in
Section 6.06, 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 Subservicer pursuant to a Subservicing Agreement entered
into under Section 3.02.

     (b) Additional servicing compensation in the form of assumption or modification fees, late
payment charges, NSF fees, reconveyance fees and other similar fees and charges (other than
Prepayment Premiums) 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 Sections
3.09(b)(vi) and 3.11(a)(iv) to withdraw from the Collection Account, as additional
servicing compensation, interest or other income earned on deposits therein.

     (c) The Servicer shall be required to pay all expenses incurred by it in connection with its
servicing activities hereunder (including payment of premiums for any blanket policy insuring
against hazard losses pursuant to Section 3.13, servicing compensation of any Subservicer
to the extent not retained by such Subservicer and the fees and expenses of independent accountants
and any agents appointed by the Servicer), and shall not be entitled to reimbursement therefor
except as specifically provided in Section 3.11.

	 	Section 3.22. 	 	Annual Statement as to Compliance.

     The Servicer, Master Servicer and the Trust Administrator shall deliver (or otherwise
make available) (and the Servicer, the Master Servicer and Trust Administrator shall cause any
Servicing Function Participant engaged by it to deliver) to the Depositor and the Trust
Administrator and in the case of the Master Servicer, to the Trustee on or before March 1 (with a
ten-calendar day cure period) of each year, commencing in March 2007, an Officer’s Certificate
stating, as to the signer thereof, that (a) a review of such party’s activities during the
preceding calendar year or portion thereof and of such party’s performance under this Agreement, or
such

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other applicable agreement in the case of a Servicing Function Participant, has been made
under such officer’s supervision and (b) to the best of such officer’s knowledge, based on such
review, such party has fulfilled all its obligations under this Agreement, or such other applicable
agreement in the case of a Servicing Function Participant, in all material respects throughout such
year or portion thereof, 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
thereof.

     The Master Servicer shall include all annual statements of compliance received by it from each
Servicer with its own annual statement of compliance to be submitted to the Trust Administrator
pursuant to this Section.

     In the event the Servicer, Master Servicer, the Trust Administrator or any Servicing Function
Participant engaged by any such party is terminated or resigns pursuant to the terms of this
Agreement, or any applicable agreement in the case of a Servicing Function Participant, as the case
may be, such party shall provide an Officer’s Certificate pursuant to this Section 3.22 or
to such applicable agreement, as the case may be, notwithstanding any such termination, assignment
or resignation.

	 	Section 3.23. 	 	Report on Assessment of Compliance and Attestation.

     (a) By March 1 (with a ten-calendar day cure period) of each year, commencing in March 2007,
the Servicer, Master Servicer and the Trust Administrator, each at its own expense, shall furnish
or otherwise make available, and each such party shall cause any Servicing Function Participant
engaged by it to furnish, each at its own expense, to the Trust Administrator and the Depositor, a
report on an assessment of compliance with the Relevant Servicing Criteria that contains (i) a
statement by such party of its responsibility for assessing compliance with the Relevant Servicing
Criteria, (ii) a statement that such party used the Relevant Servicing Criteria to assess
compliance with the Relevant Servicing Criteria, (iii) such party’s assessment of compliance with
the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to
be filed pursuant to Section 4.07, including, if there has been any material instance of
noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the
nature and status thereof, and (iv) a statement that a registered public accounting firm has issued
an attestation report on such party’s assessment of compliance with the Relevant Servicing Criteria
as of and for such period.

     No later than the end of each fiscal year for the Trust for which a 10-K is required to
be filed, the Master Servicer and the Trustee shall each forward to the Trust Administrator and the
Depositor the name of each Servicing Function Participant engaged by it and what Relevant Servicing
Criteria will be addressed in the report on assessment of compliance prepared by such Servicing
Function Participant (provided, however, that the Master Servicer need not provide such information
to the Trust Administrator so long as the Master Servicer and the Trust Administrator are the same
Person). When the Master Servicer and the Trust Administrator (or any Servicing Function
Participant engaged by them) submit their assessments to the Trust Administrator, such parties will
also at such time include the assessment and attestation pursuant to Section 3.23(b) of
each Servicing Function Participant engaged by it.

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     Promptly after receipt of each such report on assessment of compliance, (i) the Depositor
shall review each such report and, if applicable, consult with the Master Servicer, the Trust
Administrator and any Servicing Function Participant engaged by such parties as to the nature of
any material instance of noncompliance with the Relevant Servicing Criteria by each such party, and
(ii) the Trust Administrator shall confirm that the assessments, taken as a whole, address all of
the Servicing Criteria and taken individually address the Relevant Servicing Criteria for each
party as set forth on Exhibit S and on any similar exhibit set forth in each Servicing
Agreement in respect of each Servicer and notify the Depositor of any exceptions.

     The Master Servicer shall include all annual reports on assessment of compliance received by
it from the Servicers with its own assessment of compliance to be submitted to the Trust
Administrator pursuant to this Section.

     In the event the Master Servicer, the Trust Administrator or any Servicing Function
Participant engaged by any such party is terminated, assigns its rights and obligations under, or
resigns pursuant to, the terms of this Agreement, or any other applicable agreement, as the case
may be, such party shall provide a report on assessment of compliance pursuant to this Section
3.23(a), or to such other applicable agreement, notwithstanding any such termination,
assignment or resignation.

     (b) By March 1 (with a ten-calendar day cure period) of each year, commencing in March 2007,
the Servicer, the Master Servicer and the Trust Administrator, each at its own expense, shall
cause, and each such party shall cause any Servicing Function Participant engaged by it to cause,
each at its own expense, a registered public accounting firm (which may also render other services
to the Master Servicer, the Trustee, the Trust Administrator, or such other Servicing Function
Participants, as the case may be) and that is a member of the American Institute of Certified
Public Accountants to furnish an attestation report to the Trust Administrator and the Depositor,
to the effect that (i) it has obtained a representation regarding certain matters from the
management of such party, which includes an assertion that such party has complied with the
Relevant Servicing Criteria, and (ii) on the basis of an examination conducted by such firm in
accordance with standards for attestation engagements issued or adopted by the PCAOB, it is
expressing an opinion as to whether such party’s compliance with the Relevant Servicing Criteria
was fairly stated in all material respects, or it cannot express an overall opinion regarding such
party’s assessment of compliance with the Relevant Servicing Criteria. In the event that an
overall opinion cannot be expressed, such registered public accounting firm shall state in such
report why it was unable to express such an opinion. Such report must be available for general use
and not contain restricted use language.

     Promptly after receipt of each such assessment of compliance and attestation report, the Trust
Administrator shall confirm that each assessment submitted pursuant to Section 3.23(a) is
coupled with an attestation meeting the requirements of this Section and notify the Depositor of
any exceptions.

     The Master Servicer shall include each such attestation furnished to it by the Servicers with
its own attestation to be submitted to the Trust Administrator pursuant to this Section.

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     In the event the Master Servicer, the Trust Administrator, any Servicer or any Servicing
Function Participant engaged by any such party, is terminated, assigns its rights and duties under,
or resigns pursuant to the terms of, this Agreement, or any applicable Custodial Agreement,
Servicing Agreement or sub-servicing agreement, as the case may be, such party shall cause a
registered public accounting firm to provide an attestation pursuant to this Section
3.23(b), or such other applicable agreement, notwithstanding any such termination, assignment
or resignation.

	 	Section 3.24. 	 	Master Servicer to Act as Servicer.

     (a) In the event that the Servicer shall for any reason no longer be the Servicer hereunder
(including by reason of a Servicer Event of Default), the Master Servicer or its successor shall
thereupon assume all of the rights and obligations of the Servicer hereunder arising thereafter
(except that the Master Servicer shall not be (i) liable for losses of such predecessor Servicer
pursuant to Section 3.10 or any acts or omissions of such predecessor Servicer hereunder,
(ii) obligated to make Advances if it is prohibited from doing so by applicable law, (iii)
obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder, including but not
limited to repurchases or substitutions pursuant to Section 2.03, (iv) responsible for
expenses of the Servicer pursuant to Section 2.03 or (v) deemed to have made any
representations and warranties of the Servicer hereunder). Any such assumption shall be subject to
Section 7.02.

     (b) If the Servicer shall for any reason no longer be the Servicer (including by reason of any
Servicer Event of Default), the Master Servicer (or any other successor Servicer) may, at its
option, succeed to any rights and obligations of the Servicer under any Subservicing Agreement in
accordance with the terms thereof; provided, that the Master Servicer (or any other
successor Servicer) shall not incur any liability or have any obligations in its capacity as
successor Servicer under a Subservicing Agreement arising prior to the date of such succession
unless it expressly elects to succeed to the rights and obligations of the Servicer thereunder; and
the Servicer shall not thereby be relieved of any liability or obligations under the Subservicing
Agreement arising prior to the date of such succession.

     (c) The Servicer shall, upon request of the Master Servicer, but at the expense of the
Servicer, deliver to the assuming party all documents and records relating to each Subservicing
Agreement (if any) and the Mortgage Loans then being serviced thereunder and an accounting of
amounts collected and held by it and otherwise use its best efforts to effect the orderly and
efficient transfer of the Subservicing Agreement to the assuming party.

	 	Section 3.25.	 	 Compensating Interest.

     The Servicer shall remit to the Trust Administrator for deposit into the Distribution Account
on each Remittance Date an amount from its own funds equal to Compensating Interest payable by the
Servicer for such Remittance Date.

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     Section 3.26. Credit Reporting; Gramm-Leach-Bliley Act.

     (a) With respect to each Mortgage Loan, the Servicer shall fully furnish, in accordance with
the Fair Credit Reporting Act and its implementing regulations, accurate and complete information
(e.g., favorable and unfavorable) on the related Mortgagor credit files to three of the national
credit repositories, on a monthly basis.

     (b) The Servicer shall comply with Title V of the Gramm-Leach-Bliley Act of 1999 and all
applicable regulations promulgated thereunder relating to the Mortgage Loans and the related
borrowers, and shall provide all required notices thereunder.

     Section 3.27. Pool I Net WAC Rate Carryover Reserve Account; Pool II Net WAC Rate
Carryover Reserve Account; Distribution Account; Swap Accounts; Interest Coverage
Account.

     (a) The Trust Administrator shall establish and maintain the Pool I Net WAC Rate Carryover
Reserve Account (which may be a subaccount of a single account), on behalf of the Holders of the
Class C Certificates, to receive any Net WAC Rate Carryover Payments and any Pool I Net Swap
Payments and to pay to the Holders of the Pool I Offered Certificates any Pool I Net WAC Rate
Carryover Amounts. On each Distribution Date on which there is a Pool I Net WAC Rate Carryover
Amount, the Trust Administrator has been directed by the Class C Certificateholders to, and
therefore shall, deposit the amount of any Pool I Net Swap Payments in respect of Pool I Net WAC
Rate Carryover Amounts otherwise distributable to the Class C Certificateholder (on behalf of the
Class C Interest) for such date into the Pool I Net WAC Rate Carryover Reserve Account. The Pool I
Net WAC Rate Carryover Account shall not be an asset of any Trust REMIC.

     On each Distribution Date on which there exists a Pool I Net WAC Rate Carryover Amount on any
Class of Pool I Offered Certificates, the Trust Administrator shall (1) withdraw from the
Distribution Account and deposit in the Pool I Net WAC Rate Carryover Reserve Account, as set forth
in Section 4.02(a)(iii)(N), the lesser of the Class C Distributable Amount as paid from the
Class C Interest to the Class C Certificateholder (to the extent remaining after the distributions
specified in Sections 4.02(a)(iii)(A)-(M)) and the aggregate Pool I Net WAC Rate Carryover
Amount and (2) withdraw from the Pool I Net WAC Rate Carryover Reserve Account amounts necessary to
pay to such Class or Classes of Pool I Certificates the applicable Pool I Net WAC Rate Carryover
Amounts. Such payments shall be allocated to those Classes based upon the amount of Pool I Net WAC
Rate Carryover Amount owed to each such Class and shall be paid in the priority and subject to the
limitations set forth in Sections 4.02(a)(iii)(O)-(P). In the event that the Certificate
Principal Balance of any Class of Pool I Subordinate Certificates is permanently reduced because of
Pool I Applied Realized Loss Amounts, the applicable Certificateholders will not be entitled
(except to the extent of Subsequent Recoveries and as otherwise set forth herein) to receive Pool I
Net WAC Rate Carryover Amounts on the written down amounts on such Distribution Date or any future
Distribution Dates, even if funds are otherwise available for distribution, unless the Certificate
Principal Balance of such Certificate is later restored through Subsequent Recoveries.

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     The Trust Administrator shall account for the Pool I Net WAC Rate Carryover Reserve Account as
an outside reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h) and not as
an asset of any Trust REMIC created pursuant to this Agreement. The beneficial owners of the Pool
I Net WAC Rate Carryover Reserve Account are the Holders of the Class C Certificates. For all
federal income tax purposes, amounts transferred to the Net WAC Rate Carryover Reserve Account
shall be treated as first distributed by the Trust Administrator from REMIC VII to the Holders of
the Class C Interest and then from the Holders of the Class C Interest to the Class C Certificates,
and then contributed by the Holders of the Class C Certificates to the Pool I Net WAC Rate
Carryover Reserve Account.

     Any Pool I Net WAC Rate Carryover Amounts paid by the Trust Administrator to the Holders of
the Pool I Offered Certificates shall be accounted for by the Trust Administrator as amounts paid
first to the Holders of the Class C Certificates in respect of the Class C Interest and then to the
respective Class or Classes of Pool I Offered Certificates. In addition, the Trust Administrator
shall account for the rights of Holders of each Class of Pool I Offered Certificates to receive
payments of Pool I Net WAC Rate Carryover Amounts as rights in a separate limited recourse interest
rate cap contract written by the Holders of the Class C Certificates in respect of the Class C
Interest in favor of Holders of each such Class.

     The Trust Administrator shall establish and maintain the Pool II Net WAC Rate Carryover
Reserve Account (which may be a subaccount of a single account), on behalf of the Holders of the
Class SL-C Certificates, to receive any Pool II Net WAC Rate Carryover Payments and any Pool II Net
Swap Payments and to pay to the Holders of the LIBOR Certificates any Pool II Net WAC Rate
Carryover Amounts. On each Distribution Date on which there is a Pool II Net WAC Rate Carryover
Amount, the Trust Administrator has been directed by the Class SL-C Certificateholders to, and
therefore shall, deposit the amount of any Pool II Net Swap Payments in respect of Pool II Net WAC
Rate Carryover Amounts otherwise distributable to the Class SL-C Certificateholder for such date
into the Pool II Net WAC Rate Carryover Reserve Account. The Pool II Net WAC Rate Carryover
Account shall not be an asset of any Trust REMIC.

     On each Distribution Date on which there exists a Pool II Net WAC Rate Carryover Amount on any
Class of LIBOR Certificates, the Trust Administrator shall (1) withdraw from the Distribution
Account and deposit in the Pool II Net WAC Rate Carryover Reserve Account, as set forth in
Section 4.02(e)(iii)(W), the lesser of the Class SL-C Distributable Amount as paid from the
Class SL-C Interest to the Class SL-C Certificateholder (to the extent remaining after the
distributions specified in Sections 4.02(e)(iii)(C)-(V)) and the aggregate Pool II Net WAC
Rate Carryover Amount and (2) withdraw from the Pool II Net WAC Rate Carryover Reserve Account
amounts necessary to pay to such Class or Classes of Certificates the applicable Pool II Net WAC
Rate Carryover Amounts. Such payments shall be allocated to those Classes based upon the amount of
Pool II Net WAC Rate Carryover Amount owed to each such Class and shall be paid in the priority and
subject to the limitations set forth in Section 4.02(e)(iii)(W). In the event that the
Certificate Principal Balance of any Class of Subordinate Certificates is permanently reduced
because of Applied Realized Loss Amounts, the applicable Certificateholders will not be entitled
(except to the extent of Subsequent Recoveries and as otherwise set forth herein) to receive Pool
II Net WAC Rate Carryover Amounts on the written down amounts on such Distribution Date or any
future Distribution Dates, even if funds are

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otherwise available for distribution, unless the Certificate Principal Balance of such
Certificate is later restored through Subsequent Recoveries.

     The Trust Administrator shall account for the Pool II Net WAC Rate Carryover Reserve Account
as an outside reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h) and not
as an asset of any Trust REMIC created pursuant to this Agreement. The beneficial owners of the
Pool II Net WAC Rate Carryover Reserve Account are the Holders of the Class SL-C Certificates (on
behalf of the Class SL-C Interest). For all federal income tax purposes, amounts transferred to
the Pool II Net WAC Rate Carryover Reserve Account shall be treated as first distributed by the
Trust Administrator from REMIC VII to the Holders of the Class SL-C Interest and then from the
Holders of the Class SL-C Interest to the Class SL-C Certificates, and then contributed by the
Holders of the Class SL-C Certificates to the Pool II Net WAC Rate Carryover Reserve Account.

     Any Pool II Net WAC Rate Carryover Amounts paid by the Trust Administrator to the Holders of
the LIBOR Certificates shall be accounted for by the Trust Administrator as amounts paid first to
the Holders of the Class SL-C Certificates in respect of the Class SL-C Interest and then to the
respective Class or Classes of LIBOR Certificates. In addition, the Trust Administrator shall
account for the rights of Holders of each Class of LIBOR Certificates to receive payments of Pool
II Net WAC Rate Carryover Amounts as rights in a separate limited recourse interest rate cap
contract written by the Holders of the Class SL-C Certificates in respect of the Class SL-C
Interest in favor of Holders of each such Class.

     Notwithstanding any provision contained in this Agreement, the Trust Administrator shall not
be required to make any payments from the Pool I Net WAC Rate Carryover Reserve Account or the Pool
II Net WAC Rate Carryover Reserve Account except as expressly set forth in this Section
3.27(a) and the funds in such Accounts shall not be invested by the Trust Administrator.

     (b) The Trust Administrator shall establish and maintain the Distribution Account on behalf of
the Certificateholders. The Trust Administrator shall, promptly on the Business Day received,
deposit in the Distribution Account and retain therein the following:

     (i) the aggregate amount remitted by the Servicer to the Trust Administrator pursuant
to Section 3.11;

     (ii) any amount deposited by the Servicer pursuant to Section 3.12(b) in
connection with any losses on Permitted Investments; and

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

     In the event that the Servicer shall remit any amount not required to be remitted, the
Servicer may at any time direct the Trust Administrator in writing to withdraw such amount from the
Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be
accomplished by delivering notice to the Trust Administrator which describes the amounts deposited
in error in the Distribution Account. All funds deposited in the Distribution

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Account shall be held by the Trust Administrator in trust for the Certificateholders until
disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.11
or Section 4.02.

     (c) The Trust Administrator shall establish and maintain the Pool I Swap Account as a
segregated trust account (which may be a subaccount of a single account) on behalf of the
Certificateholders. Amounts on deposit in the Swap Accounts shall remain uninvested. On each
Distribution Date, the Swap Administrator shall deposit certain amounts, if any, received from the
Pool I Swap Provider from which distributions in respect of unpaid Current Interest on the Pool I
Certificates, Unpaid Interest Shortfall Amounts on the Pool I Certificates, Net WAC Rate Carryover
Amounts on the Pool I Certificates, amounts necessary to maintain the Pool I Overcollateralization
Target Amount and Pool I Applied Realized Loss Amounts on the Pool I Subordinate Certificates will
be made. The Pool I Swap Account will be an asset of the Trust but not of any REMIC.

     On each Distribution Date, prior to any distribution to any Certificate, the Trust
Administrator shall deposit into the Pool I Swap Account: (i) the amount of any Pool I Net Swap
Payment or Pool I Swap Termination Payment owed to the Pool I Swap Provider (after taking into
account any upfront payment received from the counterparty to a replacement swap agreement) from
funds collected and received with respect to the Pool I Mortgage Loans prior to the determination
of Pool I Available Funds, and (ii) amounts received by the Trust Administrator from the Swap
Administrator with respect to the Pool I Swap Agreement, for distribution as described below,
pursuant to the Swap Administration Agreement. For federal income tax purposes, any amounts paid
to the Pool I Swap Provider on each Distribution Date shall first be deemed paid to the Pool I Swap
Provider in respect of the Class SWAP-I-IO Interest to the extent of the amount distributable on
such Class SWAP-I-IO Interest on such Distribution Date, and any remaining amount shall be deemed
paid to the Pool I Swap Provider in respect of a Pool I Class IO Distribution Amount (as defined
below).

     For federal income tax purposes, the Pool I Swap Account shall be beneficially owned by the
Holders of the Class C Certificates.

     The Trust shall treat the Holders of the Pool I Certificates (other than the Class P, Class C,
Class R and Class RX 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 Pool I Certificates (other than the Class P, Class C, Class R and Class RX
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 VII Regular Interest corresponding to such Class of Pool I
Certificates over (ii) the amount payable on such Class of Certificates on such Distribution Date
(such excess, a “Class Pool I-IO Distribution Amount”). A Class Pool I-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 applicable REMIC VII Net WAC
Rate, and a Class Pool I-IO Distribution Amount payable from principal collections shall be
allocated to the most subordinate Class of Pool I Certificates with an outstanding principal
balance to the extent of such balance. In addition,

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pursuant to such notional principal contract, the Holder of the Class C Certificates shall be
treated as having agreed to pay Pool I Net WAC Rate Carryover Amounts to the Holders of the Pool I
Certificates (other than the Class C, Class P, Class R and Class RX 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
Pool I Certificates (other than the Class C, Class P, Class R and Class RX Certificates) of a Class
I-IO Distribution Amount shall be treated for tax purposes as having been received by the Holders
of such Certificates in respect of the corresponding REMIC VII Regular Interest and as having been
paid by such Holders to the Swap Account pursuant to the notional principal contract. Thus, each
Pool I Certificate (other than the Class P, Class R and Class RX Certificates) shall be treated as
representing not only ownership of a REMIC VII Regular Interest, but also ownership of an interest
in, and obligations with respect to, a notional principal contract, as provided in Section
11.01(l).

     For federal income tax purposes, each holder of a Pool I Senior Certificate or a Pool I
Subordinate Certificate, is deemed to own an undivided beneficial ownership interest in a REMIC VII
Regular Interest and the right to receive payments from either the Pool I Net WAC Rate Carryover
Reserve Account or the Pool I Swap Account in respect of the Pool I Net WAC Rate Carryover Amount
or the obligation to make payments to the Pool I Swap Account in respect of the Class I-IO
Distribution Amount or Pool I Swap Termination Payment. For federal income tax purposes, the Trust
Administrator will account for payments to each Pool I Senior and Pool I Subordinate Certificate as
follows: each Pool I Senior Certificate and Pool I Subordinate Certificate will be treated as
receiving their entire payment from the corresponding REMIC VII Regular Interest (regardless of any
Pool I Swap Termination Payment, Class I-IO Distribution Amount or obligation under the Pool I Swap
Agreement) and subsequently paying their portion of any Pool I Swap Termination Payment or Class
I-IO Distribution Amount in respect of each such Class’ obligation under the Pool I Swap Agreement.
In the event that any such Class is resecuritized in another REMIC, the obligation under the Pool
I Swap Agreement to pay any such Pool I Swap Termination Payment (or any shortfall in the Pool I
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 Pool I Senior or Pool I Subordinate Certificate. Resecuritization of any Pool I Senior or
Pool I Subordinate Certificate in a REMIC will be permissible only if the Trustee hereunder is the
trustee in such resecuritization.

     The REMIC VII Regular Interest corresponding to a Pool I Senior or Pool I Subordinate
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 the maximum
interest rate payable on that REMIC VII Regular Interest will equal the “REMIC VII Net WAC Rate.”
As a result of the foregoing, the amount of distributions and taxable income on the REMIC VII
Regular Interest corresponding to a Pool I Senior or Pool I Subordinate Certificate may exceed the
actual amount of distributions on the Pool I Senior or Pool I Subordinate Certificate.

     (d) The Trust Administrator shall establish and maintain the Pool II Swap Account as a
segregated trust account (which may be a subaccount of a single account) on behalf of the

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Certificateholders. Amounts on deposit in the Swap Accounts shall remain uninvested. On each
Distribution Date, the Swap Administrator shall deposit certain amounts, if any, received from the
Pool II Swap Provider from which distributions in respect of unpaid Current Interest, Unpaid
Interest Shortfall Amounts, Net WAC Rate Carryover Amounts, amounts necessary to maintain the Pool
II Overcollateralization Target Amount and Pool II Applied Realized Loss Amounts on the Pool II
Subordinate Certificates will be made. The Pool II Swap Account will be an asset of the Trust but
not of any REMIC.

     On each Distribution Date, prior to any distribution to any Certificate, the Trust
Administrator shall deposit into the Pool II Swap Account: (i) the amount of any Pool II Net Swap
Payment or Pool II Swap Termination Payment owed to the Pool II Swap Provider (after taking into
account any upfront payment received from the counterparty to a replacement swap agreement) from
funds collected and received with respect to the Pool II Mortgage Loans prior to the determination
of Pool II Available Funds, and (ii) amounts received by the Trust Administrator from the Swap
Administrator with respect to the Pool II Swap Agreement, for distribution as described below,
pursuant to the Swap Administration Agreement. For federal income tax purposes, any amounts paid
to the Pool II Swap Provider on each Distribution Date shall first be deemed paid to the Pool II
Swap Provider in respect of the Class SWAP-II-IO Interest to the extent of the amount distributable
on such Class SWAP-II-IO Interest on such Distribution Date, and any remaining amount shall be
deemed paid to the Pool II Swap Provider in respect of a Pool II Class IO Distribution Amount (as
defined below).

     For federal income tax purposes, the Pool II Swap Account shall be beneficially owned by the
Holders of the Class SL-C Certificates.

     The Trust shall treat the Holders of the Pool II Certificates (other than the Class SL-C,
Class R and Class RX Certificates) as having entered into a notional principal contract with
respect to the Holders of the Class SL-C Certificates. Pursuant to each such notional principal
contract, all Holders of Pool II Certificates (other than the Class SL-C, Class R and Class RX
Certificates) shall be treated as having agreed to pay, on each Distribution Date, to the Holder of
the Class SL-C Certificates an aggregate amount equal to the excess, if any, of (i) the amount
payable on such Distribution Date on the REMIC VII Regular Interest corresponding to such Class of
Pool II Certificates over (ii) the amount payable on such Class of Certificates on such
Distribution Date (such excess, a “Pool II Class IO Distribution Amount”). A Pool II 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 applicable REMIC VII Net WAC Rate, and a Class Pool II-IO Distribution Amount payable
from principal collections shall be allocated to the most subordinate Class of Pool II 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 SL-C Certificates shall be treated as having
agreed to pay Pool II Net WAC Rate Carryover Amounts to the Holders of the Pool II Certificates
(other than the Class SL-C, Class R and Class RX 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 Pool II Certificates
(other than the Class SL-C, Class R and Class RX

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Certificates) of a Class I-IO Distribution Amount shall be treated for tax purposes as having
been received by the Holders of such Certificates in respect of the corresponding REMIC VII Regular
Interest and as having been paid by such Holders to the Swap Account pursuant to the notional
principal contract. Thus, each Pool II Certificate (other than the Class R and Class RX
Certificates) shall be treated as representing not only ownership of a REMIC VII Regular Interest,
but also ownership of an interest in, and obligations with respect to, a notional principal
contract, as provided in Section 11.01(l).

     For federal income tax purposes, each holder of a Pool II Senior Certificate or a Pool II
Subordinate Certificate, is deemed to own an undivided beneficial ownership interest in a REMIC VII
Regular Interest and the right to receive payments from either the Pool II Net WAC Rate Carryover
Reserve Account or the Pool II Swap Account in respect of the Pool II Net WAC Rate Carryover Amount
or the obligation to make payments to the Pool II Swap Account in respect of the Pool II Class IO
Distribution Amount or Pool II Swap Termination Payment. For federal income tax purposes, the
Trust Administrator will account for payments to each Pool II Senior and Pool II Subordinate
Certificate as follows: each Pool II Senior Certificate and Pool II Subordinate Certificate will be
treated as receiving their entire payment from the corresponding REMIC VII Regular Interest
(regardless of any Pool II Swap Termination Payment, Class I-IO Distribution Amount or obligation
under the Pool II Swap Agreement) and subsequently paying their portion of any Pool II Swap
Termination Payment or Pool II Class IO Distribution Amount in respect of each such Class’
obligation under the Pool II Swap Agreement. In the event that any such Class is resecuritized in
another REMIC, the obligation under the Pool II Swap Agreement to pay any such Pool II Swap
Termination Payment (or any shortfall in the Pool II 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 Pool II Senior or Pool II Subordinate
Certificate. Resecuritization of any Pool II Senior or Pool II Subordinate Certificate in a REMIC
will be permissible only if the Trustee hereunder is the trustee in such resecuritization.

     The REMIC VII Regular Interest corresponding to a Pool II Senior or Pool II Subordinate
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 the maximum
interest rate payable on that REMIC VII Regular Interest will equal the “REMIC VII Net WAC Rate.”
As a result of the foregoing, the amount of distributions and taxable income on the REMIC VII
Regular Interest corresponding to a Pool II Senior or Pool II Subordinate Certificate may exceed
the actual amount of distributions on the Pool II Senior or Pool II Subordinate Certificate.

     (e) The Trust Administrator shall establish and maintain the Interest Coverage Account as a
segregated trust account on behalf of the Certificateholders through the first Distribution Date.
On the Closing Date, the Depositor shall cause to be deposited in the Interest Coverage Account
$1,660,673.93 with respect to the Pool I Certificates and $39,175.73 with respect to the Pool II
Certificates from the proceeds of the sale of the Certificates. Amounts on deposit in the Interest
Coverage Account shall remain uninvested. On the first Distribution Date, the Trust Administrator
will transfer the funds from the Interest Coverage Account to the Distribution Account to be
included as Pool I Available Funds and Pool II Available Funds, respectively and the Interest
Coverage Account shall be closed.

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	 	 	Section 3.28. Optional Purchase of Delinquent Mortgage Loans.

     The Depositor, in its sole discretion, shall have the option, but shall not be obligated, to
purchase any 90+ Delinquent Mortgage Loans from the Trust Fund. The purchase price for any such
Mortgage Loan shall be 100% of the unpaid principal balance of such Mortgage Loan plus accrued and
unpaid interest on the related Mortgage Loan at the applicable Mortgage Interest Rate, plus the
amount of any unreimbursed Servicing Advances made by the Servicer. Upon receipt of such purchase
price, the Servicer shall provide to the Trustee or Trust Administrator, as applicable, a Request
for Release and the Trustee or Trust Administrator, as applicable, shall promptly release to the
Depositor, the Mortgage File relating to the Mortgage Loan being repurchased.

     Section 3.29. REMIC-Related Covenants.

     For as long as each Trust REMIC shall exist, the Servicer shall act in accordance herewith to
treat such Trust REMIC as a REMIC, and the Servicer shall comply with any directions of the Trustee
or the Trust Administrator to assure such continuing treatment. In particular, the Servicer shall
not (a) sell or permit the sale of all or any portion of the Mortgage Loans or of any investment of
deposits in either the Collection Account or the Distribution Account unless such sale is as a
result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee and Trust
Administrator has received an Opinion of Counsel prepared at the expense of the Trust Fund stating
that such contribution will not result in an Adverse REMIC Event (as defined in Section
11.01(f)); and (b) other than with respect to a substitution pursuant to the Mortgage Loan
Purchase Agreement or Section 2.03 of this Agreement, as applicable, accept any
contribution to any Trust REMIC after the Startup Day (as defined in Section 11.01(b))
without receipt of an Opinion of Counsel stating that such contribution will not result in an
Adverse REMIC Event (as defined in Section 11.01(f)).

ARTICLE IIIA

ADMINISTRATION AND MASTER SERVICING OF

THE MORTGAGE LOANS BY THE MASTER SERVICER

     Section 3A.01. Master Servicer.

     The Master Servicer shall supervise, monitor and oversee the obligation of the Servicer to
service and administer the Mortgage Loans in accordance with the terms of the Agreement and shall
have full power and authority to do any and all things which it may deem necessary or desirable in
connection with such master servicing and administration. In performing its obligations hereunder,
the Master Servicer shall act in a manner consistent with Accepted Master Servicing Practices.
Furthermore, the Master Servicer shall oversee and consult with the Servicer as necessary from
time-to-time to carry out the Master Servicer’s obligations hereunder, shall receive, review and
evaluate all reports, information and other data provided to the Master Servicer by the Servicer
and shall cause the Servicer to perform and observe the covenants, obligations and conditions to be
performed or observed by the Servicer under this Agreement. The Master Servicer shall
independently and separately monitor the Servicer’s servicing
activities with respect to each related Mortgage Loan, reconcile the results of such
monitoring with such information provided in the previous sentence on a monthly basis and
coordinate

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corrective adjustments to the Servicer’s and Master Servicer’s records. The Master
Servicer shall reconcile the results of its Mortgage Loan monitoring with the actual remittances of
the Servicer to the Distribution Account pursuant to the terms hereof based on information provided
to the Master Servicer by the Trust Administrator pursuant to the third paragraph of Section
8.01. Notwithstanding any provision of this Agreement to the contrary, the Master Servicer
shall have no duty or obligation to confirm or verify the amounts reported by the Servicer as
Realized Losses with respect to any Determination Date unless the Servicer shall have failed the
Servicer Enhanced Review Test for such Determination Date.

     The Trustee shall furnish the Master Servicer with any limited powers of attorney and other
documents in form acceptable to it necessary or appropriate to enable the Master Servicer to
perform its master servicing obligations. The Trustee shall have no responsibility for any action
of the Master Servicer pursuant to any such limited power of attorney and shall be indemnified by
the Master Servicer, as applicable, for any cost, liability or expense incurred by the Trustee in
connection with the Master Servicer’s misuse of any such power of attorney.

     The Master Servicer shall provide access to the records and documentation in possession of the
Master Servicer regarding the related Mortgage Loans and REO Property and the servicing thereof to
the Certificateholders, the FDIC, and the supervisory agents and examiners of the FDIC, such access
being afforded only upon reasonable prior written request and during normal business hours at the
office of the Master Servicer; provided, however, that, unless otherwise required by law, the
Master Servicer shall not be required to provide access to such records and documentation if the
provision thereof would violate the legal right to privacy of any Mortgagor. The Master Servicer
shall allow representatives of the above entities to photocopy any of the records and documentation
and shall provide equipment for that purpose at a charge that covers the Master Servicer’s actual
costs.

     Section 3A.02 REMIC-Related Covenants.

     For as long as each Trust REMIC shall exist, the Master Servicer shall act in accordance
herewith to treat such Trust REMIC as a REMIC, and the Master Servicer shall comply with any
directions of the Trustee or the Trust Administrator to assure such continuing treatment. In
particular, the Master Servicer shall not (a) sell all or any portion of the Mortgage Loans or of
any investment of deposits in either the Collection Account or the Distribution Account unless such
sale is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement or the Trustee
and Trust Administrator has received an Opinion of Counsel prepared at the expense of the Trust
Fund stating that such contribution will not result in an Adverse REMIC Event (as defined in
Section 11.01(f)); and (b) other than with respect to a substitution pursuant to the
Mortgage Loan Purchase Agreement or Section 2.03 of this Agreement, as applicable, accept
any contribution to any Trust REMIC after the Startup Day (as defined in Section 11.01(b))
without receipt of an Opinion of Counsel stating that such contribution will not result in an
Adverse REMIC Event (as defined in Section 11.01(f)).

     Section 3A.03 Monitoring of Servicer.

     (a) Subject to Section 3A.01, The Master Servicer shall be responsible for monitoring
compliance by the Servicer with its duties under this Agreement. In the review of the Servicer’s

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activities, the Master Servicer may rely upon an Officer’s Certificate of the Servicer with regard
to the Servicer’s compliance with the terms of this Agreement. In the event that the Master
Servicer, in its judgment, determines that the Servicer should be terminated in accordance with the
terms hereof, or that a notice should be sent pursuant to the terms hereof with respect to the
occurrence of an event that, unless cured, would constitute a Servicer Event of Default, the Master
Servicer shall notify the Servicer and the Trustee thereof and the Master Servicer shall issue such
notice or take such other action as it deems appropriate.

     (b) The Master Servicer, for the benefit of the Trustee and the Certificateholders, shall
enforce the obligations of the Servicer under this Agreement, and shall, in the event that the
Servicer fails to perform its obligations in accordance with this Agreement, subject to the
preceding paragraph and Article VII, cause the Trustee to terminate the rights and
obligations of the Servicer hereunder in accordance with the provisions of Article VII.
Such enforcement, including, without limitation, the legal prosecution of claims and the pursuit of
other appropriate remedies, shall be in such form and carried out to such an extent and at such
time as the Master Servicer, in its good faith business judgment, would require were it the owner
of the related Mortgage Loans. The Master Servicer shall pay the costs of such enforcement at its
own expense, provided that the Master Servicer shall not be required to prosecute or defend any
legal action except to the extent that the Master Servicer shall have received reasonable indemnity
for its costs and expenses in pursuing such action.

     (c) The Master Servicer shall be entitled to be reimbursed by the Servicer (or from amounts on
deposit in the Distribution Account if the Servicer does not timely fulfill its obligations
hereunder) for all reasonable out-of-pocket or third party costs associated with the transfer of
servicing from the predecessor Servicer (or if the predecessor Servicer is the Master Servicer,
from the Servicer immediately preceding the Master Servicer), including without limitation, any
reasonable out-of-pocket or third party 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 Master Servicer to correct any errors or insufficiencies in the servicing data or
otherwise to enable the Master Servicer to service the Mortgage Loans properly and effectively,
upon presentation of reasonable documentation of such costs and expenses.

     (d) Subject to Section 3A.01, the Master Servicer shall require the Servicer to comply
with the remittance requirements and other obligations set forth in this Agreement.

     (e) If the Master Servicer acts as successor Servicer, it will not assume liability for the
representations and warranties of the terminated Servicer.

     (f) The Master Servicer shall not be liable for any acts or omissions of the Servicer.

     Section 3A.04 Fidelity Bond.

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

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omissions insurance policy and the fidelity bond shall be in such form and amount generally
acceptable for entities serving as master servicers or trustees.

     Section 3A.05 Power to Act; Procedures.

     The Master Servicer shall master service the Mortgage Loans and shall have full power and
authority, subject to the REMIC Provisions and the provisions of Article XI, to do any and
all things that it may deem necessary or desirable in connection with the master servicing and
administration of the Mortgage Loans; provided, however, that the Master Servicer shall not
knowingly or intentionally take any action, or fail to take (or fail to cause to be taken) any
action reasonably within its control and the scope of duties more specifically set forth herein,
that, under the REMIC Provisions, if taken or not taken, as the case may be, would cause any REMIC
created hereunder to fail to qualify as a REMIC or result in the imposition of a tax upon the Trust
Fund (including but not limited to the tax on prohibited transactions as defined in Section
860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code) unless the Master Servicer has received an Opinion of Counsel (but not at the expense of the
Master Servicer) to the effect that the contemplated action will not cause any REMIC created
hereunder to fail to qualify as a REMIC or result in the imposition of a tax upon any REMIC created
hereunder. The Trustee shall execute and deliver such other documents, as the Master Servicer or
the Servicer may request, to enable the Master Servicer to master service and administer the
Mortgage Loans and carry out its duties hereunder, in each case in accordance with Accepted Master
Servicing Practices. If the Master Servicer or the Trustee has been advised that it is likely that
the laws of the state in which action is to be taken prohibit such action if taken in the name of
the Trustee or that the Trustee would be adversely affected under the “doing business” or tax laws
of such state if such action is taken in its name, the Master Servicer shall join with the Trustee
in the appointment of a co-trustee pursuant to Section 8.10. In the performance of its
duties hereunder, the Master Servicer shall be an independent contractor and shall not, except in
those instances where it is taking action in the name of the Trustee, be deemed to be the agent of
the Trustee. The Trustee shall have no responsibility for any action of the Master Servicer or the
Servicer taken pursuant to any document delivered by the Trustee under this Section 3A.05.

     Section 3A.06 Due-on-Sale Clauses; Assumption Agreements.

     To the extent Mortgage Loans contain enforceable due-on-sale clauses, the Master Servicer
shall cause the Servicer to enforce such clauses in accordance with this Agreement.

     Section 3A.07 Documents, Records and Funds in Possession of Master Servicer To Be Held for
Trustee.

     (a) The Master Servicer shall transmit to the Trustee or the Trust Administrator such
documents and instruments coming into the possession of the Master Servicer from time to time as
are required by the terms hereof to be delivered to the Trustee or the Trust Administrator. Any
funds received by the Master Servicer in respect of any Mortgage Loan or which otherwise are
collected by the Master Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any
Mortgage Loan shall be remitted to the Trust Administrator for deposit in the Distribution Account.
The Master Servicer shall, and, subject to Section 3.19, shall cause the Servicer to,

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provide access to information and documentation regarding the Mortgage Loans to the Trustee, its
agents and accountants at any time upon reasonable request and during normal business hours, and to
Certificateholders that are savings and loan associations, banks or insurance companies, the Office
of Thrift Supervision, the FDIC and the supervisory agents and examiners of such Office and
Corporation or examiners of any other federal or state banking or insurance regulatory authority if
so required by applicable regulations of the Office of Thrift Supervision or other regulatory
authority, such access to be afforded without charge but only upon reasonable request in writing
and during normal business hours at the offices of the Master Servicer designated by it. In
fulfilling such a request the Master Servicer shall not be responsible for determining the
sufficiency of such information.

     (b) All funds collected or held by, or under the control of, the Master Servicer, in respect
of any Mortgage Loans, whether from the collection of principal and interest payments or from
Liquidation Proceeds or Insurance Proceeds, shall be remitted to the Trust Administrator for
deposit in the Distribution Account.

     Section 3A.08 [RESERVED].

     Section 3A.09 Compensation for the Master Servicer.

     As compensation for the activities of the Master Servicer hereunder, the Master Servicer shall
be entitled to the Master Servicing Fee and all investment income on funds on deposit in the
Distribution Account. The compensation owing to the Master Servicer in respect of any Distribution
Date shall be reduced as applicable in accordance with Section 3A.12. The Master Servicer
shall be required to pay all expenses incurred by it in connection with its ordinary activities
hereunder and shall not be entitled to reimbursement therefor except as provided in this Agreement.

     Section 3A.10 [RESERVED].

     Section 3A.11 [RESERVED].

     Section 3A.12 Obligation of the Master Servicer in Respect of Prepayment Interest
Shortfalls.

     In the event that the Servicer fails to perform on any Remittance Date its obligations
pursuant to Section 3.25, the Master Servicer shall remit to the Trust Administrator not
later than the Distribution Date an amount equal to the lesser of (i) the aggregate amounts
required to be paid by the Servicer with respect to Prepayment Interest Shortfalls attributable to
Principal Prepayments on the related Mortgage Loans for the related Distribution Date, and not so
paid by the Servicer and (ii) the Master Servicing Fee for such Distribution Date, without
reimbursement therefor.

ARTICLE IV

DISTRIBUTIONS AND ADVANCES BY THE SERVICER

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     Section 4.01. Advances.

     (a) The amount of P&I Advances to be made by the Servicer with respect to the Pool I Mortgage
Loans for any Remittance Date shall equal, subject to Section 4.01(c), the sum of (i) the
aggregate amount of Scheduled Payments (with each interest portion thereof net of the Servicing
Fee), due during the Due Period immediately preceding such Remittance Date in respect of the first
lien Pool I Mortgage Loans, which Scheduled Payments were not received as of the close of business
on the related Determination Date, plus (ii) with respect to each REO Property, which REO Property
was acquired during or prior to the related Prepayment Period and as to which such REO Property an
REO Disposition did not occur during the related Prepayment Period, an amount equal to the excess,
if any, of the Scheduled Payments (with REO Imputed Interest) that would have been due on the
related Due Date in respect of the related Mortgage Loan, over the net income from such REO
Property transferred to the Collection Account for distribution on such Remittance Date.

     (b) On each Remittance Date, the Servicer shall remit in immediately available funds to the
Trust Administrator for deposit into the Distribution Account an amount equal to the aggregate
amount of P&I Advances, if any, to be made in respect of the first lien Pool I Mortgage Loans and
REO Properties for the related Remittance 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 the Collection Account that Amounts
Held for Future Distribution have been, as permitted by this Section 4.01, used by the
Servicer in discharge of any such P&I Advance) or (iii) in the form of any combination of (i) and
(ii) aggregating the total amount of P&I Advances to be made by the Servicer with respect to such
Mortgage Loans and REO Properties. Any Amounts Held for Future Distribution and so used 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 Remittance Date to the extent required.

     (c) The obligation of the Servicer to make such P&I Advances on first lien Pool I Mortgage
Loans is mandatory, notwithstanding any other provision of this Agreement but subject to (d) below,
and, with respect to any Mortgage Loan or REO Property, shall continue until a Final Recovery
Determination in connection therewith or the removal thereof from coverage under this Agreement,
except as otherwise provided in this Section. The Servicer is not obligated to make P&I Advances
on second lien Mortgage Loans.

     (d) Notwithstanding anything herein to the contrary, no P&I Advance or Servicing Advance shall
be required to be made hereunder by the Servicer if such P&I Advance or Servicing Advance would, if
made, constitute a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance. The
determination by the Servicer that it has made a Nonrecoverable P&I Advance or a Nonrecoverable
Servicing Advance or that any proposed P&I Advance or Servicing Advance, if made, would constitute
a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance, respectively, shall be
evidenced by an Officer’s Certificate of the Servicer delivered to the Trustee, the Master Servicer
and the Trust Administrator. The Master Servicer shall be entitled to rely on any
non-recoverability analysis made by the Servicer.

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     (e) Except as otherwise provided herein, the Servicer shall be entitled to reimbursement
pursuant to Section 3.11 for Advances from recoveries from the related Mortgagor or from
all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and
Condemnation Proceeds) with respect to the related Mortgage Loan.

     Section 4.02. Priorities of Distribution.

     (a) On each Distribution Date, after the withdrawals, reimbursements and payments made
pursuant to Section 3.11(a), the Trust Administrator shall make the disbursements and
transfers from amounts then on deposit in the Distribution Account in the following order of
priority and to the extent of the Pool I Available Funds remaining:

	 	(i)	 	Interest remittances shall be distributed as follows:

	 	(I)	 	the Group 1 Interest Remittance Amount
for such Distribution Date will be distributed in the following
manner:

	 	(A)	 	first, to the Holders of
the Class 1-A Certificates, the Current Interest and the
Unpaid Interest Amount, if any, for such Class; and
	 
	 	(B)	 	second, concurrently, to
the Holders of the Class 2-A 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 clause (II)(A) below for such
Distribution Date over (y) the amount actually distributed
pursuant to such clause from the Group 2 Interest Remittance
Amount.

	 	(II)	 	the Group 2 Interest Remittance Amount
for such Distribution Date will be distributed in the following
manner:

	 	(A)	 	first, concurrently, to
the Holders of the Class 2-A-1 Certificates, Class 2-A-2
Certificates, Class 2-A-3 and Class 2-A-4 Certificates, on a
pro rata basis based on the entitlement of each such Class,
the Current Interest and
the Unpaid Interest Amount, if any, for each such Class; and
	 
	 	(B)	 	second, to the Holders of
the Class 1-A Certificates, an amount equal to the excess if
any, of (x) the amount required to be distributed pursuant
to clause (I)(A) above for such Distribution Date over (y)
the amount actually distributed pursuant to such clause from
the Group 1 Interest Remittance Amount.

	 	(III)	 	following the distributions made
pursuant to clauses (I) and (II) above, the remaining Group 1
Interest Remittance Amount and

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	 	 	 	Group 2 Interest Remittance Amount
will be distributed in the following manner:

	 	(A)	 	first, to the Holders of
the Class M-1 Certificates, the related Current Interest and
the Unpaid Interest Amount, if any, for such Class;
	 
	 	(B)	 	second, to the Holders of
the Class M-2 Certificates, the related Current Interest and
the Unpaid Interest Amount, if any, for such Class;
	 
	 	(C)	 	third, to the Holders of
the Class M-3 Certificates, the related Current Interest and
the Unpaid Interest Amount, if any, for such Class;
	 
	 	(D)	 	fourth, to the Holders of
the Class M-4 Certificates, the related Current Interest and
the Unpaid Interest Amount, if any, for such Class;
	 
	 	(E)	 	fifth, to the Holders of
the Class M-5 Certificates, the related Current Interest and
the Unpaid Interest Amount, if any, for such Class;
	 
	 	(F)	 	sixth, to the Holders of
the Class M-6 Certificates, the related Current Interest and
the Unpaid Interest Amount, if any, for such Class;
	 
	 	(G)	 	seventh, to the Holders
of the Class M-7 Certificates, the related Current Interest
and the Unpaid Interest Amount, if any, for such Class;
	 
	 	(H)	 	eighth, to the Holders of
the Class M-8 Certificates, the related Current Interest and
the Unpaid Interest Amount, if any, for such Class;
	 
	 	(I)	 	ninth, to the Holders of
the Class M-9 Certificates, the related Current Interest and
the Unpaid Interest Amount, if any, for such Class;
	 
	 	(J)	 	tenth, to the Holders of
the Class M-10 Certificates, the related Current Interest
and the Unpaid Interest Amount, if any, for such Class; and
	 
	 	(K)	 	eleventh, to the Holders
of the Class M-11 Certificates, the related Current Interest
and the Unpaid Interest Amount, if any, for each such Class.

	 	(ii)	 	Principal remittances shall be distributed as follows:

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	 	(I)	 	On each Distribution Date (x) prior to
the Pool I Stepdown Date or (y) if a Pool I Trigger Event is in
effect:

	 	(A)	 	distributions of
principal to the extent of the Group 1 Principal
Distribution Amount shall be distributed in the following
amounts and order of priority:

	 	(1)	 	first,
to the Holders of the Class 1-A Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero; and
	 
	 	(2)	 	second,
after taking into account the amount distributed to
the Holders of the Class 2-A Certificates on such
Distribution Date in respect of principal, to the
Holders of the Class 2-A Certificates, based on the
entitlement of each such Class pursuant to the
priorities set forth in clause (ii)(I)(B) below,
until the Certificate Principal Balances thereof
have been reduced to zero.

	 	(B)	 	Distributions in
respect of principal to the extent of the Group 2 Principal
Distribution Amount shall be distributed in the following
amounts and order of priority:

	 	(1)	 	first,
to the Holders of the Class 2-A-1 Certificates
until the Certificate Principal Balance thereof has
been reduced to zero;
	 
	 	(2)	 	second,
to the Holders of the Class 2-A-2 Certificates
until the Certificate Principal Balance thereof has
been reduced to zero;
	 
	 	(3)	 	third,
to the Holders of the Class 2-A-3 Certificates
until the Certificate Principal Balance thereof has
been reduced to zero;
	 
	 	(4)	 	fourth,
to the Holders of the Class 2-A-4 Certificates
until the Certificate Principal Balance thereof has
been reduced to zero; and
	 
	 	(5)	 	fifth,
after taking into account the amount distributed to
the Holders of the Class 1-A Certificates on such
Distribution Date in respect of principal, to the
Holders of the Class 1-A Certificates, until the
Certificate Principal Balance thereof has been
reduced to zero;

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provided, however, that if the aggregate Certificate
Principal Balance of the Class 2-A Certificates exceeds
the aggregate Stated Principal Balance of the Group 2
Mortgage Loans, then distributions pursuant to clause
(ii)(I)(A) and (ii)(I)(B) above shall be distributed
concurrently, on a pro rata basis, based on the
Certificate Principal Balance of each applicable Class
of Class 2-A Certificates.

	 	(C)	 	Distributions in
respect of principal to the extent of the sum of the Group
1 Principal Distribution Amount and the Group 2 Principal
Distribution Amount remaining undistributed for such
Distribution Date after the reduction of the Certificate
Principal Balance of each of the Pool I Senior Certificates
to zero (after giving effect to clauses (A) and (B) above)
shall be distributed in the following amounts and order of
priority:

	 	(1)	 	first,
to the Holders of the Class M-1 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(2)	 	second,
to the Holders of the Class M-2 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(3)	 	third,
to the Holders of the Class M-3 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(4)	 	fourth,
to the Holders of the Class M-4 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(5)	 	fifth,
to the Holders of the Class M-5 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(6)	 	sixth,
to the Holders of the Class M-6 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(7)	 	seventh, to the Holders of the Class M-7
Certificates, until the Certificate Principal
Balance thereof has been reduced to zero;

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	 	(8)	 	eighth,
to the Holders of the Class M-8 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(9)	 	ninth,
to the Holders of the Class M-9 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(10)	 	tenth,
to the Holders of the Class M-10 Certificates,
until the Certificate Principal Balance thereof has
been reduced to zero; and
	 
	 	(11)	 	eleventh, to the Holders of the Class M-11
Certificates, until the Certificate Principal
Balance thereof has been reduced to zero.

	 	(II)	 	On each Distribution Date (x) on or after
the Pool I Stepdown Date and (y) on which a Pool I Trigger Event is
not in effect:

	 	(A)	 	Distributions in respect
of principal to the extent of the Group 1 Principal
Distribution Amount shall be distributed in the following
amounts and order of priority:

	 	(1)	 	first, to
the Holders of the Class 1-A Certificates, the Group
1 Senior Principal Distribution Amount until the
Certificate Principal Balance thereof has been
reduced to zero; and
	 
	 	(2)	 	second,
to the Holders of the Class 2-A Certificates, up to
an amount equal to the excess, if any, of (x) the
amount required to be distributed
pursuant to clause (ii)(II)(B) below for each Class
on such Distribution Date over (y) the amount
actually distributed pursuant to clause (ii)(II)(B)
below for each Class from the Group 2 Principal
Distribution Amount, as applicable, on such
Distribution Date, to be distributed in accordance
with clause (ii)(II)(B) below.

	 	(B)	 	Distributions in respect
of principal to the extent of the Group 2 Principal
Distribution Amount shall be distributed in the following
amounts and order of priority:

	 	(1)	 	first, to
the Holders of the Class 2-A-1 Certificates, the
Group 2 Senior Principal Distribution Amount

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	 	 	 	until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(2)	 	second,
to the Holders of the Class 2-A-2 Certificates, the
Group 2 Senior Principal Distribution Amount until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(3)	 	third, to
the Holders of the Class 2-A-3 Certificates, the
Group 2 Senior Principal Distribution Amount until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(4)	 	fourth,
to the Holders of the Class 2-A-4 Certificates, the
Group 2 Senior Principal Distribution Amount until
the Certificate Principal Balance thereof has been
reduced to zero; and
	 
	 	(5)	 	fifth, to
the Holders of the Class 1-A Certificates, up to an
amount equal to the excess, if any, of (x) the
amount required to be distributed pursuant to clause
(ii)(II)(A) above for such Class on such
Distribution Date over (y) the amount actually
distributed pursuant to clause (ii)(II)(A) above for
such Class from the Group 1 Principal Distribution
Amount on such Distribution Date, to be distributed
in accordance with clause (ii)(II)(A) above;

provided, however, that if the aggregate Certificate
Principal Balance of the Class 2-A Certificates exceeds
the aggregate Stated Principal Balance of the Group 2
Mortgage Loans, then distributions to the Class 2-A
Certificates made pursuant to clause (ii)(II)(A) and
(ii)(II)(B) above shall be distributed concurrently, on a
pro rata basis, based on the Certificate Principal
Balance of each applicable Class of Class 2-A
Certificates.

	 	(C)	 	Distributions in respect
of principal to the extent of the sum of the Group 1
Principal Distribution Amount and the Group 2 Principal
Distribution Amount remaining undistributed for such
Distribution Date (after giving effect to distributions
pursuant to clauses (ii)(II)(A) and (ii)(II)(B) above) shall
be distributed in the following amounts and order of
priority:

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	 	(1)	 	first, to
the Holders of the Class M-1 Certificates, the Class
M-1 Principal Distribution Amount until the
Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(2)	 	second,
to the Holders of the Class M-2 Certificates, the
Class M-2 Principal Distribution Amount, until the
Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(3)	 	third, to
the Holders of the Class M-3 Certificates, the Class
M-3 Principal Distribution Amount, until the
Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(4)	 	fourth,
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;
	 
	 	(5)	 	fifth, 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;
	 
	 	(6)	 	sixth, 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;
	 
	 	(7)	 	seventh,
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;
	 
	 	(8)	 	eighth,
to the Holders of the Class M8 Certificates, the
Class M8 Principal Distribution Amount, until the
Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(9)	 	ninth, 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;
	 
	 	(10)	 	tenth, to
the Holders of the Class M-10 Certificates, the
Class M-10 Principal Distribution 

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	 	 	 	 Amount, until the
Certificate Principal Balance thereof has been
reduced to zero; and
	 
	 	(11)	 	eleventh,
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.

     (iii) On each Distribution Date, the Pool I Excess Cashflow, if any, will be
distributed as follows:

	 	(A)	 	to the Servicer, Trustee,
Master Servicer or Trust Administrator any amounts to which
such Persons are entitled to under this Agreement to the
extent such amounts have not otherwise been paid or
reimbursed;
	 
	 	(B)	 	to the Holders of the
Class or Classes of Pool I Certificates then entitled to
receive distributions in respect of principal, in an amount
equal to any Pool I Extra Principal Distribution Amount,
distributable to such Holders as part of the Group 1
Principal Distribution Amount and/or the Group 2 Principal
Distribution Amount;
	 
	 	(C)	 	to the Holders of the
Class M-1 Certificates, in an amount equal to the Applied
Realized Loss Amount allocable to the Class M-1
Certificates;
	 
	 	(D)	 	to the Holders of the
Class M-2 Certificates, in an amount equal to the Applied
Realized Loss Amount allocable to the Class M-2
Certificates;
	 
	 	(E)	 	to the Holders of the
Class M-3 Certificates, in an amount equal to the Applied
Realized Loss Amount allocable to the Class M-3
Certificates;
	 
	 	(F)	 	to the Holders of the
Class M-4 Certificates, in an amount equal to the Applied
Realized Loss Amount allocable to the Class M-4
Certificates;
	 
	 	(G)	 	to the Holders of the
Class M-5 Certificates, in an amount equal to the Applied
Realized Loss Amount allocable to the Class M-5
Certificates;
	 
	 	(H)	 	to the Holders of the
Class M-6 Certificates, in an amount equal to the Applied
Realized Loss Amount allocable to the Class M-6
Certificates;

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	 	(I)	 	to the Holders of the
Class M-7 Certificates, in an amount equal to the Applied
Realized Loss Amount allocable to the Class M-7
Certificates;
	 
	 	(J)	 	to the Holders of the
Class M-8 Certificates, in an amount equal to the Applied
Realized Loss Amount allocable to the Class M-8
Certificates;
	 
	 	(K)	 	to the Holders of the
Class M-9 Certificates, in an amount equal to the Applied
Realized Loss Amount allocable to the Class M-9
Certificates;
	 
	 	(L)	 	to the Holders of the
Class M-10 Certificates, in an amount equal to the Applied
Realized Loss Amount allocable to the Class M-10
Certificates;
	 
	 	(M)	 	to the Holders of the
Class M-11 Certificates, in an amount equal to the Applied
Realized Loss Amount allocable to the Class M-11
Certificates;
	 
	 	(N)	 	to the Pool I Net WAC
Rate Carryover Reserve Account, the Pool I Net WAC Rate
Carryover Amounts, without taking into account amounts, if
any, received under the Pool I Swap Agreement, in respect of
amounts otherwise distributable to the Class C Certificates
for such Distribution Date distributed in the following
order of priority:

	 	(a)	 	concurrently,
in proportion to their respective Pool I Net WAC Rate
Carryover Amounts, to the Pool I Senior Certificates
their related Pool I Net WAC Rate Carryover Amounts;
and
	 
	 	(b)	 	sequentially,
to the Holders of the Pool I Subordinate Certificates
(beginning with the Class M-1 Certificates and ending
with the Class M-11 Certificates), their related Pool I
Net WAC Rate Carryover Amounts;

	 	(O)	 	to the Pool I Swap
Provider, from amounts otherwise distributable to the Class
C Certificates, any Pool I Swap Termination Payment owed to
the Pool Swap Provider due to a Swap Provider Trigger Event
pursuant to the Pool I Swap Agreement;
	 
	 	(P)	 	[Reserved.]

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	 	(Q)	 	to the Holders of the
Class C Certificates (in respect of the Class C Interest),
the remainder of the Class C Distributable Amount and any
remaining Pool I Net Swap Payments not distributed pursuant
to Section 4.02(a)(iii)(N); and
	 
	 	(R)	 	to the Holders of the
Class R Certificates and the Holders of the Class RX
Certificates, any remaining amount from the related REMICs.

     If on any Distribution Date, as a result of the foregoing allocation rules, any Class of Pool
I Senior Certificates does not receive the related Current Interest or the related Unpaid Interest
Amounts, if any, then that unpaid amount will be recoverable by the Holders of those Classes, with
interest thereon, on future Distribution Dates, as Unpaid Interest Amounts, subject to the
priorities described above. In the event the Class Certificate Principal Balance of any Class of
Pool I Subordinate Certificates has been reduced to zero, that Class of Certificates shall no
longer be entitled to receive any related unpaid Pool I Net WAC Rate Carryover Amounts.

     (b) On each Distribution Date, all amounts representing Prepayment Premiums from the Pool I
Mortgage Loans received during the related Prepayment Period shall be distributed to the Holders of
the Class P Certificates (in respect of the Class P Interest). Such distributions shall not be
applied to reduce the Certificate Principal Balance of the Class P Certificates (in respect of the
Class P Interest). On the Distribution Date in February 2009, the Class P Certificates (in respect
of the Class P Interest) shall be entitled to receive $100.00 in retirement of the principal
balance of the REMIC regular interest represented by the Class P Certificates, which distribution
shall be made immediately before any distributions pursuant to Section 4.02(a)(iii) on such
Distribution Date.

     (c) Notwithstanding the provisions of this Section 4.02, if on any Distribution Date
Pool I Senior Certificates related to a Loan Group are no longer outstanding, the pro rata portion
of the applicable Pool I Principal Distribution Amount, otherwise allocable to such Pool I Senior
Certificates will be allocated among the remaining group or groups of Pool I Senior Certificates,
on a pro rata basis based on the outstanding aggregate Certificate Principal Balance for such
groups, in the same manner and order of priority described in Section 4.02(a).

     (d) On any Distribution Date, any Relief Act Interest Shortfalls and Net Prepayment Interest
Shortfalls with respect to the Pool I Mortgage Loans for such Distribution Date will be allocated
pro rata, as a reduction of the Current Interest for the Pool I Offered Certificates, based on the
amount of interest to which such Classes would otherwise be entitled on such Distribution Date.

     (e) On each Distribution Date, after the withdrawals, reimbursements and payments made
pursuant to Section 3.11(a), the Trust Administrator shall make the disbursements and
transfers from amounts then on deposit in the Distribution Account in the following order of
priority and to the extent of the Pool II Available Funds remaining:

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     (i) The Pool II Interest Remittance Amount for such Distribution Date will be
distributed in the following manner:

     (A) first, to the Holders of the Class SL-A Certificates, the Current Interest
and the Unpaid Interest Amount, if any, for such Class; and

     (B) second, to the Holders of the Class SL-M1 Certificates, the Current
Interest and the Unpaid Interest Amount, if any, for such Class;

     (C) third, to the Holders of the Class SL-M2 Certificates, the Current Interest
and the Unpaid Interest Amount, if any, for such Class;

     (D) fourth, to the Holders of the Class SL-M3 Certificates, the Current
Interest and the Unpaid Interest Amount, if any, for such Class;

     (E) fifth, to the Holders of the Class SL-M4 Certificates, the Current Interest
and the Unpaid Interest Amount, if any, for such Class;

     (F) sixth, to the Holders of the Class SL-M5 Certificates, the Current Interest
and the Unpaid Interest Amount, if any, for such Class;

     (G) seventh, to the Holders of the Class SL-M6 Certificates, the Current
Interest and the Unpaid Interest Amount, if any, for such Class;

     (H) eighth, to the Holders of the Class SL-M7 Certificates, the Current
Interest and the Unpaid Interest Amount, if any, for such Class;

     (I) ninth, to the Holders of the Class SL-M8 Certificates, the Current Interest
and the Unpaid Interest Amount, if any, for such Class;

     (J) tenth, to the Holders of the Class SL-M9 Certificates, the Current Interest
and the Unpaid Interest Amount, if any, for such Class; and

     (K) eleventh, to the Holders of the Class SL-B1 Certificates, the Current
Interest and the Unpaid Interest Amount, if any, for such Class.

     (ii) Principal remittances shall be distributed as follows:

	 	(I)	 	On each Distribution Date (x) prior to
the Pool II Stepdown Date or (y) if a Pool II Trigger Event is in
effect:

	 	(A)	 	distributions of
principal to the extent of the Pool II Principal
Distribution Amount shall be distributed in the following
amounts and order of priority:

	 	(1)	 	first, to
the Holders of the Class SL-A Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;

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	 	(2)	 	first, to
the Holders of the Class SL-M1 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(3)	 	second,
to the Holders of the Class SL-M2 Certificates,
until the Certificate Principal Balance thereof has
been reduced to zero;
	 
	 	(4)	 	third, to
the Holders of the Class SL-M3 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(5)	 	fourth,
to the Holders of the Class SL-M4 Certificates,
until the Certificate Principal Balance thereof has
been reduced to zero;
	 
	 	(6)	 	fifth, to
the Holders of the Class SL-M5 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(7)	 	sixth, to
the Holders of the Class SL-M6 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(8)	 	seventh,
to the Holders of the Class SL-M7 Certificates,
until the Certificate Principal Balance thereof has
been reduced to zero;
	 
	 	(9)	 	eighth,
to the Holders of the Class SL-M8 Certificates,
until the Certificate Principal Balance thereof has
been reduced to zero;
	 
	 	(10)	 	ninth, to
the Holders of the Class SL-M9 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero; and
	 
	 	(11)	 	tenth, to
the Holders of the Class SL-B1 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero.

	 	(II)	 	On each Distribution Date (x) on
or after the Pool II Stepdown Date and (y) on which a Pool II
Trigger Event is not in effect:

	 	(A)	 	Distributions in respect
of principal to the extent of the Pool II Principal
Distribution Amount shall be distributed in the following
amounts and order of priority:

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	 	(1)	 	first, to
the Holders of the Class SL-A Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(2)	 	second,
to the Holders of the Class SL-M1 Certificates, the
Class SL-M1 Principal Distribution Amount until the
Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(3)	 	third, to
the Holders of the Class SL-M2 Certificates, the
Class SL-M2 Principal Distribution Amount until the
Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(4)	 	fourth,
to the Holders of the Class SL-M3 Certificates, the
Class SL-M3 Principal Distribution Amount until the
Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(5)	 	fifth, to
the Holders of the Class SL-M4 Certificates, the
Class SL-M4 Principal Distribution Amount until the
Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(6)	 	sixth, to
the Holders of the Class SL-M5 Certificates, the
Class SL-M5 Principal Distribution Amount until the
Certificate
Principal Balance thereof has been reduced to zero;
	 
	 	(7)	 	seventh,
to the Holders of the Class SL-M6 Certificates, the
Class SL-M6 Principal Distribution Amount until the
Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(8)	 	eighth,
to the Holders of the Class SL-M7 Certificates, the
Class SL-M7 Principal Distribution Amount until the
Certificate Principal Balance thereof has been
reduced to zero;

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	 	(9)	 	ninth, to
the Holders of the Class SL-M8 Certificates, the
Class SL-M8 Principal Distribution Amount until the
Certificate Principal Balance thereof has been
reduced to zero;
	 
	 	(10)	 	tenth, to
the Holders of the Class SL-M9 Certificates, the
Class SL-M9 Principal Distribution Amount until the
Certificate Principal Balance thereof has been
reduced to zero; and
	 
	 	(11)	 	eleventh,
to the Holders of the Class SL-B1 Certificates, the
Class SL-B1 Principal Distribution Amount until the
Certificate Principal Balance thereof has been
reduced to zero.

     (iii) On each Distribution Date, the Pool II Excess Cashflow, if any, will be
distributed as follows:

	 	(A)	 	to the Servicer, Trustee, Master
Servicer or Trust Administrator any amounts to which such
Persons are entitled to under this Agreement to the extent such
amounts have not otherwise been paid or reimbursed;
	 
	 	(B)	 	to the Holders of the Class or
Classes of Pool II Certificates then entitled to receive
distributions in respect of principal, in an amount equal to any
Pool II Overcollateralization Increase Amount, distributable to
such Holders as part of the Pool II Principal Distribution
Amount;
	 
	 	(C)	 	to the Holders of the Class SL-M1
Certificates, in an amount equal to the Pool II Unpaid Interest
Amount allocable to such Certificates;
	 
	 	(D)	 	to the Holders of the Class SL-M1
Certificates, in an amount equal to the Pool II Applied Realized
Loss Amount allocable for such Class and Distribution Date;
	 
	 	(E)	 	to the Holders of the Class SL-M2
Certificates, in an amount equal to the Pool II Unpaid Interest
Amount allocable to such Certificates;
	 
	 	(F)	 	to the Holders of the Class SL-M2
Certificates, in an amount equal to the Pool II Applied Realized
Loss Amount allocable for such Class and Distribution Date;

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	 	(G)	 	to the Holders of the Class SL-M3
Certificates, in an amount equal to the Pool II Unpaid Interest
Amount allocable to such Class;
	 
	 	(H)	 	to the Holders of the Class SL-M3
Certificates, in an amount equal to the Pool II Applied Realized
Loss Amount allocable for such Class and Distribution Date;
	 
	 	(I)	 	to the Holders of the Class SL-M4
Certificates, in an amount equal to the Pool II Unpaid Interest
Amount allocable to such Class;
	 
	 	(J)	 	to the Holders of the Class SL-M4
Certificates, in an amount equal to the Pool II Applied Realized
Loss Amount allocable for such Class and Distribution Date;
	 
	 	(K)	 	to the Holders of the Class SL-M5
Certificates, in an amount equal to the Pool II Unpaid Interest
Amount allocable to such Class;
	 
	 	(L)	 	to the Holders of the Class SL-M5
Certificates, in an amount equal to the Pool II Applied Realized
Loss Amount allocable for such Class and Distribution Date;
	 
	 	(M)	 	to the Holders of the Class SL-M6
Certificates, in an amount equal to the Pool II Unpaid Interest
Amount allocable to such Class;
	 
	 	(N)	 	to the Holders of the Class SL-M6
Certificates, in an amount equal to the Pool II Applied Realized
Loss Amount allocable for such Class and Distribution Date;
	 
	 	(O)	 	to the Holders of the Class SL-M7
Certificates, in an amount equal to the Pool II Unpaid Interest
Amount allocable to such Class;
	 
	 	(P)	 	to the Holders of the Class SL-M7
Certificates, in an amount equal to the Pool II Applied Realized
Loss Amount allocable for such Class and Distribution Date;
	 
	 	(Q)	 	to the Holders of the Class SL-M8
Certificates, in an amount equal to the Pool II Unpaid Interest
Amount allocable to such Class;
	 
	 	(R)	 	to the Holders of the Class SL-M8
Certificates, in an amount equal to the Pool II Applied Realized
Loss Amount allocable for such Class and Distribution Date;

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	 	(S)	 	to the Holders of the Class SL-M9
Certificates, in an amount equal to the Pool II Unpaid Interest
Amount allocable to such Class;
	 
	 	(T)	 	to the Holders of the Class SL-M9
Certificates, in an amount equal to the Pool II Applied Realized
Loss Amount allocable for such Class and Distribution Date;
	 
	 	(U)	 	to the Holders of the Class SL-B1
Certificates, in an amount equal to the Pool II Unpaid Interest
Amount allocable to such Certificates;
	 
	 	(V)	 	to the Holders of the Class SL-B1
Certificates, in an amount equal to the Pool II Applied Realized
Loss Amount allocable for such Class and Distribution Date;
	 
	 	(W)	 	to the Pool II Net WAC Rate
Carryover Reserve Account, the Pool II Net WAC Rate Carryover
Amounts, without taking into account amounts, if any, received
under the Pool II Swap Agreement, in respect of amounts
otherwise distributable to the Class SL-C Certificates for such
Distribution Date distributed in the following order of
priority:

	 	(1)	 	to the Class SL-A
Certificates, its related Pool II Net WAC Rate Carryover
Amount; and
	 
	 	(2)	 	sequentially, to
the Holders of the Class SL-M1, Class SL-M2, Class
SL-M3, Class SL-M4, Class SL-M5, Class SL-M6, Class
SL-M7, Class SL-M8, Class SL-M9 and Class SL-B1
Certificates, their related Pool II Net WAC Rate
Carryover Amounts;

	 	(X)	 	to the Holders of the Class SL-B1
Certificates until the Certificate Principal Balance thereof has
been reduced to zero;
	 
	 	(Y)	 	to the Pool II Swap Provider, any
Pool II Swap Termination Payment owed to the Pool II Swap
Provider due to a Swap Provider Trigger Event pursuant to the
Pool II Swap Agreement;
	 
	 	(Z)	 	to the Holders of the Class SL-C
Certificates (in respect of the Class SL-C Interest), the
remainder of the Class SL-C Distributable Amount and any
remaining Pool II Net Swap Payments not distributed pursuant to
Section 4.02(e)(iii)(W); and

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	 	(AA)	 	to the Holders of the Class R
Certificates and the Holders of the Class RX Certificates any
remaining amount from the related REMICs.

     If on any Distribution Date, as a result of the foregoing allocation rules, the Class SL-A
Certificates does not receive the related Current Interest or the related Unpaid Interest Amounts,
if any, then that unpaid amount will be recoverable by the Holders of that Class, with interest
thereon, on future Distribution Dates, as Unpaid Interest Amounts, subject to the priorities
described above. In the event the Class Certificate Principal Balance of any Class of Pool II
Subordinate Certificates has been reduced to zero, that Class of Pool II Certificates shall no
longer be entitled to receive any related unpaid Pool II Net WAC Rate Carryover Amounts.

     (f) On any Distribution Date, any Relief Act Interest Shortfalls and Net Prepayment Interest
Shortfalls with respect to the Pool II Mortgage Loans for such Distribution Date will be allocated
pro rata, as a reduction of the Current Interest for the Pool II Offered Certificates, based on the
amount of interest to which such Classes would otherwise be entitled on such Distribution Date.

     (g) On each Distribution Date, and after all distributions made under Section 4.02(a)
above, the Swap Administrator shall distribute amounts in the Pool I Swap Account, if any, in the
following amounts and order of priority:

     (i) to the Pool I Swap Provider, any Pool I Net Swap Payment owed to the Pool I Swap
Provider pursuant to the Pool I Swap Agreement for such Distribution Date;

     (ii) to the Pool I Swap Provider, any Pool I Swap Termination Payment owed to the Pool
I Swap Provider not resulting from a Pool I Swap Provider Trigger Event pursuant to the Pool
I Swap Agreement;

     (iii) concurrently, to the Holders of each Class of Pool I Senior Certificates, pro
rata, the related Pool I Current Interest and Pool I Unpaid Interest Amounts remaining
undistributed after distribution of the Group 1 and Group 2 Interest Remittance Amounts,

     (iv) sequentially, to the Holders of each Class of 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 and Class M-11
Certificates, in that order, the related Pool I Current Interest and Pool I Unpaid Interest
Amounts remaining undistributed after distribution of the Group 1 Interest Remittance
Amount, the Group 2 Interest Remittance Amount and the Pool I Excess Cashflow;

     (v) to the Holders of the Class or Classes of Pool I Certificates then entitled to
receive distributions in respect of principal, in an amount necessary to maintain the
applicable Pool I Overcollateralization Target Amount after taking into account
distributions made pursuant to Section 4.02(a)(iii)(A) (but only to the extent of
cumulative Realized Losses on the Pool I Mortgage Loans);

193

 

     (vi) sequentially, to the Holders of 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 and Class M-11
Certificates, in that order, in each case up to the Pool I Applied Realized Loss Amount for
such Distribution Date remaining undistributed after distribution of the Pool I Excess
Cashflow (but only to the extent of cumulative Realized Losses on the Pool I Mortgage
Loans);

     (vii) to the Holders of the Pool I Senior Certificates, the Pool I Net WAC Rate
Carryover Amount, to the extent remaining undistributed after distributions are made from
the Pool I Net WAC Rate Carryover Reserve Account; and

     (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 and Class M-11 Certificates, in that
order, the related Pool I Net WAC Rate Carryover Amount, to the extent remaining
undistributed after distributions are made from the Pool I Net WAC Rate Carryover Reserve
Account; and

     (ix) on the Final Payment Date, any amounts remaining in the Swap Account to the Holder
of the Class C Certificates (in respect of the Class C Interest).

     (h) On each Distribution Date, and after all distributions made under Section 4.02(e)
above, the Swap Administrator shall distribute amounts in the Pool II Swap Account, if any, in the
following amounts and order of priority:

     (i) to the Pool II Swap Provider, any Pool II Net Swap Payment owed to the Pool II Swap
Provider pursuant to the Pool II Swap Agreement for such Distribution Date;

     (ii) to the Pool II Swap Provider, any Pool II Swap Termination Payment owed to the
Pool II Swap Provider not resulting from a Pool II Swap Provider Trigger Event pursuant to
the Pool II Swap Agreement;

     (iii) to the Holders of each Class of Pool II Senior Certificates, the related Pool II
Current Interest and Pool II Unpaid Interest Amounts remaining undistributed after
distribution of the Pool II Interest Remittance Amount;

     (iv) sequentially, to the Holders of each Class of Class SL-M1, Class SL-M2, Class
SL-M3, Class SL-M4, Class SL-M5, Class SL-M6, Class SL-M7, Class SL-M8, Class SL-M9 and
Class SL-B1 Certificates, in that order, the related Pool II Current Interest and Pool II
Unpaid Interest Amounts remaining undistributed after distribution of the Pool II Interest
Remittance Amount and the Pool II Excess Cashflow;

     (v) to the Holders of the Class or Classes of Pool II Certificates then entitled to
receive distributions in respect of principal, in an amount necessary to maintain the
applicable Pool II Overcollateralization Target Amount after taking into account
distributions made pursuant to Section 4.02(e)(iii)(A) (but only to the extent of
cumulative Realized Losses on the Pool II Mortgage Loans);

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     (vi) sequentially, to the Holders of the Class SL-M1, Class SL-M2, Class SL-M3, Class
SL-M4, Class SL-M5, Class SL-M6, Class SL-M7, Class SL-M8, Class SL-M9 and Class SL-B1
Certificates, in that order, in each case up to the Pool II Applied Realized Loss Amount for
such Distribution Date remaining undistributed after distribution of the Pool II Excess
Cashflow (but only to the extent of cumulative Realized Losses on the Pool II Mortgage
Loans);

     (vii) to the Holders of the Pool II Senior Certificates, the Pool II Net WAC Rate
Carryover Amount, to the extent remaining undistributed after distributions are made from
the Pool II Net WAC Rate Carryover Reserve Account; and

     (viii) sequentially, to the Class SL-M1, Class SL-M2, Class SL-M3, Class SL-M4, Class
SL-M5, Class SL-M6, Class SL-M7, Class SL-M8 and Class SL-M9 Certificates, in that order,
the Pool II Net WAC Rate Carryover Amount, to the extent remaining undistributed after
distributions are made from the Pool II Net WAC Rate Carryover Reserve Account; and

     (ix) on the Final Payment Date, any amounts remaining in the Swap Account to the Holder
of the Class SL-C Certificates (in respect of the Class SL-C Interest);

provided, however, that until the Servicer has notified the Trust Administrator in writing that the
Class SL-B1 Certificates have been transferred to a Person that is not an Affiliate of the
Originator, no payments pursuant to this Section 4.02(h) shall be made to the Class SL-B1
Certificates, and any such amounts that otherwise would be paid to the Class SL-B1 Certificates
will be retained in the Pool II Swap Account and will be included in amounts available for
distribution from the Pool II Swap Account on the next succeeding Distribution Date, subject to the
foregoing proviso in the case of amounts to be distributed to the Class SL-B1 Certificates.

Notwithstanding anything to the contrary set forth in this Section 4.02(h), the aggregate
amount distributed under clauses (v) and (vi) above on any Distribution Date, when added to the
cumulative aggregate amount distributed under clauses (v) and (vi) above on all prior
Distribution Dates, will not be permitted to exceed the cumulative amount of Realized Losses on the
Pool II Mortgage Loans incurred since the Cut-off Date through the last day of the related
Prepayment Period (reduced by the aggregate amount of related Subsequent Recoveries on the Pool II
Mortgage Loans received since the Cut-off Date through the last day of the related
Prepayment Period). Any amounts that would otherwise be distributable from the Pool II Swap
Account on any Distribution Date under clauses (v) and (vi) above but for this paragraph, will be
retained in the Pool II Swap Account and will be included in amounts available for distribution
from the Pool II Swap Account on the next succeeding Distribution Date, subject to the foregoing
proviso in the case of amounts to be distributed under clauses (v) and (vi) above.

     (i) On each Distribution Date, all amounts representing Prepayment Premiums from the Pool II
Mortgage Loans received during the related Prepayment Period shall be distributed as follows:

     (i) to the Holders of the Class SL-B1 Certificates, until the Certificate Principal
Balance thereof has been reduced to zero; and

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     (ii) to the Holder of the Class SL-C Certificate (in respect of the Class SL-C
Interest).

     Section 4.03. Monthly Statements to Certificateholders.

     (a) Not later than each Distribution Date, the Trust Administrator shall make available to
each Certificateholder, the Servicer, the Master Servicer, the Trustee, the Depositor and each
Rating Agency a statement setting forth the following with respect to the related Mortgage Loan
Pool and with respect to the related distribution:

     (i) the amount thereof allocable to principal, separately identifying the aggregate
amount of any Principal Prepayments and Liquidation Proceeds included therein;

     (ii) the amount thereof allocable to interest, any Unpaid Interest Amounts included in
such distribution and any remaining Unpaid Interest Amounts after giving effect to such
distribution, any Net WAC Rate Carryover Amount for such Distribution Date and the amount of
all Net WAC Rate Carryover Amount covered by withdrawals from the Net WAC Rate Carryover
Reserve Account on such Distribution Date;

     (iii) if the distribution to the Holders of such Class of Certificates is less than the
full amount that would be distributable to such Holders if there were sufficient funds
available therefor, the amount of the shortfall and the allocation thereof as between
principal and interest, including any Net WAC Rate Carryover Amount not covered by amounts
in the Net WAC Rate Carryover Reserve Account;

     (iv) the Class Certificate Principal Balance of each Class of Certificates after giving
effect to the distribution of principal on such Distribution Date;

     (v) the Pool Stated Principal Balance for the following Distribution Date;

     (vi) the amount of the Servicing Fees paid to or retained by the Servicer or any
Subservicer (with respect to the Subservicers, in the aggregate) with respect to such
Distribution Date;

     (vii) the amount of the Master Servicing Fees to be paid to or retained by the Master
Servicer with respect to such Distribution Date;

     (viii) the amount of the Custodial Fee, if any, to be paid to or retained by the Trust
Administrator with respect to such Distribution Date;

     (ix) the Pass-Through Rate for each such Class of Certificates with respect to such
Distribution Date;

     (x) the amount of P&I Advances included in the distribution on such Distribution Date
and the aggregate amount of P&I Advances reported by the Servicer as outstanding as of the
close of business on the Determination Date immediately preceding such Distribution Date;

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     (xi) the number and aggregate outstanding principal balances of Mortgage Loans (1) as
to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more
days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in
bankruptcy, in each case as of the close of business on the last Business Day of the
immediately preceding month;

     (xii) For each of the preceding 12 calendar months, or all calendar months since the
related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled
Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such
month and (B) delinquent 60 days or more on each of the Due Dates in each such month;

     (xiii) with respect to all Mortgage Loans that became REO Properties during the
preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate
Stated Principal Balance of such Mortgage Loans as of the close of business on the
Determination Date preceding such Distribution Date and on the date of acquisition thereof;

     (xiv) the total number and principal balance of any REO Properties (and market value,
if available) as of the close of business on the Determination Date preceding such
Distribution Date;

     (xv) whether a Trigger Event has occurred and is continuing (including the calculation
thereof and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);

     (xvi) the amount on deposit in the Net WAC Rate Carryover Reserve Account (after giving
effect to distributions on such Distribution Date);

     (xvii) the aggregate amount of Applied Realized Loss Amounts incurred during the
preceding calendar month and aggregate Applied Realized Loss Amounts through such
Distribution Date;

     (xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and
the allocation thereof to the Certificateholders with respect to Applied Realized Loss
Amounts and Unpaid Interest Amounts;

     (xix) the Overcollateralized Amount and Overcollateralization Target Amount;

     (xx) Prepayment Premiums collected by the Servicer;

     (xxi) the Net Swap Payments, if any, for such Distribution Date; and

     (xxii) the amount distributed on the Class C Certificates (with respect to the Pool I
Mortgage Loans) and the Class SL-C Certificates (with respect to the Pool II Mortgage
Loans).

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     (b) The Trust Administrator’s responsibility for providing the above statement to the
Certificateholders, each Rating Agency, the Servicer, the Master Servicer, the Originator and the
Depositor is limited to the availability, timeliness and accuracy of the information derived from
the Servicer, the Pool I Swap Provider and the Pool II Swap Provider. The Trust Administrator will
make the above statement available via the Trust Administrator’s internet website. The Trust
Administrator’s website will initially be located at http://www.ctslink.com and assistance in using
the website can be obtained by calling the Trust Administrator’s customer service desk at
1-301-815-6600. Parties that are unable to use the above distribution method are entitled to have
a paper copy mailed to them via first class mail by calling the customer service desk and
indicating such. The Trust Administrator shall have the right to change the manner in which the
above statement is distributed in order to make such distribution more convenient and/or more
accessible, and the Trust Administrator shall provide timely and adequate notification to the
Certificateholders and the parties hereto regarding any such changes.

     The Trust Administrator shall also be entitled to rely on, but shall not be responsible for
the content or accuracy of, any information provided by the Servicer for purposes of preparing the
above statement and may affix thereto any disclaimer it deems appropriate in its reasonable
discretion (without suggesting liability on the part of any other party hereto).

     Upon written request from any Certificateholder, the Trust Administrator shall provide the
information provided for in Sections 4.03(d) to such Certificateholder, at the expense of
the requesting Certificateholder. The Trust Administrator’s responsibility for providing the
information provided for in Sections 4.03(d) to the Certificateholders is limited to the
availability and timeliness of the information provided by the Servicer. The Trust Administrator
shall provide the information provided for in Sections 4.03(d) in the same format as
received from the Servicer upon request by the Certificateholders. The Trust Administrator shall
have no duty or obligation to monitor, review or take any action regarding such information
received pursuant to Section 4.03(d) other than forwarding copies to Certificateholders.
The Trust Administrator shall have no liability for the accuracy, completeness or otherwise for
such information.

     (c) Upon request, within a reasonable period of time after the end of each calendar year, the
Trust Administrator shall cause to be furnished each Person who at any time during the calendar
year was a Certificateholder, a statement containing the information set forth in
clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or
applicable portion thereof during which such Person was a Certificateholder. Such obligation of
the Trust Administrator shall be deemed to have been satisfied to the extent that substantially
comparable information shall be provided by the Trust Administrator pursuant to any requirements of
the Code as are from time to time in effect.

     (d) Not later than the Reporting Date, the Servicer shall furnish to the Trust Administrator
and the Master Servicer a monthly remittance advice statement (in a format mutually agreed upon by
the Servicer and the Trust Administrator) containing such information as shall be reasonably
requested by the Trust Administrator to provide the reports required by Section 4.03(a) as
to the accompanying remittance and the period ending on the close of business on the last Business
Day of the immediately preceding month (the “Servicer Remittance Report”).

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     The Servicer shall furnish to the Trust Administrator an individual loan accounting report, as
of the last Business Day of each month, to document Mortgage Loan payment activity on an individual
Mortgage Loan basis. With respect to each month, the corresponding individual loan accounting
report (in electronic format) shall be received by the Trust Administrator no later than the
Reporting Date, which report shall contain the following:

     (i) with respect to each Scheduled Payment, the amount of such remittance allocable to
principal (including a separate breakdown of any Principal Prepayment, including the date of
such prepayment, and any Prepayment Premiums, along with a detailed report of interest on
principal prepayment amounts remitted in accordance with Section 3.25);

     (ii) with respect to each Scheduled Payment, the amount of such remittance allocable to
interest;

     (iii) the amount of servicing compensation received by the Servicer during the prior
distribution period;

     (iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans in
each Mortgage Loan Pool;

     (v) the aggregate of any expenses reimbursed to the Servicer during the prior
distribution period pursuant to Section 3.11;

     (vi) the number and aggregate outstanding principal balances of Mortgage Loans in each
Mortgage Loan Pool (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days or
more; (b) as to which foreclosure has commenced; and (c) as to which REO Property has been
acquired;

     (vii) each Mortgage Loan which has been altered, modified or varied during such month,
and the reason for such modification (i.e., extension of maturity date, Mortgage Interest
Rate);

     (viii) with respect to each Mortgage Loan, the amount of any Realized Losses for such
Mortgage Loan; and

     (ix) any other information reasonably required by the Trust Administrator to enable it
to prepare the monthly statement referred to in Section 4.03(a).

     Section 4.04. Certain Matters Relating to the Determination of LIBOR.

     Until all of the LIBOR Certificates are paid in full, the Trust Administrator will at all
times retain at least four Reference Banks for the purpose of determining LIBOR with respect to
each LIBOR Determination Date. The Trust Administrator initially shall designate the Reference
Banks (after consultation with the Depositor). Each “Reference Bank” shall be a leading bank
engaged in transactions in Eurodollar deposits in the international Eurocurrency market, shall not
control, be controlled by, or be under common control with, the Trust Administrator and shall have
an established place of business in London. If any such Reference

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Bank should be unwilling or
unable to act as such or if the Trust Administrator should terminate its appointment as Reference
Bank, the Trust Administrator shall promptly appoint or cause to be appointed another Reference
Bank (after consultation with the Depositor). The Trust Administrator shall have no liability or
responsibility to any Person for (i) the selection of any Reference Bank for purposes of
determining LIBOR or (ii) any inability to retain at least four Reference Banks which is caused by
circumstances beyond its reasonable control.

     The Pass-Through Rate for each Class of LIBOR Certificates for each Interest Accrual Period
shall be determined by the Trust Administrator on each LIBOR Determination Date so long as the
LIBOR Certificates are outstanding on the basis of LIBOR and the respective formulae appearing in
footnotes corresponding to the LIBOR Certificates in the table relating to the Certificates in the
Preliminary Statement. The Trust Administrator shall not have any liability or responsibility to
any Person for its inability, following a good-faith reasonable effort, to obtain quotations from
the Reference Banks or to determine the arithmetic mean referred to in the definition of LIBOR, all
as provided for in this Section 4.04 and the definition of LIBOR. The establishment of
LIBOR and each Pass-Through Rate for the LIBOR Certificates by the Trust Administrator shall (in
the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate
and the Trustee.

     Section 4.05. Allocation of Realized Loss Amounts.

     Any Pool I Applied Realized Loss Amounts will be allocated to the most junior Class of Pool I
Subordinate Certificates then outstanding in reduction of the Class Certificate Principal Balance
thereof. In the event Pool I Applied Realized Loss Amounts are allocated to any Class of Pool I
Subordinate Certificates, their Class Principal Balances shall be permanently reduced by the amount
so allocated, and no funds will be distributable (except to the extent of Subsequent Recoveries and
as provided in Section 4.02(a)(iii) herein) with respect to the written down amounts
(including without limitation Pool I Net WAC Rate Carryover Amounts) or with respect
to interest on the written down amounts on that Distribution Date or any future Distribution
Dates, even if funds are otherwise available for distribution.

     Any Pool II Applied Realized Loss Amounts will be allocated to the most junior Class of Pool
II Subordinate Certificates then outstanding in reduction of the Class Certificate Principal
Balance thereof. In the event Pool II Applied Realized Loss Amounts are allocated to any Class of
Pool II Subordinate Certificates, their Class Principal Balances shall be permanently reduced by
the amount so allocated, and no funds will be distributable (except to the extent of Subsequent
Recoveries and as provided in Section 4.02(e)(iii) herein) with respect to the written down
amounts (including without limitation Pool II Net WAC Rate Carryover Amounts) or with respect to
interest on the written down amounts on that Distribution Date or any future Distribution Dates,
even if funds are otherwise available for distribution.

     Section 4.06. Compliance with Withholding Requirements.

     Notwithstanding any other provision of this Agreement, the Trustee and the Trust Administrator
shall comply with all federal withholding requirements respecting payments to Certificateholders of
interest or original issue discount that the Trustee and the Trust Administrator reasonably believe
are applicable under the Code. The consent of

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Certificateholders shall not be required for such
withholding. In the event the Trust Administrator does withhold any amount from interest or
original issue discount payments or advances thereof to any Certificateholder pursuant to federal
withholding requirements, the Trust Administrator shall indicate the amount withheld to such
Certificateholders.

     Section 4.07. Commission Reporting.

     (a) (i) Using best efforts, within 10 days after each Distribution Date, and no later than 15
days after each Distribution Date (subject to permitted extensions under the Exchange Act), the
Trust Administrator shall, in accordance with industry standards, prepare and file, on behalf of
the Trust, with the Commission via the Electronic Data Gathering and Retrieval System
(“EDGAR”), any Form 10-D required by the Exchange Act, in form and substance as required by
the Exchange Act, signed by the Master Servicer, with a copy of the monthly statement to be
furnished by the Trust Administrator to the Certificateholders for such Distribution Date attached
thereto. Any disclosure in addition to the monthly statement that is required to be included on
Form 10-D (“Additional Form 10-D Disclosure”) shall be reported by the parties set forth on
Exhibit S to the Depositor and the Trust Administrator and directed and approved by the
Depositor pursuant to the following paragraph, and the Trust Administrator will have no duty or
liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure,
except as set forth in the next paragraph.

          (ii) For so long as the Trust is subject to the reporting requirements of the Exchange Act,
within 5 calendar days after the related Distribution Date, (i) the parties set forth in
Exhibit S shall be required to provide, pursuant to Section 4.07(a)(v) below, to
the Trust Administrator (by email at cts.sec.notifications@wellsfargo.com and by facsimile at
410-715-2380) and the Depositor, to the extent known, in EDGAR-compatible format, or in such other
format as otherwise agreed upon by the Trust Administrator and such party, the form and substance
of any Additional Form 10-D Disclosure, if applicable, together with an Additional
Disclosure Notification in the form attached hereto as Exhibit V (an “Additional
Disclosure Notification”) and (ii) the Depositor will approve, as to form and substance, or
disapprove, as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D.
The Trust Administrator has no duty under this Agreement to monitor or enforce the performance by the
parties listed on Exhibit S of their duties under this paragraph or proactively solicit or
procure from such parties any Additional Form 10-D Disclosure information. The Depositor will be
responsible for any reasonable fees and expenses assessed or incurred by the Trust Administrator in
connection with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this
Section.

     After preparing the Form 10-D, the Trust Administrator shall, upon request, forward
electronically a copy of the Form 10-D to the Depositor for review, only to the extent that the
Form 10-D contains Additional Form 10-D Disclosure. Within two Business Days after receipt of such
copy, but no later than the 13th calendar day after the Distribution Date, the Depositor
shall notify the Trust Administrator in writing (which may be furnished electronically) of any
changes to or approval of such Form 10-D. In the absence of receipt of any written changes or
approval, or if the Depositor does not request a copy of a Form 10-D, the Trust Administrator shall
be entitled to assume that such Form 10-D is in final form and the Trust Administrator may proceed
with the execution and filing of the Form 10-D. A duly authorized representative of the

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Master Servicer shall sign each Form 10-D. If a Form 10-D cannot be filed on time or if a previously
filed Form 10-D needs to be amended, the Trust Administrator will follow the procedures set forth
in Section 4.07(a)(vi). Promptly (but no later than one Business Day) after filing with
the Commission, the Trust Administrator will make available on its internet website a final
executed copy of each Form 10-D filed by the Trust Administrator. The parties to this Agreement
acknowledge that the performance by the Master Servicer and the Trust Administrator of its duties
under Sections 4.07(a)(i), (ii) and (v) related to the timely preparation
and filing of Form 10-D is contingent upon such parties strictly observing all applicable deadlines
in the performance of their duties under such Sections. The Depositor acknowledges that the
performance by the Master Servicer and the Trust Administrator of its duties under this Section
4.07(a)(ii) related to the timely preparation, execution and filing of Form 10-D is also
contingent upon the Servicer, the custodian and any Subservicer or Subcontractor strictly observing
deadlines no later than those set forth in this paragraph that are applicable to the parties to
this Agreement in the delivery to the Trust Administrator of any necessary Additional Form 10-D
Disclosure pursuant to any applicable agreement. Neither the Master Servicer nor the Trust
Administrator shall have any liability for any loss, expense, damage or claim arising out of or
with respect to any failure to properly prepare, execute and/or timely file such Form 10-D and Form
10-K, where such failure results from the Trust Administrator’s inability or failure to receive, on
a timely basis, any information from any other party hereto or any custodian (other than the Trust
Administrator in such capacity), Subservicer or Subcontractor needed to prepare, arrange for
execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful
misconduct.

          (iii) Within four (4) Business Days after the occurrence of an event requiring disclosure on
Form 8-K (each such event, a “Reportable Event”), and if requested by the Depositor, the
Trust Administrator shall prepare and file on behalf of the Trust a Form 8-K, as required by the
Exchange Act, provided that the Depositor shall file the initial Form 8-K in connection with the
issuance of the Certificates. Any disclosure or information related to a
Reportable Event or that is otherwise required to be included on Form 8-K other than the
initial Form 8-K (“Form 8-K Disclosure Information”) shall, be reported by the parties set
forth on Exhibit U to the Depositor and the Trust Administrator and directed and approved
by the Depositor, pursuant to the following paragraph, and the Trust Administrator will have no duty
or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information
or any Form 8-K, except as set forth in the next paragraph.

     For so long as the Trust is subject to the Exchange Act reporting requirements, no later than
the close of business (New York City Time) on the 2nd Business Day after the occurrence
of a Reportable Event (i) the parties set forth in Exhibit U shall be required pursuant to
Section 4.07(a)(v) below to provide to the Trust Administrator and the Depositor, to the
extent known, in EDGAR-compatible format, or in such other format as otherwise agreed upon by the
Trust Administrator and such party, the form and substance of any Form 8-K Disclosure Information,
if applicable, together with an Additional Disclosure Notification and (ii) the Depositor will
approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K
Disclosure Information on Form 8-K. The Depositor will be responsible for any reasonable fees and
expenses assessed or incurred by the Trust Administrator in connection with including any Form 8-K
Disclosure Information on Form 8-K pursuant to this Section.

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     After preparing the Form 8-K, the Trust Administrator shall, upon request, forward
electronically a copy of the Form 8-K to the Depositor for review. Promptly, but no later than the
close of business on the third Business Day after the Reportable Event, the Depositor shall notify
the Trust Administrator in writing (which may be furnished electronically) of any changes to or
approval of such Form 8-K. In the absence of receipt of any written changes or approval, or if the
Depositor does not request a copy of a Form 8-K, the Trust Administrator shall be entitled to
assume that such Form 8-K is in final form and the Trust Administrator may proceed with the
execution and filing of the Form 8-K. A duly authorized representative of the Master Servicer
shall sign each Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed Form 8-K
needs to be amended, the Trust Administrator will follow the procedures set forth in Section
4.07(a)(vi). Promptly (but no later than one Business Day) after filing with the Commission,
the Trust Administrator will make available on its internet website a final executed copy of each
Form 8-K filed by the Trust Administrator. The parties to this Agreement acknowledge that the
performance by the Master Servicer and the Trust Administrator of its duties under this Section
4.07(a)(iii) related to the timely preparation and filing of Form 8-K is contingent upon such
parties strictly observing all applicable deadlines in the performance of their duties under this
Section 4.07(a)(iii). The Depositor acknowledges that the performance by the Master
Servicer and the Trust Administrator of its duties under this Section 4.07(a)(iii) related
to the timely preparation, execution and filing of Form 10-D is also contingent upon the Servicer,
the custodians (other than the Trust Administrator in such capacity) and any Subservicer or
Subcontractor strictly observing deadlines no later than those set forth in this paragraph that are
applicable to the parties to this Agreement in the delivery to the Trust Administrator of any
necessary Form 8-K Disclosure Information pursuant to the Custodial Agreement or any other
applicable agreement. Neither the Master Servicer nor the Trust Administrator shall have any
liability for any loss, expense, damage or claim arising out of or with respect to any failure to
properly prepare, execute and/or timely file such Form 8-K, where such failure results from the
Trust Administrator’s inability or failure to receive, on a timely basis, any information from any
other party hereto or any custodian (other than the Trust
Administrator in such capacity), Subservicer or Subcontractor needed to prepare, arrange for
execution or file such Form 8-K, not resulting from its own negligence, bad faith or willful
misconduct.

          (iv) Within 90 days after the end of each fiscal year of the Trust or such earlier date as
may be required by the Exchange Act (the “10-K Filing Deadline”) (it being understood that
the fiscal year for the Trust ends on December 31st of each year), commencing in March
2007, the Trust Administrator shall prepare and file on behalf of the Trust an annual report on
Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K shall
include the following items, in each case to the extent they have been delivered to the Trust
Administrator within the applicable time frames set forth in this Agreement, (i) an annual
compliance statement for the Servicer, the Master Servicer, the Trust Administrator and any
Subservicer, Subcontractor or other Person engaged by such parties or the Trustee (together with
any custodian other than the Trust Administrator in such capacity, each a “Reporting
Servicer”), as described under Section 3.22 of this Agreement, provided, however, that
the Trust Administrator, at its discretion, may omit from the Form 10-K any annual compliance
statement that is not required to be filed with such Form 10-K for each Reporting Servicer pursuant
to Regulation AB, (ii)(A) the annual reports on assessment of compliance with Servicing Criteria
for each Reporting Servicer, as described under Section 3.23 of this Agreement, and (B) if
the

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report on assessment of compliance with the Servicing Criteria identifies any material instance
of noncompliance, disclosure identifying such instance of noncompliance, or if each reporting
Servicer’s report on assessment of compliance with Servicing Criteria is not included as an exhibit
to such Form 10-K, disclosure that such report is not included and an explanation why such report
is not included provided, however, that the Trust Administrator, at its discretion, may omit from
the Form 10-K any assessment of compliance or attestation report described in clause (iii) below
that is not required to be filed with such Form 10-K pursuant to Regulation AB, (iii)(A) the
registered public accounting firm attestation report for each Reporting Servicer as described under
Section 3.23 of this Agreement, and (B) if any registered public accounting firm
attestation report described under Section 3.23 identifies any material instance of
noncompliance, disclosure identifying such instance of noncompliance, or if any such registered
public accounting firm attestation report is not included as an exhibit to such Form 10-K,
disclosure that such report is not included and an explanation why such report is not included, and
(iv) a Sarbanes-Oxley Certification as described below. Any disclosure or information in addition
to the disclosure or information specified in items (i) through (iv) above that is required to be
included on Form 10-K (“Additional Form 10-K Disclosure”) shall, be reported by the parties
set forth on Exhibit T to the Depositor and the Trust Administrator and directed and
approved by the Depositor pursuant to the following paragraph, and the Trust Administrator will
have no duty or liability for any failure hereunder to determine or prepare any Additional Form
10-K Disclosure, except as set forth in the next paragraph.

     No later than March 1st (with a 10 calendar day cure period) of each year that the
Trust is subject to the Exchange Act reporting requirements, commencing in 2007, (i) the parties
set forth in Exhibit T shall be required to provide pursuant to Section 4.07(a)(v)
below to the Depositor and to the Trust Administrator (by email at
cts.sec.notifications@wellsfargo.com and by facsimile at 410-715-2380) and the Depositor,
to the extent known, in EDGAR-compatible form, or in such other form as otherwise agreed upon by
the Trust Administrator and such party, the form and substance of any Additional Form 10-K
Disclosure, if applicable, together with an Additional Disclosure Notification and (ii) the Depositor will approve, as to form and
substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure
on Form 10-K. The Trust Administrator has no duty under this Agreement to monitor or enforce the
performance by the parties listed on Exhibit T of their duties under this paragraph or
proactively solicit or procure from such parties any Additional Form 10-K Disclosure
information. The Depositor will be responsible for any reasonable fees and expenses assessed or
incurred by the Trust Administrator in connection with including any Additional Form 10-K
Disclosure on Form 10-K pursuant to this Section.

     After preparing the Form 10-K, the Trust Administrator shall forward, upon request,
electronically a copy of the Form 10-K to the Depositor for review. Within three Business Days
after receipt of such copy, but no later than March 25th, the Depositor shall notify the Trust
Administrator in writing (which may be furnished electronically) of any changes to or approval of
such Form 10-K. In the absence of receipt of any written changes or approval, or if the Depositor
does not request a copy of a Form 10-K, the Trust Administrator shall be entitled to assume that
such Form 10-K is in final form and the Trust Administrator may proceed with the execution and
filing of the Form 10-K. No later than 12:00 noon New York City time on the fourth Business Day
prior to the 10-K Filing Deadline, a senior officer of the Servicer shall sign the Form 10-K and
return such signed Form 10-K to the Trust Administrator. If a Form 10-K

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cannot be filed on time or
if a previously filed Form 10-K needs to be amended, the Trust Administrator will follow the
procedures set forth in Section 4.07(a)(vi). Promptly (but no later than one Business Day)
after filing with the Commission, the Trust Administrator will make available on its internet
website (located at www.ctslink.com) a final executed copy of each Form 10-K filed by the
Trust Administrator. The parties to this Agreement acknowledge that the performance by the Master
Servicer, the Servicer and the Trust Administrator of its duties under Section 4.07(a)(iv)
and Section 4.07(a)(v) related to the timely preparation, execution and filing of Form 10-K
is contingent upon such parties strictly observing all applicable deadlines in the performance of
their duties under such Sections, Section 3.22 and Section 3.23. The Depositor
acknowledges that the performance by the Master Servicer and the Trust Administrator of its duties
under this Section 4.07(a)(iv) related to the timely preparation, execution and filing of
Form 10-K is also contingent upon the Servicer, the custodian (other than the Trust Administrator
in such capacity) and any Subservicer or Subcontractor strictly observing deadlines no later than
those set forth in this paragraph that are applicable to the parties to this Agreement in the
delivery to the Trust Administrator of any necessary Additional Form 10-K Disclosure, any annual
statement of compliance and any assessment of compliance and attestation pursuant to any related
custodial agreement or any other applicable agreement. Neither the Master Servicer nor the Trust
Administrator shall have any liability for any loss, expense, damage, claim arising out of or with
respect to any failure to properly prepare, execute and/or timely file such Form 10-K, where such
failure results from the Trust Administrator’s inability or failure to receive, on a timely basis,
any information from any other party hereto or any custodian (other than the Trust Administrator in
such capacity), Subservicer or Subcontractor needed to prepare, arrange for execution or file such
Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

     Each Form 10-K shall include a Sarbanes-Oxley Certification, required to be included therewith
pursuant to the Sarbanes-Oxley Act. Each of the Servicer, the Master Servicer and the Trust
Administrator shall provide, and each such party and the Trustee shall cause any
Subservicer or Subcontractor engaged by it to provide, to the Person who signs the
Sarbanes-Oxley Certification (the “Certifying Person”), by March 15th of each
year in which the Trust is subject to the reporting requirements of the Exchange Act, a
certification (each, a “Back-Up Certification”), in the form attached hereto as Exhibit
M, upon which the Certifying Person, the
entity for which the Certifying Person acts as an officer, and such entity’s officers,
directors and Affiliates (collectively with the Certifying Person, “Certification Parties”)
can reasonably rely. A senior officer of Fremont shall serve as the Certifying Person on behalf of
the Trust. Such officer of the Certifying Person can be contacted by e-mail at
Rnicolas@fmtinv.com or by facsimile at (714) 431-1460. In the event that the Master
Servicer, the Trust Administrator, the Trustee or any Subservicer or Subcontractor engaged by any
such party is terminated or resigns pursuant to the terms of this Agreement, or any other
applicable agreement, as the case may be, such party shall provide a Back-Up Certification to the
Certifying Person pursuant to this Section 4.07(a)(iv) with respect to the period of time
it was subject to this Agreement or any other applicable agreement, as the case may be.

          (v) With respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure or
any Form 8-K Disclosure Information (collectively, the “Additional Disclosure”) relating to
the Trust Fund, the Trust Administrator’s obligation to include such Additional Information in the
applicable Exchange Act report is subject to receipt from the entity

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that is indicated in
Exhibits S, T and U as the responsible party for providing that information, if other than
the Trust Administrator, as and when required as described in Section 4.07(a)(ii) through
(iv) above. Each of the Master Servicer, the Servicer, the Trust Administrator and
Depositor hereby agree to notify and to provide, to the extent known, to the Trust Administrator
and the Depositor, all Additional Disclosure relating to the Trust Fund, with respect to which such
party is the responsible party for providing that information, as indicated in Exhibits S, T
and U hereto. The Swap Provider will be obligated pursuant to the Swap Agreement to provide to
the Trust Administrator any information that may be required to be included in any Form 10-D, Form
8-K or Form 10-K. The Servicer shall be responsible for determining the pool concentration
applicable to any Subservicer or originator at any time, for purposes of disclosure as required by
Items 1108 and 1110 of Regulation AB.

          (vi) On or prior to January 30 of the first year in which the Trust Administrator is able to do
so under applicable law, the Trust Administrator shall prepare and file a Form 15 Suspension
Notification relating to the automatic suspension of reporting in respect of the Trust under the
Exchange Act.

     In the event that the Trust Administrator becomes aware that it will be unable to timely file
with the Commission all or any required portion of any Form 8-K, Form 10-D or Form 10-K required to
be filed by this Agreement because required disclosure information was either not delivered to it
or was delivered to it after the delivery deadlines set forth in this Agreement or for any other
reason, the Trust Administrator will promptly notify electronically the Depositor. In the case of
Form 10-D and Form 10-K, the parties to this Agreement will cooperate to prepare and file a Form
12b-25 and a Form 10-DA and Form 10-KA as applicable, pursuant to Rule 12b-25 of the Exchange Act.
In the case of Form 8-K, the Trust Administrator will, upon receipt of all required Form 8-K
Disclosure Information and upon the approval and direction of the Depositor, include such
disclosure information on the next succeeding Form 10-D. In the event that any previously filed
Form 8-K, Form 10-D or Form 10-K needs to be amended, in
connection with any Additional Form 10-D Disclosure (other than, in the case of Form 10-D, for
the purpose of restating any Monthly Statement), Additional Form 10-K Disclosure or Form 8-K
Disclosure Information, the Trust Administrator will electronically notify the Depositor and such
other parties to the transaction as are affected by such amendment, and such parties will
cooperate to prepare any necessary Form 8-KA, Form 10-DA or Form 10-KA. Any Form 15, Form
12b-25 or any amendment to Form 8-K or Form 10-D shall be signed by a duly authorized
representative or senior officer in charge of master servicing, as applicable, of the Master
Servicer. Any amendment to Form 10-K shall be signed by the Servicer. The parties to this
Agreement acknowledge that the performance by the Master Servicer, the Servicer and the Trust
Administrator of its duties under this Section 4.07(a)(vi) related to the timely
preparation, execution and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K, Form 10-D
or Form 10-K is contingent upon each such party performing its duties under this Section. Neither
the Master Servicer nor the Trust Administrator shall have any liability for any loss, expense,
damage, claim arising out of or with respect to any failure to properly prepare, execute and/or
timely file any such Form 15, Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form 10-K,
where such failure results from the Trust Administrator’s inability or failure to receive, on a
timely basis, any information from or on behalf of any other party hereto or any custodian (other
than the Trust Administrator in such capacity), Subservicer or Subcontractor needed to prepare,
arrange for execution or file such Form 15, Form 12b-25 or any amendments

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to Form 8-K, Form 10-D or
Form 10-K, not resulting from its own negligence, bad faith or willful misconduct.

     The Depositor agrees to promptly furnish to the Trust Administrator, from time to time upon
request, such further information, reports and financial statements within its control related to
this Agreement and the Mortgage Loans as the Trust Administrator reasonably deems appropriate to
prepare and file all necessary reports with the Commission. The Trust Administrator shall have no
responsibility to file any items other than those specified in this Section 4.07; provided,
however, the Trust Administrator will cooperate with the Depositor in connection with any
additional filings with respect to the Trust Fund as the Depositor deems necessary under the
Exchange Act. Fees and expenses incurred by the Trust Administrator in connection with this
Section 4.07 shall not be reimbursable from the Trust Fund.

     (b) (A) The Trust Administrator shall indemnify and hold harmless the Depositor and its
officers, directors and affiliates from and against any losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs and
expenses arising out of or based upon (i) a breach of the Trust Administrator’s obligations under
this Section 4.07 or the Trust Administrator’s negligence, bad faith or willful misconduct
in connection therewith or (ii) any material misstatement or omission in the Annual Statement of
Compliance and the assessment of compliance delivered by the Trust Administrator pursuant to
Section 3.22 and Section 3.23.

          (B) The Depositor shall indemnify and hold harmless the Trust Administrator and the
Master Servicer and their respective officers, directors and affiliates from and against any
losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and
related costs, judgments and other costs and expenses arising out of or based upon a breach
of the obligations of the Depositor under this Section 4.07 or the Depositor’s
negligence, bad faith or willful misconduct in connection therewith.

          (C) The Master Servicer shall indemnify and hold harmless the Trust Administrator and
the Depositor and their respective officers, directors and affiliates from and against any
losses, damages, penalties, fines, forfeitures, reasonable and necessary
legal fees and related costs, judgments and other costs and expenses arising out of or
based upon (i) a breach of the obligations of the Master Servicer under this Section
4.05 or the Master Servicer’s negligence, bad faith or willful misconduct in connection
therewith or (ii) any material misstatement or omission in the Statement as to Compliance
delivered by the Master Servicer pursuant to Section 3.22 or the assessment of
compliance delivered by the Master Servicer pursuant to Section 3.23.

          (D) The Servicer shall indemnify and hold harmless the Master Servicer, Trust
Administrator and the Depositor and their respective officers, directors and affiliates from
and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary
legal fees and related costs, judgments and other costs and expenses arising out of or based
upon (i) a breach of the obligations of the Servicer under Section 3.22, Section
3.23 or Section 4.07, including any failure by the Servicer (or any Subservicer
or any Subcontractor engaged by the Servicer), to provide any Back-Up Certification, annual
statement of compliance, annual assessment of compliance with

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Servicing Criteria or
attestation report, any information, data or materials required to be included in any
Exchange Act report or any other information or material when and as required under
Sections 3.22, 3.23 or 4.07, or the Servicer’s negligence, bad faith
or willful misconduct in connection therewith and (ii) any material misstatement or omission
contained in any information, disclosure, report, certification, data, accountants’ letter
or other material provided under Sections 3.22, 3.23 and 4.07 to the
Master Servicer or the Trust Administrator by or on behalf of the Servicer or on behalf of
any Subservicer or Subcontractor), including any material misstatement or material omission
in (i) any Back-Up Certification, annual statement of compliance, annual assessment of
compliance with Servicing Criteria or attestation report delivered by the Servicer, or by
any Subservicer or Subcontractor engaged by it, pursuant to this Agreement, or (ii) any
Additional Form 10-D Disclosure, Additional Form 10-K Disclosure or Form 8-K Disclosure
Information provided by the Servicer.

          (E) [RESERVED.]

          (F) If the indemnification provided for herein is unavailable or insufficient to hold
harmless the Depositor, the Master Servicer, the Trustee or the Trust Administrator, as
applicable, then the defaulting party, in connection with a breach of its respective
obligations under this Section 4.07 or its respective negligence, bad faith or
willful misconduct in connection therewith, agrees that it shall contribute to the amount
paid or payable by the other parties as a result of the losses, claims, damages or
liabilities of the other party in such proportion as is appropriate to reflect the relative
fault and the relative benefit of the respective parties. This indemnification shall
survive the termination of this Agreement or the termination of any party to this Agreement.

     (c) Nothing shall be construed from the foregoing subsections (a) and (b) to require the Trust
Administrator or any officer, director or Affiliate thereof to sign any Form 10-K or any
certification contained therein. Furthermore, the inability of the Trust Administrator to file a
Form 10-K as a result of the lack of required information as set forth in Section
4.07(a) or required signatures on such Form 10-K or any certification contained therein shall
not be regarded as a breach by the Trust Administrator of any obligation under this Agreement.

     (d) Notwithstanding the provisions of Section 11.01, this Section 4.07 may be
amended without the consent of the Certificateholders.

     (e) Each of the parties agrees to provide to the Master Servicer and the Trust Administrator
such additional information related to such party as the Master Servicer and the Trust
Administrator may reasonably request, including evidence of the authorization of the person signing
any certificate or statement, financial information and reports, and such other information related
to such party or its performance hereunder.

     (f) Any notice or notification required to be delivered by the Trust Administrator or Master
Servicer to the Depositor pursuant to this Section 4.07, may be delivered via facsimile to
the legal department at (203) 618-2132, with a copy delivered to the operations group at facsimile
(203) 422-4646.

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     Section 4.08. REMIC Distributions and Allocation of Losses.

     (a) On each Distribution Date, the following amounts, in the following order of priority,
shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and
distributed to the Holders of the Class R Certificates (in respect of the Class R-I Interest), as
the case may be:

     (1) On each Distribution Date, Pool I Available Funds and any Pool I Prepayment
Premiums shall be distributed with respect to the REMIC I Regular Interests in the following
manner:

(i) the Group 1 Interest Remittance Amount shall be distributed to REMIC I
Regular Interest 1-IML plus any amounts payable in respect thereof remaining
unpaid from previous Distribution Dates;

(ii) the Group 2 Interest Remittance Amount shall be distributed to REMIC I
Regular Interest 2-IML plus any amounts payable in respect thereof remaining
unpaid from previous Distribution Dates;

(iii) the Group 1 Principal Distribution Amount shall be allocated to REMIC
I Regular Interest 1-IML until the Uncertificated Principal Balance of such
REMIC I Regular Interest is reduced to zero;

(iv) the Group 2 Principal Distribution Amount shall be allocated to REMIC I
Regular Interest 2-IML until the Uncertificated Principal Balance of such
REMIC I Regular Interest is reduced to zero.

     (2) On each Distribution Date, all amounts representing Pool I Prepayment Premiums in
respect of a Loan Group received during the related Prepayment Period
shall be distributed by REMIC I to the REMIC I Regular Interest of the related Loan
Group.

     (b) On each Distribution Date, the following amounts, in the following order of priority,
shall be distributed by REMIC I to REMIC II on account of the REMIC II Regular
Interests and distributed to the Holders of the Class R Certificates (in respect of the Class
R-II Interest), as the case may be:

     (1) With respect to the REMIC I Regular Interest related to the Group 1 Mortgage Loans:

(i) to Holders of each REMIC II Regular Interest I-1-A through I-72-B, pro
rata, in an amount equal to (A) Uncertificated Accrued Interest for such
REMIC II Regular Interests for such Distribution Date, plus (B) any amounts
payable in respect thereof remaining unpaid from previous Distribution
Dates; and

(ii) to the extent of amounts remaining after the distributions made
pursuant to clause (i) above, payments of principal shall be allocated as

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follows: to REMIC II Regular interests I-1-A through I-72-B starting with
the lowest numerical denomination until the Uncertificated Principal Balance
of each such REMIC II Regular Interest is reduced to zero, provided that,
for REMIC II Regular Interests with the same numerical denomination, such
payments of principal shall be allocated pro rata between such REMIC II
Regular Interests.

     (2) With respect to the REMIC I Regular Interests related to the Group 2 Mortgage
Loans:

(i) to Holders of each REMIC II Regular Interest II-1-A through II-72-B, pro
rata, in an amount equal to (A) Uncertificated Accrued Interest for such
REMIC II Regular Interests for such Distribution Date, plus (B) any amounts
payable in respect thereof remaining unpaid from previous Distribution
Dates; and

(ii) to the extent of amounts remaining after the distributions made
pursuant to clause (i) above, payments of principal shall be allocated as
follows: to REMIC II Regular interests II-1-A through II-72-B starting with
the lowest numerical denomination until the Uncertificated Principal Balance
of each such REMIC II Regular Interest is reduced to zero, provided that,
for REMIC II Regular Interests with the same numerical denomination, such
payments of principal shall be allocated pro rata between such REMIC II
Regular Interests.

     (3) On each Distribution Date, all amounts representing Prepayment Premiums in respect
of the Pool II Mortgage Loans received during the related Prepayment Period shall be
distributed by REMIC I to the Holders of REMIC II Regular Interest I-72-B. The
payment of the foregoing amounts to the Holders of REMIC II Regular Interest I-72-B
shall not reduce the Uncertificated Principal Balance thereof.

     (c) On each Distribution Date, the following amounts, in the following order of priority,
shall be distributed by REMIC II to REMIC III on account of the REMIC III Regular
Interests and distributed to the Holders of the Class R Certificates (in respect of the Class
R-III Interest), as the case may be:

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

     (2) second, to the extent of the REMIC III Marker Allocation Percentage of the Pool I
Available Funds remaining after the distributions pursuant to clause (1), to the Holders of
REMIC III Regular Interest LTI-AA, REMIC III Regular Interest LTI-1-A, REMIC III Regular
Interest LTI-2-A-1, REMIC III Regular Interest LTI-2-A-2, REMIC III Regular Interest
LTI-2-A-3, REMIC III Regular Interest LTI-2-A-4, REMIC III Regular Interest LTI-M-1, REMIC
III Regular Interest LTI-M-2, REMIC III Regular

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Interest LTI-M-3, REMIC III Regular Interest
LTI-M-4, REMIC III Regular Interest LTI-M-5, REMIC III Regular Interest LTI-M-6, REMIC III
Regular Interest LTI-M-7, REMIC III Regular Interest LTI-M-8, REMIC III Regular Interest
LTI-M-9, REMIC III Regular Interest LTI-M-10, REMIC III Regular Interest LTI-M-11 and REMIC
III Regular Interest LTI-ZZ, pro rata, 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 III Regular Interest LTI-ZZ shall be reduced and deferred when the REMIC
III Overcollateralized Amount is less than the REMIC III Overcollateralization Target
Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LTI-ZZ
Uncertificated Accrued Interest Deferral Amount and such amount shall be payable to the
Holders of REMIC III Regular Interest LTI-AA, REMIC III Regular Interest LTI-1-A, REMIC III
Regular Interest LTI-2-A-1, REMIC III Regular Interest LTI-2-A-2, REMIC III Regular Interest
LTI-2-A-3, REMIC III Regular Interest LTI-2-A-4, REMIC III Regular Interest LTI-M-1, REMIC
III Regular Interest LTI-M-2, REMIC III Regular Interest LTI-M-3, REMIC III Regular Interest
LTI-M-4, REMIC III Regular Interest LTI-M-5, REMIC III Regular Interest LTI-M-6, REMIC III
Regular Interest LTI-M-7, REMIC III Regular Interest LTI-M-8, REMIC III Regular Interest
LTI-M-9, REMIC III Regular Interest LTI-M-10 and REMIC III Regular Interest LTI-M-11 in the
same proportion as the Pool I Overcollateralization Deficiency is allocated to the
Corresponding Certificates and the Uncertificated Principal Balance of the REMIC III Regular
Interest LTI-ZZ shall be increased by such amount;

     (3) third, to the extent of the REMIC III Sub WAC Allocation Percentage of the Group 1
Interest Remittance Amount and the Group 2 Interest Remittance Amount remaining after the
distribution pursuant to clause (1)(A) and (B), to the Holders of REMIC III Regular Interest
LTI-1-SUB, REMIC III Regular Interest LTI-1-GRP, REMIC III Regular Interest LTI-2-SUB, REMIC
III Regular Interest LTI-2-GRP and
REMIC III Regular Interest LTI-XX, pro rata, 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;

     (4) fourth, to the Holders of REMIC III Regular Interests, in an amount equal to the
remainder of the REMIC III Marker Allocation Percentage of the Pool I Available Funds for
such Distribution Date after the distributions made pursuant to clauses (1) and (2) above,
allocated as follows:

(i) 98.00% of such remainder (other than amounts payable under clause (c)
below), to the Holders of REMIC III Regular Interest LTI-AA and REMIC III
Regular Interest LTI-P, until the Uncertificated Principal Balance of such
REMIC III Regular Interest is reduced to zero, provided, however, that REMIC
III Regular Interest LTI-P shall not be reduced until the Distribution Date
immediately following the expiration of the latest Prepayment Premium or any
Distribution Date thereafter, at which point such amount shall be
distributed to REMIC III Regular Interest LTI-P, until $100 has been
distributed pursuant to this clause; provided further

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that REMIC III Regular
Interest LTI-P shall receive all amount in respect of Prepayment Premiums
received by REMIC II Regular Interest I-72-B;

(ii) 2.00% of such remainder (other than amounts payable under clause (5)
below) first, to the Holders of REMIC III Regular Interest LTI-1-A, REMIC
III Regular Interest LTI-2-A-1, REMIC III Regular Interest LTI-2-A-2, REMIC
III Regular Interest LTI-2-A-3, REMIC III Regular Interest LTI-2-A-4, REMIC
III Regular Interest LTI-M-1, REMIC III Regular Interest LTI-M-2, REMIC III
Regular Interest LTI-M-3, REMIC III Regular Interest LTI-M-4, REMIC III
Regular Interest LTI-M-5, REMIC III Regular Interest LTI-M-6, REMIC III
Regular Interest LTI-M-7, REMIC III Regular Interest LTI-M-8, REMIC III
Regular Interest LTI-M-9, REMIC III Regular Interest LTI-M-10 and REMIC III
Regular Interest LTI-M-11, 1.00% and in the same proportion as principal
payments are allocated to the Corresponding Class, until the Uncertificated
Principal Balances of such REMIC III Regular Interests are reduced to zero
and second, to the Holders of REMIC III Regular Interest LTI-ZZ, until the
Uncertificated Principal Balance of such REMIC III Regular Interest is
reduced to zero; and

     (5) any remaining amount to the Holders of the Class R Certificates (in respect of the
Class R-III Interest); and

     (6) to the Holders of REMIC III Regular Interests, in an amount equal to the remainder
of the REMIC III Sub WAC Allocation Percentage of the Pool I Available Funds for such
Distribution Date after the distributions made pursuant to clause (1) and (2) above such
that distributions of principal shall be deemed to be made to the REMIC III Regular
Interests first, so as to keep the Uncertificated Principal Balance of each REMIC III
Regular Interest ending with the designation “GRP” equal to 0.01% of the
aggregate Stated Principal Balance of the Pool I Mortgage Loans in the related Loan
Group; second, to each REMIC III Regular Interest ending with the designation “SUB,” so that
the Uncertificated Principal Balance of each such REMIC III Regular Interest is equal to
0.01% of the excess of (x) the aggregate Stated Principal Balance of the Pool I
Mortgage Loans in the related Loan Group over (y) the current Certificate Principal
Balance of the Pool I Senior Certificates in the related Loan Group (except that if any such
excess is a larger number than in the preceding distribution period, the least amount of
principal shall be distributed to such REMIC III Regular Interests such that the REMIC III
Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC III
Regular Interest LTI-XX.

     (7) On each Distribution Date, 100% of the amounts distributed on REMIC III Regular
Interest LTI-IO shall be deemed distributed by REMIC III to REMIC VII in respect of the
Class SWAP-I-IO Interest. Such amounts shall be deemed distributed by REMIC III to the Swap
Administrator for deposit into the Swap Account.

     (d) On each Distribution Date, the following amounts, in the following order of priority,
shall be distributed by REMIC IV to REMIC V on account of the REMIC IV Regular

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Interests and distributed to the Holders of the Class R Certificates (in respect of the Class R-IV Interest), as
the case may be:

     (1) On each Distribution Date, Pool II Available Funds shall be distributed with
respect to the REMIC IV Regular Interests in the following manner:

(i) the Pool I Interest Remittance Amount shall be distributed to REMIC IV
Regular Interest ML and REMIC IV Regular Interest ICA based on the amount of
Uncertificated Accrued Interest with respect to the related Distribution
Date at their Uncertificated REMIC I Pass-Through Rate on their
Uncertificated Principal Balance plus any amounts payable in respect thereof
remaining unpaid from previous Distribution Dates;

(ii) the Pool II Principal Remittance Amount shall be allocated to REMIC IV
Regular Interest ML and REMIC I Regular Interest ICA, pro rata, in
proportion to the Uncertificated Principal Balance of such REMIC I Regular
Interest until the Uncertificated Principal Balance of such REMIC IV Regular
Interest is reduced to zero.

     (e) On each Distribution Date, the following amounts, in the following order of priority,
shall be distributed by REMIC IV to REMIC V on account of the REMIC V Regular Interests and
distributed to the Holders of the Class R Certificates (in respect of the Class R-V Interest), as
the case may be:

     (1) to Holders of each REMIC V Regular Interest I-1-A through I-72-B, pro rata, in an
amount equal to (A) Uncertificated Accrued Interest for such REMIC V Regular Interests for
such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid
from previous Distribution Dates;

     (2) to the extent of amounts remaining after the distributions made pursuant to clause
(1) above, payments of principal shall be allocated as follows: to REMIC V Regular interests
I-1-A through I-72-B starting with the lowest numerical denomination until the
Uncertificated Principal Balance of each such REMIC V Regular Interest is
reduced to zero, provided that, for REMIC V Regular Interests with the same numerical
denomination, such payments of principal shall be allocated pro rata between such REMIC V
Regular Interests.

     (f) On each Distribution Date, the following amounts, in the following order of priority,
shall be distributed by REMIC V to REMIC VI on account of the REMIC VI Regular Interests and
distributed to the Holders of the Class R Certificates (in respect of the Class R-VI Interest), as
the case may be:

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

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     (2) second, to the extent of the Pool II Available Funds remaining after the
distributions pursuant to clause (i), to the Holders of REMIC VI Regular Interest LTII-AA,
REMIC VI Regular Interest LTII-SL-A, REMIC VI Regular Interest LTII-SL-M1, REMIC VI Regular
Interest LTII-SL-M2, REMIC VI Regular Interest LTII-SL-M2, REMIC VI Regular Interest
LTII-SL-M3, REMIC VI Regular Interest LTII-SL-M4, REMIC VI Regular Interest LTII-SL-M5,
REMIC VI Regular Interest LTII-SL-M6, REMIC VI Regular Interest LTII-SL-M7, REMIC VI Regular
Interest LTII-SL-M8, REMIC VI Regular Interest LTII-SL-M9, REMIC VI Regular Interest
LTII-SL-B1 and REMIC VI Regular Interest LTII-ZZ, pro rata, 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 VI Regular Interest LTII-ZZ shall be reduced and
deferred when the REMIC VI Overcollateralized Amount is less than the REMIC VI
Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and
(y) the Maximum LTII-ZZ Uncertificated Accrued Interest Deferral Amount and such amount
shall be payable to the Holders of REMIC VI Regular Interest LTII-AA, REMIC VI Regular
Interest LTII-SL-A, REMIC VI Regular Interest LTII-SL-M1, REMIC VI Regular Interest
LTII-SL-M2, REMIC VI Regular Interest LTII-SL-M2, REMIC VI Regular Interest LTII-SL-M3,
REMIC VI Regular Interest LTII-SL-M4, REMIC VI Regular Interest LTII-SL-M5, REMIC VI Regular
Interest LTII-SL-M6, REMIC VI Regular Interest LTII-SL-M7, REMIC VI Regular Interest
LTII-SL-M8, REMIC VI Regular Interest LTII-SL-M9 and REMIC VI Regular Interest LTII-SL-B1 in
the same proportion as the Pool II Overcollateralization Increase Amount is allocated to the
Corresponding Certificates and the Uncertificated Principal Balance of the REMIC VI Regular
Interest LTII-ZZ shall be increased by such amount;

     (3) third, to the Holders of REMIC VI Regular Interests, in an amount equal to the
remainder of the Pool II Available Funds for such Distribution Date after the distributions
made pursuant to clause (1) and (2) above, allocated as follows:

(i) 98.00% of such remainder (other than amounts payable under clause (c)
below), to the Holders of REMIC VI Regular Interest LTII-AA,
until the Uncertificated Principal Balance of such REMIC VI Regular Interest
is reduced to zero;

(ii) 2.00% of such remainder (other than amounts payable under clause (4)
below) first, to the Holders of REMIC VI Regular Interest LTII-AA, REMIC VI
Regular Interest LTII-SL-A, REMIC VI Regular Interest LTII-SL-M1, REMIC VI
Regular Interest LTII-SL-M2, REMIC VI Regular Interest LTII-SL-M2, REMIC VI
Regular Interest LTII-SL-M3, REMIC VI Regular Interest LTII-SL-M4, REMIC VI
Regular Interest LTII-SL-M5, REMIC VI Regular Interest LTII-SL-M6, REMIC VI
Regular Interest LTII-SL-M7, REMIC VI Regular Interest LTII-SL-M8, REMIC VI
Regular Interest LTII-SL-M9 and REMIC VI Regular Interest LTII-SL-B1, 1.00%
and in the same proportion as principal payments are allocated to the
Corresponding Certificates, until the Uncertificated Principal Balances of
such REMIC VI Regular Interests are reduced to

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zero and second, to the
Holders of REMIC VI Regular Interest LTII-ZZ, until the Uncertificated
Principal Balance of such REMIC VI Regular Interest is reduced to zero; and

     (4) any remaining amount to the Holders of the Class R Certificates (in respect of the
Class R-VI Interest); and

     (5) On each Distribution Date, 100% of the amounts distributed on REMIC VI Regular
Interest LTII-IO shall be deemed distributed by REMIC VI to REMIC VII in respect of the
Class SWAP-II-IO Interest. Such amounts shall be deemed distributed by REMIC V to the Swap
Administrator for deposit into the Swap Account.

     (g) REMIC I Losses.

     (1) For purposes of calculating the amount of Uncertificated Accrued Interest for the
REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment
Interest Shortfalls (to the extent not covered by payments by the Master Servicer pursuant
to Section 3A.12) and any Relief Act Interest Shortfalls incurred in respect of each Loan
Group shall be allocated to the REMIC I Regular Interest of the related Loan Group with the
designation “ML” with respect to the first Distribution Date and thereafter from the each
Loan Group to the REMIC I Regular Interest of the related Loan Group with the designation
“ML” and “CA,” pro rata based on, and to the extent of, one month’s interest at the then
applicable respective Uncertificated REMIC I Pass-Through Rate on the respective
Uncertificated Principal Balances of each such REMIC I Regular Interest.

     (2) All Applied Realized Losses with respect to a Loan Group will be allocated to the
REMIC I Regular Interest related to such Loan Group.

     (h) REMIC II Losses.

     (1) For purposes of calculating the amount of Uncertificated Accrued Interest for the
REMIC II Group 1 Regular Interests for any Distribution Date, the aggregate amount of any
Prepayment Interest Shortfalls (to the extent not covered by payments by the Master Servicer
pursuant to Section 3A.12) and any Relief Act Interest Shortfalls incurred in respect of
Loan Group 1 shall be allocated first, to REMIC II Group 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 II Pass-Through Rate on the respective
Uncertificated Principal Balances of each such REMIC II Regular Interest, and then, to REMIC
II Group 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 II
Pass-Through Rate on the respective Uncertificated Balances of each such REMIC II Regular
Interest.

     (2) For purposes of calculating the amount of Uncertificated Accrued Interest for the
REMIC II Group 2 Regular Interests for any Distribution Date, the aggregate amount of any
Prepayment Interest Shortfalls (to the extent not covered by payments by the

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Master Servicer pursuant to Section 3A.12) and any Relief Act Interest Shortfalls incurred in respect of
Loan Group 2 shall be allocated first, to REMIC II Group 2 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 II Pass-Through Rate on the respective
Uncertificated Balances of each such REMIC II Regular Interest, and then, to REMIC II Group
2 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 II
Pass-Through Rate on the respective Uncertificated Balances of each such REMIC II Regular
Interest.

     (3) All Realized Losses on the Group 1 Mortgage Loans shall be allocated on each
Distribution Date to REMIC II Regular Interest I-1-A through REMIC II Regular Interest
I-72-B, starting with the lowest numerical denomination until such REMIC II Regular Interest
has been reduced to zero, provided that, for REMIC II Regular Interests with the same
numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC
II Regular Interests.

     (4) All Realized Losses on the Group 2 Mortgage Loans shall be allocated on each
Distribution Date to REMIC II Regular Interest II-1-A through REMIC II Regular Interest
II-72-B, starting with the lowest numerical denomination until such REMIC I Regular Interest
has been reduced to zero, provided that, for REMIC II Regular Interests with the same
numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC
II Regular Interests.

     (i) REMIC III Losses.

     (1) For purposes of calculating the amount of Uncertificated Accrued Interest for the
REMIC III Regular Interests for any Distribution Date, the REMIC III Marker Allocation
Percentage of the aggregate amount of any Prepayment Interest Shortfalls (to
the extent not covered by payments by the Master Servicer pursuant to Section 3A.12)
and the REMIC III Marker Allocation Percentage of any Relief Act Interest Shortfalls
incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated among
REMIC III Regular Interest LTI-AA, REMIC III Regular Interest LTI-1-A, REMIC III Regular
Interest LTI-2-A-1, REMIC III Regular Interest LTI-2-A-2, REMIC III Regular Interest
LTI-2-A-3, REMIC III Regular Interest LTI-2-A-4, REMIC III Regular Interest LTI-M-1, REMIC
III Regular Interest LTI-M-2, REMIC III Regular Interest LTI-M-3, REMIC III Regular Interest
LTI-M-4, REMIC III Regular Interest LTI-M-5, REMIC III Regular Interest LTI-M-6, REMIC III
Regular Interest LTI-M-7, REMIC III Regular Interest LTI-M-8, REMIC III Regular Interest
LTI-M-9, REMIC III Regular Interest LTI-M-10, REMIC III Regular Interest LTI-M-11, REMIC III
Regular Interest LTI-ZZ, on a pro rata basis, based on, and to the extent of, one month’s
interest at the then applicable respective Uncertificated REMIC III Pass-Through Rate on the
respective Uncertificated Balances of each such REMIC III Regular Interest; and

     (2) The REMIC III Sub WAC Allocation Percentage of the aggregate amount of any
Prepayment Interest Shortfalls (to the extent not covered by payments by the Master Servicer
pursuant to Section 3A.12) and the REMIC III Sub WAC Allocation Percentage

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of any Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for any Distribution Date
shall be allocated to Uncertificated Interest payable to REMIC III Regular Interest
LTI-1-SUB, REMIC III Regular Interest LTI-1-GRP, REMIC III Regular Interest LTI-2-SUB, REMIC
III Regular Interest LTI-2-GRP and REMIC III Regular Interest LTI-XX, on a pro rata basis,
based on, and to the extent of, one month’s interest at the then applicable respective
Uncertificated REMIC III Pass-Through Rate on the respective Uncertificated Balances of each
such REMIC III Regular Interest.

     (3) The REMIC III Marker Allocation Percentage of all Realized Losses on the Mortgage
Loans shall be allocated by the Trust Administrator on each Distribution Date to the
following REMIC II Regular Interests in the specified percentages, as follows: first, to
Uncertificated Accrued Interest payable to the REMIC III Regular Interest LTI-AA and REMIC
III Regular Interest LTI-ZZ up to an aggregate amount equal to the REMIC III Interest Loss
Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal
Balances of the REMIC III Regular Interest LTI-AA and REMIC III Regular Interest LTI-ZZ up
to an aggregate amount equal to the REMIC III Principal Loss Allocation Amount, 98% and 2%,
respectively; third, to the Uncertificated Principal Balances of REMIC III Regular Interest
LTI-AA, REMIC III Regular Interest LTI-M-11 and REMIC III Regular Interest LTI-ZZ, 98%, 1%
and 1%, respectively, until the Uncertificated Principal Balance of REMIC III Regular
Interest LTI-M-11 has been reduced to zero; fourth, to the Uncertificated Principal Balances
of REMIC III Regular Interest LTI-AA, REMIC III Regular Interest LTI-M-10 and REMIC III
Regular Interest LTI-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
Balance of REMIC III Regular Interest LTI-M-10 has been reduced to zero; fifth, to the
Uncertificated Principal Balances of REMIC III Regular Interest LTI-AA, REMIC III Regular
Interest LTI-M-9 and REMIC III Regular Interest LTI-ZZ, 98%, 1% and 1%, respectively, until
the Uncertificated Principal Balance of REMIC III Regular Interest LTI-M-9 has been reduced
to zero; sixth, to the Uncertificated Principal Balances of REMIC III Regular Interest
LTI-AA, REMIC III Regular Interest LTI-M-8 and REMIC
III Regular Interest LTI-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated
Principal Balance of REMIC III Regular Interest LTI-M-8 has been reduced to zero; seventh,
to the Uncertificated Principal Balances of REMIC III Regular Interest LTI-AA, REMIC III
Regular Interest LTI-M-7 and REMIC III Regular Interest LTI-ZZ, 98%, 1% and 1%,
respectively, until the Uncertificated Principal Balance of REMIC III Regular Interest
LTI-M-7 has been reduced to zero; eighth, to the Uncertificated Principal Balances of REMIC
III Regular Interest LTI-AA, REMIC III Regular Interest LTI-M-6 and REMIC III Regular
Interest LTI-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
REMIC III Regular Interest LTI-M-6 has been reduced to zero; ninth, to the Uncertificated
Principal Balances of REMIC III Regular Interest LTI-AA, REMIC III Regular Interest LTI-M-5
and REMIC III Regular Interest LTI-ZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC III Regular Interest LTI-M-5 has been reduced to
zero; tenth, to the Uncertificated Principal Balances of REMIC III Regular Interest LTI-AA,
REMIC III Regular Interest LTI-M-4 and REMIC III Regular Interest LTI-ZZ, 98%, 1% and 1%,
respectively, until the Uncertificated Principal Balance of REMIC III Regular Interest
LTI-M-4 has been reduced to zero; eleventh, to the Uncertificated Principal Balances of
REMIC III Regular Interest LTI-AA, REMIC III Regular Interest LTI-M-3 and REMIC

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III Regular
Interest LTI-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
REMIC III Regular Interest LTI-M-3 has been reduced to zero; twelfth, to the Uncertificated
Principal Balances of REMIC III Regular Interest LTI-AA, REMIC III Regular Interest LTI-M-2
and REMIC III Regular Interest LTI-ZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC III Regular Interest LTI-M-2 has been reduced to
zero, and thirteenth, to the Uncertificated Principal Balances of REMIC III Regular Interest
LTI-AA, REMIC III Regular Interest LTI-M-1 and REMIC III Regular Interest LTI-ZZ, 98%, 1%
and 1%, respectively, until the Uncertificated Principal Balance of REMIC III Regular
Interest LTI-M-1 has been reduced to zero.

     (4) The REMIC III Sub WAC Allocation Percentage of all Realized Losses shall be applied
after all distributions have been made on each Distribution Date first, so as to keep the
Uncertificated Principal Balance of each REMIC III Regular Interest ending with the
designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage
Loans in the related Loan Group; second, to each REMIC III Regular Interest ending with the
designation “SUB,” so that the Uncertificated Principal Balance of each such REMIC III
Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal
Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate
Principal Balance of the Class A Certificate in the related Loan Group (except that if any
such excess is a larger number than in the preceding distribution period, the least amount
of Realized Losses shall be applied to such REMIC III Regular Interests such that the REMIC
III Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses
shall be allocated to REMIC III Regular Interest LTI-XX.

     (j) REMIC IV Losses.

     (1) For purposes of calculating the amount of Uncertificated Interest for the REMIC IV
Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest
Shortfalls (to the extent not covered by payments by the Master Servicer pursuant to Section
3A.12) and any Relief Act Interest Shortfalls incurred shall be allocated to the REMIC IV
Regular Interest.

     (2) All Applied Realized Losses will be allocated to the REMIC IV Regular Interest.

     (k) REMIC V Losses.

     (1) For purposes of calculating the amount of Uncertificated Interest for the REMIC V
Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest
Shortfalls (to the extent not covered by payments by the Master Servicer pursuant to Section
3A.12) and any Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for
any Distribution Date shall be allocated first, to REMIC V 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 V Pass-Through Rate on the respective
Uncertificated Principal Balances of each

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such REMIC V Regular Interest, and then, to REMIC
V 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 V
Pass-Through Rate on the respective Uncertificated Balances of each such REMIC V Regular
Interest.

     (2) All Realized Losses shall be allocated on each Distribution Date to REMIC V Regular
Interest I-1-A through REMIC V Regular Interest I-72-B, starting with the lowest numerical
denomination until such REMIC V Regular Interest has been reduced to zero, provided that,
for REMIC V Regular Interests with the same numerical denomination, such Realized Losses
shall be allocated pro rata between such REMIC V Regular Interests.

     (l) REMIC VI Losses.

     (1) For purposes of calculating the amount of Uncertificated Interest for the REMIC VI
Regular Interests for any Distribution Date:

(i) The aggregate amount of any Prepayment Interest Shortfalls (to the
extent not covered by payments by the Master Servicer pursuant to Section
3A.12) and any Relief Act Interest Shortfalls incurred in respect of the
Mortgage Loans for any Distribution Date shall be allocated among REMIC VI
Regular Interest LTII-AA, REMIC VI Regular Interest LTII-SL-A, REMIC VI
Regular Interest LTII-SL-M1, REMIC VI Regular Interest LTII-SL-M2, REMIC VI
Regular Interest LTII-SL-M2, REMIC VI Regular Interest LTII-SL-M3, REMIC VI
Regular Interest LTII-SL-M4, REMIC VI Regular Interest LTII-SL-M5, REMIC VI
Regular Interest LTII-SL-M6, REMIC VI Regular Interest LTII-SL-M7, REMIC VI Regular
Interest LTII-SL-M8, REMIC VI Regular Interest LTII-SL-M9, REMIC VI Regular
Interest LTII-SL-B1 and REMIC VI Regular Interest LTII-ZZ, on a pro rata
basis, based on, and to the extent of, one month’s interest at the then
applicable respective Uncertificated REMIC VI Pass-Through Rate on the
respective Uncertificated Balances of each such REMIC VI Regular Interest;
and

(ii) All Realized Losses on the Mortgage Loans shall be allocated by the
Trust Administrator on each Distribution Date to the following REMIC VI
Regular Interests in the specified percentages, as follows: first, to
Uncertificated Accrued Interest payable to the REMIC VI Regular Interest
LTII-AA and REMIC VI Regular Interest LTII-ZZ up to an aggregate amount
equal to the REMIC VI Interest Loss Allocation Amount, 98% and 2%,
respectively; second, to the Uncertificated Principal Balances of the REMIC
VI Regular Interest LTII-AA and REMIC VI Regular Interest LTII-ZZ up to an
aggregate amount equal to the REMIC VI Principal Loss Allocation Amount, 98%
and 2%, respectively; third, to the Uncertificated Principal Balances of
REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest LTII-M-11 and
REMIC VI Regular Interest LTII-ZZ, 98%, 1% and 1%, respectively, until

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the Uncertificated Principal Balance of REMIC VI Regular Interest LTII-M-11 has
been reduced to zero; fourth, to the Uncertificated Principal Balances of
REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest LTII-M-10 and
REMIC VI Regular Interest LTII-ZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC VI Regular Interest LTII-M-10 has
been reduced to zero; fifth, to the Uncertificated Principal Balances of
REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest LTII-M-9 and
REMIC VI Regular Interest LTII-ZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC VI Regular Interest LTII-M-9 has
been reduced to zero; sixth, to the Uncertificated Principal Balances of
REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest LTII-M-8 and
REMIC VI Regular Interest LTII-ZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC VI Regular Interest LTII-M-8 has
been reduced to zero; seventh, to the Uncertificated Principal Balances of
REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest LTII-M-7 and
REMIC VI Regular Interest LTII-ZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC VI Regular Interest LTII-M-7 has
been reduced to zero; eighth, to the Uncertificated Principal Balances of
REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest LTII-M-6 and
REMIC VI Regular Interest LTII-ZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC VI Regular Interest LTII-M-6 has
been reduced to zero; ninth, to the Uncertificated Principal Balances of
REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest LTII-M-5 and
REMIC VI Regular Interest LTII-ZZ, 98%, 1% and 1%, respectively, until
the Uncertificated Principal Balance of REMIC VI Regular Interest LTII-M-5
has been reduced to zero; tenth, to the Uncertificated Principal Balances of
REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest LTII-M-4 and
REMIC VI Regular Interest LTII-ZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC VI Regular Interest LTII-M-4 has
been reduced to zero; eleventh, to the Uncertificated Principal Balances of
REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest LTII-M-3 and
REMIC VI Regular Interest LTII-ZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC VI Regular Interest LTII-M-3 has
been reduced to zero; twelfth, to the Uncertificated Principal Balances of
REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest LTII-M-2 and
REMIC VI Regular Interest LTII-ZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC VI Regular Interest LTII-M-2 has
been reduced to zero, and thirteenth, to the Uncertificated Principal
Balances of REMIC VI Regular Interest LTII-AA, REMIC VI Regular Interest
LTII-M-1 and REMIC VI Regular Interest LTII-ZZ, 98%, 1% and 1%,
respectively, until the Uncertificated Principal Balance of REMIC VI Regular
Interest LTII-M-1 has been reduced to zero.

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     (m) On each Distribution Date, all amounts representing Prepayment Premiums will be
distributed from REMIC III Regular Interest LTI-P to the holder of the Class P Interest. Such
amount shall not reduce the Certificate Principal Balance of the Class P Interest.

     (n) All distributions in respect of the Class C, Class SL-C and Class P and Class SWAP-I-IO
Interest and Class SWAP-II-IO Interest shall be treated as having been made first from REMIC VII to
the Corresponding Class of Uncertificated REMIC Interests and then to the Class C, Class SL-C and
Class P Certificates (in respect of REMIC VIII, REMIC XI and REMIC IX, respectively) and the Class
SWAP-I-IO Interest (REMIC X) and Class SWAP-II-IO Interest (REMIC XII). Any remaining amounts from
any of REMIC VIII, REMIC IX, REMIC X, REMIC XI and REMIC XII shall be distributed to the Class R-X
Certificates, respectively.

     (o) Notwithstanding anything to the contrary contained herein, the above distributions in this
Section 4.08 (other than on the Certificates) are deemed distributions, and distributions
of funds from the Distribution Account shall be made only in accordance with Sections 4.01
and 4.02 hereof.

     (p) 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 Pool I Mortgage Loans that is not otherwise
distributable to any other Class of Regular Certificates that are Pool I Certificates or REMIC
Regular Interests with respect to the Pool I Certificates. It is the intention of all of the
parties hereto that the Class SL-C Certificates receive all principal and interest received by the
Trust on the Pool II Mortgage Loans that is not otherwise distributable to any other Class of
Regular Certificates that are Pool II Certificates or REMIC Regular Interests with respect to the
Pool II Certificates. If the Trust Administrator determines that the Residual Certificates are
entitled to any distributions, the Trust Administrator, prior to any such distribution to any
Residual Certificate, shall notify the Depositor of such impending distribution. 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 their
acceptance of their Certificates, and the Master Servicer hereby agree and no further consent shall
be necessary, notwithstanding anything to the contrary in this Pooling and Servicing Agreement.

ARTICLE V

THE CERTIFICATES

     Section 5.01. The Certificates.

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

     The Depositor hereby directs the Trust Administrator to register the Class C Certificates, the
Class SL-C Certificates and the Class P Certificates in the name of Fremont or its designee.
Pursuant to written direction by Fremont on the date specified thereon, the Trust Administrator
shall transfer the Class C Certificates and the Class P Certificates as follows: “Wells Fargo

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Bank, N.A., as Indenture Trustee on behalf of the Noteholders of the Fremont NIM Trust 2006-B”, and
deliver such Class C Certificates and Class P Certificates to Wells Fargo Bank, N.A., as indenture
trustee of the NIM Trust.

     Subject to Section 9.02 respecting the final distribution on the Certificates, on each
Distribution Date the Trust Administrator shall make distributions to each Certificateholder of
record on the preceding Record Date either (x) by wire transfer in immediately available funds to
the account of such holder at a bank or other entity having appropriate facilities therefor as
directed by that Certificateholder by written wire instructions provided to the Trust Administrator
or (y), in the event that no wire instructions are provided to the Trust Administrator, by check
mailed by first class mail to such Certificateholder at the address of such holder appearing in the
Certificate Register.

     The Certificates shall be executed by manual or facsimile signature on behalf of the Trust
Administrator by an authorized officer. Certificates bearing the manual or facsimile signatures of
individuals who were, at the time such signatures were affixed, authorized to sign on behalf of the
Trust Administrator shall bind the Trust Administrator, notwithstanding that such individuals or
any of them have ceased to be so authorized prior to the countersignature and delivery of any such
Certificates or did not hold such offices at the date of such Certificate. No Certificate shall be
entitled to any benefit under this Agreement, or be valid for any purpose, unless countersigned by
the Trust Administrator by manual signature, and such countersignature upon any Certificate shall
be conclusive evidence, and the only evidence, that such Certificate has been duly executed and
delivered hereunder. All Certificates shall be dated the date of their countersignature. On the
Closing Date, the Trust Administrator shall countersign the Certificates to be issued at the
direction of the Depositor, or any affiliate thereof.

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

			
	     Section 5.02.	 	Certificate Register; Registration of Transfer and Exchange of Certificates.

     (a) The Trust Administrator shall maintain, or cause to be maintained in accordance with the
provisions of Section 5.06, a Certificate Register for the Trust Fund in which, subject to
the provisions of subsections (b) and (c) below and to such reasonable regulations as it may
prescribe, the Trust Administrator shall provide for the registration of Certificates and of
transfers and exchanges of Certificates as herein provided. Upon surrender for registration of
transfer of any Certificate, the Trust Administrator shall execute and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of the same Class and aggregate
Percentage Interest.

     At the option of a Certificateholder, Certificates may be exchanged for other Certificates of
the same Class in authorized denominations and evidencing the same aggregate Percentage Interest
upon surrender of the Certificates to be exchanged at the office or agency of the Trust
Administrator. Whenever any Certificates are so surrendered for exchange, the Trust Administrator
shall execute, authenticate, and deliver the Certificates which the Certificateholder making the
exchange is entitled to receive. Every Certificate presented or surrendered for

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registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory
to the Trust Administrator duly executed by the holder thereof or his attorney duly authorized in
writing. In the event the Depositor or an Affiliate transfers the Class C Certificates, or a
portion thereof, to another Affiliate, it shall notify the Trust Administrator in writing of the
affiliated status of the transferee. The Trust Administrator shall have no liability regarding the
lack of notice with respect thereto.

     No service charge to the Certificateholders shall be made for any registration of transfer or
exchange of Certificates, but payment of a sum sufficient to cover any tax or governmental charge
that may be imposed in connection with any transfer or exchange of Certificates may be required.

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

     (b) No transfer of a Private Certificate shall be made unless such transfer is made pursuant
to an effective registration statement under the Securities Act and any applicable state securities
laws or is exempt from the registration requirements under said Act and such state securities laws.
Except with respect to the initial transfer of the Class C and Class P Certificates to the NIM
Trust or, in connection with the ultimate dissolution of the NIM Trust, the transfer of such
Certificates from the NIM Trust to the Depositor, in the event that a transfer of a Private
Certificate which is a Physical Certificate is to be made in reliance upon an exemption from the
Securities Act and such laws, in order to assure compliance with the Securities Act and such laws,
the Certificateholder desiring to effect such transfer shall certify to the Trust Administrator in
writing the facts surrounding the transfer in substantially the form set forth in Exhibit H
(the “Transferor Certificate”) and either (i) there shall be delivered to the Trust
Administrator a letter in substantially the form of Exhibit I (the “Rule 144A
Letter”) or (ii) in the case of the Class C Certificates or the Class SL-C Certificates, there
shall be delivered to the Trustee and the Trust Administrator at the expense of the transferor an
Opinion of Counsel that such transfer may be made without registration under the Securities Act.
In the event that a transfer of a Private Certificate which is a Book-Entry Certificate is to be
made in reliance upon an exemption from the Securities Act and such laws, in order to assure
compliance with the Securities Act and such laws, the Certificateholder desiring to effect such
transfer will be deemed to have made as of the transfer date each of the certifications set forth
in the Transferor Certificate in respect of such Certificate and the transferee will be deemed to
have made as of the transfer date each of the certifications set forth in the Rule 144A Letter in
respect of such Certificate, in each case as if such Certificate were evidenced by a Physical
Certificate. The Depositor shall provide to any Holder of a Private Certificate and any
prospective transferee designated by any such Holder, information regarding the related
Certificates and the Mortgage Loans and such other information as shall be necessary to satisfy the
condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Certificate without
registration thereof under the Securities Act pursuant to the registration exemption provided by
Rule 144A. The Trustee, the Trust Administrator, the Master Servicer and the Servicer shall
cooperate with the Depositor in providing the Rule 144A information referenced in the preceding
sentence, including providing to the Depositor such information regarding the Certificates, the
Mortgage Loans and other matters regarding the Trust Fund as the Depositor shall reasonably request
to meet its obligation

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under the preceding sentence. Each Holder of a Private Certificate desiring
to effect such transfer shall, and does hereby agree to, indemnify the Trustee, the Trust
Administrator, the Master Servicer, the Depositor and the Servicer 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.

     Except with respect to either the initial transfer of the Class C, Class SL-C and Class P
Certificates to the NIM Trust or, in connection with the ultimate dissolution of the NIM Trust, the
transfer of such Certificates from the NIM Trust to the Depositor, no transfer of an
ERISA-Restricted Certificate shall be made unless the Trust Administrator shall have received
either (i) a representation from the transferee of such Certificate acceptable to and in form and
substance satisfactory to the Trust Administrator (in the event such Certificate is a Private
Certificate or a Residual Certificate, such requirement is satisfied only by the Trust
Administrator’s receipt of a representation letter from the transferee substantially in the form of
Exhibit I), to the effect that such transferee is not an employee benefit plan or
arrangement subject to Title I of ERISA or to Section 4975 of the Code or any federal, state or
local laws that are substantially similar to the provisions of ERISA and the Code (“Similar
Law”) (collectively a “Plan”) or a person acting for, on behalf of or with the assets
of, any such Plan, (ii) in the case of an ERISA-Restricted Certificate (other than a Residual
Certificate, a Class C Certificate, a Class SL-C Certificate or a Class P Certificate) that has
been the subject of an ERISA-Qualifying Underwriting and the purchaser is an insurance company, a
representation that the purchaser is an insurance company that is purchasing such Certificates with
funds contained in an “insurance company general account” (as such term is defined in Section V(e)
of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that the purchase and
holding of such Certificates are covered under Sections I and III of PTCE 95-60 or (iii) in the
case of an ERISA-Restricted Certificate (other than a Residual Certificate) presented for
registration in the name of a Plan or a person acting for, on behalf of or with the assets of, a
Plan, an Opinion of Counsel satisfactory to
the Trustee, the Trust Administrator and the Servicer, which Opinion of Counsel shall not be
an expense of the Depositor, the Trustee, the Trust Administrator, the Master Servicer, the
Servicer or the Trust Fund, addressed to the Trustee and the Trust Administrator, to the effect
that the purchase or holding of such ERISA-Restricted Certificate will not result in a non-exempt
prohibited transaction under Title I of ERISA and/or Section 4975 of the Code and will not subject
the Depositor, the Trustee, the Trust Administrator, the Master Servicer, or the Servicer to any
obligation or liability (including obligations or liabilities under ERISA or Section 4975 of the
Code) in addition to those expressly undertaken in this Agreement. For purposes of clauses (i) and
(ii) above, with respect to an ERISA-Restricted Certificate that is a book-entry Certificate, in
the event the representation letter referred to above is not furnished, such representation shall
be deemed to have been made to the Trustee and the Trust Administrator by the transferee’s
(including an initial acquirer’s) acceptance of the ERISA-Restricted Certificates. In the event
that such representation is violated, or any attempt to transfer to a Plan or a person acting for,
on behalf of or with the assets of, any such Plan, without such Opinion of Counsel, such attempted
transfer or acquisition shall be void and of no effect.

     To the extent permitted under applicable law (including, but not limited to, ERISA), the Trust
Administrator shall be under no liability to any Person for any registration or transfer of any
ERISA-Restricted Certificate that is in fact not permitted by this Section 5.02(b) or for
making any payments due on such Certificate to the Holder thereof or taking any other action

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with respect to such Holder under the provisions of this Agreement so long as the transfer was
registered by the Trust Administrator in accordance with the foregoing requirements.

     (c) 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 the rights of each Person acquiring any Ownership Interest in a
Residual Certificate are expressly subject to the following provisions:

     (i) Each Person holding or acquiring any Ownership Interest in a Residual Certificate
shall be a Permitted Transferee and shall promptly notify the Trust Administrator of any
change or impending change in its status as a Permitted Transferee;

     (ii) No Ownership Interest in a Residual Certificate may be registered on the Closing
Date or thereafter transferred, and the Trust Administrator shall not register the Transfer
of any Residual Certificate unless, in addition to the certificates required to be delivered
to the Trust Administrator under subparagraph (b) above, the Trust Administrator shall have
been furnished with an affidavit (a “Transfer Affidavit”) of the initial owner or
the proposed transferee substantially in the form attached hereto as Exhibit G;

     (iii) Each Person holding or acquiring any Ownership Interest in a Residual Certificate
shall agree (A) to obtain a Transfer Affidavit from any other Person to whom such Person
attempts to Transfer its Ownership Interest in a Residual Certificate, (B) to obtain a
Transfer Affidavit from any Person for whom such Person is acting as nominee, trustee or
agent in connection with any Transfer of a Residual Certificate and (C) not to Transfer its
Ownership Interest in a Residual Certificate or to cause the Transfer of an
Ownership Interest in a Residual Certificate to any other Person if it has actual
knowledge that such Person is not a Permitted Transferee;

     (iv) Any attempted or purported Transfer of any Ownership Interest in a Residual
Certificate in violation of the provisions of this Section 5.02(c) shall be
absolutely null and void and shall vest no rights in the purported Transferee. If any
purported transferee shall become a Holder of a Residual Certificate in violation of the
provisions of this Section 5.02(c), then the last preceding Permitted Transferee
shall be restored to all rights as Holder thereof retroactive to the date of registration of
Transfer of such Residual Certificate. The Trust Administrator shall be under no liability
to any Person for any registration of Transfer of a Residual Certificate that is in fact not
permitted by Section 5.02(b) and this Section 5.02(c) or for making any
payments due on such 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 Transfer was
registered after receipt of the related Transfer Affidavit, Transferor Certificate and the
Rule 144A Letter. The Trust Administrator shall be entitled but not obligated to recover
from any Holder of a Residual Certificate that was in fact not a Permitted Transferee at the
time it became a Holder or, at such subsequent time as it became other than a Permitted
Transferee, all payments made on such Residual Certificate at and after either such time.
Any such payments so recovered by the Trust Administrator shall be paid and delivered

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by the
Trust Administrator, to the last preceding Permitted Transferee of such Certificate; and

     (v) The Depositor shall use its best efforts to make available, upon receipt of written
request from the Trust Administrator, all information necessary to compute any tax imposed
under Section 860E(e) of the Code as a result of a Transfer of an Ownership Interest in a
Residual Certificate to any Holder who is not a Permitted Transferee.

     The restrictions on Transfers of a Residual Certificate set forth in this Section
5.02(c) shall cease to apply (and the applicable portions of the legend on a Residual
Certificate may be deleted) with respect to Transfers occurring after delivery to the Trust
Administrator of an Opinion of Counsel, which Opinion of Counsel shall not be an expense of the
Trust Fund, the Trustee, the Trust Administrator, the Master Servicer, the Originator or the
Servicer, to the effect that the elimination of such restrictions will not cause any Trust REMIC to
fail to qualify as a REMIC at any time that the Certificates are outstanding or result in the
imposition of any tax on the Trust Fund, a Certificateholder or another Person. Each Person
holding or acquiring any Ownership Interest in a Residual Certificate hereby consents to any
amendment of this Agreement which, based on an Opinion of Counsel furnished to the Trust
Administrator, is reasonably necessary (a) to ensure that the record ownership of, or any
beneficial interest in, a Residual Certificate is not transferred, directly or indirectly, to a
Person that is not a Permitted Transferee and (b) to provide for a means to compel the Transfer of
a Residual Certificate which is held by a Person that is not a Permitted Transferee to a Holder
that is a Permitted Transferee.

     (d) The preparation and delivery of all certificates and opinions referred to above in this
Section 5.02 in connection with transfer shall be at the expense of the parties to such
transfers.

     (e) Except as provided below, the Book-Entry Certificates shall at all times remain registered
in the name of the Depository or its nominee and at all times: (i) registration of the
Certificates may not be transferred by the Trust Administrator except to another Depository; (ii)
the Depository shall maintain book-entry records with respect to the Certificate Owners and with
respect to ownership and transfers of such Book-Entry Certificates; (iii) ownership and transfers
of registration of the Book-Entry Certificates on the books of the Depository shall be governed by
applicable rules established by the Depository; (iv) the Depository may collect its usual and
customary fees, charges and expenses from its Depository Participants; (v) the Trust Administrator
shall deal with the Depository, Depository Participants and indirect participating firms as
representatives of the Certificate Owners of the Book-Entry Certificates for purposes of exercising
the rights of Holders under this Agreement, and requests and directions for and votes of such
representatives shall not be deemed to be inconsistent if they are made with respect to different
Certificate Owners; and (vi) the Trust Administrator may rely and shall be fully protected in
relying upon information furnished by the Depository with respect to its Depository Participants
and furnished by the Depository Participants with respect to indirect participating firms and
persons shown on the books of such indirect participating firms as direct or indirect Certificate
Owners.

     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

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

     If (i) the Depository or the Depositor advises the Trust Administrator in writing that the
Depository is no longer willing or able to properly discharge its responsibilities as Depository,
and (ii) the Trust Administrator or the Depositor is unable to locate a qualified successor, the
Trust Administrator shall notify all Certificate Owners, through the Depository, of the occurrence
of any such event and of the availability of definitive, fully-registered Certificates (the
“Definitive Certificates”) to Certificate Owners requesting the same. Upon surrender to
the Trust Administrator of the related Class of Certificates by the Depository, accompanied by the
instructions from the Depository for registration, the Trust Administrator shall issue the
Definitive Certificates. None of the Servicer, the Master Servicer, the Trust Administrator, the
Depositor or the Trustee shall be liable for any delay in delivery of such instruction and each may
conclusively rely on, and shall be protected in relying on, such instructions. The Depositor shall
provide the Trust Administrator with an adequate inventory of Certificates to facilitate the
issuance and transfer of Definitive Certificates. Upon the issuance of Definitive Certificates all
references herein to obligations imposed upon or to be performed by the Depository shall be deemed
to be imposed upon and performed by the Trust Administrator, to the extent applicable with respect
to such Definitive Certificates and the Trust Administrator shall recognize the Holders of the
Definitive Certificates as Certificateholders hereunder; provided, that the Trust
Administrator shall not by virtue of its assumption of such obligations become liable to any party
for any act or failure to act of the Depository.

     (f) Each Private Certificate presented or surrendered for registration of transfer or exchange
shall be accompanied by a written instrument of transfer and accompanied by IRS Form W-8ECI,
W-8BEN, W-8IMY (and all appropriate attachments) or W-9 in form satisfactory
to the Trust Administrator and the Certificate Registrar, duly executed by the
Certificateholder or his attorney duly authorized in writing. Each Certificate presented or
surrendered for registration of transfer or exchange shall be canceled and subsequently disposed of
by the Certificate Registrar in accordance with its customary practice. No service charge shall be
made for any registration of transfer or exchange of Private Certificates, but the Trust
Administrator or 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 Private
Certificates.

     Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.

     If (a) any mutilated Certificate is surrendered to the Trust Administrator, or the Trust
Administrator receives evidence to its satisfaction of the destruction, loss or theft of any
Certificate and (b) there is delivered to the Depositor, the Servicer and the Trust Administrator
such security or indemnity as may be required by them to hold each of them harmless, then, in the
absence of notice to the Trust Administrator that such Certificate has been acquired by a protected
purchaser, the Trust Administrator shall execute, countersign and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like Class,
tenor and Percentage Interest. In connection with the issuance of any new Certificate under this
Section 5.03, the Trust Administrator 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

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other expenses (including the fees and expenses of the Trust Administrator) connected therewith. Any replacement
Certificate issued pursuant to this Section 5.03 shall constitute complete and indefeasible
evidence of ownership, as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time.

     Section 5.04. Persons Deemed Owners.

     The Servicer, the Master Servicer, the Trust Administrator, the Trustee, the Depositor and any
agent of the Servicer, the Master Servicer, the Trust Administrator, the Depositor or the Trustee
may treat the Person in whose name any Certificate is registered as the owner of such Certificate
for the purpose of receiving distributions as provided in this Agreement and for all other purposes
whatsoever, and none of the Servicer, the Trustee, the Depositor or any agent of the Servicer, the
Master Servicer, the Trust Administrator, the Depositor or the Trustee shall be affected by any
notice to the contrary.

     Section 5.05. Access to List of Certificateholders’ Names and Addresses.

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

     Section 5.06. Maintenance of Office or Agency.

     The Trust Administrator will maintain or cause to be maintained at its expense an office or
offices or agency or agencies in Minneapolis, Minnesota where Certificates may be surrendered for
registration of transfer or exchange. The Trust Administrator initially designates its offices
located at Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479 for such purposes. The
Trust Administrator will give prompt written notice to the Certificateholders of any change in such
location of any such office or agency.

ARTICLE VI

THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER AND THE SERVICER

			
	     Section 6.01.	 	Respective Liabilities of the Depositor, the Originator, the Master Servicer and the Servicer.

     The Depositor, the Originator, the Master Servicer and the Servicer shall each be liable in
accordance herewith only to the extent of the obligations specifically and respectively imposed
upon and undertaken by them herein.

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	     Section 6.02.	 	Merger or Consolidation of the Depositor, the Originator, the Master Servicer or the Servicer.

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

     Any Person into which the Depositor, the Originator, the Master Servicer or the Servicer may
be merged or consolidated, or any Person resulting from any merger or consolidation to which the
Depositor, the Originator, the Master Servicer or the Servicer shall be a party, or any person
succeeding to the business of the Depositor, the Originator, the Master Servicer or the Servicer,
shall be the successor of the Depositor, the Originator, the Master Servicer or the Servicer, 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 such merger, consolidation or succession does not adversely
affect the then current rating or ratings on the Offered Certificates.

			
	     Section 6.03.	 	Limitation on Liability of the Depositor, the Originator, the Master Servicer, the Trust Administrator, the Servicer and Others.

     None of the Depositor, the Originator, the Master Servicer, the Trust Administrator, the
Servicer nor any of their respective directors, officers, employees or agents shall be under any
liability to the Certificateholders for any action taken or for refraining from the taking of
any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however,
that this provision shall not protect the Depositor, the Servicer or any such Person against any
breach of representations or warranties made by it herein or protect the Depositor, the Originator,
the Master Servicer, the Servicer, the Trust Administrator or any such Person from any liability
which would otherwise be imposed by reasons of willful misfeasance, bad faith or negligence (or
gross negligence in the case of the Depositor) in the performance of duties or by reason of
reckless disregard of obligations and duties hereunder. The Depositor, the Originator, the Master
Servicer, the Servicer, the Trust Administrator and any director, officer, employee or agent of the
Depositor, the Originator, the Master Servicer, the Servicer and the Trust Administrator may rely
in good faith on any document of any kind prima facie properly executed and submitted by any Person
respecting any matters arising hereunder. The Depositor, the Originator, the Master Servicer, the
Servicer, the Trust Administrator and any director, officer, employee or agent of the Depositor,
the Originator, the Master Servicer, the Servicer and the Trust Administrator shall be indemnified
by the Trust Fund and held harmless against any loss, liability or expense incurred in connection
with any audit, controversy, judicial proceeding or legal action relating to a governmental taxing
authority or to this Agreement, the Certificates or the Mortgage Loans or any other unanticipated
or extraordinary expense, other than any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or negligence (or gross negligence in the case of the Depositor) in the
performance of their respective duties hereunder or by reason of reckless disregard of their
respective obligations and duties hereunder. Neither the Originator,

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the Master Servicer, the
Depositor nor the Servicer shall be under any obligation to appear in, prosecute or defend any
legal action that is not incidental to its respective duties hereunder and which in its opinion may
involve it in any expense or liability; provided, however, that each of the Depositor, the
Originator, the Master Servicer and the Servicer may in its discretion undertake any such action
(or direct the Trustee or the Trust Administrator to undertake such actions pursuant to Section
2.03 for the benefit of the Certificateholders) that it may deem necessary or desirable in
respect of this Agreement and the rights and duties of the parties hereto and interests of the
Trustee and the Certificateholders hereunder. In such event, the legal expenses and costs of such
action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust
Fund, and the Depositor, the Originator, the Trust Administrator, the Trustee the Master Servicer
and the Servicer shall be entitled to be reimbursed therefor out of the Collection Account.

     The Master Servicer agrees to indemnify the Trustee from, and hold it harmless against, any
loss, liability or expense resulting from a breach of the Master 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. Any payment hereunder made by the Master Servicer
to the Trustee shall be from the Master Servicer’s own funds, without reimbursement from the Trust
Fund.

     Section 6.04. Limitation on Resignation of the Servicer.

     The Servicer shall not assign this Agreement or resign from the obligations and duties hereby
imposed on it except (i) by mutual consent of the Servicer, the Depositor, the Master Servicer, the
Trust Administrator and the Trustee or (ii) upon the determination that its duties hereunder are no
longer permissible under applicable law and such incapacity cannot be cured by
the Servicer without the incurrence of unreasonable expense. Any such determination
permitting the resignation of the Servicer under clause (ii) above shall be evidenced by an Opinion
of Counsel to such effect delivered to the Depositor, the Master Servicer, the Trust Administrator
and the Trustee which Opinion of Counsel shall be in form and substance acceptable to the
Depositor, the Trust Administrator, the Master Servicer and the Trustee. No such resignation shall
become effective until a successor shall have assumed the Servicer’s responsibilities and
obligations hereunder.

     Section 6.05. Additional Indemnification by the Servicer; Third Party Claims.

     The Servicer shall indemnify the Originator, the Depositor, the Master Servicer, the Trust
Administrator and the Trustee and hold them harmless against any and all claims, losses, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments,
and any other costs, fees and expenses that any of them may sustain in any way related to any
breach by the Servicer of (i) any of its representations and warranties referred to in Section
2.03(a), (ii) any error in any tax or information return prepared by the Servicer, or (iii) the
failure of the Servicer to perform its duties and service the Mortgage Loans in compliance with the
terms of this Agreement. The Servicer immediately shall notify the Depositor, the Master Servicer,
the Trust Administrator and the Trustee if such claim is made by a third party with respect to this
Agreement or the Mortgage Loans, assume (with the prior written consent of the Depositor, the Trust
Administrator, the Master Servicer and the Trustee)

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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 it or the Originator, the
Depositor, the Master Servicer, the Trust Administrator or the Trustee in respect of such claim.

			
	     Section 6.06.	 	Rights of the Depositor, the Master Servicer, the Trust Administrator and the Trustee in Respect of the Servicer.

     The Servicer shall afford (and any Subservicing Agreement shall provide that each Subservicer
shall afford) the Depositor, the Master Servicer, the Trust Administrator and the Trustee, upon
reasonable notice, during normal business hours, access to all records maintained by the Servicer
(and any such Subservicer) in respect of the Servicer’s rights and obligations hereunder and access
to officers of the Servicer (and those of any such Subservicer) responsible for such obligations.
Upon request, the Servicer shall furnish to the Depositor, the Master Servicer, the Trust
Administrator and the Trustee its (and any such Subservicer’s) most recent financial statements and
such other information relating to the Servicer’s capacity to perform its obligations under this
Agreement that it possesses. To the extent the Servicer informs the Depositor, the Master
Servicer, the Trust Administrator or the Trustee that such information is not otherwise available
to the public or is deemed confidential by the Servicer, the Depositor, the Master Servicer, the
Trust Administrator or the Trustee, as applicable, shall not disseminate any information obtained
pursuant to the preceding two sentences without the Servicer’s (or any such Subservicer’s) written
consent, except as required pursuant to this Agreement or to the extent that it is necessary to do
so (i) in working with legal counsel, auditors, taxing authorities or other governmental agencies,
rating agencies or reinsurers or (ii) pursuant to any law, rule, regulation, order, judgment, writ,
injunction or decree of any court or governmental authority having jurisdiction over the Depositor,
the Trustee, the Master Servicer, the Trust Administrator or the
Trust Fund, and in either case, the Depositor, the Master Servicer, the Trust Administrator or
the Trustee, as the case may be, shall each use its best efforts to assure the confidentiality of
any such disseminated non-public information. Nothing in this Section shall limit the obligation
of the Servicer to observe any applicable law prohibiting disclosure of information regarding the
Mortgagors and the failure of the Servicer to provide access as provided in this Section as a
result of such obligation shall not constitute a breach of this Section. Nothing in this Section
6.06 shall require the Servicer to collect, create, collate or otherwise generate any information
that it does not generate in its usual course of business. The Servicer shall not be required to
make copies of or ship documents to any party unless provisions have been made for the
reimbursement of the costs thereof.

     The Depositor may, but is not obligated to, enforce the obligations of the Servicer under this
Agreement and may, but is not obligated to, perform, or cause a designee to perform, any defaulted
obligation of the Servicer under this Agreement or exercise the rights of the Servicer under this
Agreement; provided that the Servicer shall not be relieved of any of its obligations under this
Agreement by virtue of such performance by the Depositor or its designee. The Depositor shall not
have any responsibility or liability for any action or failure to act by the Servicer and is not
obligated to supervise the performance of the Servicer under this Agreement or otherwise.

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     Section 6.07. Limitation on Resignation of the Master Servicer.

     The Master 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 (ii) with written confirmation from each Rating Agency (which confirmation shall be
furnished to the Depositor, the Trust Administrator, the Master Servicer and the Trustee) that such
resignation will not cause such Rating Agency to reduce the then current rating of any Class of
Offered Certificates. Any such determination pursuant to clause (i) of the preceding sentence
permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Counsel to
such effect obtained at the expense of the Master Servicer and delivered to the Trustee and the
Trust Administrator. No resignation of the Master Servicer shall become effective until a
successor master servicer shall have assumed the Master Servicer’s responsibilities, duties,
liabilities (other than those liabilities arising prior to the appointment of such successor) and
obligations under this Agreement. Any resignation or removal of the initial Master Servicer will
result in the removal of the initial Trust Administrator.

     Section 6.08. Assignment of Master Servicing.

     The Master Servicer may sell and assign its rights and delegate its duties and obligations in
their entirety as Master Servicer under this Agreement; provided, however, that: (i) the purchaser
or transferee accept in writing such assignment and delegation and assume the obligations of the
Master Servicer hereunder and that the purchaser or transferee (a) have a net worth of not less
than $5,000,000 (unless otherwise approved by each Rating Agency pursuant to clause (ii) below);
(b) be reasonably satisfactory to the Trustee, the Servicer and the Depositor (as evidenced in a
writing signed by the Trustee and the Depositor); and (c) execute and deliver to the Trustee and
the Depositor an agreement, in form and substance reasonably satisfactory to the Trustee and the
Depositor, which contains an assumption by such Person of the due and
punctual performance and observance of each covenant and condition to be performed or observed
by it after the date of such assumption as master servicer under this Agreement; (ii) each Rating
Agency shall be given prior written notice of the identity of the proposed successor to the Master
Servicer and each Rating Agency’s rating of the Certificates in effect immediately prior to such
assignment, sale and delegation will not be downgraded, qualified or withdrawn as a result of such
assignment, sale and delegation, as evidenced by a letter to such effect delivered to the Master
Servicer, the Depositor and the Trustee; and (iii) the Master Servicer assigning and selling the
master servicing shall deliver to the Trustee and the Depositor an officer’s certificate and an
Opinion of Independent counsel, each stating that all conditions precedent to such action under
this Agreement have been completed and such action is permitted by and complies with the terms of
this Agreement. No such assignment or delegation shall affect any liability of the Master Servicer
arising out of acts or omissions prior to the effective date thereof.

ARTICLE VII

DEFAULT

     Section 7.01. Events of Default.

     (a) “Servicer Event of Default,” wherever used herein, means any one of the following events:

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     (i) any failure by the Servicer to remit to the Trust Administrator any payment
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,
requiring the same to be remedied, shall have been given to the Servicer by the Depositor,
the Trustee, the Master Servicer or the Trust Administrator, or to the Servicer, the
Depositor, the Master Servicer, the Trust Administrator and the Trustee by
Certificateholders entitled to at least 25% of the Voting Rights; or

     (ii) the failure on the part of the Servicer duly to observe or perform in any material
respect any other of the covenants or agreements on the part of the Servicer set forth in
this Agreement which continues unremedied for a period of thirty days after the earlier of
(i) the date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Servicer by the Depositor, the Trustee, the Master Servicer or
the Trust Administrator, or to the Servicer, the Depositor, the Master Servicer, the Trust
Administrator and the Trustee by Certificateholders entitled to at least 25% of the Voting
Rights and (ii) actual knowledge of such failure by a Servicing Officer of the Servicer;
provided, however, that in the case of a failure or breach that cannot be
cured within 30 days after notice or actual knowledge by the Servicer, the cure period may
be extended for an additional 30 days upon delivery by the Servicer to the Master Servicer,
the Trust Administrator and the Trustee of a certificate to the effect that the Servicer
believes in good faith that the failure or breach can be cured within such additional time
period and the Servicer is diligently pursuing remedial action; or

     (iii) the failure by the Servicer in any month to deliver the Servicer Remittance
Report to the Trust Administrator, and such failure continues uncured for more than 30 days
after the date upon which written notice of such failure, requiring the same to be
remedied, shall have been given to the Servicer by the Depositor, the Trustee, the
Master Servicer or the Trust Administrator, or to the Servicer, the Depositor, the Master
Servicer, the Trust Administrator and the Trustee by Certificateholders entitled to at least
25% of the Voting Rights; or

     (iv) a decree or order of a court or agency or supervisory authority having
jurisdiction for the appointment of a conservator or receiver or liquidator in any
insolvency, bankruptcy, 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 or unstayed for a period of sixty days; or

     (v) the Servicer shall consent to the appointment of a conservator or receiver or
liquidator in any insolvency, bankruptcy, 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

     (vi) the Servicer shall admit in writing its inability to pay its debts generally as
they become due, file a petition to take advantage of any applicable insolvency or
reorganization statute, make an assignment for the benefit of its creditors, or voluntarily
suspend payment of its obligations; or

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     (vii) for so long as Fremont Investment & Loan is the Servicer, any failure by the
Servicer of the Servicer Termination Test; or

     (viii) any failure of the Servicer to make any P&I Advance on any Remittance Date
required to be made from its own funds pursuant to Section 4.01 which continues
unremedied for one Business Day immediately following the Remittance Date; or

     (ix) a breach of any representation and warranty of the Servicer referred to in
Section 2.03(a), which materially and adversely affects the interests of the
Certificateholders and which continues unremedied for a period of thirty days after the date
upon which written notice of such breach is given to the Servicer by the Trustee, the Master
Servicer, the Trust Administrator or the Depositor, or to the Servicer, the Trustee, the
Master Servicer, the Trust Administrator and the Depositor by Certificateholders entitled to
at least 25% of the Voting Rights in the Certificates; or

     (x) any failure by the Servicer to duly perform within the required time period, its
obligations under Section 3.22, Section 3.23 or Section 4.07(c),
which failure continues unremedied for a period of 10 days after the date on which written
notice of such failure, requiring the same to be remedied, shall have been given to the
Servicer by the Trustee, the Master Servicer, the Trust Administrator or the Depositor, or
to the Servicer, the Trustee, the Master Servicer, the Trust Administrator and the Depositor
by Certificateholders entitled to at least 25% of the Voting Rights in the Certificates.

     If a Servicer Event of Default shall occur, then, and in each and every such case, so long as
such Servicer Event of Default shall not have been remedied, the Master Servicer, Trust
Administrator or the Trustee may, or at the direction of Certificateholders entitled to a
majority of the Voting Rights, the Trust Administrator shall direct the Trustee, and the Trustee
shall, by notice in writing to the Servicer (with a copy to each Rating Agency), terminate all of
the rights and obligations of the Servicer under this Agreement and in and to the Mortgage Loans
and the proceeds thereof, other than its rights as a Certificateholder hereunder; provided,
however, that the Master Servicer or the Trustee shall not be required to give written
notice to the Servicer of the occurrence of a Servicer Event of Default described in clauses (ii)
through (x) of this Section 7.01(a) unless and until a Responsible Officer of the Trustee
or a Master Servicing Officer has actual knowledge of the occurrence of such a Servicer Event of
Default. In the event that a Responsible Officer of the Trustee or a Master Servicing Officer has
actual knowledge of the occurrence of an event of default described in clause (i) of this
Section 7.01(a), the Master Servicer, the Trust Administrator or the Trustee shall give
written notice to the Servicer of the occurrence of such an event within one Business Day of the
first day on which the Responsible Officer obtains actual knowledge of such occurrence; provided
that failure to give such notice shall not constitute a waiver of such Servicer Event of Default.
On and after the receipt by the Servicer of such written notice, all authority and power of the
Servicer hereunder, whether with respect to the Mortgage Loans or otherwise, shall pass to and be
vested in the Master Servicer. The Master Servicer 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
or assignment of the Mortgage Loans and related documents, or otherwise. Unless expressly provided
in such written

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notice, no such termination shall affect any obligation of the Servicer to pay
amounts owed pursuant to Article VIII. The Servicer agrees to cooperate with the Master
Servicer in effecting the termination of the Servicer’s responsibilities and rights hereunder,
including, without limitation, the transfer to the Master Servicer of all cash amounts which shall
at the time be credited to the Collection Account of such predecessor Servicer, or thereafter be
received with respect to the Mortgage Loans.

     Notwithstanding any termination of the activities of the Servicer hereunder, the Servicer
shall be entitled to receive from the Trust Fund, prior to transfer of its servicing obligations
hereunder, payment of all accrued and unpaid portion of the Servicing Fees to which the Servicer
would have been entitled and reimbursement for all outstanding P&I Advances and Servicing Advances,
including Servicing Advances incurred prior to but not invoiced until after the date of
termination, in accordance with the terms of this Agreement. In addition, the Servicer shall
continue to be entitled to the benefits of Section 6.03, notwithstanding any termination
hereunder, with respect to events occurring prior to such termination.

     (b) On or after the receipt by the Servicer of such written notice, all authority and power of
the Servicer under this Agreement, whether with respect to the Certificates (other than as a Holder
of any Certificate) or the Mortgage Loans or otherwise, shall pass to and be vested in the Master
Servicer pursuant to and under this Section and, without limitation, the Master Servicer is hereby
authorized and empowered, as attorney-in-fact or otherwise, to execute and deliver on behalf of and
at the expense of the Servicer, any and all documents and other instruments and to do or accomplish
all other acts or things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans
and related documents, or otherwise. The Servicer agrees, at
its sole cost and expense, promptly (and in any event no later than ten Business Days
subsequent to such notice) to provide the Master Servicer with all documents and records requested
by it to enable it to assume the Servicer’s functions under this Agreement, and to cooperate with
the Master Servicer in effecting the termination of the Servicer’s responsibilities and rights
under this Agreement, including, without limitation, the transfer within one Business Day to the
Master Servicer for administration by it of all cash amounts which at the time shall be or should
have been credited by the Servicer to the Collection Account held by or on behalf of the Servicer,
or any REO Account or Servicing Account held by or on behalf of the Servicer or thereafter be
received with respect to the Mortgage Loans or any REO Property. For purposes of this Section
7.01, the Master Servicer shall not be deemed to have knowledge of a Servicer Event of Default
unless a Master Servicing Officer of the Master Servicer has actual knowledge thereof or unless
written notice of any event which is in fact such a Servicer Event of Default is received by the
Master Servicer and such notice references any of the Certificates, the Trust, the REMICs or this
Agreement.

     The Master Servicer shall be entitled to be reimbursed by the defaulting Servicer (or by the
Trust Fund if such Servicer is unable to fulfill its obligations hereunder) for all reasonable
out-of-pocket or third party costs associated with the transfer of servicing from the predecessor
Servicer (or if the predecessor Servicer is the Master Servicer, from the Servicer immediately
preceding the Master Servicer), including without limitation, any reasonable out-of-pocket or third
party 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 Master

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Servicer to correct any errors or insufficiencies in the servicing data or otherwise to enable the
Master Servicer to service the Mortgage Loans properly and effectively, upon presentation of
reasonable documentation of such costs and expenses.

     Notwithstanding any termination of the activities of the Servicer hereunder, the Servicer
shall be entitled to receive, out of any Late Collection of a Monthly Payment on a Mortgage Loan
which was due prior to the notice terminating such Servicer’s rights and obligations as Servicer
hereunder and received after such notice, that portion thereof to which such Servicer would have
been entitled pursuant to Section 3.11, and any other amounts payable to such Servicer
hereunder the entitlement to which arose in accordance with Section 3.11 and in the time
period specified in Section 3.11 prior to the termination of its activities hereunder. The
Servicer shall continue to be entitled to the benefits of Section 6.03, notwithstanding any
termination hereunder with respect to events occurring prior to such termination.

     (c) If any one of the following events (“Master Servicer Events of Termination”) shall
occur and be continuing:

     (i) any failure by the Master Servicer to deposit in the Distribution Account any
amount required to be deposited by it under the terms of this Agreement (including an
Advance required to be made pursuant to Section 4.01 hereof), which failure shall
continue unremedied for one Business Day after the date upon which written notice of such
failure shall have been given to the Master Servicer by the Trustee or the Depositor or to
the Master Servicer and the Trustee by the Holders of Certificates having not less than 51%
of the Voting Rights evidenced by the Certificates; or

     (ii) any failure on the part of the Master Servicer duly to observe or perform in any
material respect any of the covenants or agreements on the part of the Master Servicer
contained in this Agreement, or the breach by the Master Servicer of any representation and
warranty contained in Section 2.07, which continues unremedied for a period of 30
days after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Master Servicer by the Depositor, the Trustee, or to
the Master Servicer, the Depositor and the Trustee by the Holders of Certificates entitled
to at least 25% of the Voting Rights; or

     (iii) a decree or order of a court or agency or supervisory authority having
jurisdiction in the premises in an involuntary case under any present or future federal or
state bankruptcy, insolvency or similar law or the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities
or similar proceeding, or for the winding-up or liquidation of its affairs, shall have been
entered against the Master Servicer and such decree or order shall have remained in force
undischarged or unstayed for a period of 90 days; or

     (iv) the Master Servicer shall consent to the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities
or similar proceedings of or relating to it or of or relating to all or substantially all of
its property; or

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     (v) the Master 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.

     If a Master Servicer Event of Termination described in clause (i) of this Section
7.03(c) shall occur, the Trustee shall, by notice to the Master Servicer and the Depositor,
immediately terminate all of the rights and obligations of the Master Servicer under this Agreement
(other than as a Holder of any Certificate) and in and to the Mortgage Loans and the proceeds
thereof. If a Master Servicer Event of Termination described in clauses (ii) through (v) of this
Section 7.03(c) shall occur, then, and in each and every such case, so long as such Master
Servicer Event of Termination shall not have been remedied, the Trustee may, and at the written
direction of the Holders of Certificates entitled to at least 51% of the Voting Rights, the Trustee
shall, by notice in writing to the Master Servicer (and to the Depositor if given by the Trustee or
to the Trustee if given by the Depositor) with a copy to each Rating Agency, terminate all of the
rights and obligations of the Master Servicer in its capacity as Master Servicer under this
Agreement, to the extent permitted by law, in and to the Mortgage Loans and the proceeds thereof.
Any such termination of the initial Master Servicer will also result in the termination of the
initial Trust Administrator. Upon such termination, or on or after receipt by the Master Servicer
of such written notice, as the case may be, all authority, power and obligations of the Master
Servicer under this Agreement, whether with respect to the Certificates (other than as a Holder of
any Certificate) or the Mortgage Loans or otherwise including, without limitation, the compensation
payable to the Master Servicer under this Agreement after the date of such termination, shall pass
to and be vested in the Trustee pursuant to and under this Section, and, without limitation, the
Trustee is hereby authorized and empowered, as attorney-in-fact or otherwise, to execute and
deliver, on behalf of and at the expense of the Master Servicer, any and all documents and
other instruments and to do or accomplish all other acts or things necessary or appropriate to
effect the purposes of such notice of termination, whether to complete the transfer and endorsement
or assignment of the Mortgage Loans and related documents, or otherwise. The Master Servicer
agrees promptly (and in any event no later than ten Business Days subsequent to such notice) to
provide the Trustee with all documents and records requested by it to enable it to assume the
Master Servicer’s functions under this Agreement, and to cooperate with the Trustee in effecting
the termination of the Master Servicer’s responsibilities and rights under this Agreement
(provided, however, that the Master Servicer shall continue to be entitled to receive all amounts
accrued or owing to it under this Agreement on or prior to the date of such termination and shall
continue to be entitled to the benefits of Section 6.03, notwithstanding any such
termination, with respect to events occurring prior to such termination). For purposes of this
Section 7.01(c), the Trustee shall not be deemed to have knowledge of a Master Servicer
Event of Termination unless a Responsible Officer of the Trustee assigned to and working in the
Trustee’s Corporate Trust Office has actual knowledge thereof or unless written notice of any event
which is in fact such a Master Servicer Event of Termination is received by the Trustee and such
notice references the Certificates, the Trust or this Agreement. The Trustee shall promptly notify
the Rating Agencies of the occurrence of a Master Servicer Event of Termination of which it has
knowledge as provided above.

     To the extent that the costs and expenses of the Trustee related to the termination of the
Master Servicer, appointment of a successor Master Servicer or the transfer and assumption of

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

     Notwithstanding the above, the Trustee may, if it shall be unwilling to continue to so act, or
shall, if it is unable to so act, petition a court of competent jurisdiction to appoint any
established housing and home finance institution servicer, master servicer, servicing or mortgage
servicing institution having a net worth of not less than $15,000,000 and meeting such other
standards for a successor master servicer as are set forth in this Agreement, as the successor to
such Master Servicer in the assumption of all of the responsibilities, duties or liabilities of a
master servicer, like the Master Servicer.

     Neither the Trustee nor any other successor master servicer shall be deemed to be in default
hereunder by reason of any failure to make, or any delay in making, any distribution hereunder or
any portion thereof or any failure to perform, or any delay in performing, any duties or
responsibilities hereunder, in either case caused by the failure of the Master Servicer to deliver
or provide, or any delay in delivering or providing, any cash, information, documents or
records to it.

     Section 7.02. Master Servicer to Act; Appointment of Successor.

     (a) On and after the time the Servicer receives a notice of termination pursuant to
Section 7.01, the Master Servicer shall, subject to and to the extent provided in
Section 3.06, 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 immediately
assume all the responsibilities, duties and liabilities relating thereto and arising thereafter
(except for any representations or warranties of the Servicer under this Agreement, the
responsibilities, duties and liabilities contained in Section 2.03(d)-(h)) by the terms and
provisions hereof including, without limitation, the Servicer’s obligations to make P&I Advances
pursuant to Section 4.01; provided, however, that if the Master Servicer is prohibited by
law or regulation from obligating itself to make advances regarding delinquent mortgage loans, then
the Master Servicer shall not be obligated to make P&I Advances pursuant to Section 4.01;
and provided further, that any failure to perform such duties or responsibilities caused by the
Servicer’s failure to deliver or provide, or delay in delivering or providing, information,
documents, records or cash as required under this Agreement shall not be considered a default by
the Master Servicer as successor to the Servicer hereunder; and provided further, that it is
understood and acknowledged by the parties hereto that there will be a period of transition (not to
exceed 90 days) before the actual servicing functions (other than the obligation to advance P&I
Advances, which obligation shall arise upon

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the receipt by the Servicer of notice of termination
pursuant to Section 7.01) can be fully transferred to the Master Servicer or any successor
Servicer appointed in accordance with this Agreement. As compensation therefor, the Master
Servicer shall be entitled to the Servicing Fee and all funds relating to the Mortgage Loans to
which the Servicer would have been entitled if it had continued to act as Servicer hereunder.
Notwithstanding the above and subject to the immediately following paragraph, the Master Servicer
may, if it shall be unwilling to so act, or shall, if it is unable to so act promptly appoint or
petition a court of competent jurisdiction to appoint, a Person that satisfies the eligibility
criteria set forth below as the successor Servicer under this Agreement in the assumption of the
responsibilities, duties or liabilities of the Servicer under this Agreement.

     Notwithstanding anything herein to the contrary, in no event shall the Trustee, the Trust
Administrator or the Master Servicer be liable for any Servicing Fee or for any differential in the
amount of the Servicing Fee paid hereunder and the amount necessary to induce any successor
Servicer to act as successor Servicer under this Agreement and the transactions set forth or
provided for herein.

     Any successor Servicer appointed under this Agreement must (i) be an established mortgage loan
servicing institution, (ii) be approved by each Rating Agency by a written confirmation from each
Rating Agency that the appointment of such successor Servicer would not result in the reduction or
withdrawal of the then current ratings of any outstanding Class of Certificates, (iii) have a net
worth of not less than $30,000,000 and (iv) assume all the responsibilities, duties or liabilities
of the Servicer (other than liabilities of the Servicer hereunder incurred prior to termination of
the Servicer under Section 7.01 herein) under this Agreement as if originally named as a
party to this Agreement.

     (b) (i) All Servicing Transfer Costs incurred by the Trustee, the Trust Administrator, the
Master Servicer and any successor Servicer under paragraph (b)(2) below shall be paid immediately
by the terminated Servicer upon presentation of reasonable documentation of such costs, and if such
predecessor or initial Servicer, as applicable, defaults in its obligation to pay such costs, the
successor Servicer, the Master Servicer, the Trust Administrator and the Trustee shall be entitled
to reimbursement therefor from the assets of the Trust Fund.

     (ii) No appointment of a successor to the Servicer under this Agreement shall be
effective until the assumption by the successor of all of the Servicer’s responsibilities,
duties and liabilities hereunder. In connection with such appointment and assumption
described herein, the Trustee, the Trust Administrator or the Master Servicer may make such
arrangements for the compensation of such successor out of payments on Mortgage Loans as it
and such successor shall agree; provided, however, that no such compensation shall be in
excess of that permitted the Servicer as such hereunder. The Depositor, the Trustee, the
Trust Administrator, the Master Servicer and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such succession.
Pending appointment of a successor to the Servicer under this Agreement, the Master Servicer
shall act in such capacity as hereinabove provided.

     Any successor to the Servicer as servicer shall give notice to the Mortgagors of such change
of Servicer, in accordance with applicable federal and state law, and shall, during the

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term of its service as Servicer, maintain in force the policy or policies that the Servicer is required to
maintain pursuant to Section 3.13.

     Any such successor Servicer shall be required to satisfy the requirements of a successor
Servicer under this Section 7.02.

     Section 7.03. Notification to Certificateholders.

     (a) Upon any termination of a Servicer or appointment of a successor Servicer, the Trust
Administrator shall give prompt written notice thereof to Certificateholders and to each Rating
Agency.

     (b) Within 60 days after the occurrence of any Servicer Event of Default or Master Servicer
Event of Termination, the Trust Administrator or Trustee respectively shall transmit by mail to all
Certificateholders and each Rating Agency notice of each such Servicer Event of Default or Master
Servicer Event of Termination hereunder known to the Trustee or the Trust Administrator, as
applicable, unless such Servicer Event of Default or Master Servicer Event of Termination shall
have been cured or waived.

ARTICLE VIII

CONCERNING THE TRUSTEE AND THE TRUST ADMINISTRATOR

     Section 8.01. Duties of the Trustee and Trust Administrator.

     The Trustee, before the occurrence of a Servicer Event of Default or Master Servicer Event of
Termination and after the curing of all Servicer Events of Default or Master Servicer Events of
Termination that may have occurred, shall undertake to perform such duties and only
such duties as are specifically set forth in this Agreement. In case a Master Servicer Event
of Termination has occurred and remains uncured, the Trustee shall exercise such of the rights and
powers vested in it by this Agreement, and use the same degree of care and skill in their exercise
as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs.

     Each of the Trustee and the Trust Administrator, upon receipt of all resolutions,
certificates, statements, opinions, reports, documents, orders or other instruments furnished to it
that are specifically required to be furnished pursuant to any provision of this Agreement shall
examine them to determine whether they are in the form required by this Agreement. Neither the
Trustee nor the Trust Administrator shall be responsible for the accuracy or content of any
resolution, certificate, statement, opinion, report, document, order, or other instrument.

     The Trust Administrator agrees to notify the Master Servicer in writing no later than 5:00
p.m. New York time on each Remittance Date of the aggregate dollar amount of the funds received by
the Trust Administrator from the Servicer on such Remittance Date and any other information
reasonably requested by the Master Servicer, so as to enable the Master Servicer to make the
reconciliations and verifications required to be made by it pursuant to Section 3A.01.
Neither the Trustee nor the Trust Administrator shall be deemed to have knowledge of a Servicer
Event of Default or Master Servicer Event of Termination unless a Responsible Officer of the
Trustee or the Trust Administrator, respectively, has actual knowledge thereof or unless written

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notice of any event which is in fact such a Servicer Event of Default or Master Servicer Event of
Termination is received by the Trustee or the Trust Administrator, respectively, and such notice
references any of the Certificates, the Trust, the REMICs or this Agreement.

     No provision of this Agreement shall be construed to relieve the Trustee or the Trust
Administrator from liability for its own negligent action, its own negligent failure to act or its
own willful misconduct; provided, however, that:

     (i) The duties and obligations of the Trust Administrator, and with respect to the
duties and obligations of the Trustee, prior to the occurrence of a Servicer Event of
Default or Master Servicer Event of Termination, and after the curing of all such Servicer
Events of Default or Master Servicer Events of Termination which may have occurred, shall be
determined solely by the express provisions of this Agreement, the Trustee and the Trust
Administrator shall not be liable except for the performance of such duties and obligations
as are specifically set forth in this Agreement, no implied covenants or obligations shall
be read into this Agreement against the Trustee or the Trust Administrator and, in the
absence of bad faith on the part of the Trustee or the Trust Administrator, as applicable,
the Trustee or the Trust Administrator, as applicable, may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon any
certificates or opinions furnished to it that conform to the requirements of this Agreement;

     (ii) Neither the Trustee nor the Trust Administrator shall be personally liable for an
error of judgment made in good faith by a Responsible Officer or Responsible Officers of the
Trustee or the Trust Administrator, as applicable, unless it shall be proved
that the Trustee or the Trust Administrator, as the case may be, was negligent in
ascertaining the pertinent facts; and

     Neither the Trustee nor the Trust Administrator shall be personally liable with respect to any
action taken, suffered or omitted to be taken by it in good faith in accordance with the direction
of the Holders of Certificates entitled to at least 25% of the Voting Rights relating to the time,
method and place of conducting any proceeding for any remedy available to the Trustee or the Trust
Administrator, or exercising any trust or power conferred upon the Trustee or the Trust
Administrator, under this Agreement.

     Section 8.02. Certain Matters Affecting the Trustee and the Trust Administrator.

     (a) Except as otherwise provided in Section 8.01:

     (i) Before taking any action under this Agreement, each of the Trustee or the Trust
Administrator may request and rely conclusively upon and shall be fully 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;

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     (ii) Each of the Trustee and the Trust Administrator may consult with counsel and any
written advice or 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 written advice or Opinion of Counsel;

     (iii) Neither the Trustee nor the Trust Administrator shall be under any obligation to
exercise any of the trusts or powers vested in it by this Agreement or to institute, conduct
or defend any litigation hereunder or in relation hereto at the request, order or direction
of any of the Certificateholders, pursuant to the provisions of this Agreement, unless such
Certificateholders shall have offered to it security or indemnity satisfactory to it against
the costs, expenses and liabilities which may be incurred therein or thereby; nothing
contained herein shall, however, relieve the Trustee of the obligations, upon the occurrence
of a Servicer Event of Default or Master Servicer Event of Termination (which has not been
cured or waived), to exercise such of the rights and powers vested in it by this Agreement,
and to 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;

     (iv) Neither the Trustee nor the Trust Administrator shall be personally liable for any
action taken, suffered or omitted by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this Agreement;

     (v) The Trust Administrator shall not, and prior to the occurrence of a Servicer Event
of Default or a Master Servicer Event of Termination hereunder and after the curing of all
Master 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 document, unless requested in writing to do
so by the Holders of Certificates entitled to at least 25% of the Voting Rights; provided,
however, that if the payment within a reasonable time to the Trustee or the Trust
Administrator, as applicable, of the costs, expenses or liabilities likely to be incurred by
it in the making of such investigation is, in the opinion of the Trustee or the Trust
Administrator, as applicable, not reasonably assured to the Trustee or the Trust
Administrator, as applicable, by such Certificateholders, the Trustee or the Trust
Administrator, as applicable, may require reasonable indemnity against such expense, or
liability from such Certificateholders as a condition to taking any such action;

     (vi) Each of the Trustee and the Trust Administrator may execute any of the trusts or
powers hereunder or perform any duties hereunder either directly or by or through agents,
custodians, nominees or attorneys and shall not be responsible for any willful misconduct or
negligence of such agents, custodians, nominees or attorneys (as long as such agents,
custodians, nominees or attorneys were appointed with due and proper care);

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     (vii) Neither the Trustee nor the Trust Administrator shall be personally liable for
any loss resulting from the investment of funds held in the Collection Account by the
Servicer pursuant to Section 3.12;

     (viii) Except as otherwise expressly provided herein, none of the provisions of this
Agreement shall require the Trustee or the Trust Administrator to expend or risk its own
funds or otherwise to incur any liability, financial or otherwise, 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 for believing that repayment of such funds or indemnity satisfactory to
it against such risk or liability is not assured to it (not including expenses,
disbursements and advances incurred or made by the Trustee or the Trust Administrator, as
applicable, including the compensation and the expenses and disbursements of its agents and
counsel, in the ordinary course of its performance in accordance with the provisions of this
Agreement); and

     (ix) Neither the Trustee nor the Trust Administrator shall be personally liable for any
loss resulting from any failure or omission of any other party to this Agreement to comply
with its obligations hereunder.

     (x) Any permissive right of the Trustee enumerated herein shall not be construed as a
duty.

     (b) All rights of action under this Agreement or under any of the Certificates enforceable by
the Trustee or the Trust Administrator, as applicable, may be enforced by it without the possession
of any of the Certificates, or the production thereof at the trial or any other proceeding relating
thereto, and any such suit, action or proceeding instituted by the Trustee or the Trust
Administrator, as applicable, shall be brought in its name for the benefit of all the Holders of
such Certificates, subject to the provisions of this Agreement.

			
	     Section 8.03.	 	Neither the Trustee Nor the Trust Administrator Liable for Certificates or Mortgage Loans.

     The recitals contained herein and in the Certificates (other than the signature of the Trust
Administrator, the authentication of the Trust Administrator on the Certificates, the
acknowledgments of the Trustee and the Trust Administrator contained in Article II and the
representations and warranties of the Trustee and the Trust Administrator in Section 8.11)
shall be taken as the statements of the Depositor, and the Trustee does not assume any
responsibility for their correctness. Neither the Trustee nor the Trust Administrator makes any
representation or warranty as to the validity or sufficiency of this Agreement (other than as
specifically set forth in Section 8.11) or of the Certificates (other than the signature of
the Trustee and the Trust Administrator and authentication of the Certificate Registrar on the
Certificates) or the Swap Agreements (other than the signature of the Trustee) or of any Mortgage
Loan or related document or of the MERS® System. Neither the Trustee nor the Trust Administrator
shall be accountable for the use or application by the Depositor of any of the Certificates or of
the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor
or the Servicer in respect of the Mortgage Loans or deposited in or withdrawn from the Collection
Account by the Servicer.

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     Section 8.04. Trustee and Trust Administrator May Own Certificates.

     Each of the Trustee and the Trust Administrator in its individual or any other capacity may
become the owner or pledgee of Certificates with the same rights as it would have if it were not
the Trustee or the Trust Administrator, as applicable.

     Section 8.05. Fees and Expenses of the Trustee and Trust Administrator.

     (a) The annual fees of the Trustee hereunder shall be paid in accordance with a side letter
agreement with the Trust Administrator and at the sole expense of the Trust Administrator. At any
time that Wells Fargo Bank, N.A. is Master Servicer and Trust Administrator hereunder, the fees of
the Trust Administrator as custodian hereunder are included in the Master Servicing Fee and shall
be paid by the Master Servicer to the Trust Administrator as initial custodian, as agreed
separately between the initial Master Servicer and the initial Trust Administrator and ongoing
fees, if any, at the sole expense of the Trust Administrator. In the event that Wells Fargo Bank,
N.A. ceases to be the Trust Administrator hereunder but continues to serve as custodian with
respect to the Mortgage Loans, Wells Fargo Bank, N.A. will be entitled to receive the Custodial Fee
as provided in Section 3.11(a). Subject to Section 8.05(b), the Trustee and the
Trust Administrator, and any director, officer, employee or agent of either, shall be indemnified
by the Trust Fund and held harmless against any loss, liability or expense (including any
unreimbursed fees or expenses for work relating to an appointment of a successor Servicer or a
successor Master Servicer under Article VII herein, but not including expenses,
disbursements and advances incurred or made by the Trustee (or its custodian) or the Trust
Administrator, (including, without limitation, in its capacity as Swap Administrator), as
applicable, including the reasonable compensation and the expenses and disbursements of its agents
and counsel, in the ordinary course of its performance in accordance with the provisions of this
Agreement) incurred by the Trustee or the Trust Administrator arising out of or in connection with
the
acceptance or administration of its obligations and duties under this Agreement or the Swap
Agreements, the Swap Administrator Agreement, the Certificates or the Mortgage Loans, other than any
loss, liability or expense (i) resulting from the Trustee’s or the Trust Administrator’s negligent
actions or omissions in connection with this Agreement and the Mortgage Loans, (ii) that
constitutes a specific liability of the Trustee or the Trust Administrator pursuant to Section
11.01(c), or (iii) any loss, liability or expense incurred by reason of willful misfeasance,
bad faith or negligence in the performance of duties hereunder or by reason of reckless disregard
of obligations and duties hereunder or as a result of a breach of the its respective obligations
under Article XI hereof. Any amounts payable to the Trustee (or its custodian) or the
Trust Administrator, and any director, officer, employee or agent of the Trustee (or its custodian)
or the Trust Administrator, in respect of the indemnification provided by this paragraph (a), or
pursuant to any other right of reimbursement from the Trust Fund that the Trustee (or its
Custodian), the Trust Administrator and any director, officer, employee or agent of the Trustee (or
its custodian) or the Trust Administrator, may have hereunder in its capacity as such, may be
withdrawn by the Trust Administrator from the Distribution Account at any time. Such indemnity
shall survive the termination of this Agreement and the resignation of the Trustee or the Trust
Administrator, as applicable.

     (b) The foregoing indemnity shall survive the resignation or removal of the Trustee or the
Trust Administrator.

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     (c) Without limiting the Servicer’s indemnification obligations under Section 6.03,
the Servicer agrees to indemnify the Trustee, the Master Servicer, and the Trust Administrator
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 or the
Trust Administrator. Any payment hereunder made by the Servicer to the Trustee or the Trust
Administrator shall be from the Servicer’s own funds, without reimbursement from the Trust Fund.

     (d) The Servicer shall pay any annual rating agency fees of S&P, Fitch, Moody’s and DBRS for
ongoing surveillance from its own funds without right of reimbursement.

     Section 8.06. Eligibility Requirements for the Trustee and Trust Administrator.

     Each of the Trustee and the Trust Administrator hereunder shall at all times be a corporation
or an association (other than the Depositor, the Originator, the Servicer or any Affiliate of the
foregoing) organized and doing business 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 corporation or association publishes reports of conditions at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section the combined capital and surplus of such corporation or
association shall be deemed to be its combined capital and surplus as set forth in its most recent
report of conditions so published. In case at any time either the Trustee or the Trust
Administrator shall cease to be eligible in accordance with the provisions of this
Section, the Trustee or the Trust Administrator, as applicable, shall resign immediately in
the manner and with the effect specified in Section 8.07.

     Section 8.07. Resignation and Removal of the Trustee or Trust Administrator.

     The Trustee or the Trust Administrator may at any time resign and be discharged from the trust
hereby created by giving written notice thereof to the Depositor, the Servicer, the Master
Servicer, if the Trustee is resigning to the Trust Administrator and if the Trust Administrator is
resigning to the Trustee and the Certificateholders. Upon receiving such notice of resignation,
the Depositor shall promptly appoint a successor trustee or successor trust administrator, as
applicable, by written instrument, in duplicate, which instrument shall be delivered to the
resigning Trustee or Trust Administrator, as applicable, and to the successor trustee or successor
trust administrator, as applicable. The Depositor shall deliver a copy of such instrument to the
Certificateholders, the Master Servicer and the Servicer. If no successor trustee or successor
trust administrator, as applicable, shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning Trustee or Trust
Administrator, as applicable, may petition any court of competent jurisdiction for the appointment
of a successor.

     If at any time the Trustee or the Trust Administrator shall cease to be eligible in accordance
with the provisions of Section 8.06 and shall fail to resign after written request by the
Depositor, or if at any time the Trustee or the Trust Administrator shall become incapable of

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acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the Trust
Administrator or of its respective property shall be appointed, or any public officer shall take
charge or control of the Trustee or the Trust Administrator or of its respective property or
affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor may
remove the Trustee or the Trust Administrator, as applicable, and appoint a successor by written
instrument, in duplicate, which instrument shall be delivered to the Trustee or the Trust
Administrator, as applicable, so removed and to the successor. The Depositor shall deliver a copy
of such instrument to the Certificateholders, the Master Servicer and the Servicer.

     The Holders of Certificates entitled to at least 25% of the Voting Rights may at any time
remove the Trustee or the Trust Administrator and appoint a successor by written instrument or
instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one
complete set of which instruments shall be delivered to the Depositor, one complete set to the
Trustee or Trust Administrator so removed and one complete set to the successor so appointed. The
Depositor shall deliver a copy of such instrument to the Certificateholders, the Master Servicer
and the Servicer.

     Any resignation or removal of the Trustee or the Trust Administrator and appointment of a
successor pursuant to any of the provisions of this Section shall not become effective until
acceptance of appointment by the successor as provided in Section 8.08.

     Any resignation or removal of the initial Trust Administrator will result in the removal of
the initial Master Servicer.

     Section 8.08. Successor Trustee or Trust Administrator.

     Any successor appointed as provided in Section 8.07 shall execute, acknowledge and
deliver to the Depositor and to its predecessor an instrument accepting such appointment hereunder,
and thereupon the resignation or removal of the predecessor shall become effective and such
successor, without any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if
originally named as trustee herein. The predecessor trustee or trust administrator shall deliver
to its successor all Mortgage Files and related documents and statements, as well as all moneys,
held by it hereunder (other than any Mortgage Files at the time held by a custodian, if any, which
custodian shall become the agent of any successor trustee hereunder), and the Depositor and the
predecessor trustee or trust administrator shall execute and deliver such instruments and do such
other things as may reasonably be required for more fully and certainly vesting and confirming in
the successor trustee all such rights, powers, duties and obligations.

     No successor trustee or trust administrator shall accept appointment as provided in this
Section unless at the time of such acceptance such successor shall be eligible under the provisions
of Section 8.06 and the appointment of such successor shall not result in a downgrading of
any Class of Certificates by either Rating Agency, as evidenced by a letter from each Rating
Agency.

     Upon acceptance of appointment by a successor trustee or trust administrator as provided in
this Section, the Depositor shall mail notice of the succession to all Holders of Certificates at

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their addresses as shown in the Certificate Register. If the Depositor fails to mail such notice
within 10 days after acceptance of appointment by the successor, the successor shall cause such
notice to be mailed at the expense of the Depositor.

     Section 8.09. Merger or Consolidation of the Trustee or the Trust Administrator.

     Any corporation into which the Trustee or the Trust Administrator may be merged or converted
or with which it may be consolidated or any corporation resulting from any merger, conversion or
consolidation to which the Trustee or the Trust Administrator shall be a party, or any corporation
succeeding to the business of the Trustee or the Trust Administrator, shall be the successor of the
Trustee or the Trust Administrator, as applicable, hereunder; provided, that such corporation shall
be eligible under Section 8.06 without the execution or filing of any paper or further act
on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

Section 8.10. Appointment of Co-Trustee or Separate Trustee.

     Notwithstanding any other provisions hereof, at any time, for the purpose of meeting any legal
requirements of any jurisdiction in which any part of the Trust Fund or property securing the same
may at the time be located, the Servicer and the Trustee, acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee to
act as co-trustee or co-trustees, jointly with the Trustee, or separate trustee or separate
trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such
capacity, such title to the Trust Fund, 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. If the Servicer shall not
have joined in such appointment within 15 days after the receipt by it of a request so to do, or in
case a Servicer Event of Default 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
hereunder and no notice to Holders of Certificates of the appointment of co-trustee(s) or separate
trustee(s) shall be required under Section 8.08 hereof. Any reasonable and necessary
expense of the Trustee related to the appointment of a co-trustee or a separate trustee for the
limited purpose of performing the Trustee’s duties pursuant to this Section 8.10 shall be
reimbursable from the Trust Fund.

     In the case of any appointment of a co-trustee or separate trustee pursuant to this
Section 8.10 all rights, powers, duties and obligations conferred or imposed upon the
Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such
separate trustee or co-trustee jointly, except to the extent that under any law of any jurisdiction
in which any particular act or acts are to be performed by the Trustee (whether as Trustee
hereunder or as successor to the defaulting 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 Fund or any portion thereof in any such
jurisdiction) shall be exercised and performed by such separate trustee or co-trustee at the
direction of the 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

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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 trust 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.

     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. Representations and Warranties of the Trustee and Trust Administrator.

     (a) The Trustee hereby represents and warrants to the Servicer, the Master Servicer, the Trust
Administrator and the Depositor, as of the Closing Date, that:

     (i) It is a national banking association duly organized, validly existing and in good
standing under the laws of the United States of America.

     (ii) The execution and delivery of this Agreement by it, and the performance and
compliance with the terms of this Agreement by it, will not violate its charter or 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, to the best of its knowledge, 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 Agreement, has duly authorized the execution, delivery and performance
of this Agreement, and has duly executed and delivered this Agreement.

     (iv) This Agreement, assuming due authorization, execution and delivery by the other
parties, 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.

     (b) The Trust Administrator hereby represents and warrants to the Servicer, the Trustee and
the Depositor, as of the Closing Date, that:

     (i) It is a national banking association duly organized, validly existing and in good
standing under the laws of the United States.

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     (ii) The execution and delivery of this Agreement by it, and the performance and
compliance with the terms of this Agreement by it, will not violate its charter or 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 Agreement, has duly authorized the execution, delivery and performance
of this Agreement, and has duly executed and delivered this Agreement.

     (iv) This Agreement, assuming due authorization, execution and delivery by the other
parties, 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.

ARTICLE IX

TERMINATION

     Section 9.01. Termination upon Liquidation or Purchase of the Mortgage Loans.

     (a) Subject to Section 9.03, the obligations and responsibilities of the Depositor,
the Servicer, the Master Servicer, the Trust Administrator and the Trustee created hereby with
respect to the Pool I Mortgage Loans, Pool II Mortgage Loans or the entire Trust Fund, as
applicable, shall terminate upon the earlier of (a) the purchase, on or after the Optional
Termination Date, by the Servicer, of all Pool I Mortgage Loans, Pool II Mortgage Loans or all
Mortgage Loans, as applicable, (and related REO Properties) at the price equal to the greater of
(i) the Stated Principal Balance of the Pool I Mortgage Loans, Pool II Mortgage Loans or all
Mortgage Loans, as applicable (after giving effect to scheduled payments of principal due on such
Mortgage Loans 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 related REO Properties and (ii) fair market value of the Pool I Mortgage Loans, Pool II
Mortgage Loans or all Mortgage Loans, as applicable, and related REO Properties (as determined and
as agreed upon as of the close of business on the third Business Day next preceding the date upon
which notice of any such termination is furnished to the related Certificateholders pursuant to
Section 9.02 by the Servicer, plus accrued and unpaid interest thereon at the weighted
average of the Mortgage Rates through the end of the Due Period preceding the final Distribution
Date plus unreimbursed Servicing Advances, Advances, any unpaid Servicing Fees allocable to such
Mortgage Loans and REO Properties and any accrued and unpaid Net WAC Rate Carryover Amounts and any
Swap Termination payment payable to the relevant Swap Provider (the “Termination Price”);
provided, however, such option may only be exercised if the Termination Price is
sufficient to result in the payment of all amounts owed to the NIMS Insurer, if any (as it notifies
the Servicer and the Trust Administrator in writing); and (b) the later of (i) the maturity or
other Liquidation Event (or any Advance with respect thereto) of the last Pool I Mortgage Loan,
Pool II Mortgage Loan or Mortgage Loan, as

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applicable, remaining in the Trust Fund and the
disposition of all related REO Property and (ii) the distribution to Certificateholders of all
amounts required to be distributed to them pursuant to this Agreement. In no event shall the
trusts created hereby continue beyond the expiration of 21 years from the death of the survivor of
the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St.
James’s, living on the date hereof.

     (b) It is understood and agreed by the parties hereto that the optional termination described
in the preceding clause may be effected with respect to the Pool I Mortgage Loans (and therefore
the Pool I Certificates), the Pool II Mortgage Loans (and therefore the Pool II Certificates), or
all of the Mortgage Loans, and that final termination of the Trust Fund under this Article
IX will only be effected upon the purchase of all of the Mortgage Loans.

     Section 9.02. Final Distribution on the Certificates.

     If on any Remittance Date, the Servicer determines that there are no Outstanding Mortgage
Loans and no other funds or assets in the Trust Fund other than the funds in the Collection
Account, the Servicer shall direct the Trust Administrator promptly to send a Notice of Final
Distribution to each Certificateholder. If the Servicer elects to terminate the Trust Fund
pursuant to clause (a) of Section 9.01, at least 20 days prior to the date the Notice of
Final Distribution is to be mailed to the affected Certificateholders, the Depositor shall notify
the Servicer, the Master Servicer, each Swap Provider, the Trustee and the Trust Administrator of
the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase
price of the Mortgage Loans and REO Properties.

     A Notice of Final Distribution, specifying the Distribution Date on which Certificateholders
may surrender their Certificates for payment of the final distribution and cancellation, shall be
given promptly by the Trust Administrator by letter to Certificateholders mailed not later than the
15th day of the month of such final distribution. Any such Notice of Final Distribution shall
specify (a) the Distribution Date upon which final distribution on the Certificates will be made
upon presentation and surrender of Certificates at the office therein designated, (b) the amount of
such final distribution, (c) the location of the office or agency at which such presentation and
surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date
is not applicable, distributions being made only upon presentation and surrender of the
Certificates at the office therein specified. The Trust Administrator will give such Notice of
Final Distribution to each Rating Agency at the time such Notice of Final Distribution is given to
Certificateholders.

     In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in
the Collection Account to be remitted to the Trust Administrator for deposit in the Distribution
Account on the Business Day prior to the applicable Distribution Date in an amount equal to the
final distribution in respect of the Certificates. Upon such final deposit with respect to the
Trust Fund and the receipt by the Trustee or the Trust Administrator of a Request for Release
therefor, the Trustee or the Trust Administrator shall promptly release to the Depositor or its
designee the Custodial Files for the Mortgage Loans.

     Upon presentation and surrender of the Certificates, the Trust Administrator shall cause to be
distributed to the Certificateholders of each Class (after reimbursement of all amounts due

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to the
Servicer, the Depositor, the Master Servicer, each Swap Provider, the Trust Administrator and the
Trustee hereunder), in each case on the final Distribution Date and in the order set forth in
Section 4.02, in proportion to their respective Percentage Interests, with respect to
Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of
Regular Certificates (except the Class C Certificates and the Class SL-C Certificates), the
Certificate Principal Balance thereof plus for each such Class, the Class C Certificates and the
Class SL-C Certificates accrued interest thereon in the case of an interest-bearing Certificate and
all other amounts to which such Classes are entitled pursuant to Section 4.02, (ii) as to
the Residual Certificates, the amount, if any, which remains on deposit in the Distribution Account
with respect to the related REMIC (other than the amounts retained to meet claims) after
application pursuant to clause (i) above.

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

     Section 9.03. Additional Termination Requirements.

     In the event the Servicer exercises its purchase option with respect to either Pool of the
Mortgage Loans as provided in Section 9.01, the REMIC related to such Pool and to the
extent both Pools are repurchased, Trust Fund, shall be terminated in accordance with the following
additional requirements, unless the Trustee and the Trust Administrator have been supplied with an
Opinion of Counsel, at the expense of the Depositor, to the effect that the failure to comply with
the requirements of this Section 9.03 will not (i) result in the imposition of taxes on
“prohibited transactions” or “prohibited contributions” on the related Trust REMICs as defined in
the REMIC Provisions, or (ii) cause the related Trust REMIC to fail to qualify as a REMIC at any
time that any Certificates are outstanding:

     (a) The Trust Administrator shall sell all of the assets of the REMICs related to the
purchased Pool of Mortgage Loans to the Servicer for cash, and, within 90 days of such sale, shall
distribute to the related Certificateholders the proceeds of such sale in complete liquidation of
each of the related Trust REMICs, with final payment made to the related Class of Residual
Certificates; and

     (b) The Trust Administrator shall attach a statement to the final federal income tax return
for each of the related Trust REMICs stating that pursuant to Treasury Regulations Section
1.860F-1, the first day of the 90-day liquidation period for each such Trust

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REMIC was the date on
which the Trust Administrator sold the assets of the Trust Fund to the Servicer.

     By their acceptance of the Certificates, the Holders thereof hereby agree to authorize the
Trust Administrator to specify the 90-day liquidation period for each REMIC created hereunder,
which authorization shall be binding upon all successor Certificateholders.

ARTICLE X

MISCELLANEOUS PROVISIONS

     Section 10.01. Amendment.

     This Agreement may be amended from time to time by the Depositor, the Originator, the
Servicer, the Master Servicer, the Swap Administrator, the Trust Administrator and the Trustee
without the consent of any of the Certificateholders (i) to cure any ambiguity or mistake, (ii) to
correct any defective provision herein or to supplement any provision herein which may be
inconsistent with any other provision herein, (iii) to add to the duties of the Depositor, the
Master Servicer, the Swap Administrator, or the Servicer, the Trust Administrator or the Trustee,
(iv) to comply with any requirements in the Code, (v) to conform the provisions of this Agreement
to the descriptions thereof in the Prospectus Supplement, (vi) to add any other provisions with
respect to matters or questions arising hereunder or (vii) to modify, alter, amend, add to or
rescind any of the terms or provisions contained in this Agreement; provided, that any action
pursuant to clause (vi) or (vii) above (a) that could reasonably be expected to have an
adverse effect on the Pool I Swap Provider or the Pool II Swap Provider shall not be undertaken
while the Pool I Swap Agreement or Pool II Swap Agreement, as applicable, is in effect without the
prior written consent (which shall not be unreasonably withheld or delayed) of the Pool I Swap
Provider or the Pool II Swap Provider, as applicable, and (b) shall not, as evidenced by an Opinion
of Counsel (which Opinion of Counsel shall not be an expense of the Trustee, the Trust
Administrator or the Trust Fund), adversely affect in any material respect the interests of any
Certificateholder; provided, further, that the amendment shall not be deemed to adversely affect in
any material respect the interests of the Certificateholders if the Person requesting the amendment
obtains a letter from each Rating Agency stating that the amendment would not result in the
downgrading or withdrawal of the respective ratings then assigned to the Certificates; it being
understood and agreed that any such letter in and of itself will not represent a determination as
to the materiality of any such amendment and will represent a determination only as to the credit
issues affecting any such rating. The Trustee, the Depositor, the Originator, the Master Servicer,
the Trust Administrator and the Servicer also may at any time and from time to time amend this
Agreement, but without the consent of the Certificateholders to modify, eliminate or add to any of
its provisions to such extent as shall be necessary or helpful to (i) maintain the qualification of
each Trust REMIC under the REMIC Provisions, (ii) avoid or minimize the risk of the imposition of
any tax on any Trust REMIC pursuant to the Code that would be a claim at any time prior to the
final redemption of the Certificates or (iii) comply with any other requirements of the Code;
provided, that the Trustee and the Trust Administrator have been provided an Opinion of Counsel,
which opinion shall be an expense of the party requesting such opinion but in any case shall not be
an expense of the Trustee or the Trust Fund, to the effect that such action is necessary or helpful
to, as applicable, (i) maintain such qualification,

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(ii) avoid or minimize the risk of the
imposition of such a tax or (iii) comply with any such requirements of the Code.

     This Agreement may also be amended from time to time by the Depositor, the Servicer, the
Originator, the Master Servicer, the Trust Administrator and the Trustee with the consent of the
Holders of Certificates evidencing Percentage Interests aggregating not less than 66 2/3% of each
Class of Certificates affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the
rights of the Holders of Certificates; provided, however, that no such amendment
shall (i) reduce in any manner the amount of, or delay the timing of, payments required to be
distributed on any Certificate without the consent of the Holder of such Certificate, (ii)
adversely affect in any material respect the interests of the Holders of any Class of Certificates
in a manner other than as described in clause (i), without the consent of the Holders of
Certificates of such Class evidencing, as to such Class, Percentage Interests aggregating not less
than 66 2/3%, or (iii) reduce the aforesaid percentages of Certificates the Holders of which are
required to consent to any such amendment, without the consent of the Holders of all such
Certificates then outstanding; provided further, that such amendment shall not be
undertaken while the Pool I Swap Agreement or the Pool II Swap Agreement, as applicable, is in
place without the prior written consent of the Pool I Swap Provider or Pool II Swap Provider, as
applicable.

     Notwithstanding any contrary provision of this Agreement, neither of the Trustee nor the Trust
Administrator shall consent to any amendment to this Agreement unless (i) it shall have
first received an Opinion of Counsel, which opinion shall not be an expense of the Trustee,
the Trust Administrator or the Trust Fund, to the effect that such amendment will not adversely
affect in any material respect the interest of any Certificateholder and will not cause the
imposition of any tax on any Trust REMIC or the Certificateholders or cause any Trust REMIC to fail
to qualify as a REMIC at any time that any Certificates are outstanding and (ii) the party seeking
such amendment shall have provided written notice to the Rating Agencies (with a copy of such
notice to the Trustee and the Trust Administrator) of such amendment, stating the provisions of the
Agreement to be amended.

     Notwithstanding the foregoing provisions of this Section 10.01, with respect to any
amendment that significantly modifies the permitted activities of the Trustee, the Trust
Administrator, the Master Servicer or the Servicer, any Certificate beneficially owned by the
Depositor or any of its Affiliates or by the Originator shall be deemed not to be outstanding (and
shall not be considered when determining the percentage of Certificateholders consenting or when
calculating the total number of Certificates entitled to consent) for purposes of determining if
the requisite consents of Certificateholders under this Section 10.01 have been obtained.

     The Trust Administrator shall furnish to the Pool II Swap Provider a copy of each proposed and
each executed amendment or supplemental agreement and copies of any related Rating Agency
confirmation.

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

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

     Nothing in this Agreement shall require either of the Trustee or the Trust Administrator to
enter into an amendment which modifies its obligations or liabilities without its consent and in
all cases without receiving an Opinion of Counsel (which Opinion shall not be an expense of the
Trustee, the Trust Administrator or the Trust Fund), satisfactory to the Trustee or the Trust
Administrator, as applicable, that (i) such amendment is permitted and is not prohibited by this
Agreement and that all requirements for amending this Agreement have been complied with; and (ii)
either (A) the amendment does not adversely affect in any material respect the interests of any
Certificateholder or (B) the conclusion set forth in the immediately preceding clause (A) is not
required to be reached pursuant to this Section 10.01.

     Section 10.02. Recordation of Agreement; Counterparts.

     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 receipt of 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 constitute but
one and the same instrument.

     Section 10.03. Governing Law.

     THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE LAWS OF
THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICTS OF LAWS RULES (EXCEPT FOR GENERAL OBLIGATIONS LAW 5-1401 WHICH SHALL
APPLY HERETO) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO AND THE
CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 10.04. Intention of Parties.

     It is the express intent of the parties hereto that the conveyance (i) of the Mortgage Loans
by the Depositor and (ii) of the Trust Fund by the Depositor to the Trustee each be, and be
construed as, an absolute sale thereof. It is, further, not the intention of the parties that such
conveyances be deemed a pledge thereof. However, in the event that, notwithstanding the intent

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of
the parties, such assets are held to be the property of the Depositor, as the case may be, or if
for any other reason this Agreement is held or deemed to create a security interest in either such
assets, then (i) this Agreement shall be deemed to be a security agreement within the meaning of
the Uniform Commercial Code of the State of New York and (ii) the conveyances provided for in this
Agreement shall be deemed to be an assignment and a grant by the Depositor to the Trustee, for the
benefit of the Certificateholders, of a security interest in all of the assets transferred, whether
now owned or hereafter acquired.

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

     Section 10.05. Notices.

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

     (i) Any material change or amendment to this Agreement;

     (ii) The occurrence of any Event of Default that has not been cured;

     (iii) The resignation or termination of the Servicer, the Master Servicer, the Trust
Administrator or the Trustee and the appointment of any successor;

     (iv) The repurchase or substitution of Mortgage Loans pursuant to Sections
2.03, 2.07 or 3.28; and

     (v) The final payment to Certificateholders.

     (b) The Trustee shall use its best efforts to promptly provide notice to each Rating Agency of
a Master Servicer Event of Termination to the extent it has actual knowledge thereof.

     (c) In addition, the Trust Administrator shall promptly make available on its internet website
to each Rating Agency copies of each report to Certificateholders described in Section
4.03.

     All directions, demands and notices hereunder shall be in writing (which shall include
transmission by electronic mail or facsimile) and shall be deemed to have been duly given when
delivered to (a) in the case of the Depositor, Fremont Mortgage Securities Corporation, 2727 East
Imperial Highway, Brea, California 92821, telecopy number (714) 279-7555, or such other address as
may be hereafter furnished to the Trustee and the Servicer by the Depositor in writing; (b) in the
case of the Originator and the Servicer, Fremont Investment & Loan, 2727 East Imperial Highway,
Brea, California 92821, telecopy number (714) 279-7555, or such other address as may be hereafter
furnished to the Depositor, the Master Servicer, the Trust

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Administrator and the Trustee by the
Servicer in writing; (c) in the case of the Trustee, 452 Fifth Avenue, New York, New York 10018,
telecopy number (212) 525-1300, or such other address or telecopy number as may hereafter be
furnished to the other parties hereto; (d) in the case of the Trust Administrator, its Corporate
Trust Office; in the case of the Master Servicer, to Wells Fargo Bank, N.A., P.O. Box 98, Columbia,
Maryland 21046, Attention: Corporate Trust Services- Fremont 2006-B; and in the case of any
direction, demand or notice relating to any Custodial File, to Wells Fargo Bank, N.A., 24 Executive
Park, Suite 100, Irvine, California 92614, Attention: Fremont 2006-B; or such other address as the
Trust Administrator may hereafter furnish to the Depositor, the Trustee or the Servicer; (f) in the
case of each of the Rating Agencies, the address specified therefor in the definition corresponding
to the name of such Rating Agency; (g) in the case of the Pool I Swap Provider, to Swiss Re
Financial Products Corporation, 55 East 52nd Street, New York, New York 10055; and (h) in the case
of the Pool II Swap Provider, to Bear Stearns Financial Products Inc., 383 Madison Avenue,
36th Floor, New York, New York 10179, Attn: DPC Manager.

     Notices to Certificateholders shall be deemed given when mailed, first class postage prepaid,
to their respective addresses appearing in the Certificate Register.

     Section 10.06. Severability of Provisions.

     If any one or more of the covenants, agreements, provisions or terms of this Agreement shall
be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions or terms
of this Agreement and shall in no way affect the validity or enforceability of the other
provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

     Section 10.07. Assignment; Sales; Advance Facilities.

     (a) Notwithstanding anything to the contrary contained herein, except as provided in
Section 6.02, this Agreement may be assigned by the Servicer with the prior written consent
of the Depositor, the Master Servicer, the Trust Administrator and the Trustee. In addition, for
so long as the Servicer is acting as the Servicer hereunder (i) the Servicer is hereby authorized
to enter into an advance facility (“Advance Facility”) under which (A) the Servicer sells,
assigns or pledges to an Advancing Person the Servicer’s rights under this Agreement to be
reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advancing Person agrees to fund
some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this
Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee; it
being understood neither the Trust Fund nor any party hereto shall have a right or claim (including
without limitation any right of offset) to the portion of the Servicing Fee so assigned; it being
further understood that upon the resignation or termination of the Servicer, such Advance Facility
(in the case of clause (i)) and such assignment (in the case of clause (ii)) shall be terminated.
No consent of the Trustee, the Trust Administrator, Certificateholders or any other party is
required before the Servicer may enter into an Advance Facility. Notwithstanding the existence of
any Advance Facility under which an Advancing Person agrees to fund P&I Advances and/or Servicing
Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement
to make P&I Advances and Servicing Advances pursuant

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to and as required by this Agreement, and
shall not be relieved of such obligations by virtue of such Advance Facility.

     (b) Reimbursement amounts shall consist solely of amounts in respect of P&I 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 had made the
related P&I Advance(s) and/or Servicing Advance(s).

     (c) The Servicer shall maintain and provide to any successor Servicer a detailed accounting on
a loan-by-loan basis as to amounts advanced by, 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.

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

     (e) The documentation establishing any Advance Facility shall require that such reimbursement
amounts distributed with respect to each Mortgage Loan be allocated to outstanding unreimbursed P&I
Advances or Servicing Advances (as the case may be) made with respect to that Mortgage Loan on a
“first-in, first out” (FIFO) basis. Such documentation shall also require the Servicer to provide
to the related Advancing Person or its designee loan-by-loan
information with respect to each such reimbursement amount distributed to such Advancing
Person or Advance Facility trustee on each Distribution Date, to enable the Advancing Person or
Advance Facility trustee to make the FIFO allocation of each such reimbursement amount with respect
to each Mortgage Loan. The Servicer shall remain entitled to be reimbursed by the Advancing Person
or Advance Facility trustee for all P&I 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.

     (f) Any amendment to this Section 10.07 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 10.07, including amendments to add provisions relating to a
successor Servicer, may be entered into by the Trustee, the Depositor, the Master Servicer, the
Trust Administrator and the Servicer without the consent of any Certificateholder, notwithstanding
anything to the contrary in this Agreement, provided, that the Trustee and the Trust Administrator
have been provided an Opinion of Counsel that such amendment has no material adverse effect on the
Certificateholders which opinion shall be an expense of the party requesting such opinion but in
any case shall not be an expense of the Trustee, the Trust Administrator or the Trust Fund;
provided, further, that the amendment shall not be deemed to adversely affect in any material
respect the interests of the Certificateholders if the Person requesting the amendment obtains a
letter from each Rating Agency (instead of obtaining an Opinion of Counsel) stating that the
amendment would not result in the downgrading or withdrawal of the respective ratings then assigned
to the Certificates; it being understood and agreed that any such rating letter in and of itself
will not represent a determination as to the materiality of any such

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amendment and will represent a
determination only as to the credit issues affecting any such rating. Prior to entering into an
Advance Facility, the Servicer shall notify the lender under such facility in writing that: (a)
the Advances financed by and/or pledged to the lender 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 only to the extent provided herein, and the Trustee, the Trust
Administrator and the Trust are not otherwise obligated or liable to repay any Advances financed by
the lender; (b) the Servicer will be responsible for remitting to the lender the applicable amounts
collected by it as reimbursement for Advances funded by the lender, subject to the restrictions and
priorities created in this Agreement; and (c) neither the Trustee nor the Trust Administrator shall
have any responsibility to track or monitor the administration of the financing arrangement between
the Servicer and the lender.

     Section 10.08. Limitation on Rights of Certificateholders.

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

     No Certificateholder shall have any right to vote (except as provided herein) or in any manner
otherwise control the operation and management of the Trust Fund, or the obligations of the parties
hereto, nor shall anything herein set forth or contained in the terms of the Certificates be
construed so as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any third party
by reason of any action taken by the parties to this Agreement pursuant to any provision hereof.

     No Certificateholder shall have any right by virtue or by availing itself of any provisions of
this Agreement to institute any suit, action or proceeding in equity or at law upon or under or
with respect to this Agreement, unless such Holder previously shall have given to the Trustee a
written notice of a Servicer Event of Default or a Master Servicer Event of Termination and of the
continuance thereof, as herein provided, and unless the Holders of Certificates evidencing not less
than 25% of the Voting Rights evidenced by the Certificates shall also have made written request to
the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and
shall have offered to the Trustee such reasonable indemnity as it may require against the costs,
expenses, and liabilities to be incurred therein or thereby, and the Trustee, for 60 days after its
receipt of such notice, request and offer of indemnity shall have neglected or refused to institute
any such action, suit or proceeding; it being understood and intended, and being expressly
covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no
one or more Holders of Certificates shall have any right in any manner whatever by virtue or by
availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice
the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority
over or preference to any other such Holder or to enforce any right under this Agreement, except in
the manner herein provided and for the common benefit of all Certificateholders. For the
protection and enforcement of the provisions of this Section 10.08, each and every
Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or
in equity.

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     Section 10.09. Inspection and Audit Rights.

     The Servicer agrees that on 15 days’ prior notice, it will permit any representative of the
Depositor or the Trustee during such Person’s normal business hours, to examine all the books of
account, records, reports and other papers of such Person relating to the Mortgage Loans, to make
copies and extracts therefrom, to cause such books to be audited by independent certified public
accountants selected by the Depositor, the Master Servicer, the Trust Administrator or the Trustee
and to discuss its affairs, finances and accounts relating to such Mortgage Loans with its
officers, employees and independent public accountants (and by this provision the Servicer hereby
authorizes said accountants to discuss with such representative such affairs, finances and
accounts), all at such reasonable times and as often as may be reasonably requested. Any
reasonable out-of-pocket expense of the Servicer incident to the exercise by the Depositor, the
Master Servicer, the Trust Administrator or the Trustee of any right under this Section
10.09 shall be borne by the Servicer.

     Section 10.10. Certificates Nonassessable and Fully Paid.

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

     Section 10.11. Waiver of Jury Trial.

     EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY
APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING
TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A
JURY.

     Section 10.12. Benefit of Agreement.

     The parties hereto acknowledge and agree that each of the Pool I Swap Provider and the Pool II
Swap Provider shall be an express third party beneficiary (and not merely an incidental third party
beneficiary) of this Agreement and any other agreement related to the issuance of the Certificates,
and as such, is entitled to enforce the Agreement and any other such agreement against the parties
hereto on its own behalf and otherwise shall be afforded all remedies the parties hereunder or
under any other such agreement or otherwise afforded by law against the parties hereto to redress
any damage or loss incurred by the Pool I Swap Provider or Pool II Swap Provider, as applicable.

ARTICLE XI

REMIC PROVISIONS

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     Section 11.01. REMIC Administration.

     (a) The Trust Administrator shall elect to treat each REMIC created hereunder as a REMIC under
the Code and, if necessary, under applicable state law. Each such election will be made on Form
1066 or other appropriate federal tax or information return or any appropriate state return for the
taxable year ending on the last day of the calendar year in which the Certificates are issued. The
Trust Administrator shall elect to treat the segregated pool of assets consisting of the portion of
the Trust Fund related to the Pool I Mortgage Loans (exclusive of the Interest Coverage Account,
Pool I Swap Agreement, the Pool I Swap Account and the Pool I Net WAC Rate Carryover Reserve
Account and any Servicer Prepayment Payment Amounts) as a REMIC for federal income tax purposes,
and such segregated pool of assets will be designated as “REMIC I.” For the purposes of the REMIC
election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the regular
interests in REMIC I and the Class R-I Interest shall be designated as the residual interest in
REMIC I. The Trust Administrator 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 II.” For the purposes of the REMIC election in respect of
REMIC II, the REMIC II Regular Interests shall be designated as the regular interests in REMIC II
and the Class R-II Interest shall be designated as the residual interest in REMIC II. The Trust
Administrator shall elect to treat the segregated pool of assets consisting of the REMIC II Regular
Interests as a REMIC for federal income tax purposes and such segregated pool of assets shall be
designated as “REMIC III.” For the purposes of the REMIC election in respect of REMIC III, the
REMIC III Regular Interests shall be designated as the regular interests in REMIC III and the Class
R-III Interest shall be designated as the residual interest in REMIC III. The Trust Administrator
shall elect to treat the segregated pool of assets consisting of the portion of the Trust Fund
related to
the Pool II Mortgage Loans (exclusive of the Interest Coverage Account, Pool II Swap
Agreement, the Pool II Swap Account and the Pool II Net WAC Rate Carryover Reserve Account and any
Servicer Prepayment Payment Amounts) as a REMIC for federal income tax purposes, and such
segregated pool of assets will be designated as “REMIC IV.” For the purposes of the REMIC election
in respect of REMIC IV, the REMIC IV Regular Interests shall be designated as the regular interests
in REMIC IV and the Class R-IV Interest shall be designated as the residual
interests in REMIC IV.
The Trust Administrator shall elect to treat the segregated pool of assets consisting of the REMIC
IV Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets
shall be designated as “REMIC V.” For the purposes of the REMIC election in respect of REMIC V,
the REMIC V Regular Interests shall be designated as the regular interests in REMIC V and the Class
R-V Interest shall be designated as the residual interest in REMIC V. The Trust Administrator
shall elect to treat the segregated pool of assets consisting of the REMIC V Regular Interests as a
REMIC for federal income tax purposes, and such segregated pool of assets shall be designated as
“REMIC VI.” For the purposes of the REMIC election in respect of REMIC VI, the REMIC VI Regular
Interests shall be designated as the regular interests in REMIC VI and the Class R-VI Interest
shall be designated as the residual interest in REMIC VI. The Trust Administrator shall make an
election to treat the segregated pool of assets consisting of the REMIC III Regular Interests and
the REMIC VI Regular Interests as a REMIC for federal income tax purposes, and such segregated pool
of assets will be designated as “REMIC VII.” For the purposes of the REMIC election in respect of
REMIC VII, the REMIC VII Regular Interests shall be designated as the regular interests in REMIC
VII and the Class R-VII Interest shall be designated as the residual

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interest in REMIC VII. The
Trust Administrator 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 VIII.” For the purposes of the REMIC election in respect of REMIC
VIII, the REMIC VIII Regular Interest shall be designated as the regular interest in REMIC VIII,
and the Class RX-VIII Interest shall be designated as the residual interest in REMIC VIII. The
Trust Administrator 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 IX.” For the purposes of the REMIC election in respect of REMIC IX,
the REMIC IX Regular Interest shall be designated as the regular interest in REMIC IX, and the
Class RX-IX Interest shall be designated as the residual interest in REMIC IX. The Trust
Administrator shall make an election to treat the segregated pool of assets consisting of the Class
SWAP-I-IO Interest as a REMIC for federal income tax purposes, and such segregated pool of assets
shall be designated as “REMIC X.” For the purposes of the REMIC election in respect of REMIC X,
the REMIC X Regular Interest shall be designated as the regular interest in REMIC X, and the Class
RX-X Interest shall be designated as the residual interest in REMIC X. The Trust Administrator
shall make an election to treat the segregated pool of assets consisting of the Class SL-C Interest
as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated
as “REMIC XI.” For the purposes of the REMIC election in respect of REMIC XI, the REMIC XI Regular
Interest shall be designated as the regular interest in REMIC XI, and the Class RX-XI Interest
shall be designated as the residual interest in REMIC XI. The Trust Administrator shall make an
election to treat the segregated pool of assets consisting of the Class SWAP-II-IO Interest as a
REMIC for federal income tax purposes, and such segregated pool of assets will be designated as
“REMIC XII.” For the purposes of the REMIC election in respect of REMIC XII,
the REMIC XII Regular Interest shall be designated as the regular interest in REMIC XII, and
the Class RX-XII Interest shall be designated as the residual interest in REMIC XII. Neither the
Trustee nor the Trust Administrator shall permit the creation of any “interests” in any REMIC
created hereunder (within the meaning of Section 860G of the Code) other than those designated
above.

     (b) The Closing Date is hereby designated as the “Startup Day” of each REMIC created hereunder
within the meaning of Section 860G(a)(9) of the Code.

     (c) The Trust Administrator shall pay out of funds on deposit in the Distribution Account, any
and all expenses relating to any tax audit of the Trust Fund (including, but not limited to, any
professional fees or any administrative or judicial proceedings with respect to any REMIC created
hereunder that involve the Internal Revenue Service or state tax authorities) unless such expenses,
professional fees or any administrative or judicial proceedings are incurred by reason of the
Trustee’s or the Trust Administrator’s willful misfeasance, bad faith or negligence. The Trust
Administrator, as agent for all of REMIC I’s, REMIC II’s, REMIC III’s, REMIC IV’s, REMIC V’s, REMIC
VI’s, REMIC VII’s, REMIC VIII’s, REMIC IX’s, REMIC X’s, REMIC XI’s and REMIC XII’s tax matters
persons, unless another agent is appointed in such role for either the Class R or Class RX
Certificates, shall (i) act on behalf of the Trust Fund in relation to any tax matter or
controversy involving any related REMIC created hereunder and (ii) represent the Trust Fund in any
administrative or judicial proceeding relating to an examination or audit by any governmental
taxing authority with respect thereto and will be entitled to reimbursement from the Trust Fund for
any expenses incurred by the Trust

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Administrator in connection therewith unless such administrative
or judicial proceeding relating to an examination or audit by any governmental taxing authority is
incurred by reason of the Trust Administrator’s willful misfeasance, bad faith or negligence. The
holder of the largest Percentage Interest of each Class of Residual Certificates shall be
designated, in the manner provided under Treasury regulations section 1.860F-4(d) and Treasury
regulations section 301.6231(a)(7)-1, as the tax matters person of the related REMIC created
hereunder. By its acceptance thereof, the holder of the largest Percentage Interest of the
Residual Certificates hereby agrees to irrevocably appoint the Trust Administrator or an Affiliate
as its agent to perform all of the duties of the tax matters person for the Trust Fund unless
another agent is appointed in such role for either the Class R or Class RX Certificates.

     (d) The Trust Administrator shall prepare and file, and the Trustee shall sign, in a timely
manner all of the Tax Returns in respect of each REMIC created hereunder. The expenses of
preparing and filing such returns shall be borne by the Trust Administrator without any right of
reimbursement for such expenses. The Servicer shall provide on a timely basis to the Trust
Administrator or its designee such information with respect to the assets of the Trust Fund as is
in its possession and reasonably required by the Trust Administrator to enable it to perform its
obligations under this Article.

     (e) The Trust Administrator shall perform on behalf of each REMIC created hereunder 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, as required by the Code, the REMIC
Provisions or other such compliance guidance, the Trust
Administrator shall provide (i) to any Transferor of a Residual Certificate such information
as is necessary for the application of any tax relating to the transfer of a Residual Certificate
to any Person who is not a Permitted Transferee, (ii) to the Certificateholders such information or
reports as are required by the Code or the REMIC Provisions including reports relating to interest,
original issue discount and market discount or premium (using the Prepayment Assumption as
required) and (iii) to the Internal Revenue Service the name, title, address and telephone number
of the person who will serve as the representative of each REMIC created hereunder. The Servicer
shall provide on a timely basis to the Trust Administrator such information with respect to the
assets of the Trust Fund, including, without limitation, the Mortgage Loans, as is in its
possession and reasonably required by the Trust Administrator to enable it to perform its
obligations under this subsection. In addition, the Depositor shall provide or cause to be
provided to the Trust Administrator, within ten (10) days after the Closing Date, all information
or data that the Trust Administrator reasonably determines to be relevant for tax purposes as to
the valuations and issue prices of the Certificates, including, without limitation, the price,
yield, prepayment assumption and projected cash flow of the Certificates.

     (f) The Trust Administrator and the Trustee shall take such action and shall cause each REMIC
created hereunder to take such action as shall be necessary to create or maintain the status
thereof as a REMIC under the REMIC Provisions (and the Servicer shall assist the Trustee and the
Trust Administrator, to the extent reasonably requested by the Trustee or the Trust Administrator
to do specific actions in order to assist in the maintenance of such status). Neither the Trustee
nor the Trust Administrator shall take any action, cause the Trust Fund to take any action or fail
to take (or fail to cause to be taken) any action that, under the REMIC Provisions, if

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taken or not
taken, as the case may be, could (i) endanger the status of any REMIC created hereunder as a REMIC
or (ii) result in the imposition of any tax upon the Trust Fund (including but not limited to the
tax on prohibited transactions as defined in Section 860F(a)(2) of the Code, the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code) (either (i) or (ii), an
“Adverse REMIC Event”) unless each of the Trustee and the Trust Administrator has received
an Opinion of Counsel, addressed to the Trustee and the Trust Administrator (at the expense of the
party seeking to take such action but in no event at the expense of the Trustee or the Trust
Administrator) to the effect that the contemplated action will not, with respect to any REMIC
created hereunder, endanger such status or result in the imposition of such a tax, nor shall the
Servicer or the Master Servicer take or fail to take any action (whether or not authorized
hereunder) as to which the Trustee and the Trust Administrator has advised it in writing that it
has received an Opinion of Counsel to the effect that an Adverse REMIC Event could occur with
respect to such action; provided that the Servicer or the Master Servicer may conclusively rely on
such Opinion of Counsel and shall incur no liability for its action or failure to act in accordance
with such Opinion of Counsel. In addition, prior to taking any action with respect to any REMIC
created hereunder or the respective assets of each, or causing any REMIC created hereunder to take
any action, which is not contemplated under the terms of this Agreement, the Servicer and the
Master Servicer will consult with the Trust Administrator or its designee, in writing, with respect
to whether such action could cause an Adverse REMIC Event to occur with respect to any REMIC
created hereunder, and neither the Servicer nor the Master Servicer shall take any such action or
cause any REMIC created hereunder to take such action as to which the Trust Administrator has
advised it in writing that an Adverse REMIC Event could occur; provided that the Servicer and the
Master Servicer may conclusively rely on such writing and shall incur no liability for its action
or failure to act in accordance with such writing. The Trust
Administrator may consult with counsel to make such written advice, and the cost of same shall
be borne by the party seeking to take the action not permitted by this Agreement, but in no event
shall such cost be an expense of the Trust Administrator. At all times as may be required by the
Code, the Trust Administrator will ensure that substantially all of the assets of each REMIC
created hereunder will consist of “qualified mortgages” as defined in Section 860G(a)(3) of the
Code and “permitted investments” as defined in Section 860G(a)(5) of the Code.

     (g) In the event that any tax is imposed on “prohibited transactions” of any REMIC created
hereunder as defined in Section 860F(a)(2) of the Code, on the “net income from foreclosure
property” of any such REMIC as defined in Section 860G(c) of the Code, on any contributions to any
such REMIC after the Startup Day pursuant to Section 860G(d) of the Code, or any other tax is
imposed by the Code or any applicable provisions of state or local tax laws, such tax shall be
charged (i) to the Trustee pursuant to Section 11.03 hereof, if such tax arises out of or
results from a breach by the Trustee of any of its obligations under this Article XI, (ii)
to the Trust Administrator pursuant to Section 11.03 hereof, if such tax arises out of or
results from a breach by the Trust Administrator of any of its obligations under this Article
XI, (iii) to the Servicer pursuant to Section 11.03 hereof, if such tax arises out of
or results from a breach by the Servicer of any of its obligations under Article III or
this Article XI, or otherwise (iv) against amounts on deposit in the Distribution Account
and shall be paid by withdrawal therefrom.

     (h) On or before April 15th of each calendar year (other than the calendar year during which
the Closing Date occurs), the Trust Administrator shall deliver to the Servicer, the Depositor, the
Trustee, each Rating Agency, the Pool I Swap Provider and the Pool II Swap

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Provider an Officer’s
Certificate from a Responsible Officer of the Trust Administrator stating, without regard to any
actions taken by any party other than the Trust Administrator, the Trust Administrator’s compliance
with this Article XI.

     (i) The Trust Administrator shall, for federal income tax purposes, maintain books and records
with respect to each REMIC created hereunder on both a calendar year basis and an accrual basis.

     (j) Following the Startup Day, neither the Trustee nor the Trust Administrator shall accept
any contributions of assets to any REMIC created hereunder other than in connection with any
Substitute Mortgage Loan delivered in accordance with Section 2.03 unless the Trustee and
the Trust Administrator shall have received an Opinion of Counsel to the effect that the inclusion
of such assets in the Trust Fund will not cause the related Trust REMIC to fail to qualify as a
REMIC at any time that any Certificates are outstanding or subject such REMIC to any tax under the
REMIC Provisions or other applicable provisions of federal, state and local law or ordinances.

     (k) Neither the Trustee, the Trust Administrator, the Master Servicer nor the Servicer shall
enter into any arrangement by which any REMIC created hereunder will receive a fee or other
compensation for services nor permit any such REMIC to receive any income from assets other than
“qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted investments” as
defined in Section 860G(a)(5) of the Code.

     (l) (i) The Trustee and the Trust Administrator shall treat the Pool I Net WAC Rate Carryover
Reserve Account as an outside reserve fund within the meaning of Treasury Regulation 1.860G-2(h)
that is owned by the Holders of the Class C Certificates and that is not an asset of any REMIC.
The Trustee and the Trust Administrator shall treat the rights of the Holders of the Pool I Senior
and Pool I Subordinate Certificates to receive payments from the Pool I Net WAC Rate Carryover
Reserve Account as rights in an interest rate cap contract written by the Holder of the Class C
Certificates in favor of the other Pool I Certificateholders. Thus, each Pool I Certificate other
than the Class R, Class RX, Class C and Class P Certificates shall be treated as representing
ownership of not only regular interests in a REMIC, but also ownership of an interest in a notional
principal contract. For purposes of determining the issue price of the Certificates, the Trust
Administrator shall assume that the notional principal contract has a value of $10,000 and shall
allocate such value proportionately to each Class of Certificates entitled to receive Net WAC Rate
Carryover Amounts based on such Class’s initial Certificate Principal Balance.

          (ii) The Trustee and the Trust Administrator shall treat the Pool II Net WAC Rate Carryover
Reserve Account as an outside reserve fund within the meaning of Treasury Regulation 1.860G-2(h)
that is owned by the Holders of the Class SL-C Certificates and that is not an asset of any REMIC.
The Trustee and the Trust Administrator shall treat the rights of the Holders of the Pool II Senior
Certificates and Pool II Subordinate Certificates to receive payments from the Pool II Net WAC Rate
Carryover Reserve Account as rights in an interest rate cap contract written by the Holder of the
Class SL-C Certificates in favor of the other Certificateholders. Thus, each Pool II Certificate
other than the Class R, Class RX and Class SL-C Certificate shall be treated as representing
ownership of not only regular interests in

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a REMIC, but also ownership of an interest in a notional
principal contract. For purposes of determining the issue price of the Certificates, the Trust
Administrator shall assume that the notional principal contract has a value of $10,000 and shall
allocate such value proportionately to each Class of Certificates entitled to receive Net WAC Rate
Carryover Amounts based on such Class’s initial Certificate Principal Balance.

     (m) The Trust Administrator shall apply for an Employee Identification Number from the IRS via
a Form SS-4 or any other applicable method for all tax entities formed pursuant to this Agreement
and will also file a Form 8811 for each REMIC formed pursuant to this Agreement.

     Section 11.02. Prohibited Transactions and Activities.

     None of the Depositor, the Servicer, the Master Servicer, the Trust Administrator or the
Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection
with (i) the foreclosure of a Mortgage Loan, including but not limited to, the acquisition or sale
of a Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the bankruptcy of the Trust
Fund, (iii) the termination of the Trust Fund pursuant to Article IX of this Agreement,
(iv) a substitution pursuant to Article II of this Agreement or (v) a purchase of Mortgage
Loans pursuant to Article II or III of this Agreement), nor acquire any assets for
any REMIC created hereunder (other than REO Property acquired in respect of a defaulted Mortgage
Loan), nor sell or dispose of any investments in the Collection Account or the Distribution Account
for gain, nor accept any contributions to any REMIC created hereunder after the Closing Date (other
than a
Qualified Substitute Mortgage Loan delivered in accordance with Section 2.03), unless
it has received an Opinion of Counsel, addressed to the Trustee and the Trust Administrator (at the
expense of the party seeking to cause such sale, disposition, substitution, acquisition or
contribution but in no event at the expense of the Trustee or the Trust Administrator) that such
sale, disposition, substitution, acquisition or contribution will not (a) affect adversely the
status of any REMIC created hereunder as a REMIC at any time that any Certificates are outstanding
or (b) cause any REMIC created hereunder to be subject to a tax on “prohibited transactions” or
“prohibited contributions” pursuant to the REMIC Provisions.

     Section 11.03. Indemnification.

     (a) The Trustee agrees to indemnify, severally and not jointly, the Trust Fund, the Depositor,
the Trust Administrator, the Master Servicer and the Servicer for any taxes and costs including,
without limitation, any reasonable attorneys fees imposed on or incurred by the Trust Fund, the
Depositor, the Trust Administrator, the Master Servicer or the Servicer, as a result of a breach of
its respective covenants set forth in this Article XI.

     (b) The Servicer agrees to indemnify the Trust Fund, the Depositor, the Master Servicer, the
Trust Administrator and the Trustee for any taxes and costs including, without limitation, any
reasonable attorneys’ fees imposed on or incurred by the Trust Fund, the Depositor, the Master
Servicer, the Trust Administrator or the Trustee, as a result of a breach of the Servicer’s
covenants set forth in Article III or this Article XI.

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     (c) The Trust Administrator agrees to indemnify, severally and not jointly, the Trust Fund,
the Depositor, the Trustee and the Servicer for any taxes and costs including, without limitation,
any reasonable attorneys’ fees imposed on or incurred by the Trust Fund, the Depositor, the Trustee
or the Servicer, as a result of a breach of its covenants set forth in this Article XI.

     (d) The Master Servicer agrees to indemnify, severally and not jointly, the Trust Fund, the
Depositor, the Trustee, the Trust Administrator and the Servicer for any taxes and costs including,
without limitation, any reasonable attorneys’ fees imposed on or incurred by the Trust Fund, the
Depositor, the Trustee, the Trust Administrator or the Servicer, as a result of a breach of its
covenants set forth in this Article XI.

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

	 	 	 	 	 	 	 
	 	 	FREMONT MORTGAGE SECURITIES CORPORATION,	 	 
	 	 	as Depositor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jeff Crusinberry 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Jeff Crusinberry	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, N.A.,	 	 
	 	 	as Master Servicer and Trust Administrator	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Graham Oglesby 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Graham Oglesby	 	 
	 

	 	 	 	Title: Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	HSBC BANK USA, NATIONAL ASSOCIATION,	 	 
	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Elena Zheng 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Elena Zheng	 	 
	 

	 	 	 	Title: Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	FREMONT INVESTMENT & LOAN,	 	 
	 	 	as Servicer and Originator	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jeff Crusinberry 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Jeff Crusinberry	 	 
	 

	 	 	 	Title: Senior Vice President	 	 

(Signature Page to the Pooling and Servicing Agreement — Fremont 2006-B)

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SCHEDULE I

Pool I Mortgage Loan Schedule

[On File With The Depositor]

S-I-1

 

SCHEDULE II

Pool II Mortgage Loan Schedule

[On File With The Depositor]

S-II-1

 

SCHEDULE III

[Reserved]

S-III-1

 

SCHEDULE IV

Representations and Warranties Relating to the Mortgage Loans

     I. The Originator hereby represents and warrants to the Purchaser, with respect to each
Mortgage Loan that is a Mortgage Loan as of the Closing Date (or in the case of certain specified
representations and warranties, as of the Cut-off Date) or as of such other date specifically
provided herein (except that with respect to any Qualified Substitute Mortgage Loan such
representations and warranties shall be as of the date of substitution and made by the Originator),
that:

          (a) Mortgage Loans as Described. The information set forth in the Mortgage Loan Schedule is
complete, true and correct in all material respects as of the Cut-off Date;

          (b)
Payments Current. As of the Closing Date, other than with respect to (i) not more than [ ]% of the Pool I Mortgage
Loans by outstanding principal balance and (ii) not more than [ ]% of the Pool II Mortgage Loans
by outstanding principal balance, all payments required to be made up to the Closing Date for the
Mortgage Loan under the terms of the Mortgage Note, other than payments not yet one month
delinquent, have been made and credited. [No payment required under the Mortgage Loan] is one month
or more delinquent nor has any payment under the Mortgage Loan been delinquent for more than one
month at any time since the origination of the Mortgage Loan;

          (c) No Outstanding Charges. As of the Closing Date, other than payments due but not yet one month or more delinquent, there are no
defaults in complying with the terms of the Mortgage, and all taxes, governmental assessments,
insurance premiums, water, sewer and municipal charges, leasehold payments or ground rents which
previously became due and owing have been paid, or an escrow of funds has been established in an
amount sufficient to pay for every such item which remains unpaid and which has been assessed but
is not yet due and payable. The Originator has not advanced funds, or induced, solicited or
knowingly received any advance of funds by a party other than the Mortgagor, directly or
indirectly, for the payment of any amount required under the Mortgage Loan, except for interest
accruing from the date of the Mortgage Note or date of disbursement of the Mortgage Loan proceeds,
whichever is earlier, to the date which precedes by one month the Due Date of the first installment
of principal and interest;

          (d) Original Terms Unmodified. The terms of the Mortgage Note and
Mortgage have not been impaired, waived, altered or modified in any respect, from the date of
origination except by a written instrument which has been recorded, if necessary to protect the
interests of the Purchaser, and which has been delivered to the Custodian or to such other Person as the Purchaser shall designate in writing, and the terms
of which are reflected in the Mortgage Loan Schedule. No Mortgage Loan has been modified so as to
restructure the payment obligations or re-age the Mortgage Loan. The substance of any such waiver,
alteration or modification has been approved by the title insurer, if any, to the extent required
by the policy, and its terms are reflected on the Mortgage Loan Schedule, if applicable. No
Mortgagor has been released, in whole or in part, except in connection with an assumption
agreement, approved by the title

S-IV-1

 

insurer, to the extent required by the policy, and which assumption agreement is part of the
Mortgage Loan File delivered to the Custodian or to such other Person as the Purchaser shall
designate in writing and the terms of which are reflected in the Mortgage Loan Schedule;

          (e) No Defenses. The Mortgage Loan is not subject to any right of rescission, set-off, counterclaim or
defense, including without limitation the defense of usury, nor will the operation of any of the
terms of the Mortgage Note or the Mortgage, or the exercise of any right thereunder, render either
the Mortgage Note or the Mortgage unenforceable, in whole or in part, or subject to any right of
rescission, set-off, counterclaim or defense, including without limitation the defense of usury,
and no such right of rescission, set-off, counterclaim or defense has been asserted with respect
thereto, and no Mortgagor was a debtor in any state or federal bankruptcy or insolvency proceeding
at, or subsequent to, the time the Mortgage Loan was originated;

          (f) Hazard Insurance. Pursuant to
the terms of the Mortgage, all buildings or other improvements upon the Mortgaged Property are
insured by a generally acceptable insurer against loss by fire, hazards of extended coverage and
such other hazards as are customary in the area where the Mortgaged Property is located. If
required by the National Flood Insurance Act of 1968, as amended, each Mortgage Loan is covered by
a flood insurance policy meeting the requirements of the current guidelines of the Federal
Insurance Administration as in effect. All individual insurance policies contain a standard
mortgagee clause naming the Originator and its successors and assigns as mortgagee, and all
premiums thereon have been paid and such policies may not be reduced, terminated or cancelled
without 30 days’ prior written notice to the mortgagee. The Mortgage obligates the Mortgagor
thereunder to maintain the hazard insurance policy at the Mortgagor’s cost and expense, and on the
Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such
insurance at such Mortgagor’s cost and expense, and to seek reimbursement therefor from the
Mortgagor. Where required by state law or regulation, the Mortgagor has been given an opportunity
to choose the carrier of the required hazard insurance, provided the policy is not a “master” or
“blanket” hazard insurance policy covering a condominium, or any hazard insurance policy covering
the common facilities of a planned unit development. The hazard insurance policy is the valid and
binding obligation of the insurer, is in full force and effect, and will be in full force and
effect and inure to the benefit of the Purchaser upon the consummation of the transactions
contemplated by this Agreement. The Originator has not engaged in, and has no knowledge of the
Mortgagor’s or any servicer’s having engaged in, any act or omission which would impair the
coverage of any such policy, the benefits of the endorsement provided for herein, or the validity
and binding effect of such policy, including, without limitation, no unlawful fee, commission,
kickback or other unlawful compensation or value of any kind has been or will be received, retained or realized by any attorney, firm or other
person or entity, and no such unlawful items have been received, retained or realized by the
Originator;

          (g) Compliance with Applicable Laws. Any and all requirements of any federal, state or
local law including, without limitation, usury, truth-in-lending, real estate settlement
procedures, consumer credit protection, equal credit opportunity and disclosure laws, all
predatory, abusive and fair lending laws or unfair and deceptive practices laws applicable to the
Mortgage Loan, including, without limitation, any provisions relating to Prepayment Penalties, have
been complied with; the consummation of the transactions contemplated hereby will not involve the
violation of any such laws or regulations. Originator shall maintain in its possession,

S-IV-2

 

available for the Purchaser’s inspection, and shall deliver to the Purchaser upon demand, evidence
of compliance with all such requirements;

          (h) No Satisfaction of Mortgage. The Mortgage has not
been satisfied, canceled, 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 release, cancellation, subordination or
rescission. The Originator has not waived the performance by the Mortgagor of any action, if the
Mortgagor’s failure to perform such action would cause the Mortgage Loan to be in default, nor has
the Originator waived any default resulting from any action or inaction by the Mortgagor;

          (i) Location and Type of Mortgaged Property. The Mortgaged Property is a fee simple property located in
the state identified in the Mortgage Loan Schedule except that with respect to real property
located in jurisdictions in which the use of leasehold estates for residential properties is a
widely-accepted practice, the Mortgaged Property may be a leasehold estate and consists of a single
parcel of real property with a detached single family residence erected thereon, or a two- to
four-family dwelling, or an individual residential condominium unit in a low-rise condominium
project, or an individual unit in a planned unit development and that no residence or dwelling is
(i) a mobile home or (ii) a manufactured home. As of the date of origination, no portion of the
Mortgaged Property was used for commercial purposes, and since the date of origination, no portion
of the Mortgaged Property has been used for commercial purposes; provided, that Mortgaged
Properties which contain a home office shall not be considered as being used for commercial
purposes as long as the Mortgaged Property has not been altered for commercial purposes and is not
storing any chemicals or raw materials other than those commonly used for homeowner repair,
maintenance and/or household purposes;

          (j) Valid First or Second Lien. Each Mortgage is a valid and
subsisting first or second lien of record on a single parcel of real estate constituting the
Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all
installations and mechanical, electrical, plumbing, heating and air conditioning systems located in
or annexed to such buildings, and all additions, alterations and replacements made at any time,
with respect to the related Mortgage Loan, which exceptions are generally acceptable to prudent
mortgage lending companies, and such other exceptions to which similar properties are commonly
subject and which do not individually, or in the aggregate, materially and adversely affect the
benefits of the security intended to be provided by such Mortgage. The lien of the Mortgage is
subject only to:

          (i) the lien of current real property taxes and assessments not yet due and payable;

          (ii) covenants, conditions and restrictions, rights of way, easements and other matters of
the public record as of the date of recording acceptable to prudent mortgage lending institutions
generally and specifically referred to in the lender’s title insurance policy delivered to the
originator of the Mortgage Loan and (A) specifically referred to or otherwise considered in the
appraisal made for the originator of the Mortgage Loan or (B) which do not adversely affect the
Appraised Value of the Mortgaged Property set forth in such appraisal;

S-IV-3

 

          (iii) with respect to each second lien Mortgage, the first or senior lien on the
related Mortgaged Property; and

          (iv) 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, subsisting, enforceable and
perfected first lien and first priority security interest on the property described therein and the
Originator has full right to sell and assign the same to Purchaser;

          (k) Validity of Mortgage Documents. The Mortgage Note and the Mortgage and any other agreement executed and delivered by a
Mortgagor in connection with a Mortgage Loan are genuine, and each is the legal, valid and binding
obligation of the maker thereof enforceable in accordance with its terms (including, without
limitation, any provisions therein relating to Prepayment Penalties), except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other similar
laws relating to or affecting the rights of creditors generally, and by general equity principles
(regardless of whether such enforcement is considered a proceeding in equity or a law). All parties
to the Mortgage Note, the Mortgage and any other such related agreement had legal capacity to enter
into the Mortgage Loan and to execute and deliver the Mortgage Note, the Mortgage and any such
agreement, and the Mortgage Note, the Mortgage and any other such related agreement have been duly
and properly executed by other such related parties. The documents, instruments and agreements
submitted for loan underwriting were not falsified and contain no untrue statement of material fact
or omit to state a material fact required to be stated therein or necessary to make the information
and statements therein not misleading. No fraud, error, omission, misrepresentation, gross
negligence or similar occurrence with respect to a Mortgage Loan has taken place on the part of any
Person, including without limitation, the Mortgagor, any appraiser, any builder or developer, or
any other party involved in the origination or servicing of the Mortgage Loan. The Originator has
reviewed all of the documents constituting the Servicing File;

          (l) Full Disbursement of Proceeds.
The Mortgage Loan has been closed and the proceeds of the Mortgage Loan have been fully disbursed
and there is no requirement for future advances 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 were paid, and the Mortgagor is not entitled to any
refund of any amounts paid or due under the Mortgage Note or Mortgage;

          (m) Ownership. Immediately prior to the sale of the Mortgage Loan hereunder on the Closing Date, the Originator is the sole owner of record
and holder of the Mortgage Loan and the indebtedness evidenced by each Mortgage Note and upon the
sale of the Mortgage Loans to the Purchaser, the Originator will retain the Mortgage Files or any
part thereof not delivered to the Custodian, the Purchaser or the Purchaser’s designee, in trust
only for the purpose of servicing and supervising the servicing of each Mortgage Loan. The
Mortgage Loan is not

S-IV-4

 

assigned or pledged, and the Originator has good, indefeasible and marketable title thereto, and
has full right to transfer and sell the Mortgage Loan to the Purchaser free and clear of any
encumbrance, equity, participation interest, lien, pledge, charge, claim or security interest, and
has full right and authority subject to no interest or participation of, or agreement with, any
other party, to sell and assign each Mortgage Loan pursuant to this Agreement and following the
sale of each Mortgage Loan, the Purchaser will own such Mortgage Loan free and clear of any
encumbrance, equity, participation interest, lien, pledge, charge, claim or security interest. The
Originator intends to relinquish all rights to possess, control and monitor the Mortgage Loan.
After the Closing Date, the Originator will have no right to modify or alter the terms of the sale
of the Mortgage Loan and the Originator will have no obligation or right to repurchase the Mortgage
Loan or substitute another Mortgage Loan, except as provided in this Agreement;

          (n) Doing Business. 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) (i) in compliance with any and all applicable licensing requirements of the laws of the state
wherein the Mortgaged Property is located, and (ii) either (A) organized under the laws of such
state, or (B) qualified to do business in such state, or (C) a federal savings and loan
association, a savings bank or a national bank having a principal office in such state, or (iii)
not doing business in such state;

          (o) LTV. No Mortgage Loan was originated with an LTV greater than
100%;

          (p) Title Insurance. The Mortgage Loan is covered by an ALTA lender’s title insurance policy,
or with respect to any Mortgage Loan for which the related Mortgaged Property is located in
California a CLTA lender’s title insurance policy, and each such title insurance policy is issued
by a title insurer and qualified to do business in the jurisdiction where the Mortgaged Property is
located, insuring the Originator, its successors and assigns, as to the first or second priority
lien of the Mortgage in the original principal amount of the Mortgage Loan, subject only to the
exceptions contained in clauses (i), (ii) and (iv) of paragraph (j) above and in the case of second
liens, the exception contained in clause (iii) of paragraph (j) above, and in the case of
Adjustable Rate Mortgage Loans, against any loss by reason of the invalidity or unenforceability of
the lien resulting from the provisions of the Mortgage providing for adjustment to the Mortgage
Interest Rate and Monthly Payment. Where required by state law or regulation, the Mortgagor has
been given the opportunity to choose the carrier of the required mortgage title insurance.
Additionally, such lender’s title insurance policy affirmatively insures ingress and egress, and
against encroachments by or upon the Mortgaged Property or any interest therein. The title policy
does not contain any special exceptions (other than the standard exclusions) for zoning and uses
and has been marked to delete the standard survey exception or to replace the standard survey exception with a specific survey reading. The
Originator, its successor and assigns, are the sole insureds of such lender’s title insurance
policy, and such lender’s title insurance policy is valid and remains in full force and effect and
will be in force and effect upon the consummation of the transactions contemplated by this
Agreement. No claims are pending 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, including without limitation, no
unlawful fee, commission, kickback or other unlawful compensation or value of any kind has been or
will

S-IV-5

 

be received, retained or realized by any attorney, firm or other person or entity, and no such
unlawful items have been received, retained or realized by the Originator;

          (q) No Defaults. As of the Closing Date, other than with respect to (i) not more than [ ]% of the Pool I Mortgage Loans by
outstanding principal balance and (ii) not more than [ ]% of the Pool II Mortgage Loans by outstanding principal balance, and other than payment
delinquencies of less than one month, there is no default, breach, violation or event which would
permit 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 which would permit acceleration, and as of the Closing Date
neither the Originator nor any of its affiliates nor any of their respective predecessors, have
waived any default, breach, violation or event which would permit acceleration; in addition, as of
the Closing Date, no Mortgage Loan was in foreclosure, nor are foreclosure proceedings imminent
with respect to any Mortgage Loan;

          (r) No Mechanics’ Liens. 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 liens) affecting the related
Mortgaged Property which are or may be liens prior to, or equal or coordinate with, the lien of the
related Mortgage;

          (s) Location of Improvements; No Encroachments. All improvements which were
considered in determining the Appraised Value of the 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. No improvement located on or being part
of the Mortgaged Property is in violation of any applicable zoning law or regulation;

          (t) Origination; Payment Terms. The Mortgage Loan was originated by a mortgagee approved by the
Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing
Act, savings and loan association, a savings bank, a commercial bank, credit union, insurance
company or other similar institution which is supervised and examined by a federal or state
authority. The documents, instruments and agreements submitted for loan underwriting were not
falsified and contain no untrue statement of material fact or omit to state a material fact
required to be stated therein or necessary to make the information and statements therein not
misleading. No Mortgage Loan contains terms or provisions which would result in negative
amortization. Principal payments on the Mortgage Loan (other than a Mortgage Loan that does not
provide for payment of principal for a period of twenty-four to thirty-six months after the date of
origination (such Mortgage Loan, an “Interest Only Mortgage Loan”)) commenced no more than sixty days after funds were disbursed in connection with the Mortgage Loan. The Mortgage
Interest Rate as well as the Lifetime Rate Cap and the Periodic Mortgage Interest Rate Cap are as
set forth on the Mortgage Loan Schedule. With respect to any Mortgage Loan other than an Interest
Only Mortgage Loan, the Mortgage Note is payable in equal monthly installments of principal and
interest, which installments of interest, with respect to Adjustable Rate Mortgage Loans, are
subject to change due to the adjustments to the Mortgage Interest Rate on each Mortgage Interest
Rate Adjustment Date, with interest calculated and payable in arrears, sufficient to amortize the
Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty
years from

S-IV-6

 

commencement of amortization. None of the Mortgage Loans allows for conversion of the interest
rate thereon from an adjustable rate to a fixed rate. No Mortgage Loan is a simple interest
mortgage loan;

          (u) Customary Provisions. The Mortgage contains 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, (i) in the case of a Mortgage designated as a deed of trust, by trustee’s sale, and (ii)
otherwise by judicial foreclosure. Upon default by a Mortgagor on a Mortgage Loan and foreclosure
on, or trustee’s sale of, the Mortgaged Property pursuant to the proper procedures, the holder of
the Mortgage Loan will be able to deliver good and merchantable title to the Mortgaged Property.
There is no homestead or other exemption available to a Mortgagor which would interfere with the
right to sell the Mortgaged Property at a trustee’s sale or the right to foreclose the Mortgage,
subject to applicable federal and state laws and judicial precedent with respect to bankruptcy and
right of redemption or similar law;

          (v) Conformance with Underwriting Guidelines. The Mortgage
Loan was underwritten in accordance with the Underwriting Guidelines in effect as of the date of
origination of such Mortgage Loan (as described in the Prospectus Supplement). The Mortgage Note
and Mortgage are on forms generally acceptable to Freddie Mac or Fannie Mae and the Originator has
not made any representations to a Mortgagor that are inconsistent with the mortgage instruments
used;

          (w) Occupancy of the Mortgaged Property. As of the Closing Date 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 and fire
underwriting certificates, have been made or obtained from the appropriate authorities;

          (x) No Additional Collateral. The Mortgage Note is not and has not been secured by any collateral except
the lien of the corresponding Mortgage and the security interest of any applicable security
agreement or chattel mortgage referred to in clause (j) above;

          (y) Deeds of Trust. In the event the Mortgage constitutes a deed of trust, a trustee, authorized and 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 reconveyance of the deed of trust or a trustee’s
sale after default by the Mortgagor;

          (z) Condominiums/Planned Unit Developments. If the Mortgaged Property is a condominium unit or a planned unit development (other than
a de minimis planned unit development) such condominium or planned unit development project is
acceptable to Originator and underwritten in accordance with the Underwriting Guidelines;

          (aa)
Transfer of Mortgage Loans. The Assignment of Mortgage with respect to each Mortgage Loan is in
recordable form and is acceptable for recording under the laws of the

S-IV-7

 

jurisdiction in which the Mortgaged Property is located. The transfer, assignment and conveyance
of the Mortgage Notes and the Mortgages by the Originator is not subject to the bulk transfer or
similar statutory provisions in effect in any applicable jurisdiction;

          (bb) Due-On-Sale. The Mortgage contains an enforceable provision (except as such enforcement may be effected by
bankruptcy and insolvency laws or by general principals of equity) 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, and
to the best of the Originator’s knowledge, such provision is enforceable;

          (cc) Assumability. None of the Mortgage Loans are, by their terms, assumable;

          (dd) No Buydown Provisions; No Graduated Payments or Contingent Interests. The Mortgage Loan does not contain provisions pursuant to which
Monthly Payments are paid or partially paid with funds deposited in any separate account
established by the Originator, the Mortgagor, or anyone on behalf of the Mortgagor, or paid by any
source other than the Mortgagor nor does it contain 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;

          (ee)
Consolidation of Future Advances. Any future 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 lien priority, as applicable, by a title insurance policy, an endorsement to the
policy insuring the mortgagee’s consolidated interest or by other title evidence. The consolidated
principal amount does not exceed the original principal amount of the Mortgage Loan;

          (ff) Mortgaged Property Undamaged; No Condemnation Proceedings. There is no proceeding pending or, to the best of
the Originator’s knowledge, threatened for the total or partial condemnation of the Mortgaged
Property. As of the Closing Date, the Mortgaged Property is undamaged by waste, fire, earthquake or
earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of
the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were
intended and each Mortgaged Property is inhabitable under applicable state and local laws;

          (gg)
Collection Practices; Escrow Deposits; Interest Rate Adjustments. The origination, servicing and
collection practices used by the Originator with respect to the Mortgage Loan have been in all
respects in compliance with Accepted Servicing Practices, applicable laws and regulations, and have
been in all respects legal and proper and prudent in the mortgage origination and servicing
business. With respect to escrow deposits and Escrow Payments, 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. All Escrow Payments have been collected in full compliance with state
and federal law and the provisions of the related Mortgage Note and

S-IV-8

 

Mortgage. An escrow of funds is not prohibited by applicable law and has been established in an
amount sufficient to pay for every item that remains unpaid and has been assessed but is not yet
due and payable. No escrow deposits or Escrow Payments or other charges or payments due the
Originator have been capitalized under the Mortgage or the Mortgage Note. All Mortgage Interest
Rate adjustments have been made in strict compliance with state and federal law and the terms of
the related Mortgage and Mortgage Note on the related Interest Rate Adjustment Date. If, pursuant
to the terms of the Mortgage Note, another index was selected for determining the Mortgage Interest
Rate, the same index was used with respect to each Mortgage Note which required a new index to be
selected, and such selection did not conflict with the terms of the related Mortgage Note. The
Originator executed and delivered any and all notices required under applicable law and the terms
of the related Mortgage Note and Mortgage regarding the Mortgage Interest Rate and the Monthly
Payment adjustments. Any interest required to be paid pursuant to state, federal and local law has
been properly paid and credited;

          (hh) Conversion to Fixed Interest Rate. With respect to
Adjustable Rate Mortgage Loans, the Mortgage Loan is not a Convertible Mortgage Loan;

          (ii) No Violation of Environmental Laws. To the best of the Originator’s knowledge, the Mortgaged Property
is free from any and all toxic or hazardous substances and there exists no violation of any local,
state or federal environmental law, rule or regulation. To the best of the Originator’s knowledge,
there is no pending action or proceeding directly involving the Mortgaged Property in which
compliance with any environmental law, rule or regulation is an issue; there is no violation of any
environmental law, rule or regulation with respect to the Mortgage Property; and nothing further
remains to be done to satisfy in full all requirements of each such law, rule or regulation
constituting a prerequisite to use and enjoyment of said property;

          (jj) Servicemembers Civil Relief Act. 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;

          (kk) Appraisal. The Mortgage File contains an appraisal of the related Mortgaged Property signed prior
to the approval of the Mortgage Loan application by a qualified appraiser, duly appointed by the
related originator, who had no interest, direct or indirect in the Mortgaged Property or in any
loan made on the security thereof, and whose compensation is not affected by the approval or
disapproval of the Mortgage Loan, and the appraisal and appraiser both satisfy the requirements of
the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and the regulations
promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

          (ll) Disclosure Materials. The Mortgagor has received all disclosure materials required by, and the
Originator has complied with, all applicable law with respect to the making of the Mortgage Loans;

          (mm) Construction or Rehabilitation of Mortgaged Property. No Mortgage Loan was made in connection
with the construction or rehabilitation of a Mortgaged Property or facilitating the trade-in or
exchange of a Mortgaged Property;

S-IV-9

 

          (nn) Value of Mortgaged Property. The Originator has no knowledge of any circumstances
existing that could reasonably be expected to adversely affect the value or the marketability of
any Mortgaged Property or Mortgage Loan or to cause the Mortgage Loans to prepay during any period
materially faster or slower than similar mortgage loans originated to the same Underwriting
Guidelines held by the Originator generally secured by properties in the same geographic area as
the related Mortgaged Property;

          (oo) No Defense to Insurance Coverage. The Originator has caused
or will cause to be performed any and all acts required to preserve the rights and remedies of the
Purchaser in any insurance policies applicable to the Mortgage Loans including, without limitation,
any necessary notifications of insurers, assignments of policies or interests therein, and
establishments of coinsured, joint loss payee and mortgagee rights in favor of the Purchaser. No
action has been taken or failed to be taken, no event has occurred and no state of facts exists or
has existed on or prior to the Closing Date (whether or not known to the Originator on or prior to
such date) which has resulted or will result in an exclusion from, denial of, or defense to
coverage under any applicable, special hazard insurance policy, or bankruptcy bond (including,
without limitation, any exclusions, denials or defenses which would limit or reduce the
availability of the timely payment of the full amount of the loss otherwise due thereunder to the
insured) whether arising out of actions, representations, errors, omissions, negligence, or fraud
of the Originator, the related Mortgagor or any party involved in the application for such
coverage, including the appraisal, plans and specifications and other exhibits or documents
submitted therewith to the insurer under such insurance policy, or for any other reason under such
coverage, but not including the failure of such insurer to pay by reason of such insurer’s breach
of such insurance policy or such insurer’s financial inability to pay;

          (pp) Escrow Analysis. With respect to each Mortgage with an Escrow Account, the Originator has within the last twelve months
(unless such Mortgage was originated within such twelve month period) analyzed the required Escrow
Payments for each Mortgage and adjusted the amount of such payments so that, assuming all required
payments are timely made, any deficiency will be eliminated on or before the first anniversary of
such analysis, or any overage will be refunded to the Mortgagor, in accordance with RESPA and any
other applicable law;

          (qq) Prior Servicing. Each Mortgage Loan has been serviced in all material
respects in compliance with Accepted Servicing Practices and the Originator has reported or caused
to be reported, the Mortgagor credit files to each of the three primary credit repositories monthly
in a timely manner;

          (rr) Leaseholds. If the Mortgage Loan is secured by a long-term residential
lease, (i) the lessor under the lease holds a fee simple interest in the land; (ii) the terms of
such lease expressly permit the mortgaging of the leasehold estate, the assignment of the lease
without the lessor’s consent and the acquisition by the holder of the Mortgage of the rights of the
lessee upon foreclosure or assignment in lieu of foreclosure or provide the holder of the Mortgage
with substantially similar protections; (iii) the terms of such lease do not (A) allow the
termination thereof upon the lessee’s default without the holder of the Mortgage being entitled to
receive written notice of, and opportunity to cure, such default, (B) allow the termination of the
lease in the event of damage or destruction as long as the Mortgage is in existence, (C) prohibit
the

S-IV-10

 

holder of the Mortgage from being insured (or receiving proceeds of insurance) under the hazard
insurance policy or policies relating to the Mortgaged Property or (D) permit any increase in rent
other than pre-established increases set forth in the lease; (iv) the original term of such lease
is not less than 15 years; (v) the term of such lease does not terminate earlier than five years
after the maturity date of the Mortgage Note; and (vi) the Mortgaged Property is located in a
jurisdiction in which the use of leasehold estates in transferring ownership in residential
properties is a widely accepted practice;

          (ss) Prepayment Premiums. The Mortgage Loan is subject
to a prepayment penalty as provided in the related Mortgage Note except as set forth on the
Mortgage Loan Schedule. With respect to each Mortgage Loan that has a prepayment penalty feature,
each such prepayment penalty is enforceable and will be enforced by the Originator, as servicer of
the Mortgage Loan, for the benefit of the Purchaser, and each prepayment penalty is permitted
pursuant to federal, state and local law. Each such prepayment penalty is in an amount equal to the
maximum amount permitted under applicable law and no such prepayment penalty may be imposed for a
term in excess of three (3) years. With respect to any Mortgage Loan that contains a provision
permitting imposition of a prepayment penalty upon a prepayment prior to maturity: (i) prior to the
loan’s origination, the borrower agreed to such prepayment penalty in exchange for a monetary
benefit, including but not limited to a rate or fee reduction, (ii) originator has available
programs that offered the option of obtaining a mortgage loan that did not require payment of such
a prepayment penalty and prior to the Mortgage Loan’s origination, the Mortgage Loan was available
to the Mortgagor with and without the prepayment penalty, (iii) the prepayment penalty was
disclosed to the borrower in the loan documents pursuant to applicable state and federal law, and
(iv) notwithstanding the terms of the Mortgage Loan or any state or federal law to the contrary,
the Servicer shall not impose such prepayment penalty in any instance when the mortgage debt is
accelerated as the result of the borrower’s default in making the loan payments;

          (tt) Predatory Lending Regulations. None of the Mortgage Loans are (i) covered by the Home Ownership and Equity
Protection Act of 1994 as amended or (ii) in violation of, or classified as “high cost”,
“threshold”, “covered”, “high risk” or “predatory” loans under, any other applicable state, federal
or local law (or a similarly classified loan using different terminology under a law imposing
heightened regulatory scrutiny or additional legal liability for residential mortgage loans having
high interest rates, points and/or fees);

          (uu) Single-Premium Credit Life Insurance Policy. In connection with the origination of any Mortgage Loan, no proceeds from any Mortgage Loan were used
to finance or acquire single-premium credit insurance policies. No Mortgagor was required to
purchase any credit life, disability, accident or health insurance product as a condition of
obtaining the extension of credit. No Mortgagor obtained a prepaid single-premium credit life,
credit disability, credit unemployment, credit property, accident or health insurance policy in
connection with the origination of the Mortgage Loan;

          (vv) Tax Service Contract; Flood Certification Contract. Each first lien Mortgage Loan is covered by a paid in full, life of loan,
tax service contract and a paid in full, life of loan, flood certification contract and each of
these contracts is assignable to the Purchaser;

S-IV-11

 

          (ww) Qualified Mortgage. Each Mortgage Loan is a “qualified mortgage” within the meaning of
Section 860G(a)(3) of the Code;

          (xx) Regarding the Mortgagor. The Mortgagor is one or more natural
persons and/or trustees for an Illinois land trust;

          (yy) Recordation. Each original Mortgage was
recorded and, except for those Mortgage Loans subject to the MERS identification system, all
subsequent assignments of the original Mortgage (other than the assignment to the Purchaser) have
been recorded in the appropriate jurisdictions wherein such recordation is necessary to perfect the
lien thereof as against creditors of the Originator, or is in the process of being recorded;

          (zz)
Credit Scores. Except as permitted by the Underwriting Guidelines, each Mortgagor has a non-zero
credit score;

          (aaa) Compliance with Anti-Money Laundering Laws. 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”); to the extent required to
comply with the Anti-Money Laundering Laws, as of the Closing Date, 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;

          (bbb) Georgia Fair Lending Act. There is no Mortgage Loan that was originated on or after October 1, 2002 and on or prior to
March 7, 2003, which is secured by property located in the State of Georgia. There is no Mortgage
Loan that was originated on or after March 7, 2003 that is a “high cost home loan” as defined under
the Georgia Fair Lending Act;

          (ccc) New York State Banking Law. There is no Mortgage Loan that (a)
is secured by property located in the State of New York; (b) had an original principal balance of
$300,000 or less, and (c) has an application date on or after April 1, 2003, the terms of which
loan equal or exceed either the annual percentage rate or the points and fees threshold for
“high-cost home loans,” as defined in Section 6-L of the New York State Banking Law;

          (ddd) New Jersey Mortgage Loans. All Mortgage Loans originated in New Jersey on or after November 27, 2003
are ratable by Standard & Poor’s and Moody’s;

          (eee) New Mexico Mortgage Loans. There is no Mortgage Loan that was originated on or after January 1, 2004, and is a “high-cost” loan subject to
the New Mexico Home Loan Protection Act.

          (fff) MERS Designations. With respect to each MERS Designated Mortgage Loan, the Originator
has designated the Custodian as the Investor and no Person is listed as Interim Funder on the MERS®
System;

S-IV-12

 

          (ggg) Delivery to the Custodian. The Mortgage Note, the Mortgage, the Assignment of Mortgage
and any other documents required to be delivered with respect to each Mortgage Loan pursuant to
this Agreement and the Pooling and Servicing Agreement, have been delivered to the Trust
Administrator in its capacity as Custodian all in compliance with the specific requirements of this
Agreement and the Pooling and Servicing Agreement;

          (hhh) Reports. On or prior to the Closing Date, the Originator has provided the Custodian and the Purchaser with a MERS Report listing the Custodian as the
Investor with respect to each MERS Designated Mortgage Loan;

          (iii) Payoffs. No Mortgage Loans
prepaid in full prior to the Closing Date;

          (jjj) Credit Information. As to each consumer report
(as defined in the Fair Credit Reporting Act, Public Law 91-508) or other credit information
furnished by the Originator to the Purchaser, the Originator has full right and authority and is
not precluded by law or contract from furnishing such information to the Purchaser and the
Purchaser is not precluded by the terms of the Mortgage Loan Documents from furnishing the same to
any subsequent or prospective purchaser of such Mortgage. The Originator shall hold the Purchaser
harmless from any and all damages, losses, costs and expenses (including attorney’s fees) arising
from disclosure of credit information in connection with the Purchaser’s secondary marketing
operations and the purchase and sale of mortgages. The Originator has or has caused the related
servicer to, for each Mortgage Loan, fully furnish, in accordance with the Fair Credit Reporting
Act and its implementing regulations, accurate and complete information (e.g., favorable and
unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information
Company (three of the credit repositories), on a monthly basis;

          (kkk) Origination Practices. Each Mortgagor was assigned the highest credit grade available with respect to a mortgage loan product
offered by such Mortgage Loan’s originator, taking into account the credit history, debt to income
ratio and loan requirement of such Mortgagor;

          (lll) No Arbitration Provision. No Mortgage Loan
originated on or after August 1, 2004 requires the borrower to submit to arbitration to resolve any
dispute arising out of or relating in any way to the Mortgage Loan transaction;

          (mmm) S&P Glossary. No Mortgage Loan (i) is a High Cost Loan or Covered Loan, as applicable (as such terms are defined
in the then current Standard & Poor’s LEVELS® Glossary which is now Version 5.6c Revised, Appendix
E), (ii) was originated on or after October 1, 2002 through March 6, 2003 is governed by the
Georgia Fair Lending Act and (iii) no Mortgage Loan originated on or after January 1, 2005, was a
“high cost home loan” as defined under the Indiana Home Loan Practices Act (I.C. 24-9); and

          (nnn)Manufactured Housing. No manufactured home securing any manufactured housing contract is other
than a “single family residence” as defined in section 25(e)(10) of the Code, i.e., it is used as a
single family residence, has a minimum living space of 400 square feet and a minimum width of over
102 inches and is of the kind customarily used at a

S-IV-13

 

     fixed location. The manufactured home securing each manufactured housing contract is a
“manufactured home” as defined in 42 U.S.C. section 5402(6).

     II. The Originator hereby represents and warrants to the Purchaser, with respect to each
Mortgage Loan that is a Pool I Mortgage Loan that has been designated as a Group 1 Mortgage Loan as
of the Closing Date or as of such other date specifically provided herein (except that with respect
to any Qualified Substitute Mortgage Loan such representations and warranties shall be as of the
date of substitution and made by the Originator), that:

     (a) HOEPA
Thresholds Applicable to all Loans. No refinance or purchase money Mortgage Loan has an APR or total points and fees that
exceed the thresholds set by the Home Ownership and Equity Protection Act of 1994 (“HOEPA”) and its
implementing regulations, including 12 CFR § 226.32(a)(1)(i) and (ii);

     (b) Borrower’s
Ability to Repay. The methodology used in underwriting the extension of credit for
each Mortgage Loan did not rely solely 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 such as the borrower’s income, assets and 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;

     (c) Points
and Fees. No borrower under a Mortgage Loan 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, which miscellaneous fee and charges, in total, do not exceed 0.25 percent of the loan
amount;

     (d) Manufactured Housing. With respect to any Mortgage Loan that is on manufactured
housing, upon the origination of each such Mortgage Loan, the manufactured housing unit either: (i)
will be the principal residence of the borrower or (ii) will be classified as real property under
applicable state law; and

     (e) Loan Limits.

          (i) No first lien Mortgage Loan has an original principal balance that exceeds the
applicable Freddie Mac loan limit (as in effect on the Closing Date);

          (ii) With respect to any subordinate lien Mortgage Loan,

S-IV-14

 

          (A) such lien is on a one- to four-family residence that is the principal residence of the
borrower;

          (B) has
an original principal balance that exceeds one-half of the
one-unit limitation
for first lien mortgage loans, i.e., $208,500 (in Alaska, Guam, Hawaii or Virgin Islands:
$312,750), without regard to the number of units; and

          (C) the original principal balance of the
related first lien mortgage loan plus the original principal balance of subordinate lien Mortgage
Loan does not exceed the applicable Freddie Mac loan limit for first lien mortgage loans for that
property type (as in effect on the Closing Date).

S-IV-15

 

EXHIBIT A

FORM OF CLASS [A] [SL-A] [M] [SL-M] [SL-B]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST IN 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”), AND
CERTAIN OTHER ASSETS.

EACH OWNER OF AN THIS CERTIFICATE OR ANY INTEREST THEREIN WILL (I) BE DEEMED TO HAVE REPRESENTED,
BY VIRTUE OF ITS ACQUISITION OR HOLDING OF THIS CERTIFICATE OR INTEREST THEREIN, THAT IT IS NOT AN
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”), OR SIMILAR LAW (COLLECTIVELY, A “PLAN”), NOR A PERSON ACTING FOR, ON
BEHALF OF OR WITH THE ASSETS OF, ANY SUCH PLAN OR (II) PROVIDE THE TRUST ADMINISTRATOR WITH AN
OPINION OF COUNSEL ON WHICH THE DEPOSITOR, THE TRUSTEE, THE TRUST ADMINISTRATOR, THE SWAP
ADMINISTRATOR, THE SERVICER AND THE MASTER SERVICER MAY RELY, THAT THE PURCHASE OF THE OFFERED
CERTIFICATE (A) IS PERMISSIBLE UNDER APPLICABLE LAW, (B) WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA, SECTION 4975 OF THE CODE OR SIMILAR LAW AND (C) WILL
NOT SUBJECT THE DEPOSITOR, THE TRUSTEE, THE TRUST ADMINISTRATOR, THE SWAP ADMINISTRATOR, THE
SERVICER OR THE MASTER SERVICER TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR
LIABILITIES UNDER ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING
AND SERVICING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE DEPOSITOR, THE
TRUSTEE, THE TRUST ADMINISTRATOR, THE SWAP ADMINISTRATOR, THE SERVICER AND THE MASTER SERVICER. IF
THIS CERTIFICATE OR ANY INTEREST THEREIN IS ACQUIRED OR HELD IN VIOLATION OF THE CONDITIONS
DESCRIBED IN THE ABOVE, THE NEXT PRECEDING PERMITTED OWNER WILL BE TREATED AS THE OWNER OF THAT
CERTIFICATE, RETROACTIVE TO THE DATE OF TRANSFER TO THE PURPORTED OWNER. ANY

A-1

 

PURPORTED OWNER WHOSE ACQUISITION OR HOLDING OF ANY SUCH CERTIFICATE OR INTEREST THEREIN WAS
EFFECTED IN VIOLATION OF THE CONDITIONS DESCRIBED ABOVE WILL INDEMNIFY AND HOLD HARMLESS THE
DEPOSITOR, THE TRUSTEE, THE TRUST ADMINISTRATOR, THE SWAP ADMINISTRATOR, THE SERVICER, THE MASTER SERVICER 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.

A-2

 

	 	 	 	 	 
	Certificate No.

	 	:	 	 
	 
	 	 	 	 
	Cut-off Date

	 	:
	 	August 1, 2006
	 
	 	 	 	 
	First Distribution Date

	 	:
	 	The Distribution Date in September, 2006
	 
	 	 	 	 
	Initial Certificate Balance of
this Certificate
(“Denomination”)

	 	:	 	 
	 
	 	 	 	 
	Initial Certificate Balances of all
	 	 	 	 
	Certificates of this Class

	 	:	 	 

	 	 	 	 	 
	Class	 	Principal Amount	 
	1- A
	 	$	[__________]	 
	2-A-1
	 	$	[__________]	 
	2-A-2
	 	$	[__________]	 
	2-A-3
	 	$	[__________]	 
	2-A-4
	 	$	[__________]	 
	M-1
	 	$	[__________]	 
	M-2
	 	$	[__________]	 
	M-3
	 	$	[__________]	 
	M-4
	 	$	[__________]	 
	M-5
	 	$	[__________]	 
	M-6
	 	$	[__________]	 
	M-7
	 	$	[__________]	 
	M-8
	 	$	[__________]	 
	M-9
	 	$	[__________]	 
	M-10
	 	$	[__________]	 
	M-11
	 	$	[__________]	 
	SL-A
	 	$	[__________]	 
	SL-M1
	 	$	[__________]	 
	SL-M2
	 	$	[__________]	 
	SL-M3
	 	$	[__________]	 
	SL-M4
	 	$	[__________]	 
	SL-M5
	 	$	[__________]	 
	SL-M6
	 	$	[__________]	 
	SL-M7
	 	$	[__________]	 
	SL-M8
	 	$	[__________]	 
	SL-M9
	 	$	[__________]	 
	SL-B1
	 	$	[__________]	 

A-3

 

CUSIP :

	 	 	 	 	 
	Class	 	CUSIP No.	 
	1-A
	 	 	[__________]	 
	2-A-1
	 	 	[__________]	 
	2-A-2
	 	 	[__________]	 
	2-A-3
	 	 	[__________]	 
	2-A-4
	 	 	[__________]	 
	M-1
	 	 	[__________]	 
	M-2
	 	 	[__________]	 
	M-3
	 	 	[__________]	 
	M-4
	 	 	[__________]	 
	M-5
	 	 	[__________]	 
	M-6
	 	 	[__________]	 
	M-7
	 	 	[__________]	 
	M-8
	 	 	[__________]	 
	M-9
	 	 	[__________]	 
	M-10
	 	 	[__________]	 
	M-11
	 	 	[__________]	 
	SL-A
	 	 	[__________]	 
	SL-M1
	 	 	[__________]	 
	SL-M2
	 	 	[__________]	 
	SL-M3
	 	 	[__________]	 
	SL-M4
	 	 	[__________]	 
	SL-M5
	 	 	[__________]	 
	SL-M6
	 	 	[__________]	 
	SL-M7
	 	 	[__________]	 
	SL-M8
	 	 	[__________]	 
	SL-M9
	 	 	[__________]	 
	SL-B1
	 	 	[__________]	 

ISIN :

	 	 	 	 	 
	1-A
	 	 	[__________]	 
	2-A-1
	 	 	[__________]	 
	2-A-2
	 	 	[__________]	 
	2-A-3
	 	 	[__________]	 
	2-A-4
	 	 	[__________]	 
	M-1
	 	 	[__________]	 
	M-2
	 	 	[__________]	 
	M-3
	 	 	[__________]	 
	M-4
	 	 	[__________]	 
	M-5
	 	 	[__________]	 
	M-6
	 	 	[__________]	 
	M-7
	 	 	[__________]	 
	M-8
	 	 	[__________]	 

A-4

 

	 	 	 	 	 
	M-9
	 	 	[__________]	 
	M-10
	 	 	[__________]	 
	M-11
	 	 	[__________]	 
	SL-A
	 	 	[__________]	 
	SL-M1
	 	 	[__________]	 
	SL-M2
	 	 	[__________]	 
	SL-M3
	 	 	[__________]	 
	SL-M4
	 	 	[__________]	 
	SL-M5
	 	 	[__________]	 
	SL-M6
	 	 	[__________]	 
	SL-M7
	 	 	[__________]	 
	SL-M8
	 	 	[__________]	 
	SL-M9
	 	 	[__________]	 
	SL-B1
	 	 	[__________]	 

A-5

 

FREMONT MORTGAGE SECURITIES CORPORATION

Fremont Home Loan Trust

Mortgage-Backed Certificates, Series 2006-B

          evidencing a percentage interest in the distributions allocable to the Certificates of the
above-referenced Class.

          Principal in respect of this Certificate is distributable monthly as set forth herein.
Accordingly, the Certificate Balance at any time may be less than the Certificate Balance as set
forth herein. This Certificate does not evidence an obligation of, or an interest in, and is not
guaranteed by the Depositor, the Servicer, the Trust Administrator, the Master Servicer or the
Trustee referred to below or any of their respective affiliates. Neither this Certificate nor the
Mortgage Loans are guaranteed or insured by any governmental agency or instrumentality.

          This certifies that CEDE & CO. is the registered owner of the Percentage Interest evidenced by
this Certificate (obtained by dividing the denomination of this Certificate by the aggregate of the
denominations of all Certificates of the Class to which this Certificate belongs) in certain
monthly distributions pursuant to a Pooling and Servicing Agreement, dated as of August 1, 2006
(the “Agreement”), among Fremont Mortgage Securities Corporation, as depositor (the
“Depositor”), Fremont Investment & Loan, as originator and servicer (“Fremont”),
Wells Fargo Bank, N.A., as master servicer and trust administrator, and HSBC Bank USA, National
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.

          Reference is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

          This Certificate shall not be entitled to any benefit under the Agreement or be valid for any
purpose unless manually countersigned by an authorized signatory of the Trust Administrator.

*
       *
       *

A-6

 

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

Dated: August 3, 2006

	 	 	 	 	 
	 	Wells Fargo Bank, N.A., 

as Trust Administrator

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

CERTIFICATE OF AUTHENTICATION

     This is one of the Classes of Certificates referred to in the within-mentioned Agreement.

	 	 	 	 	 
	 	Wells Fargo Bank, N.A., 

as Certificate Registrar

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

A-7

 

	 	 	 	 	 

FREMONT MORTGAGE SECURITIES CORPORATION

Fremont Home Loan Trust 2006-B

Mortgage-Backed Certificates

          This Certificate is one of a duly authorized issue of Certificates designated as Fremont Home
Loan Trust 2006-B Mortgage-Backed Certificates, of the Series specified on the face hereof (herein
collectively called the “Certificates”), and representing a beneficial ownership interest
in the Trust Fund created by the Agreement.

          The Certificateholder, by its acceptance of this Certificate, agrees that it will look solely
to the funds on deposit in the Distribution Account for payment hereunder and that the Trust
Administrator is not liable to the Certificateholders for any amount payable under this Certificate
or the Agreement or, except as expressly provided in the Agreement, subject to any liability under
the Agreement.

          This Certificate does not purport to summarize the Agreement and reference is made to the
Agreement for the interests, rights and limitations of rights, benefits, obligations and duties
evidenced thereby, and the rights, duties and immunities of the Trust Administrator.

          Pursuant to the terms of the Agreement, a distribution will be made on the 25th day of each
month or, if such day is not a Business Day, the Business Day immediately following (the
“Distribution Date”), commencing on the first Distribution Date specified on the face
hereof, to the Person in whose name this Certificate is registered at the close of business on the
applicable Record Date in an amount equal to the product of the Percentage Interest evidenced by
this Certificate and the amount required to be distributed to Holders of Certificates of the Class
to which this Certificate belongs on such Distribution Date pursuant to the Agreement. The Record
Date applicable to each Distribution Date is the Business Day immediately preceding such
Distribution Date; provided, however, that for any Definitive Certificates, the
Record Date shall be the last Business Day of the month next preceding the month of such
Distribution Date.

          Distributions on this Certificate shall be made by wire transfer of immediately available
funds to the account of the Holder hereof at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have so notified the Trust Administrator in writing at
least five Business Days prior to the related Record Date and such Certificateholder shall satisfy
the conditions to receive such form of payment set forth in the Agreement, or, if not, by check
mailed by first class mail to the address of such Certificateholder appearing in the Certificate
Register. The final distribution on each Certificate will be made in like manner, but only upon
presentment and surrender of such Certificate at the offices designated by the Trust Administrator
for such purposes, or such other location specified in the notice to Certificateholders of such
final distribution.

          The Agreement permits, with certain exceptions therein provided, the amendment thereof and the
modification of the rights and obligations of the Trust Administrator and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the Depositor, the Originator,
the Servicer, the Master Servicer, the Trust Administrator and the

A-8

 

Trustee with the consent of the Holders of Certificates affected by such amendment evidencing the
requisite Percentage Interest, as provided in the Agreement. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or in
lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement
also permits the amendment thereof, in certain limited circumstances, without the consent of the
Holders of any of the Certificates.

          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 Trust Administrator
upon surrender of this Certificate for registration of transfer at the offices designated by the
Trust Administrator for such purposes or the office or agency maintained by the Trust
Administrator, accompanied by a written instrument of transfer in form satisfactory to the Trust
Administrator duly executed by the holder hereof or such holder’s attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in authorized denominations
and evidencing the same aggregate Percentage Interest in the Trust Fund will be issued to the
designated transferee or transferees.

          The Certificates are issuable only as registered Certificates without coupons in denominations
specified in the Agreement. As provided in the Agreement and subject to certain limitations therein
set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations and evidencing the same aggregate Percentage Interest, as requested by the Holder
surrendering the same.

          No service charge will be made for any such registration of transfer or exchange, but the
Trust Administrator may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

          The Depositor, the Servicer, the Master Servicer, the Trust Administrator and the Trustee and
any agent of the Depositor, the Servicer, the Master Servicer, the Trust Administrator or the
Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for
all purposes, and neither the Depositor, the Servicer, the Master Servicer, the Trust
Administrator, the Trustee, nor any such agent shall be affected by any notice to the contrary.

          On any Distribution Date on which the aggregate Stated Principal Balance of the Pool I
Mortgage Loans or Pool II Mortgage Loans, as applicable, is less than or equal to 10% of the
relevant Cut-off Date Pool Principal Balance, the Person specified in Section 9.01 of the Agreement
will have the option to repurchase, in whole, from the
Trust Fund all remaining Pool I Mortgage Loans or Pool II Mortgage Loans, as applicable, and
all property acquired in respect of the Pool I Mortgage Loans or Pool II Mortgage Loans, as
applicable, at a purchase price determined as provided in the Agreement. The obligations and
responsibilities created by the Agreement will terminate with the purchase of all of the Pool I
Mortgage Loans and the Pool II Mortgage Loans as provided in Section 9.01 of the Agreement.

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

A-9

 

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 Fund.

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

	 	 	 	 	 
	 

	 	 	 	.
	 

	 

Dated:

     Signature by or on behalf of assignor

A-10

 

DISTRIBUTION INSTRUCTIONS

          The assignee should include the following for purposes of distribution:

	 	 	 	 	 	 	 	 	 	 	 
	          Distributions shall be made, by wire transfer or otherwise, in immediately available funds to	 	 	 	 	,	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	 	 	 	 	 	,	 
	 	 	 
	for the account of 

	 	 	 	 	 	 	 	 	,	 
	 	 	 	 
	account number	 	, or, if mailed by check, to  	 	 	 	 	 	.	 
	 	 	 	 	 	 	 
	Applicable statements
should be mailed to  	 	 	 	 	 	 	,	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	.	 
	 	 	 

	 	 	 	 	 	 	 	 	 
	          This information is provided by	 	 	 	 	,	 
	the assignee named above, or

	 	 	 

	,	 
	 	 	 	 
	as its agent.
	 	 	 	 	 	 	 	 

A-11

 

EXHIBIT B

FORM OF CLASS [P] CERTIFICATE

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED TRANSFEROR
DELIVERS TO THE TRUST ADMINISTRATOR A TRANSFEROR LETTER IN THE FORM OF EXHIBIT H TO THE AGREEMENT
REFERRED TO HEREIN AND EITHER (i) THE TRUST ADMINISTRATOR RECEIVES A RULE 144A LETTER IN THE FORM
OF EXHIBIT I TO THE AGREEMENT REFERRED TO HEREIN OR (ii) THE TRUST ADMINISTRATOR RECEIVES AN
OPINION OF COUNSEL, DELIVERED AT THE EXPENSE OF THE TRANSFEROR, THAT SUCH TRANSFER MAY BE MADE
WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST IN 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”), AND
CERTAIN OTHER ASSETS.

NO TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES THE
TRUST ADMINISTRATOR WITH (A) A REPRESENTATION TO THE EFFECT THAT SUCH TRANSFEREE IS NEITHER AN
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”), OR SIMILAR LAW (COLLECTIVELY, A “PLAN”), NOR A PERSON ACTING FOR, ON
BEHALF OF OR WITH THE ASSETS OF, ANY SUCH PLAN, OR (B) AN OPINION OF COUNSEL UPON WHICH THE
DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER AND THE SERVICER SHALL BE ENTITLED TO RELY, TO THE
EFFECT THAT THE PURCHASE OR HOLDING OF SUCH CERTIFICATE BY THE PROSPECTIVE TRANSFEREE (I) IS
PERMISSIBLE UNDER APPLICABLE LAW, (II) WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER
ERISA, SECTION 4975 OF THE CODE OR SIMILAR LAW AND (III) WILL NOT SUBJECT THE DEPOSITOR, THE
TRUSTEE, THE TRUST ADMINISTRATOR, THE SWAP ADMINISTRATOR, THE MASTER SERVICER OR THE SERVICER TO
ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR LIABILITIES UNDER ERISA OR SECTION 4975 OF
THE CODE) IN ADDITION TO THOSE UNDERTAKEN BY SUCH ENTITIES IN THE POOLING AND SERVICING AGREEMENT,
WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE DEPOSITOR, THE TRUST
ADMINISTRATOR, THE MASTER SERVICER, THE SERVICER OR THE TRUST FUND.

B-1

 

	 	 	 	 	 	 	 
	Certificate No.

	 	:
	 	1	 	 
	Cut-off Date

	 	:
	 	August 1, 2006

	First Distribution Date

	 	:
	 	The Distribution Date in September, 2006

	Percentage Interest of this
Certificate
(“Denomination”)

	 	:
	 	 [100]%	 	 
	CUSIP

	 	:	 	 	 	 
	ISIN

	 	:	 	 	 	 

B-2

 

FREMONT MORTGAGE SECURITIES CORPORATION

Fremont Home Loan Trust 2006-B

Mortgage-Backed Certificates, Series 2006-B

Class [P]

          evidencing a percentage interest in the distributions
allocable to the Certificates of the above-referenced Class.

          Distributions in respect of this Certificate are distributable monthly as set forth herein.
This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by
the Depositor, the Servicer, the Trust Administrator, the Master Servicer or the Trustee referred
to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are
guaranteed or insured by any governmental agency or instrumentality.

          This certifies that [_______________] is the registered owner of the Percentage Interest
evidenced by this Certificate (obtained by dividing the denomination of this Certificate by the
aggregate of the denominations of all Certificates of the Class to which this Certificate belongs)
in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of August
1, 2006 (the “Agreement”) among Fremont Mortgage Securities Corporation, as depositor (the
“Depositor”), Fremont Investment & Loan, as originator and servicer (“Fremont”),
Wells Fargo Bank, N.A., as master servicer and trust administrator (the “Trust
Administrator”), and HSBC Bank USA, National 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 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 offices designated by the Trust Administrator for such purpose, or the office or agency
maintained by the Trust Administrator.

          No transfer of a Certificate of this Class 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
such laws. In the event of any such transfer, the Trust Administrator shall require the transferor
to execute a transferor certificate (in substantially the form attached to the Pooling and
Servicing Agreement) and deliver either (i) a Rule 144A Letter, in either case substantially in the
form attached to the Agreement, or (ii) a written Opinion of Counsel to the Trust Administrator
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 be an expense of the transferor.

          No transfer of a Certificate of this Class shall be made, except as provided in section 5.02
of the Agreement, unless the Trust Administrator shall have received a

B-3

 

representation letter from the transferee of such Certificate, acceptable to and in form and
substance satisfactory to the Trust Administrator, to the effect that such transferee is not an
employee benefit plan subject to Title I of ERISA, Section 4975 of the Code or any materially
similar provisions of applicable Federal, state or local law (“Similar Law”), or a person
acting on behalf of or investing plan assets of any such plan, which representation letter shall
not be an expense of the Trustee, the Trust Administrator or the Trust Fund.

          Reference is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

          This Certificate shall not be entitled to any benefit under the Agreement or be valid for any
purpose unless manually countersigned by an authorized signatory of the Trust Administrator.

*
     *      *

B-4

 

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

Dated: August 3, 2006

	 	 	 	 	 
	 	Wells Fargo Bank, N.A., 

as Trust Administrator

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

CERTIFICATE OF AUTHENTICATION

     This is one of the Classes of Certificates referred to in the within-mentioned Agreement.

	 	 	 	 	 
	 	Wells Fargo Bank, N.A., 

as Certificate Registrar

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

B-5

 

	 	 	 	 	 

FREMONT MORTGAGE SECURITIES CORPORATION

Fremont Home Loan Trust 2006-B

Mortgage-Backed Certificates

          This Certificate is one of a duly authorized issue of Certificates designated as Fremont Home
Loan Trust 2006-B Mortgage-Backed Certificates, of the Series specified on the face hereof (herein
collectively called the “Certificates”), and representing a beneficial ownership interest
in the Trust Fund created by the Agreement.

          The Certificateholder, by its acceptance of this Certificate, agrees that it will look solely
to the funds on deposit in the Distribution Account for payment hereunder and that the Trust
Administrator is not liable to the Certificateholders for any amount payable under this Certificate
or the Agreement or, except as expressly provided in the Agreement, subject to any liability under
the Agreement.

          This Certificate does not purport to summarize the Agreement and reference is made to the
Agreement for the interests, rights and limitations of rights, benefits, obligations and duties
evidenced thereby, and the rights, duties and immunities of the Trust Administrator.

          Pursuant to the terms of the Agreement, a distribution will be made on the 25th day of each
month or, if such day is not a Business Day, the Business Day immediately following (the
“Distribution Date”), commencing on the first Distribution Date specified on the face
hereof, to the Person in whose name this Certificate is registered at the close of business on the
applicable Record Date in an amount equal to the product of the Percentage Interest evidenced by
this Certificate and the amount required to be distributed to Holders of Certificates of the Class
to which this Certificate belongs on such Distribution Date pursuant to the Agreement. The Record
Date applicable to each Distribution Date is the Business Day immediately preceding such
Distribution Date; provided, however, that for any Definitive Certificates, the
Record Date shall be the last Business Day of the month next preceding the month of such
Distribution Date.

          Distributions on this Certificate shall be made by wire transfer of immediately available
funds to the account of the Holder hereof at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have so notified the Trust Administrator in writing at
least five Business Days prior to the related Record Date and such Certificateholder shall satisfy
the conditions to receive such form of payment set forth in the Agreement, or, if not, by check
mailed by first class mail to the address of such Certificateholder appearing in the Certificate
Register. The final distribution on each Certificate will be made in like manner, but only upon
presentment and surrender of such Certificate at the offices designated by the Trust Administrator
for such purposes, or such other location specified in the notice to Certificateholders of such
final distribution.

          The Agreement permits, with certain exceptions therein provided, the amendment thereof and the
modification of the rights and obligations of the Trust Administrator and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the Depositor, the Originator,
the Servicer, the Master Servicer, the Trust Administrator and the Trustee with the consent of the
Holders of Certificates affected by such amendment evidencing

B-6

 

the requisite Percentage Interest, as provided in the Agreement. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or in
lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement
also permits the amendment thereof, in certain limited circumstances, without the consent of the
Holders of any of the Certificates.

          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 Trust Administrator
upon surrender of this Certificate for registration of transfer at the offices designated by the
Trust Administrator for such purposes or the office or agency maintained by the Trust
Administrator, accompanied by a written instrument of transfer in form satisfactory to the Trust
Administrator duly executed by the holder hereof or such holder’s attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in authorized denominations
and evidencing the same aggregate Percentage Interest in the Trust Fund will be issued to the
designated transferee or transferees.

          The Certificates are issuable only as registered Certificates without coupons in denominations
specified in the Agreement. As provided in the Agreement and subject to certain limitations therein
set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations and evidencing the same aggregate Percentage Interest, as requested by the Holder
surrendering the same.

          No service charge will be made for any such registration of transfer or exchange, but the
Trust Administrator may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

          The Depositor, the Servicer, the Master Servicer, the Trust Administrator and the Trustee and
any agent of the Depositor, the Servicer, the Master Servicer, the Trust Administrator or the
Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for
all purposes, and neither the Depositor, the Servicer, the Master Servicer, the Trust
Administrator, the Trustee, nor any such agent shall be affected by any notice to the contrary.

          On any Distribution Date on which the aggregate Stated Principal Balance of the Pool I
Mortgage Loans or Pool II Mortgage Loans, as applicable, is less than or equal to 10% of the
relevant Cut-off Date Pool Principal Balance, the Person specified in Section 9.01 of the Agreement
will have the option to repurchase, in whole, from the Trust Fund all remaining Pool I Mortgage
Loans or Pool II Mortgage Loans, as
applicable, and all property acquired in respect of the Pool I Mortgage Loans or Pool II
Mortgage Loans, as applicable, at a purchase price determined as provided in the Agreement. The
obligations and responsibilities created by the Agreement will terminate with the purchase of all
of the Pool I Mortgage Loans and the Pool II Mortgage Loans as provided in Section 9.01 of the
Agreement.

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

B-7

 

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 Fund.

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

Dated:

     Signature by or on behalf of assignor

B-8

 

DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

	 	 	 	 	 	 	 	 	 
	        

	 	Distributions shall be made, by wire transfer or otherwise, in immediately available funds to
	 	 
 

	,	 
	 
	 	 	 	 	 	 	,	 
	 	 	 

	 	 	 	 	 	 	 
	for the account of

	 	 
 

	,	 

	 	 	 	 	 	 	 
	account number                     , or, if mailed by check, to

	 	 
 

	.	 

	 	 	 	 	 	 	 
	Applicable statements should be mailed to

	 	 
 

	,	 
	 
	 	 	 	 	.	 
	 	 	 

	 	 	 	 	 	 	 	 	 
	 

	 	This information is provided by
	 	 
 

	,	 

	 	 	 	 	 	 	 
	the assignee named above, or

	 	 
 

	,	 
	as its agent.
	 	 	 	 	 	 

B-9

 

EXHIBIT C

FORM OF CLASS [R] [RX] CERTIFICATE

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST” IN MULTIPLE
“REAL ESTATE MORTGAGE INVESTMENT CONDUITS,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED TRANSFEREE
DELIVERS TO THE TRUST ADMINISTRATOR A TRANSFER AFFIDAVIT IN ACCORDANCE WITH THE PROVISIONS OF THE
AGREEMENT REFERRED TO HEREIN.

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED TRANSFEROR
DELIVERS TO THE TRUST ADMINISTRATOR A TRANSFEROR LETTER IN THE FORM OF EXHIBIT H TO THE AGREEMENT
REFERRED TO HEREIN AND EITHER (I) THE TRUST ADMINISTRATOR RECEIVES A RULE 144A LETTER IN THE FORM
OF EXHIBIT I TO THE AGREEMENT REFERRED TO HEREIN OR (II) THE TRUST ADMINISTRATOR RECEIVES AN
OPINION OF COUNSEL, DELIVERED AT THE EXPENSE OF THE TRANSFEROR, THAT SUCH TRANSFER MAY BE MADE
WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

NO TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES THE
TRUST ADMINISTRATOR WITH A REPRESENTATION TO THE EFFECT THAT SUCH TRANSFEREE IS NEITHER AN EMPLOYEE
BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING FOR, ON BEHALF OF OR WITH THE
ASSETS OF, ANY SUCH PLAN.

	 	 	 	 	 	 	 
	Certificate No.

	 	:
	 	1	 	 
	Cut-off Date	 	:	 	August 1, 2006

	First Distribution Date	 	:	 	The Distribution Date in September, 2006

	Percentage Interest of this

	 	:	 	 	 	 
	Certificate (“Denomination”)

	 	 	 	[100]%	 	 
	CUSIP

	 	:
	 	Class
	 	CUSIP No.
	 

	 	 	 	R
	 	[                    ]
	 

	 	 	 	RX	 	 
	 
	ISIN

	 	:
	 	Class
	 	ISIN No.
	 

	 	 	 	R
	 	[                    ]
	 

	 	 	 	RX	 	 

C-1

 

FREMONT MORTGAGE SECURITIES CORPORATION

Fremont Home Loan Trust 2006-B

Mortgage-Backed Certificates, Series 2006-B

Class [R] [RX]

evidencing a percentage interest in the distributions allocable to the Certificates of the above-referenced Class.

          Distributions in respect of this Certificate are distributable monthly as set forth herein.
This Class [R] [RX] Certificate has no Certificate Balance and is not entitled to distributions in
respect of principal or interest. This Certificate does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Servicer, the Trust Administrator, the
Master Servicer or the Trustee referred to below or any of their respective affiliates. Neither
this Certificate nor the Mortgage Loans are guaranteed or insured by any governmental agency or
instrumentality.

          This certifies that [                                        ] is the registered owner of the Percentage Interest
specified above of any monthly distributions due to the Class [R] [RX] Certificates pursuant to a
Pooling and Servicing Agreement dated as of August 1, 2006 (the “Agreement”) among Fremont Mortgage
Securities Corporation, as depositor (the “Depositor”), Fremont Investment & Loan, as servicer
(“Fremont”), Wells Fargo Bank, N.A., as master servicer (the “Master Servicer”) and trust
administrator (the “Trust Administrator”), and HSBC Bank USA, National 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.

          Any distribution of the proceeds of any remaining assets of the Trust Fund will be made only
upon presentment and surrender of this Class [R] [RX] Certificate at the offices designated by the
Trust Administrator for such purposes or the office or agency maintained by the Trust
Administrator.

          No transfer of a Certificate of this Class 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 such laws. In
the event of any such transfer, the Trust Administrator shall require the transferor to execute a
transferor certificate (in substantially the form attached to the Pooling and Servicing Agreement)
and deliver either (i) a Rule 144A Letter, in either case substantially in the form attached to the
Agreement, or (ii) a written Opinion of Counsel to the Trust Administrator 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 be an
expense of the transferor.

C-2

 

          No transfer of a Class [R] [RX] Certificate shall be made unless the Trust Administrator shall
have received a representation letter from the transferee of such Certificate to the effect that
such transferee is not an employee benefit plan or arrangement subject to Title I of ERISA, a plan
or arrangement subject to Section 4975 of the Code or a plan subject to Similar Law, or a person
acting on behalf of any such plan or arrangement nor using the assets of any such plan or
arrangement to effect such transfer, which representation letter shall not be an expense of the
Trustee, the Servicer or the Trust Fund. In the event that such representation is violated, or any
attempt is made to transfer to a plan or arrangement subject to Title I of ERISA or a plan subject
to Section 4975 of the Code or a plan subject to Similar Law, or a person acting on behalf of any
such plan or arrangement or using the assets of any such plan or arrangement, such attempted
transfer or acquisition shall be void and of no effect.

          Each Holder of this Class [R] [RX] Certificate shall be deemed by the acceptance or
acquisition an Ownership Interest in this Class [R] [RX] Certificate to have agreed to be bound by
the following provisions, and the rights of each Person acquiring any Ownership Interest in this
Class [R] [RX] Certificate are expressly subject to the following provisions: (i) each Person
holding or acquiring any Ownership Interest in this Class [R] [RX] Certificate shall be a Permitted
Transferee and shall promptly notify the Trust Administrator of any change or impending change in
its status as a Permitted Transferee, (ii) no Ownership Interest in this Class [R] [RX] Certificate
may be registered on the Closing Date or thereafter transferred, and the Trust Administrator shall
not register the Transfer of this Certificate unless, in addition to the certificates required to
be delivered to the Trust Administrator under Section 5.02(c) of the Agreement, the Trust
Administrator shall have been furnished with a Transfer Affidavit of the initial owner or the
proposed transferee substantially in the form attached as Exhibit G to the Agreement, (iii) each
Person holding or acquiring any Ownership Interest in this Class [R] [RX] Certificate shall agree
(A) to obtain a Transfer Affidavit from any other Person to whom such Person attempts to Transfer
its Ownership Interest this Class [R] [RX] Certificate, (B) to obtain a Transfer Affidavit from any
Person for whom such Person is acting as nominee, trustee or agent in connection with any Transfer
of this Class [R] [RX] Certificate, (C) not to cause income with respect to the Class [R] [RX]
Certificate to be attributable to a foreign permanent establishment or fixed base, within the
meaning of an applicable income tax treaty, of such Person or any other U.S. Person and (D) not to
Transfer the Ownership Interest in this Class [R] [RX] Certificate or to cause the Transfer of the
Ownership Interest in this Class [R] [RX] Certificate to any other Person if it has actual
knowledge that such Person is not a Permitted Transferee and (iv) any attempted or purported
Transfer of the Ownership Interest in this Class [R] [RX] Certificate in violation of the
provisions herein shall be absolutely null and void and shall vest no rights in the purported
Transferee.

          Reference is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

          This Certificate shall not be entitled to any benefit under the Agreement or be valid for any
purpose unless manually countersigned by an authorized signatory of the Trust Administrator.

C-3

 

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

Dated: August 3, 2006

	 	 	 	 	 	 	 
	 	 	Wells Fargo Bank, N.A.,	 	 
	 	 	as Trust Administrator	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 
	 	 

Authorized Officer
	 	 

CERTIFICATE
OF AUTHENTICATION

     This is one of the Classes of Certificates referred to in the within-mentioned Agreement.

	 	 	 	 	 	 	 
	 	 	Wells Fargo Bank, N.A., 	 	 
	 	 	as Certificate Registrar	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

C-4

 

FREMONT MORTGAGE SECURITIES CORPORATION

Fremont Home Loan Trust 2006-B

Mortgage-Backed Certificates

          This Certificate is one of a duly authorized issue of Certificates designated as Fremont Home
Loan Trust 2006-B Mortgage-Backed Certificates, of the Series specified on the face hereof (herein
collectively called the “Certificates”), and representing a beneficial ownership interest in the
Trust Fund created by the Agreement.

          The Certificateholder, by its acceptance of this Certificate, agrees that it will look solely
to the funds on deposit in the Distribution Account for payment hereunder and that the Trust
Administrator is not liable to the Certificateholders for any amount payable under this Certificate
or the Agreement or, except as expressly provided in the Agreement, subject to any liability under
the Agreement.

          This Certificate does not purport to summarize the Agreement and reference is made to the
Agreement for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of
the Trust Administrator.

          Pursuant to the terms of the Agreement, a distribution will be made on the 25th day of each
month or, if such day is not a Business Day, the Business Day immediately following (the
“Distribution Date”), commencing on the first Distribution Date specified on the face hereof, to
the Person in whose name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest evidenced by this
Certificate and the amount required to be distributed to Holders of Certificates of the Class to
which this Certificate belongs on such Distribution Date pursuant to the Agreement. The Record
Date applicable to each Distribution Date is the Business Day immediately preceding such
Distribution Date; provided, however, that for any Definitive Certificates, the Record Date shall
be the last Business Day of the month next preceding the month of such Distribution Date.

          Distributions on this Certificate shall be made by wire transfer of immediately available
funds to the account of the Holder hereof at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have so notified the Trust Administrator in writing at
least five Business Days prior to the related Record Date and such Certificateholder shall satisfy
the conditions to receive such form of payment set forth in the Agreement, or, if not, by check
mailed by first class mail to the address of such Certificateholder appearing in the Certificate
Register. The final distribution on each Certificate will be made in like manner, but only upon
presentment and surrender of such Certificate at the offices designated by the Trust Administrator
for such purposes, or such other location specified in the notice to Certificateholders of such
final distribution.

          The Agreement permits, with certain exceptions therein provided, the amendment thereof and the
modification of the rights and obligations of the Trust Administrator and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the Depositor, the Originator,
the Servicer, the Master Servicer, the Trust Administrator and the

C-5

 

Trustee with the consent of the Holders of Certificates affected by such amendment evidencing the
requisite Percentage Interest, as provided in the Agreement. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or in
lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement
also permits the amendment thereof, in certain limited circumstances, without the consent of the
Holders of any of the Certificates.

          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 Trust
Administrator upon surrender of this Certificate for registration of transfer at the offices
designated by the Trust Administrator for such purposes or the office or agency maintained by the
Trust Administrator, accompanied by a written instrument of transfer in form satisfactory to the
Trust Administrator duly executed by the holder hereof or such holder’s attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in authorized denominations
and evidencing the same aggregate Percentage Interest in the Trust Fund will be issued to the
designated transferee or transferees.

          The Certificates are issuable only as registered Certificates without coupons in denominations
specified in the Agreement. As provided in the Agreement and subject to certain limitations therein
set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations and evidencing the same aggregate Percentage Interest, as requested by the Holder
surrendering the same.

          No service charge will be made for any such registration of transfer or exchange, but the
Trust Administrator may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

          The Depositor, the Servicer, the Master Servicer, the Trust Administrator and the Trustee and
any agent of the Depositor, the Servicer, the Master Servicer, the Trust Administrator or the
Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for
all purposes, and neither the Depositor, the Servicer, the Master Servicer, the Trust
Administrator, the Trustee, nor any such agent shall be affected by any notice to the contrary.

          On any Distribution Date on which the aggregate Stated Principal Balance of the Pool I
Mortgage Loans or Pool II Mortgage Loans, as applicable, is less than or equal to 10% of the
relevant Cut-off Date Pool Principal Balance, the Person specified in Section 9.01 of the Agreement
will have the option to repurchase, in whole, from the Trust Fund all remaining Pool I Mortgage
Loans or Pool II Mortgage Loans, as applicable, and all property acquired in respect of the Pool I
Mortgage Loans or Pool II Mortgage Loans, as applicable, at a purchase price determined as provided
in the Agreement. The obligations and responsibilities created by the Agreement will terminate
with the purchase of all of the Pool I Mortgage Loans and the Pool II Mortgage Loans as provided in
Section 9.01 of the Agreement.

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

C-6

 

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 Fund.

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

Dated:

          Signature by or on behalf of assignor

C-7

 

DISTRIBUTION INSTRUCTIONS

          The assignee should include the following for purposes of distribution:

	 	 	 	 	 	 	 
	          Distributions shall be made, by wire transfer
or otherwise, in immediately available funds to	 ,
	 

	 	 	 	 

	 	,
	 	 	,
	for the account of	 	 	 	 ,
	 
	 	,
	account number                     , or, if mailed by check, to	 	 	 	 ,
	 

	 	 	 	 

	 	
	Applicable statements should be mailed to	 	 	 	 ,
	 

	 	 

	 	
	 	 	.
	 
	 	 	 	 	 	 
	          This information is provided by	 	 	 	 ,
	 

	 	 

	 	 
	the assignee named above, or	 	 	 	  ,
	 

	 	 
	as its agent.	 	 	 	 

C-8

 

EXHIBIT D

FORM OF CLASS [C] [SL-C]CERTIFICATE

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST IN 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”), AND
CERTAIN OTHER ASSETS.

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE
TRANSFERRED UNLESS THE PROPOSED TRANSFEROR DELIVERS TO THE TRUST ADMINISTRATOR A TRANSFEROR LETTER
IN THE FORM OF EXHIBIT H TO THE AGREEMENT REFERRED TO HEREIN AND EITHER (I) THE TRUST ADMINISTRATOR
RECEIVES A RULE 144A LETTER IN THE FORM OF EXHIBIT I TO THE AGREEMENT REFERRED TO HEREIN OR (II)
THE TRUST ADMINISTRATOR RECEIVES AN OPINION OF COUNSEL, DELIVERED AT THE EXPENSE OF THE TRANSFEROR,
THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

NO TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES THE
TRUST ADMINISTRATOR WITH (A) A REPRESENTATION TO THE EFFECT THAT SUCH TRANSFEREE IS NEITHER AN
EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”), OR SIMILAR LAW (COLLECTIVELY, A “PLAN”), NOR A PERSON ACTING FOR, ON
BEHALF OF OR WITH THE ASSETS OF, ANY SUCH PLAN, OR (B) AN OPINION OF COUNSEL UPON WHICH THE
DEPOSITOR, THE TRUSTEE, THE TRUST ADMINISTRATOR, THE SWAP ADMINISTRATOR, THE MASTER SERVICER AND
THE SERVICER SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT THE PURCHASE OR HOLDING OF SUCH
CERTIFICATE BY THE PROSPECTIVE TRANSFEREE (I) IS PERMISSIBLE UNDER APPLICABLE LAW, (II) WILL NOT
RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA, SECTION 4975 OF THE CODE OR SIMILAR LAW
AND (III) WILL NOT SUBJECT THE DEPOSITOR, THE TRUSTEE, THE TRUST ADMINISTRATOR, THE SWAP
ADMINISTRATOR, THE MASTER SERVICER OR THE SERVICER TO ANY OBLIGATION OR LIABILITY (INCLUDING
OBLIGATIONS OR LIABILITIES UNDER ERISA OR SECTION 4975 OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN
BY SUCH ENTITIES IN THE POOLING AND SERVICING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN
EXPENSE OF THE TRUSTEE, THE DEPOSITOR, THE TRUST ADMINISTRATOR, THE MASTER SERVICER, THE SERVICER,
THE SWAP ADMINISTRATOR OR THE TRUST FUND.

D-1

 

	 	 	 	 	 	 	 
	Certificate No.

	 	:	 	[   ]	 
	Cut-off Date

	 	:
	 	August 1, 2006

	First Distribution Date

	 	:
	 	The Distribution Date in September, 2006

	Percentage Interest of this
	 	 	 	 	 	 
	Certificate (“Denomination”)

	 	:
	 	[100]%	
	Initial Notional Balance

	 	:
	 	$	 	 
	CUSIP

	 	:
	 	Class

	 

	 	 	 	C	 	 
	 

	 	 	 	SL-C

	ISIN:

	 	:
	 	Class

	 

	 	 	 	C	 	 
	 

	 	 	 	SL-C

D-2

 

FREMONT MORTGAGE SECURITIES CORPORATION

Fremont Home Loan Trust 2006-B

Mortgage-Backed Certificates, Series 2006-B

Class [C] [SL-C]

 evidencing a percentage interest in the distributions
allocable to the Certificates of the above-referenced Class.

          Distributions in respect of this Certificate are distributable monthly as set forth herein.
This Certificate does not evidence an obligation of, or an interest in, and is not guaranteed by
the Depositor, the Servicer, the Trust Administrator, the Master Servicer or the Trustee referred
to below or any of their respective affiliates. Neither this Certificate nor the Mortgage Loans are
guaranteed or insured by any governmental agency or instrumentality.

          This certifies that FREMONT INVESTMENT & LOAN is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the denomination of this Certificate
by the aggregate of the denominations of all Certificates of the Class to which this Certificate
belongs) in certain monthly distributions pursuant to a Pooling and Servicing Agreement dated as of
August 1, 2006 (the “Agreement”) among Fremont Mortgage Securities Corporation, as depositor (the
“Depositor”), Fremont Investment & Loan, as originator and servicer (“Fremont”), Wells Fargo Bank,
N.A., as master servicer (the “Master Servicer”) and trust administrator (the “Trust
Administrator”), and HSBC Bank USA, National 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 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 offices designated by the
Trust Administrator for such purposes or the office or agency maintained by the Trust
Administrator.

          No transfer of a Certificate of this Class 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 such laws. In
the event of any such transfer, the Trust Administrator shall require the transferor to execute a
transferor certificate (in substantially the form attached to the Pooling and Servicing Agreement)
and deliver
either (i) a Rule 144A Letter, in either case substantially in the form attached to the
Agreement, or (ii) a written Opinion of Counsel to the Trust Administrator 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 be an
expense of the transferor.

D-3

 

          No transfer of a Certificate of this Class shall be made, except as provided in section 5.02
of the Agreement, unless the Trust Administrator shall have received a representation letter from
the transferee of such Certificate, acceptable to and in form and substance satisfactory to the
Trust Administrator, to the effect that such transferee is not an employee benefit plan subject to
Title I of ERISA, Section 4975 of the Code or any materially similar provisions of applicable
Federal, state or local law (“Similar Law”), or a person acting on behalf of or investing plan
assets of any such plan, which representation letter shall not be an expense of the Trustee, the
Trust Administrator or the Trust Fund.

          Reference is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

          This Certificate shall not be entitled to any benefit under the Agreement or be valid for any
purpose unless manually countersigned by an authorized signatory of the Trust Administrator.

*            *           *

D-4

 

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

Dated: August 3, 2006

	 	 	 	 	 	 	 
	 	 	Wells Fargo Bank, N.A.,	 	 
	 	 	as Trust Administrator	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Officer
	 	 

CERTIFICATE
OF AUTHENTICATION

     This is one of the Classes of Certificates referred to in the within-mentioned Agreement.

	 	 	 	 	 	 	 
	 	 	Wells Fargo Bank, N.A.,	 	 
	 	 	as Certificate Registrar	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

D-5

 

FREMONT MORTGAGE SECURITIES CORPORATION

Fremont Home Loan Trust 2006-B

Mortgage-Backed Certificates

     This Certificate is one of a duly authorized issue of Certificates designated as Fremont Home
Loan Trust 2006-B Mortgage-Backed Certificates, of the Series specified on the face hereof (herein
collectively called the “Certificates”), and representing a beneficial ownership interest
in the Trust Fund created by the Agreement.

     The Certificateholder, by its acceptance of this Certificate, agrees that it will look solely
to the funds on deposit in the Distribution Account for payment hereunder and that the Trust
Administrator is not liable to the Certificateholders for any amount payable under this Certificate
or the Agreement or, except as expressly provided in the Agreement, subject to any liability under
the Agreement.

     This Certificate does not purport to summarize the Agreement and reference is made to the
Agreement for the interests, rights and limitations of rights, benefits, obligations and duties
evidenced thereby, and the rights, duties and immunities of the Trust Administrator.

     Pursuant to the terms of the Agreement, a distribution will be made on the 25th day of each
month or, if such day is not a Business Day, the Business Day immediately following (the
“Distribution Date”), commencing on the first Distribution Date specified on the face
hereof, to the Person in whose name this Certificate is registered at the close of business on the
applicable Record Date in an amount equal to the product of the Percentage Interest evidenced by
this Certificate and the amount required to be distributed to Holders of Certificates of the Class
to which this Certificate belongs on such Distribution Date pursuant to the Agreement. The Record
Date applicable to each Distribution Date is the Business Day immediately preceding such
Distribution Date; provided, however, that for any Definitive Certificates, the
Record Date shall be the last Business Day of the month next preceding the month of such
Distribution Date.

     Distributions on this Certificate shall be made by wire transfer of immediately available
funds to the account of the Holder hereof at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have so notified the Trust Administrator in writing at
least five Business Days prior to the related Record Date and such Certificateholder shall satisfy
the conditions to receive such form of payment set forth in the Agreement, or, if not, by check
mailed by first class mail to the address of such Certificateholder appearing in the Certificate
Register. The final distribution on each Certificate will be made in like manner, but only upon
presentment and surrender of such Certificate at the offices designated by the Trust Administrator
for such purposes, or such other location specified in the notice to Certificateholders of such
final distribution.

     The Agreement permits, with certain exceptions therein provided, the amendment thereof and the
modification of the rights and obligations of the Trust Administrator and the Trustee and the
rights of the Certificateholders under the Agreement at any time by the Depositor, the Originator,
the Servicer, the Master Servicer, the Trust Administrator and the Trustee with the consent of the
Holders of Certificates affected by such amendment evidencing

D-6

 

the requisite Percentage Interest, as provided in the Agreement. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in exchange therefor or in
lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement
also permits the amendment thereof, in certain limited circumstances, without the consent of the
Holders of any of the Certificates.

     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 Trust Administrator
upon surrender of this Certificate for registration of transfer at the offices designated by the
Trust Administrator for such purposes or the office or agency maintained by the Trust
Administrator, accompanied by a written instrument of transfer in form satisfactory to the Trust
Administrator duly executed by the holder hereof or such holder’s attorney duly authorized in
writing, and thereupon one or more new Certificates of the same Class in authorized denominations
and evidencing the same aggregate Percentage Interest in the Trust Fund will be issued to the
designated transferee or transferees.

     The Certificates are issuable only as registered Certificates without coupons in denominations
specified in the Agreement. As provided in the Agreement and subject to certain limitations therein
set forth, Certificates are exchangeable for new Certificates of the same Class in authorized
denominations and evidencing the same aggregate Percentage Interest, as requested by the Holder
surrendering the same.

     No service charge will be made for any such registration of transfer or exchange, but the
Trust Administrator may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

     The Depositor, the Servicer, the Master Servicer, the Trust Administrator and the Trustee and
any agent of the Depositor, the Servicer, the Master Servicer, the Trust Administrator or the
Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for
all purposes, and neither the Depositor, the Servicer, the Master Servicer, the Trust
Administrator, the Trustee, nor any such agent shall be affected by any notice to the contrary.

     On any Distribution Date on which the aggregate Stated Principal Balance of the Pool I
Mortgage Loans or Pool II Mortgage Loans, as applicable, is less than or equal to 10% of the
relevant Cut-off Date Pool Principal Balance, the Person specified in Section 9.01 of the Agreement
will have the option to repurchase, in whole, from the Trust Fund all remaining Pool I Mortgage
Loans or Pool II Mortgage Loans, as applicable, and all property acquired in respect of the Pool I
Mortgage Loans or Pool II Mortgage Loans, as applicable, at a purchase price determined as provided
in the Agreement. The obligations and responsibilities created by the Agreement will terminate
with the purchase of all of the Pool I Mortgage Loans and the Pool II Mortgage Loans as provided in
Section 9.01 of the Agreement.

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

D-7

 

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 Fund.

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

Dated:

     Signature by or on behalf of assignor

D-8

 

DISTRIBUTION INSTRUCTIONS

	 	 	 
	 

	 	The assignee should include the following for purposes of distribution:
	 
	 	 
	 

	 	Distributions shall be made, by wire transfer or otherwise, in immediately

	 	 	 	 
	available funds to

	 	 	 ,
	 

	 	 	 
	 

	 	 	 ,
	 	 
	for the account of

	 	 	 ,
	 

	 	 	 

	 	 	 	 	 	 
	account number                     , or, if mailed by check, to	 	 	  .
	 

	 	 	 	 	 
	Applicable statements should be mailed to

	 	 	 	 	 ,
	 	 	 	 
	 

	 	 	 	 	 .
	 	 

	 	 	 	 	 	 
	 

	 	This information is provided by
	 	 	  ,
	 

	 	 	 	 	 

	 	 	 	 
	the assignee named above, or

	 	 	,
	 

	 	 	 
	as its agent.
	 	 	 

D-9

 

EXHIBIT E

FORM OF INITIAL CERTIFICATION OF TRUST ADMINISTRATOR

[date]

[Trustee]

[Depositor]

[Servicer]

                                        

                                        

	 	Re:	 	 Pooling and Servicing Agreement, dated as of August 1, 2006, among Fremont
Mortgage Securities Corporation, as Depositor, Fremont Investment & Loan, as
Originator and Servicer, Wells Fargo Bank, N.A., as Master Servicer and
Trust Administrator, and HSBC Bank USA, National Association, as
Trustee, Fremont Home Loan Trust, 2006-B 

Gentlemen:

          In accordance with Section 2.02 of the above-captioned Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”), the undersigned, as Trust Administrator, for each
Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan listed in the
attached schedule of exceptions), certifies that it has received:

     (i) the original Mortgage Note,
endorsed as provided in the following form: “Pay to the order of                     , without recourse”; and

     (ii) a duly executed Assignment of Mortgage (which may be included in a blanket assignment or
assignments).

          Based on its review and examination and only as to the foregoing documents, such documents
appear regular on their face and related to such Mortgage Loan.

          The Trust Administrator 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
Trust Administrator makes no representations as to: (i) the validity, legality, sufficiency,
enforceability, recordability or genuineness of any of the documents contained in each Mortgage
File of any of the Mortgage Loans identified on the Mortgage Loan Schedule, or (ii) the
collectability, insurability, effectiveness or suitability of any such Mortgage Loan or the
perfection or priority of any Mortgage.

E-1

 

          Capitalized words and phrases used herein shall have the respective meanings assigned to them
in the Pooling and Servicing Agreement.

	 	 	 	 	 
	 	 	Wells Fargo Bank, N.A., as Trust Administrator
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 

E-2

 

EXHIBIT F

FORM OF DOCUMENT CERTIFICATION

AND EXCEPTION REPORT OF TRUST ADMINISTRATOR

[date]

[Trustee]

[Depositor]

[Servicer]

[Originator]

                                        

                                        

	 	Re:	 	 Pooling and Servicing Agreement, dated as of August 1, 2006, among Fremont
Mortgage Securities Corporation, as Depositor, Fremont Investment & Loan, as
Originator and Servicer, Wells Fargo Bank, N.A., as Master Servicer and
Trust Administrator, and HSBC Bank USA, National Association, as Trustee,
Fremont Home Loan Trust, 2006-B

Gentlemen:

          In accordance with Section 2.02 of the above-captioned Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”), the undersigned, as Trust Administrator, 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 the attached Document Exception Report) it has received:

     (i) The original Mortgage Note, endorsed in the form provided in Section 2.01 of the Pooling and
Servicing Agreement, with all intervening endorsements showing a complete chain of endorsement from
the originator to the last endorsee.

     (ii) The original recorded Mortgage.

     (iii) A duly executed Assignment of Mortgage in the form provided in Section 2.01 of
the Pooling and Servicing Agreement; or, if the Originator has certified or the Trustee
otherwise knows that the related Mortgage has not been returned from the applicable
recording office, a copy of the Assignment of Mortgage (excluding information to be
provided by the recording office).

     (iv) The original or duplicate original recorded assignment or assignments of the
Mortgage showing a complete chain of assignment from the originator to the last endorsee.

F-1

 

     (v) The original or duplicate original lender’s title policy and all riders thereto
or, any one of an original title binder, an original preliminary title report or an
original title commitment, or a copy thereof certified by the title company.

          Based on its review and examination and only as to the foregoing documents, (a) such documents
appear regular on their face and related to such Mortgage Loan, and (b) the information set forth
in items (1), (2) and (13) of the Mortgage Loan Schedule and the Data Tape Information accurately
reflects information set forth in the Custodial File.

          The Trust Administrator has made no independent examination of any documents contained in each
Mortgage File beyond the review of the Custodial File specifically required in the Pooling and
Servicing Agreement. The Trust Administrator makes no representations as to: (i) the validity,
legality, sufficiency, enforceability, recordability or genuineness of any of the documents
contained in each Mortgage File of any of the Mortgage Loans identified on the Mortgage Loan
Schedule or (ii) the collectability, insurability, effectiveness or suitability of any such
Mortgage Loan or the perfection or priority of any Mortgage. Notwithstanding anything herein to the
contrary, the Trust Administrator has made no determination and makes no representations as to
whether (i) any endorsement is sufficient to transfer all right, title and interest of the party so
endorsing, as Noteholder or assignee thereof, in and to that Mortgage Note or (ii) any assignment
is in recordable form or sufficient to effect the assignment of and transfer to the assignee
thereof, under the Mortgage to which the assignment relates.

          Capitalized words and phrases used herein shall have the respective meanings assigned to them
in the Pooling and Servicing Agreement.

	 	 	 	 	 
	 	 	Wells Fargo Bank, N.A.,
	 	 	as Trust Administrator
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 

F-2

 

EXHIBIT G

RESIDUAL TRANSFER AFFIDAVIT AND AGREEMENT

Fremont Home Loan Trust 2006-B

Mortgage-Backed Certificates

	 	 	 	 	 
	STATE OF

	 	 	)	 
	 

	 	:ss.:

	COUNTY OF

	 	 	)	 

                    , being duly sworn, deposes, represents and warrants as follows:

     1. I am a                      of [ ] (the “Owner”) a [corporation] duly organized and existing
under the laws of [ ], the record owner of Fremont Home Loan Trust [200_]-[ ], Mortgage-Backed
Certificates, Series [ ], [Class R (the “Class R Certificates”)] [Class RX (the “Class RX
Certificates”)], on behalf of whom I make this affidavit and agreement. Capitalized terms used but
not defined herein have the respective meanings assigned thereto in the Pooling and Servicing
Agreement pursuant to which the Class [R] [RX] Certificates were issued.

     2. The Owner (i) is and will be a “Permitted Transferee” as of                      and (ii) is
acquiring the Class [R] [RX] Certificates for its own account or for the account of another Owner
from which it has received an affidavit in substantially the same form as this affidavit. A
“Permitted Transferee” is any person other than a “disqualified organization” or a possession of
the United States. For this purpose, a “disqualified organization” means the United States, any
state or political subdivision thereof, any agency or instrumentality of any of the foregoing
(other than an instrumentality all of the activities of which are subject to tax and, except for
the Federal Home Loan Mortgage Corporation, a majority of whose board of directors is not selected
by any such governmental entity) or any foreign government, international organization or any
agency or instrumentality of such foreign government or organization, any rural electric or
telephone cooperative, any organization (other than certain farmers’ cooperatives) that is
generally exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income, an electing large partnership within the meaning of Section 775
of the Code, a United States person (as defined in the Code) with respect to whom income from a
Residual Certificate is attributable to a foreign permanent establishment or fixed base (within the
meaning of an applicable income tax treaty) of such Person or any other United States Person, or
any other entity identified as a disqualified organization in the REMIC provisions of the Code or
Treasury Regulations.

     3. The Owner is aware (i) of the tax that would be imposed on transfers of the
Class [R] [RX] Certificates to disqualified organizations under the Internal Revenue Code of 1986, as
amended; (ii) that such tax would be on the transferor or, if such transfer is through an agent
(which person includes a broker, nominee or middleman) for a non-Permitted Transferee, on the
agent; (iii) that the person otherwise liable for the tax shall be relieved of liability for the
tax if the transferee furnishes to such person an affidavit that the transferee is a Permitted
Transferee and, at the time of transfer, such person does not have actual knowledge that the
affidavit is

G-1

 

false; and (iv) that each of the Class [R] [RX] Certificates may be a “noneconomic residual
interest” within the meaning of certain Treasury regulations promulgated under 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 is
to impede the assessment or collection of tax.

     4. The Owner is aware of the tax imposed on a “pass-through entity” holding the
Class [R] [RX] Certificates if, at any time during the taxable year of the pass-through entity, a
non-Permitted Transferee is the record holder of an interest in such entity. (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.)

     5. The Owner is aware that the Trust Administrator will not register the transfer of any Class
[R] [RX] Certificates unless the transferee, or the transferee’s agent, delivers to the Trust
Administrator, among other things, an affidavit in substantially the same form as this affidavit.
The Owner expressly agrees that it will not consummate any such transfer if it knows or believes
that any of the representations contained in such affidavit and agreement are false.

     6. The Owner consents to any additional restrictions or arrangements that shall be deemed
necessary upon advice of counsel to constitute a reasonable arrangement to ensure that the Class
[R] [RX] Certificates will only be owned, directly or indirectly, by an Owner that is a Permitted
Transferee.

     7. The Owner’s taxpayer identification number is                     .

     8. The Owner has reviewed the restrictions set forth on the face of the Class
[R] [RX] Certificates and the provisions of Section 5.02(c) of the Pooling and Servicing Agreement
under which the Class [R] [RX] Certificates were issued; and the Owner expressly agrees to be bound
by and to comply with such restrictions and provisions.

     9. The Owner is not acquiring and will not transfer the Class [R] [RX] Certificates in order
to impede the assessment or collection of any tax.

     10. The Owner anticipates that it will, so long as it holds the Class [R] [RX] Certificates,
have sufficient assets to pay any taxes owed by the holder of such Class [R] [RX] Certificates, and
hereby represents to and for the benefit of the person from whom it acquired the Class [R] [RX]
Certificates that the Owner intends to pay taxes associated with holding such Class [R] [RX]
Certificates as they become due, fully understanding that it may incur tax liabilities in excess of
any cash flows generated by the Class [R] [RX] Certificates.

     11. The Owner has no present knowledge that it may become insolvent or subject to a bankruptcy
proceeding for so long as it holds the Class [R] [RX] Certificates.

     12. The Owner has no present knowledge or expectation that it will be unable to pay any United
States taxes owed by it so long as any of the Certificates remain outstanding.

     13. The Owner is not acquiring the Class [R] [RX] Certificates with the intent to transfer the
Class [R] [RX] Certificates to any person or entity that will not have sufficient assets to pay any
taxes owed by the holder of such Class [R] [RX] Certificates,
or that may become insolvent or subject to a bankruptcy proceeding, for so long as the Class
[R] [RX] Certificates remain outstanding.

G-2

 

     14. The Owner will, in connection with any transfer that it makes of the Class [R] [RX]
Certificates, obtain from its transferee the representations required by Section 5.02(c) of the
Pooling and Servicing Agreement under which the Class [R] [RX] Certificate were issued and will not
consummate any such transfer if it knows, or knows facts that should lead it to believe, that any
such representations are false.

     15. The Owner will, in connection with any transfer that it makes of the Class [R] [RX]
Certificates, deliver to the Trust Administrator an affidavit, which represents and warrants that
it is not transferring the Class [R] [RX] Certificates to impede the assessment or collection of
any tax and that it has no actual knowledge that the proposed transferee: (i) has insufficient
assets to pay any taxes owed by such transferee as holder of the Class [R] [RX] Certificates; (ii)
may become insolvent or subject to a bankruptcy proceeding for so long as the Class [R] [RX]
Certificates remain outstanding; and (iii) is not a “Permitted Transferee.”

     16. The Owner is a
citizen or resident of the United States, a corporation, partnership or other entity created or
organized in, or under the laws of, the United States or any political subdivision thereof, or an
estate or trust whose income from sources without the United States may be included in gross income
for the United States federal income tax purposes regardless of its connection with the conduct of
a trade or business within the United States. If any such Owner is a partnership, each partner of
such partnership is subject to taxation on a net income basis in the United States.

     17. The Owner of the Class [R] [RX] Certificates hereby agrees that in the event that the
Trust Fund created by the Pooling and Servicing Agreement is terminated pursuant to Section 9.01
thereof, the undersigned shall assign and transfer to the Servicer any amounts in excess of par
received in connection with such termination. Accordingly, in the event of such termination, the
Trust Administrator is hereby authorized to withhold any such amounts in excess of par and to pay
such amounts directly to the Servicer. This agreement shall bind and be enforceable against any
successor, transferee or assigned of the undersigned in the Class [R] [RX] Certificates. In
connection with any transfer of the Class [R] [RX] Certificates, the Owner shall obtain an
agreement substantially similar to this clause from any subsequent owner.

G-3

 

     IN WITNESS WHEREOF, the Owner has caused this instrument to be executed on its behalf,
pursuant to the authority of its Board of Directors, by its                     , effective on the
___day of                     , ___.

	 	 	 	 	 
	 	 	[          ]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

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 a                      of the Owner, and
acknowledged to me that [he/she] executed the same as [his/her] free act and deed and the free act
and deed of the Owner.

Subscribed and sworn before me this ___day of                     , ___.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Notary Public
	 	 
	 
	 	 	 	 	 	 
	 

	 	County of	 	 	 	 
	 

	 	 
	 	 
	 

	 	State of	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 	 	 
	 	 	My Commission expires:	 	 

G-4

 

EXHIBIT H

FORM OF TRANSFEROR CERTIFICATE

[DATE]

Fremont Mortgage Securities Corporation

2727 East Imperial Highway

Brea, California 92821

Wells Fargo Bank, N.A.,

as Trust Administrator,

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479

	 	Re:	 	 Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates, Class [ ]

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 and (c) to the extent we are disposing of a Residual Certificate, (A) we have no knowledge
the Transferee is not a Permitted Transferee and (B) after conducting a reasonable investigation of
the financial condition of the Transferee, we have no knowledge and no reason to believe that the
Transferee will not pay all taxes with respect to the Residual Certificates as they become due and
(C) we have no reason to believe that the statements made in the Transferee’s Residual Transfer
Affidavit are false.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	 
	 	 	Print Name of Transferor
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

H-1

 

EXHIBIT I

FORM OF RULE 144A LETTER

[DATE]

Fremont Mortgage Securities Corporation

2727 East Imperial Highway

Brea, California 92821

Wells Fargo Bank, N.A.,

     as Trust Administrator,

Sixth Street and Marquette Avenue

Minneapolis, Minnesota 55479

	 	 	 	 	 
	 

	 	Re:
	  Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates,

  Class [       ]

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 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) either (i) we are not an employee benefit plan that is subject to Title I of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or a plan or arrangement
that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or a
plan subject to any Federal, state or local law materially similar to the foregoing provisions of
ERISA or the Code (“Similar Law”), nor are we acting on behalf of any such plan or arrangement nor
using the assets of any such plan or arrangement to effect such acquisition, or, (ii) other than
with respect to the Residual Certificates, we have provided the Trust Administrator with an opinion
of counsel on which the Depositor, the Trustee, the Servicer and the Master Servicer may rely,
that the purchase of the certificate (a) is permissible under applicable law, (b) will not
constitute or result in a non-exempt prohibited transaction under ERISA, Section 4975 of the Code
or Similar Law and (c) will not subject the Depositor, the Trustee, the Trust Administrator, the
Servicer or the Master Servicer to any obligation or liability (including obligations or
liabilities under ERISA or Section 4975 of the Code) in addition to those undertaken in the Pooling
and Servicing Agreement, which opinion of counsel shall not be an expense of the Depositor, the
Trustee, the Trust Administrator, the Servicer or the Master Servicer, (e) 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

I-1

 

 

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, and (f) 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.

I-2

 

 

ANNEX 1 TO EXHIBIT I

 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:

	 	(i)	 	As indicated below, the undersigned is the President, Chief Financial Officer, Senior
Vice President or other executive officer of the Buyer.
	 
	 	(ii)	 	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.

 

			
	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.

I-3

 

 

	 	      	 	Broker-dealer. The Buyer is a dealer registered pursuant to Section 15 of the
Securities Exchange Act of 1934.
	 
	 	      	 	Insurance Company. The Buyer is an insurance company whose primary and predominant
business activity is the writing of insurance or the reinsuring of risks underwritten by
insurance companies and which is subject to supervision by the insurance commissioner or a
similar official or agency of a State, territory or the District of Columbia.
	 
	 	      	 	State or Local Plan. The Buyer is a plan established and maintained by a
State, its political subdivisions, or any agency or instrumentality of the State or
its political subdivisions, for the benefit of its employees.
	 
	 	      	 	ERISA Plan. The Buyer is an employee benefit plan within the meaning of Title I of the
Employee Retirement Income Security Act of 1974.
	 
	 	      	 	Investment Advisor. The Buyer is an
investment advisor registered under the Investment Advisors Act of 1940.
	 
	 	      	 	Small Business Investment Company. Buyer is a small business investment company licensed by
the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment
Act of 1958.
	 
	 	      	 	Business Development Company. Buyer is a business development company as defined
in Section 202(a)(22) of the Investment Advisors Act of 1940.

	 	(iii)	 	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 agreement, (vii) securities owned but subject to a
repurchase agreement and (viii) currency, interest rate and commodity swaps.
	 
	 	(iv)	 	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

I-4

 

 

	 	 	 	subsidiary of another enterprise and the Buyer is not itself a reporting company under the
Securities Exchange Act of 1934, as amended.
	 
	 	(v)	 	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.
	 
	 	(vi)	 	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 Transferee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:	 	 	 	 

I-5

 

 

 ANNEX 2 TO EXHIBIT I 

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:

	 	(i)	 	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.
	 
	 	(ii)	 	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 Buyer’s 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).

	 	(iii)	 	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).
	 
	 	(iv)	 	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

I-6

 

 

	 	 	 	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 agreement, (vi) securities owned but subject to a repurchase agreement and (vii)
currency, interest rate and commodity swaps.
	 
	 	(v)	 	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.
	 
	 	(vi)	 	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 Transferee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	IF AN ADVISER:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Print Name of Buyer	 	 
	 
	 	 	 	 	 	 
	 	 	Date:	 	 

I-7

 

 

EXHIBIT J

FORM OF REQUEST FOR RELEASE

(for Trust Administrator)

	 	 	 
	To:

	 	Wells Fargo Bank, N.A.
	 

	 	24 Executive Park, Suite 100
	 

	 	Irvine, California 92614

	 	 	 	 	 
	 

	 	Re:
	 	Pooling and Servicing Agreement among Fremont Mortgage Securities Corporation, as
Depositor, Fremont Investment & Loan, as Originator and Servicer, Wells Fargo Bank, N.A.,
as Master Servicer and Trust Administrator, and HSBC Bank USA, National Association, as
Trustee, Fremont Home Loan Trust, 2006-B

                    In connection with the administration of the Mortgage Loans held by you as the Trust
Administrator on behalf of the Certificateholders pursuant to the above-captioned Pooling and
Servicing Agreement, we request the release, and acknowledge receipt, of the Custodial File for the
Mortgage Loan described below, for the reason indicated. We also confirm that any Substitute
Mortgage Loan assigned to the Issuing Entity in connection with the substitution of the Mortgage
Loan described below will, on the date of such substitution, (i) have a Stated Principal Balance,
after deduction of the principal portion of the Scheduled Payment due in the month of substitution,
not in excess of the Stated Principal Balance of the Deleted Mortgage Loan; (ii) be accruing
interest at a rate no lower than and not more than 1.00% per annum higher than, that of the Deleted
Mortgage Loan; (iii) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan;
(iv) have a remaining term to maturity no greater than (and not more than one year less than that
of) the Deleted Mortgage Loan; and (v) comply with each representation and warranty set forth in
Section 2.03 of the above-captioned Pooling and Servicing Agreement. Any payments received in
connection with this Request for Release of documents have been or will be deposited into the
Collection Account for the benefit of the Issuing Entity.

Mortgage Loan Number:

Mortgagor’s Name, Address & Zip Code:

Reason for Requesting Documents (check one)

	 	 	 	 	 	 	 
	                    

	 	 	1.	 	 	Mortgage Paid in Full.
	 
	 	 	 	 	 	 
	                    

	 	 	2.	 	 	Foreclosure
	 
	 	 	 	 	 	 
	                    

	 	 	3.	 	 	Substitution
	 
	 	 	 	 	 	 
	                    

	 	 	4.	 	 	Other Liquidation (Repurchases, etc.)

J-1

 

 

	 	 	 	 	 	 	 
	                    

	 	 	5.	 	 	Nonliquidation Reason:

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Address to which Trust Administrator should Deliver the
Custodial File:
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	          (authorized signer)	 	 
	 
	 	 	 	 	 	 
	 

	 	Issuer:	 	 	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Date:	 	 

 Trust Administrator

Wells Fargo Bank, N.A.

Please acknowledge the execution of the above request by your signature and date below:

	 	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 
	Signature

	 	Date	 	 
	 
	 	 	 	 
	Documents returned to Trust Administrator:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Trust Administrator

	 	Date	 	 

J-2

 

 

EXHIBIT K

CONTENTS OF EACH MORTGAGE FILE

          With respect to each Mortgage Loan, the Mortgage File shall include each of the following
items, which shall be available for inspection by the Purchaser and which shall be retained by the
Servicer or delivered to and retained by the Trust Administrator, as applicable:

	 	i.	 	The original Mortgage Note bearing all intervening endorsements, showing a complete chain
of endorsement from the originator to the last endorsee endorsed “Pay to the order of
                    , without recourse” and signed (which may be by facsimile signature) in the
name of the last endorsee by an authorized officer. To the extent that there is no room on
the face of the Mortgage Notes for endorsements, the endorsement may be contained on an
allonge, if state law so allows and the Trustee is so advised by the Originator that state
law so allows.
	 
	 	ii.	 	The original of any guaranty executed in connection with the Mortgage Note.
	 
	 	iii.	 	The original Mortgage with evidence of recording thereon or a certified true copy of such
Mortgage submitted for recording. If in connection with any Mortgage Loan, the Originator
cannot deliver or cause to be delivered the original Mortgage with evidence of recording
thereon on or prior to the Closing Date because of a delay caused by the public recording
office where such Mortgage has been delivered for recordation or because such Mortgage has
been lost or because such public recording office retains the original recorded Mortgage, the
Originator (to the extent that it has not previously delivered the same to the Purchaser or
the Trust Administrator) shall deliver or cause to be delivered to the Trustee, (1) a
photocopy of such Mortgage, certified by the Originator (or certified by the title company,
escrow agent, or closing attorney) to be a true and complete copy of such Mortgage dispatched
to the appropriate public recording office for recordation; and (2) upon receipt thereof by
the Originator, the original recorded Mortgage, or, in the case of a Mortgage where a public
recording office retains the original recorded Mortgage or in the case where a Mortgage is
lost after recordation in a public recording office, a copy of such Mortgage certified by
such public recording office to be a true and complete copy of the original recorded
Mortgage;
	 
	 	iv.	 	The originals of all assumption, modification, consolidation or extension agreements, with
evidence of recording thereon or a certified true copy of such agreement submitted for
recording.
	 
	 	v.	 	Except with respect to each MERS Designated Mortgage Loan, the original Assignment of
Mortgage for each Mortgage Loan endorsed in blank and in recordable form.

K-1

 

	 	vi.	 	The originals of all intervening Assignments of Mortgage (if any) evidencing a complete
chain of assignment from the applicable originator (or MERS with respect to each MERS
Designated Mortgage Loan) to the last endorsee with evidence of recording thereon, or if
any such intervening assignment has not been returned from the applicable recording office
or has been lost or if such public recording office retains the original recorded
Assignments of Mortgage, the Originator (to the extent that it has not previously delivered
the same to the Purchaser or the Trust Administrator) shall deliver or cause to be
delivered to the Trust Administrator, (1) a photocopy of such intervening assignment,
certified by the Originator (or certified by the title company, escrow agent, or closing
attorney) to be a complete copy of such intervening Assignment of Mortgage dispatched to
the appropriate public recording office for recordation upon receipt thereof by the
Originator, and (2) the original recorded intervening assignment or in the case where an
intervening assignment is lost after recordation in a public recording office, a copy of
such intervening assignment certified by such public recording office to be a true and
complete copy of the original recorded intervening assignment;
	 
	 	vii.	 	The original mortgagee title insurance policy or attorney’s opinion of title and abstract
of title or, in the event such original title policy is unavailable, a certified true copy of
the related policy binder or commitment for title certified to be true and complete by the
title insurance company.
	 
	 	viii.	 	The original of any security agreement, chattel mortgage or equivalent document executed in
connection with the Mortgage (if provided).
	 
	 	ix.	 	Residential loan application.
	 
	 	x.	 	Mortgage Loan closing statement.
	 
	 	xi.	 	Verification of employment and income, if applicable.
	 
	 	xii.	 	Verification of acceptable evidence of source and amount of down payment.
	 
	 	xiii.	 	Credit report on Mortgagor.
	 
	 	xiv.	 	Residential appraisal report.
	 
	 	xv.	 	Photograph of the Mortgaged Property.
	 
	 	xvi.	 	Survey of the Mortgaged Property.
	 
	 	xvii.	 	Copy of each instrument necessary to complete identification of any exception
set forth in the exception schedule in the title policy, i.e., map or plat, restrictions,
easements, sewer agreements, home association declarations, etc.
	 
	 	xviii.	 	All required disclosure statements.

K-2

 

	 	xix.	 	If required in an appraisal, termite report, structural engineer’s report,
water potability and septic certification.
	 
	 	xx.	 	Sales contract, if applicable.
	 
	 	xxi.	 	Original powers of attorney, if applicable, with evidence of recording thereon, if required.

Evidence of payment of taxes and insurance, insurance claim files, correspondence, current and
historical computerized data files (which include records of tax receipts and payment history from
the date of origination), and all other processing, underwriting and closing papers and records
which are customarily contained in a mortgage loan file and which are required to document the
Mortgage Loan or to service the Mortgage Loan.

K-3

 

EXHIBIT L

POWER OF ATTORNEY

Record and Return to:

Fremont Investment & Loan

2727 East Imperial Highway

Brea, California 92821

LIMITED POWER OF ATTORNEY

               This Limited Power of Attorney is made as of                      by HSBC Bank USA, National
Association, having an office at                                          (the “Trustee”) as Trustee for the
Fremont Home Loan Trust 2006-B (the “Trust”), in favor of Fremont Investment & Loan, a California
industrial bank, having an office at 2727 East Imperial Highway, Brea, California 92821
(“Servicer”).

               WHEREAS, the Trustee and Servicer have executed and delivered a certain Pooling and Servicing
Agreement dated as of August 1, 2006 (the “Pooling and Servicing Agreement”), pursuant to which the
Trustee and Servicer agreed to certain terms governing the servicing of single family mortgage
loans (“Mortgage Loans”) by Servicer on behalf of the Trustee; and

               WHEREAS, the Trustee and Servicer desire that the Trustee execute and deliver this Limited
Power of Attorney in order to facilitate the servicing of the Mortgage Loans by Servicer; and

               NOW THEREFORE, the Trustee does hereby appoint, subject to and in accordance with the Pooling
and Servicing Agreement, Servicer, as its attorney-in-fact, in its name, place and stead:

	1.	 	To execute all documents necessary to satisfy or discharge “security instruments” and “notes”
upon receipt of all principal, interest and other payments called for in the related lien
documents;
	 
	2.	 	To take such actions as are necessary and appropriate to pursue, prosecute and defend
foreclosures (or other comparable conversions to Trusteeship), ejectments, evictions,
bankruptcies, suits and other related matters with respect to “Mortgaged Properties” (as
defined in the Pooling and Servicing Agreement), in accordance with the Pooling and Servicing
Agreement;
	 
	3.	 	To execute all deeds, deeds to secure debt, assignments, transfers, tax declarations,
certificates, pledges and any other documents or instruments whatsoever which are necessary,
appropriate, or required in order to transfer and assign Mortgaged Properties

L-1

 

	 	 	acquired by the Trustee on behalf of the Trust either by foreclosure or by deed in lieu of
foreclosure and any such deed to be without recourse;
	 
	4.	 	To endorse checks, notes, drafts and other evidences of payment made payable to the Trustee
on behalf of the Trust, representing payments on accounts in the name of the Trustee on behalf
of the Trust.
	 
	5.	 	To execute subordination agreements affecting the lien priority of the Security Instruments.
	 
	6.	 	To take such further actions as are deemed necessary or desirable to service, administer, and
enforce the terms of said Mortgage Loans in accordance with the Pooling and Servicing
Agreement; and

               Until a properly executed revocation of this Limited Power of Attorney is duly executed and
delivered, all parties dealing with said attorney-in-fact (individually or collectively) in
connection with the above described matters may fully rely upon the power and authority of said
attorney-in-fact to act for and on behalf of the undersigned, and in its name, place and stead, and
may accept and rely on all documents and agreements entered into by said attorney-in-fact pursuant
to the powers listed herein.

               As between the Trustee and Servicer, this Limited Power of Attorney shall be effective as
                     and shall remain in full force and effect thereafter until a written notice of
revocation hereof shall have been executed by the Trustee. The expiration or revocation of the
period of agency hereunder shall in no wise affect the validity of any actions of said
Attorney-In-Fact during said period. This Limited Power of Attorney is not intended to modify or
expand the rights and obligations of Servicer as set forth in the Pooling and Servicing Agreement.

               Nothing in this Limited Power of Attorney shall be construed to prevent the Trustee from
acting on its behalf as the Trustee of the Mortgage Loans.

               IN WITNESS WHEREOF, the Trustee has caused this Limited Power of Attorney to be signed and
executed as its seal hereto affixed in its name by its proper officer thereunto duly authorized on
the ___day of                     , [200___].

	 	 	 	 	 	 	 
	 	 	[                                                                                ]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

L-2

 

                                                            

                   Witness

                                                            

                   Witness

	 	 	 	 	 	 	 	 	 
	State of

	 	[
	 	 	 	]:	 	 
	 

	 	 	 	 	 	 	 	 
	County of

	 	[
	 	 	 	]:	 	 
	 

	 	 	 	 	 	 	 	 

               On this, the ___day of                     , [200_], before me, a Notary Public in and for said
County and State, personally appeared,                                         , personally known to me (or proved on
the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the
within instrument and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s),
or the entity upon behalf of which the person(s) acted, executed the instrument.

WITNESS my hand and official seal

                                             

          Notary Signature

My Commission Expires on                                         .

L-3

 

EXHIBIT M

FORM OF TRUST ADMINISTRATOR CERTIFICATION

	 	 	 	 	 
	 

	 	Re:
	 	Fremont Home Loan Trust 2006-B (the “Trust”) Mortgage-Backed Certificates, Series 2006-B,
issued pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2006 (the “Pooling
and Servicing Agreement”), among Fremont Mortgage Securities Corporation, as depositor (the
“Depositor”), Fremont Investment & Loan, as originator and servicer (“Fremont”), Wells Fargo Bank,
N.A., as master servicer and trust administrator (the “Master Servicer” and “Trust Administrator”
in such capacities, respectively), and HSBC Bank USA, National Association, as trustee (the
“Trustee”)

          I, [identify the certifying individual], a [title] of Wells Fargo Bank, N.A., as Trust
Administrator of the Trust, hereby certify to Fremont Mortgage Securities Corporation (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 8-K containing distribution reports filed in respect of periods included in the year covered
by that annual report, relating to the above-referenced trust;

          2. Based on my knowledge, the information in these distribution reports prepared by the Trust
Administrator, 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 last day of the period covered by that
annual report; and

          3. Based on my knowledge, the distribution information required to be provided by the Trust
Administrator under the Pooling and Servicing Agreement is included in these reports.

Date:                                         

	 	 	 	 	 	 	 
	 	 	Wells Fargo Bank, N.A., as Trust Administrator	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	[Signature]	 	 
	 

	 	 	 	[Title]	 	 

M-1

 

EXHIBIT N

[Reserved]

N-1

 

EXHIBIT O

PURCHASE AGREEMENT

[On File With The Depositor]

O-1

 

EXHIBIT P

APPENDIX E OF THE STANDARD & POOR’S GLOSSARY FOR

FILE FORMAT FOR LEVELS® VERSION 5.7 REVISED

Revised [July 11, 2005]

(Appendix begins on the following page)

P-2

 

APPENDIX E – Standard & Poor’s Predatory Lending Categories

Standard & Poor’s has categorized loans governed by anti-predatory lending laws in the
Jurisdictions listed below into three categories based upon a combination of factors that include
(a) the risk exposure associated with the assignee liability and (b) the tests and thresholds set
forth in those laws. Note that certain loans classified by the relevant statute as Covered are
included in Standard & Poor’s High Cost Loan Category because they included thresholds and tests
that are typical of what is generally considered High Cost by the industry.

Standard & Poor’s High Cost Loan Categorization

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	Arkansas

	 	Arkansas Home Loan Protection
Act, Ark. Code Ann. §§ 23-53-101
et seq.

Effective July 16, 2003
	 	High Cost Home Loan
	 
	 	 	 	 
	Cleveland Heights, OH

	 	Ordinance No. 72-2003 (PSH),
Mun. Code §§ 757.01 et seq.

Effective June 2, 2003
	 	Covered Loan
	 
	 	 	 	 
	Colorado

	 	Consumer Equity Protection, Colo.
Stat. Ann. §§ 5-3.5-101 et seq.

Effective for covered loans offered
or entered into on or after January 1,
2003. Other provisions of the Act
took effect on June 7, 2002
	 	Covered Loan
	 
	 	 	 	 
	Connecticut

	 	Connecticut Abusive Home Loan
Lending Practices Act, Conn. Gen.
Stat. §§ 36a-746 et seq.

Effective October 1, 2001
	 	High Cost Home Loan
	 
	 	 	 	 
	District of Columbia

	 	Home Loan Protection Act, D.C.
Code §§ 26-1151.01 et seq.

Effective for loans closed on or after
January 28, 2003
	 	Covered Loan
	 
	 	 	 	 
	Florida

	 	Fair Lending Act, Fla. Stat. Ann. §§
494.0078 et seq.

Effective October 2, 2002
	 	High Cost Home Loan

P-3

 

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	Georgia (Oct. 1, 2002 –

Mar. 6, 2003)

	 	Georgia Fair Lending Act, Ga. Code

Ann. §§ 7-6A-1 et seq.
	 	High Cost Home Loan

Standard & Poor’s High Cost Loan Categorization

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	 

	 	Effective October 1, 2002 – March
6, 2003	 	 
	 
	 	 	 	 
	Georgia as amended
(Mar. 7, 2003 –
current)

	 	Georgia Fair Lending Act, Ga. Code
Ann. §§ 7-6A-1 et seq.

Effective for loans closed on or after
March 7, 2003
	 	High Cost Home Loan
	 
	 	 	 	 
	HOEPA Section 32

	 	Home Ownership and Equity
Protection Act of 1994, 15 U.S.C. §
1639, 12 C.F.R. §§ 226.32 and
226.34

Effective October 1, 1995,
amendments October 1, 2002
	 	High Cost Loan
	 
	 	 	 	 
	Illinois

	 	High Risk Home Loan Act, Ill.
Comp. Stat. tit. 815, §§ 137/5 et seq.

Effective January 1, 2004 (prior to
this date, regulations under
Residential Mortgage License Act
effective from May 14, 2001)
	 	High Risk Home Loan
	 
	 	 	 	 
	Kansas

	 	Consumer Credit Code, Kan. Stat.
Ann. §§ 16a-1-101 et seq.

Sections 16a-1-301 and 16a-3-207
became effective April 14, 1999;
Section 16a-3-308a became
effective July 1, 1999
	 	High Loan to Value
Consumer Loan (id. §
16a-3-207) and;

High APR Consumer
Loan (id. § 16a-3-308a)
	 
	 	 	 	 
	Kentucky

	 	2003 KY H.B. 287 – High Cost
Home Loan Act, Ky. Rev. Stat. §§
360.100 et seq.

Effective June 24, 2003
	 	High Cost Home Loan
	 
	 	 	 	 
	Maine

	 	Truth in Lending, Me. Rev. Stat. tit.
9-A, §§ 8-101 et seq.

Effective September 29, 1995 and
	 	High Rate High Fee

Mortgage

P-4

 

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	 

	 	as amended from time to time	 	 
	 
	 	 	 	 
	Massachusetts

	 	Part 40 and Part 32, 209 C.M.R. §§
32.00 et seq. and 209 C.M.R. §§
40.01 et seq.
	 	High Cost Home Loan

Standard & Poor’s High Cost Loan Categorization

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	 

	 	Effective March 22, 2001 and
amended from time to time	 	 
	 
	 	 	 	 
	Nevada

	 	Assembly Bill No. 284, Nev. Rev.
Stat. §§ 598D.010 et seq.

Effective October 1, 2003
	 	Home Loan
	 
	 	 	 	 
	New Jersey

	 	New Jersey Home Ownership
Security Act of 2002, N.J. Rev. Stat.
§§ 46:10B-22 et seq.

Effective for loans closed on or after
November 27, 2003
	 	High Cost Home Loan
	 
	 	 	 	 
	New Mexico

	 	Home Loan Protection Act, N.M.
Rev. Stat. §§ 58-21A-1 et seq.

Effective as of January 1, 2004;

Revised as of February 26, 2004
	 	High Cost Home Loan
	 
	 	 	 	 
	New York

	 	N.Y. Banking Law Article 6-l

Effective for applications made on
or after April 1, 2003
	 	High Cost Home Loan
	 
	 	 	 	 
	North Carolina

	 	Restrictions and Limitations on
High Cost Home Loans, N.C. Gen.
Stat. §§ 24-1.1E et seq.

Effective July 1, 2000; amended
October 1, 2003 (adding open-end
lines of credit)
	 	High Cost Home Loan
	 
	 	 	 	 
	Ohio

	 	H.B. 386 (codified in various
sections of the Ohio Code), Ohio
Rev. Code Ann. §§ 1349.25 et seq.

Effective May 24, 2002
	 	Covered Loan

P-5

 

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	Oklahoma

	 	Consumer Credit Code (codified in
various sections of Title 14A)

Effective July 1, 2000; amended
effective January 1, 2004
	 	Subsection 10 Mortgage
	 
	 	 	 	 
	South Carolina

	 	South Carolina High Cost and
Consumer Home Loans Act, S.C.
Code
	 	High Cost Home Loan
	

Standard & Poor’s High Cost Loan Categorization

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	 

	 	Ann. §§ 37-23-10 et seq.

Effective for loans taken on or after
January 1, 2004	 	 
	 
	 	 	 	 
	West Virginia

	 	West Virginia Residential Mortgage
Lender, Broker and Servicer Act,
W. Va. Code Ann. §§ 31-17-1 et seq.

Effective June 5, 2002
	 	West Virginia Mortgage

Loan Act Loan
	

Standard & Poor’s Covered Loan Categorization

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	Georgia (Oct. 1, 2002
– Mar. 6, 2003)

	 	Georgia Fair Lending Act, Ga. Code
Ann. §§ 7-6A-1 et seq.

Effective October 1, 2002 – March
6, 2003
	 	Covered Loan
	 
	 	 	 	 
	New Jersey

	 	New Jersey Home Ownership
Security Act of 2002, N.J. Rev. Stat.
§§ 46:10B-22 et seq.

Effective November 27, 2003 – July
5, 2004
	 	Covered Home Loan

P-6

 

Standard & Poor’s Home Loan Categorization

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	Georgia (Oct. 1, 2002
– Mar. 6, 2003)

	 	Georgia Fair Lending Act, Ga. Code
Ann. §§ 7-6A-1 et seq.

Effective October 1, 2002 – March
6, 2003
	 	Home Loan
	 
	 	 	 	 
	New Jersey

	 	New Jersey Home Ownership

Security
	 	Home Loan
	
Standard & Poor’s Home Loan Categorization

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	 

	 	Act of 2002, N.J. Rev. Stat. §§
46:10B-22 et seq.

Effective for loans closed on or after
November 27, 2003	 	 
	 
	 	 	 	 
	New Mexico

	 	Home Loan Protection Act, N.M.
Rev. Stat. §§ 58-21A-1 et seq.

Effective as of January 1, 2004;

Revised as of February 26, 2004
	 	Home Loan
	 
	 	 	 	 
	North Carolina

	 	Restrictions and Limitations on High
Cost Home Loans, N.C. Gen. Stat.
§§ 24-1.1E et seq.

Effective July 1, 2000; amended
October 1, 2003 (adding open-end
lines of credit)
	 	Consumer Home Loan
	 
	 	 	 	 
	South Carolina

	 	South Carolina High Cost and
Consumer Home Loans Act, S.C.
Code Ann. §§ 37-23-10 et seq.

Effective for loans taken on or after
January 1, 2004
	 	Consumer Home Loan

P-7

 

EXHIBIT Q

FORM OF CALCULATION OF REALIZED LOSS

[Begins on the following page.]

R-1

 

Wells Fargo Bank, N.A.

Form 332

Calculation of Realized Loss

Purpose

To provide the Servicer with a form for the calculation of any Realized Loss (or gain) as a
result of a Mortgage Loan having been foreclosed and liquidated.

Distribution 

The Servicer will prepare the form in duplicate and send the original together with
evidence of conveyance of title and appropriate supporting documentation to the Master Servicer
with the Monthly Accounting Reports which supports the Mortgage Loan’s removal from the Mortgage
Loan Activity Report. The Servicer will retain the duplicate for its own records.

Due Date 

With respect to any Liquidated Mortgage Loan, the form will be submitted to the Master
Servicer no later than the date on which statements are due to the Master Servicer under Section
4.03 of this Agreement (the “Statement Date”) in the month following receipt of final liquidation
proceeds and supporting documentation relating to such liquidated Mortgage Loan; provided, that if
such Statement Date is not at least 30 days after receipt of final liquidation proceeds and
supporting documentation relating to such liquidated Mortgage Loan, then the form will be submitted
on the first Statement Date occurring after the 30th day following receipt of final liquidation
proceeds and supporting documentation.

Preparation Instructions 

The numbers on the form correspond with the numbers listed below.

	1.	 	The actual Unpaid Principal Balance of the Mortgage Loan.
	 
	2.	 	The Total Interest Due less the aggregate amount of servicing fee that would have been
earned if all delinquent payments had been made as agreed.
	 
	     3-7.	 	 Complete as necessary. All line entries must be supported by copies of appropriate
statements, vouchers, receipts, canceled checks, etc., to document the expense. Entries not
properly documented will not be reimbursed to the Servicer.
	 
	8.	 	Accrued Servicing Fees based upon the Scheduled Principal Balance of the Mortgage Loan as
calculated on a monthly basis.
	 
	10.	 	The total of lines 1 through 9.

Credits 

	11-17.	 	Complete as necessary. All line entries must be supported by copies of the
appropriate claims forms, statements, payment checks, etc. to document the credit. If the
Mortgage
Loan is subject to a Bankruptcy Deficiency, the difference between the Unpaid Principal
Balance of the Note prior to the Bankruptcy Deficiency and the Unpaid Principal Balance as
reduced by the Bankruptcy Deficiency should be input on line 16.
	 
	18.	 	The total of lines 11 through 17.

Total Realized Loss (or Amount of Any Gain) 

	      19.	 	The total derived from subtracting line 18 from 10. If the amount represents a realized
gain, show the amount in parentheses ( ).

R-2

 

Wells Fargo Bank, N.A.

CALCULATION OF REALIZED LOSS

Wells Fargo Bank, N.A. Trust:

Prepared by:                                                                        Date:       
                                 

Phone:                                         

	 	 	 	 	 
	Servicer Loan No.

	 	Servicer Name
	 	Servicer Address

Wells Fargo Bank, N.A.

Loan No.                                        

Borrower’s Name:                                        

Property

Address:                                                            

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Liquidation and Acquisition Expenses:
	 	 	 	 	 	 	 	 	 	 	 	 
	Actual Unpaid Principal Balance of Mortgage Loan
	 	$	 	 	 	 	 	 	 	 	(1	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Interest accrued at Net Rate
	 	 	 	 	 	 	 	 	 	 	(2	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Attorney’s Fees
	 	 	 	 	 	 	 	 	 	 	(3	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Taxes
	 	 	 	 	 	 	 	 	 	 	(4	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Property Maintenance
	 	 	 	 	 	 	 	 	 	 	(5	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	MI/Hazard Insurance Premiums
	 	 	 	 	 	 	 	 	 	 	(6	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Hazard Loss Expenses
	 	 	 	 	 	 	 	 	 	 	(7	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Accrued Servicing Fees
	 	 	 	 	 	 	 	 	 	 	(8	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Other (itemize)
	 	 	 	 	 	 	 	 	 	 	(9	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	$	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	Total Expenses
	 	$	 	 	 	 	 	 	 	 	(10	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Credits :
	 	 	 	 	 	 	 	 	 	 	 	 
	Escrow Balance
	 	$	 	 	 	 	 	 	 	 	(11	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	HIP Refund
	 	 	 	 	 	 	 	 	 	 	(12	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Rental Receipts
	 	 	 	 	 	 	 	 	 	 	(13	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Hazard Loss Proceeds
	 	 	 	 	 	 	 	 	 	 	(14	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Primary Mortgage Insurance Proceeds
	 	 	 	 	 	 	 	 	 	 	(15	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Proceeds from Sale of Acquired Property
	 	 	 	 	 	 	 	 	 	 	(16	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Other (itemize)
	 	 	 	 	 	 	 	 	 	 	(17	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	Total Credits
	 	$	 	 	 	 	 	 	 	 	(18	)
	 
	 	 	 	 	 	 	 	 	 	 	 
	Total Realized Loss (or Amount of Gain)
	 	$	 	 	 	 	 	 	 	 	(19	)
	 
	 	 	 	 	 	 	 	 	 	 	 

R-3

 

EXHIBIT R

RELEVANT SERVICING CRITERIA

Servicing
Criteria to be Addressed in Assessment of Compliance

The assessment of compliance to be delivered by the parties named below shall address, at a
minimum, the criteria identified below for such party:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	MASTER
	 	 	 	 	 	 	SERVICER,
	 	 	 	 	 	 	TRUST
	 	 	 	 	PRIMARY	 	ADMIN.,
	 	 	SERVICING CRITERIA	 	SERVICER	 	CUSTODIAN
	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.
	 	X
	 	X
	 
	 	 	 	 	 	 
	1122(d)(1)(ii)

	 	If any material servicing activities are outsourced to third parties, policies and
procedures are instituted to monitor the third party’s performance and compliance
with such servicing activities.
	 	X
	 	X
	 
	 	 	 	 	 	 
	1122(d)(1)(iii)

	 	Any requirements in the transaction agreements to maintain a back-up servicer for the
mortgage loans 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 mortgage loans 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
	 
	 	 	 	 	 	 
	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
	 
	 	 	 	 	 	 
	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 overcollateralization, are separately maintained (e.g., with
respect to commingling of cash) as set forth in the transaction agreements.
	 	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
	 
	 	 	 	 	 	 
	1122(d)(2)(vi)

	 	Unissued checks are safeguarded so as to prevent unauthorized access.
	 	X
	 	X

R-1

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	MASTER
	 	 	 	 	 	 	SERVICER,
	 	 	 	 	 	 	TRUST
	 	 	 	 	PRIMARY	 	ADMIN.,
	 	 	SERVICING CRITERIA	 	SERVICER	 	CUSTODIAN
	Reference	 	Criteria	 	 	 	 
	 
	 	 	 	 	 	 
	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
	 
	 	 	 	 	 	 
	 

	 	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 mortgage loans serviced by the Servicer.
	 	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
	 
	 	 	 	 	 	 
	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
	 
	 	 	 	 	 	 
	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
	 
	 	 	 	 	 	 
	 

	 	Pool Asset Administration	 	 	 	 
	 
	 	 	 	 	 	 
	1122(d)(4)(i)

	 	Collateral or security on mortgage loans is maintained as required by the transaction
agreements or related mortgage loan documents.
	 	X
	 	X
	 
	 	 	 	 	 	 
	1122(d)(4)(ii)

	 	Mortgage loan and related documents are safeguarded as required by the transaction
agreements
	 	X
	 	X
	 
	 	 	 	 	 	 
	1122(d)(4)(iii)

	 	Any additions, removals or substitutions to the asset pool are made, reviewed and
approved in accordance with any conditions or requirements in the transaction
agreements.
	 	X	 	 
	 
	 	 	 	 	 	 
	1122(d)(4)(iv)

	 	Payments on mortgage loans, including any payoffs, made in accordance with the
related mortgage loan 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 mortgage loan documents.
	 	X	 	 
	 
	 	 	 	 	 	 
	1122(d)(4)(v)

	 	The Servicer’s records regarding the mortgage loans 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 mortgage loans (e.g., loan
modifications or re-agings) are made, reviewed and approved by authorized
personnel in accordance with the transaction agreements and related pool asset
documents.
	 	X	 	 
	 
	 	 	 	 	 	 
	1122(d)(4)(vii)

	 	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds
in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated,
conducted and concluded in accordance with the timeframes or other requirements
established by the transaction agreements.
	 	X	 	 

R-2

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	MASTER
	 	 	 	 	 	 	SERVICER,
	 	 	 	 	 	 	TRUST
	 	 	 	 	PRIMARY	 	ADMIN.,
	 	 	SERVICING CRITERIA	 	SERVICER	 	CUSTODIAN
	Reference	 	Criteria	 	 	 	 
	 
	 	 	 	 	 	 
	1122(d)(4)(viii)

	 	Records documenting collection efforts are maintained during the period a mortgage
loan 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
mortgage loans 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 mortgage loans with variable rates
are computed based on the related mortgage loan documents.
	 	X	 	 
	 
	 	 	 	 	 	 
	1122(d)(4)(x)

	 	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such
funds are analyzed, in accordance with the obligor’s mortgage loan 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
mortgage loan documents and state laws; and (C) such funds are returned to the
obligor within 30 calendar days of full repayment of the related mortgage loans, 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

R-3

 

EXHIBIT S

Additional Form 10-D Disclosure

ADDITIONAL FORM 10-D DISCLOSURE

	 	 	 
	Item on Form 10-D	 	Party Responsible
	Item 1: Distribution and Pool
Performance Information
	 	 
	 
	 	 
	Information included in the monthly statement

	 	Servicer
	 

	 	Master Servicer
	 

	 	Trust Administrator
	 
	 	 
	Any information required by 1121 which is NOT
included on the monthly statement

	 	Depositor
	 
	 	 
	Item 2: Legal Proceedings
	 	 
	 
	 	 
	Any legal proceeding pending against the
following entities or their respective property,
that is material to Certificateholders, including
any proceedings known to be contemplated by
governmental authorities:
	 	 
	 
	 	 
	§ Issuing Entity (Trust Fund)

	 	Trustee, Master Servicer, Trust Administrator and
Depositor
	 
	 	 
	§ Sponsor (Seller)

	 	Seller (if a party to the Pooling and Servicing
	 

	 	Agreement) or Depositor
	§ Depositor

	 	Depositor
	§ Trustee

	 	Trustee
	§ Trust Administrator

	 	Trust Administrator
	§ Master Servicer

	 	Master Servicer
	§ Custodian

	 	Custodian
	§ 1110(b) Originator

	 	Depositor
	§ Any 1108(a)(2) Servicer (other than the Master

	 	Servicer
	Servicer or Trust Administrator)
	 	 
	§ Any other party contemplated by 1100(d)(1)

	 	Depositor
	 
	 	 
	Item 3: Sale of Securities and Use of Proceeds

	 	Depositor
	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
	 	 

S-1

 

ADDITIONAL FORM 10-D DISCLOSURE

	 	 	 
	Item on Form 10-D 	 	Party Responsible
	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.
	 	 
	 
	 	 
	Item 4: Defaults Upon Senior Securities

	 	Trust Administrator
	 

	 	Trustee
	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)
	 	 
	 
	 	 
	Item 5: Submission of Matters to a Vote
of Security Holders

	 	Trust Administrator

Trustee
	 
	 	 
	Information from Item 4 of Part II of Form 10-Q
	 	 
	 
	 	 
	Item 6: Significant Obligors of Pool
Assets

	 	Depositor
	 
	 	 
	Item 1112(b)
— Significant Obligor Financial Information*
	 	 
	 
	 	 
	*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.
	 	 
	 
	 	 
	Item 7: Significant Enhancement
Provider Information
	 	 
	 
	 	 
	Item 1114(b)(2) — Credit Enhancement Provider Financial Information*
	 	 
	 
	 	 
	§ Determining applicable disclosure threshold

	 	Depositor
	§ Requesting required financial information
(including any required accountants’ consent to
the use thereof) or effecting incorporation by
reference

	 	Depositor
	 
	 	 
	Item 1115(b) — Derivative Counterparty
Financial Information*
	 	 
	 
	 	 
	§ Determining current maximum probable
exposure

	 	Depositor
	§ Determining current significance percentage

	 	Depositor
	§ Requesting required financial information
(including any required accountants’ consent to
the use thereof) or effecting incorporation by
reference

	 	Depositor

S-2

 

ADDITIONAL FORM 10-D DISCLOSURE

	 	 	 
	Item on Form 10-D	 	Party Responsible
	*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.
	 	 
	 
	 	 
	Item 8: Other Information

	 	Any party responsible for the applicable Form 8-K Disclosure item
	Disclose any information required to be reported
on Form 8-K during the period covered by the
Form 10-D but not reported
	 	 
	 
	 	 
	Item 9: Exhibits
	 	 
	Monthly Statement to Certificateholders

	 	Trust Administrator
	Exhibits required by Item 601 of Regulation S-K,
such as material agreements

	 	Depositor

S-3

 

EXHIBIT T

Additional Form 10-K Disclosure

ADDITIONAL FORM 10-K DISCLOSURE

	 	 	 
	Item on Form 10-K	 	Party Responsible
	Item 1B: Unresolved Staff Comments

	 	Depositor
	 
	 	 
	Item 9B: Other Information

	 	Any party responsible for disclosure items on
	Disclose any information required to be reported
on Form 8-K during the fourth quarter covered
by the Form 10-K but not reported

	 	Form 8-K
	 
	 	 
	Item 15: Exhibits, Financial Statement
Schedules

	 	Trust Administrator

Depositor
	 
	 	 
	Reg AB Item 1112(b): Significant
Obligors of Pool Assets
	 	 
	Significant Obligor Financial Information*

	 	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
Item.
	 	 
	 
	 	 
	Reg AB Item 1114(b)(2): Credit
Enhancement Provider Financial
Information
	 	 
	§ Determining applicable disclosure threshold

	 	Depositor
	§ Requesting required financial information
(including any required accountants’ consent to
the use thereof) or effecting incorporation by
reference

	 	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.
	 	 
	 
	 	 
	Reg AB Item 1115(b): Derivative
Counterparty Financial Information
	 	 
	§ Determining current maximum probable
exposure

	 	Depositor
	§ Determining current significance percentage

	 	Depositor
	§ Requesting required financial information
(including any required accountants’ consent to
the use thereof) or effecting incorporation by
reference

	 	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.
	 	 

T-1

 

ADDITIONAL FORM 10-K DISCLOSURE

	 	 	 
	Item on Form 10- K 
	 	Party Responsible
	Reg AB Item 1117: Legal Proceedings
	 	 
	 
	 	 
	Any legal proceeding pending against the
following entities or their respective property,
that is material to Certificateholders, including
any proceedings known to be contemplated by
governmental authorities:
	 	 
	 
	 	 
	§ Issuing Entity (Trust Fund)

	 	Trustee, Master Servicer, Trust Administrator and
Depositor
	§ Sponsor (Seller)

	 	Seller (if a party to the Pooling and Servicing
Agreement) or Depositor
	§ Depositor

	 	Depositor
	§Trustee

	 	Depositor/Trustee
	§ Trust Administrator

	 	Trust Administrator
	§ Master Servicer

	 	Master Servicer
	§ Custodian

	 	Custodian
	§ 1110(b) Originator

	 	Depositor
	§ Any 1108(a)(2) Servicer (other than the Master
Servicer or Trust Administrator)

	 	Servicer
	§ Any other party contemplated by 1100(d)(1)

	 	Depositor
	 
	 	 
	Reg AB Item 1119: Affiliations and
Relationships
	 	 
	 
	 	 
	Whether (a) the Sponsor (Seller), Depositor or
Issuing Entity is an affiliate of the following
parties, and (b) to the extent known and material,
any of the following parties are affiliated with
one another:

	 	Depositor as to (a)

Sponsor/Seller as to (a)
	 
	 	 
	§ Master Servicer

	 	Master Servicer
	§ Trust Administrator

	 	Trust Administrator
	§ Trustee

	 	Trustee
	§ Any other 1108(a)(3) servicer

	 	Servicer
	§ Any 1110 Originator

	 	Depositor/Sponsor
	§ Any 1112(b) Significant Obligor

	 	Depositor/Sponsor
	§ Any 1114 Credit Enhancement Provider

	 	Depositor/Sponsor
	§ Any 1115 Derivate Counterparty Provider

	 	Depositor/Sponsor
	§ Any other 1101(d)(1) material party

	 	Depositor/Sponsor

T-2

 

ADDITIONAL FORM 10-K DISCLOSURE

	 	 	 
	Item on Form 10-K	 	Party Responsible
	Whether there are any “outside the ordinary
course business arrangements” other than would
be obtained in an arm’s length transaction
between (a) the Sponsor (Seller), Depositor or
Issuing Entity on the one hand, and (b) any of the
following parties (or their affiliates) on the other
hand, that exist currently or within the past two
years and that are material to a
Certificateholder’s understanding of the
Certificates:

	 	Depositor as to (a)

Sponsor/Seller as to (a)
	 
	 	 
	§ Master Servicer

	 	Master Servicer
	§ Trust Administrator

	 	Trust Administrator
	§ Trustee

	 	Depositor/Sponsor
	§ Any other 1108(a)(3) servicer

	 	Servicer
	§ Any 1110 Originator

	 	Depositor/Sponsor
	§ Any 1112(b) Significant Obligor

	 	Depositor/Sponsor
	§ Any 1114 Credit Enhancement Provider

	 	Depositor/Sponsor
	§ Any 1115 Derivate Counterparty Provider

	 	Depositor/Sponsor
	§ Any other 1101(d)(1) material party

	 	Depositor/Sponsor
	 
	 	 
	Whether there are any specific relationships
involving the transaction or the pool assets
between (a) the Sponsor (Seller), Depositor or
Issuing Entity on the one hand, and (b) any of the
following parties (or their affiliates) on the other
hand, that exist currently or within the past two
years and that are material:

	 	Depositor as to (a)

Sponsor/Seller as to (a)
	 
	 	 
	§ Master Servicer

	 	Master Servicer
	§ Trust Administrator

	 	Trust Administrator
	§ Trustee

	 	Depositor/Sponsor
	§ Any other 1108(a)(3) servicer

	 	Servicer
	§ Any 1110 Originator

	 	Depositor/Sponsor
	§ Any 1112(b) Significant Obligor

	 	Depositor/Sponsor
	§ Any 1114 Credit Enhancement Provider

	 	Depositor/Sponsor
	§ Any 1115 Derivate Counterparty Provider

	 	Depositor/Sponsor
	§ Any other 1101(d)(1) material party

	 	Depositor/Sponsor

T-3

 

EXHIBIT U

Form 8-K Disclosure Information

	 	 	 
	FORM
8-K DISCLOSURE INFORMATION
	Item on Form 8-K	 	Party Responsible
	Item 1.01- Entry into a Material Definitive
Agreement

	 	All parties
	 
	 	 
	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
	 	 
	 
	 	 
	Item 1.02- Termination of a Material
Definitive Agreement

	 	All parties
	 
	 	 
	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.
	 	 
	 
	 	 
	Item 1.03- Bankruptcy or Receivership

	 	Depositor
	 
	 	 
	Disclosure is required regarding the bankruptcy or
receivership, with respect to any of the following:
	 	 
	 
	 	 
	§  Sponsor (Seller)

	 	Depositor/Sponsor (Seller)
	§  Depositor

	 	Depositor
	§  Master Servicer

	 	Master Servicer
	§  Affiliated Servicer

	 	Servicer
	§  Other Servicer servicing 20% or more
of the pool
assets at the time of the report

	 	Servicer
	§  Other material servicers

	 	Servicer
	§  Trustee

	 	Trustee
	§  Trust Administrator

	 	Trust Administrator
	§  Significant Obligor

	 	Depositor
	§  Credit Enhancer (10% or more)

	 	Depositor
	§  Derivative Counterparty

	 	Depositor

U-1

 

	 	 	 
	FORM 8-K DISCLOSURE INFORMATION
	Item on Form 8-K	 	Party Responsible
	•  Custodian

	 	Custodian
	 
	 	 
	Item 2.04- Triggering Events that
Accelerate or Increase a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement

	 	Depositor

Master Servicer

Trust Administrator
	 
	 	 
	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
monthly statements to the certificateholders.
	 	 
	 
	 	 
	Item 3.03- Material Modification to Rights
of Security Holders

	 	Trust Administrator

Trustee

Depositor
	 
	 	 
	Disclosure is required of any material
modification to documents defining the rights of
Certificateholders, including the Pooling and
Servicing Agreement.
	 	 
	 
	 	 
	Item 5.03- Amendments of Articles of
Incorporation or Bylaws; Change of Fiscal
Year

	 	Depositor
	 
	 	 
	Disclosure is required of any amendment “to the
governing documents of the issuing entity”.
	 	 
	 
	 	 
	Item 6.01- ABS Informational and
Computational Material

	 	Depositor
	 
	 	 
	Item 6.02- Change of Servicer or
Securities Administrator

	 	Master Servicer/Trust Administrator/Depositor/

Servicer/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 or trustee.
	 	 
	 
	 	 
	Reg AB disclosure about any new servicer or
master servicer is also required.

	 	Servicer/Master Servicer/Depositor
	 
	 	 
	Reg AB disclosure about any new Trustee is also
required.

	 	Trustee

U-2

 

	 	 	 
	FORM
8-K DISCLOSURE INFORMATION
	Item on Form 8-K	 	Party Responsible
	Item 6.03- Change in Credit Enhancement
or External Support

	 	Depositor/Trust Administrator/Trustee
	 
	 	 
	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
	 
	 	 
	Item 6.04- Failure to Make a Required
Distribution

	 	Trust Administrator

Trustee
	 
	 	 
	Item 6.05- Securities Act Updating
Disclosure

	 	Depositor
	 
	 	 
	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.
	 	 
	 
	 	 
	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
	 
	 	 
	Item 7.01- Reg FD Disclosure

	 	All parties
	 
	 	 
	Item 8.01- Other Events

	 	Depositor
	 
	 	 
	Any event, with respect to which information is
not otherwise called for in Form 8-K, that the
registrant deems of importance to
certificateholders.
	 	 
	 
	 	 
	Item 9.01- Financial Statements and
Exhibits

	 	Responsible party for reporting/disclosing the

financial statement or exhibit

U-3

 

EXHIBIT V

Additional Disclosure Notification

Wells Fargo Bank, N.A. as Trust Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Fax: (410) 715-2380

E-mail: cts.sec.notifications@wellsfargo.com

Fremont Mortgage Securities Corporation, as Depositor

2727 East Imperial Highway

Brea, California 92821

Fax: (714) 279-7555

Attn: Corporate Trust Services — Fremont Home Loan Trust 2006-B-SEC REPORT PROCESSING

RE: **Additional Form [       ] Disclosure**Required

Ladies and Gentlemen:

     In accordance with Section 4.07 of the Pooling and Servicing Agreement, dated as of August 1,
2006, among Fremont Mortgage Securities Corporation, as Depositor, Fremont Investment & Loan, as
Originator and Servicer, Wells Fargo Bank, N.A., as Master Servicer and Trust Administrator, and
HSBC Bank USA, National Association, as Trustee. The Undersigned, as [       ], hereby notifies you that
certain events have come to our attention that [will][may] need to be disclosed on Form [       ].

Description of Additional Form [       ] Disclosure:

List of Any Attachments hereto to be included in the Additional Form [       ] Disclosure:

     Any inquiries related to this notification should be directed to [       ], phone number:
[       ]; email address: [       ].

	 	 	 
	 

	 	[NAME OF PARTY]
	 

	 	as [role]

V-1

 

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

V-2exv4w2

 

EXHIBIT
4.2

FREMONT MORTGAGE SECURITIES CORPORATION,

as Purchaser

and

FREMONT INVESTMENT & LOAN,

as Originator

MORTGAGE LOAN PURCHASE AGREEMENT

Dated as of August 1, 2006

Fixed-Rate and Adjustable-Rate Mortgage Loans

Fremont Home Loan Trust 2006-B,

Mortgage-Backed Certificates, Series 2006-B

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS AND SCHEDULES
	 	 	2	 
	 
	 	 	 	 
	Section 1.01. Definitions.
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE
	 	 	2	 
	 
	 	 	 	 
	Section 2.01. Sale of Mortgage Loans.
	 	 	2	 
	Section 2.02. Obligations of the Originator Upon Sale.
	 	 	3	 
	Section 2.03. Payment of Purchase Price for the Mortgage Loans.
	 	 	4	 
	 
	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES; REMEDIES FOR BREACH
	 	 	4	 
	 
	 	 	 	 
	Section 3.01. Originator’s Representations and Warranties Relating to the
Mortgage Loans.
	 	 	4	 
	Section 3.02. Additional Originator’s Representations and Warranties.
	 	 	4	 
	Section 3.03. Remedies for Breach of Representations and Warranties.
	 	 	7	 
	 
	 	 	 	 
	ARTICLE IV ORIGINATOR’S COVENANTS
	 	 	10	 
	 
	 	 	 	 
	Section 4.01. Covenants of the Originator.
	 	 	10	 
	 
	 	 	 	 
	ARTICLE V INDEMNIFICATION WITH RESPECT TO THE MORTGAGE LOANS
	 	 	10	 
	 
	 	 	 	 
	Section 5.01. Indemnification.
	 	 	10	 
	 
	 	 	 	 
	ARTICLE VI TERMINATION
	 	 	11	 
	 
	 	 	 	 
	Section 6.01. Termination.
	 	 	11	 
	 
	 	 	 	 
	ARTICLE VII MISCELLANEOUS PROVISIONS
	 	 	11	 
	 
	 	 	 	 
	Section 7.01. Amendment.
	 	 	11	 
	Section 7.02. Governing Law.
	 	 	11	 
	Section 7.03. Notices.
	 	 	11	 
	Section 7.04. Severability of Provisions.
	 	 	12	 
	Section 7.05. Counterparts.
	 	 	12	 
	Section 7.06. Further Agreements.
	 	 	12	 
	Section 7.07. Intention of the Parties.
	 	 	13	 
	Section 7.08. Successors and Assigns: Assignment of Purchase Agreemen.
	 	 	14	 
	Section 7.09. Survival.
	 	 	14	 
	Section 7.10. Third Party Beneficiaries.
	 	 	14	 
	Section 7.11. Confidentiality.
	 	 	14	 

Fremont 2006-B

Mortgage Loan Purchase Agreement

i

 

 

	 	 	 
	Exhibit A:

	 	Representations and Warranties Relating to the Mortgage Loans
	Exhibit B:

	 	Appendix E of the Standard & Poor’s Glossary for File Format for LEVELSÒ
Version 5.6c Revised
	Schedule A:

	 	Mortgage Loan Schedule

 

 

     THIS MORTGAGE LOAN PURCHASE AGREEMENT, dated as of August 1, 2006 (the “Agreement”), is made
and entered into between Fremont Investment & Loan (the “Originator” or “Fremont”) and Fremont
Mortgage Securities Corporation (the “Purchaser”).

W I T N E S S E T H

     WHEREAS, the Originator is the owner of the notes or other evidence of indebtedness
(collectively, the “Mortgage Notes”) so indicated on Schedule A attached hereto and the other
documents or instruments constituting the Mortgage File (collectively, the “Mortgage Loans”); and

     WHEREAS, the Originator, as of the date hereof, owns the mortgages (collectively, the
“Mortgages”) on the properties (collectively, the “Mortgaged Properties”) securing the 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 such Mortgage Loans or the
related Mortgaged Properties or the obligors on such Mortgage Loans; and

     WHEREAS, the parties hereto desire that the Originator sell the Mortgage Loans to the
Purchaser pursuant to the terms of this Agreement; and

     WHEREAS, pursuant to the terms of that certain Pooling and Servicing Agreement dated as of
August 1, 2006 (the “Pooling and Servicing Agreement”) among the Purchaser, as depositor, Fremont,
as originator and servicer, HSBC Bank USA, National Association, as trustee (the “Trustee”), Wells
Fargo Bank, N.A., as master servicer (in such capacity, the “Master Servicer”) and as trust
administrator (in such capacity, the “Trust Administrator”), the Purchaser will convey the Mortgage
Loans to Fremont Home Loan Trust 2006-B (the “Trust”).

     NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto
agree as follows:

ARTICLE I

DEFINITIONS AND SCHEDULES

     Section 1.01. Definitions.

     Any capitalized term used but not defined herein and below shall have the meaning assigned
thereto in the Pooling and Servicing Agreement.

ARTICLE II

SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

     Section 2.01. Sale of Mortgage Loans.

     The Originator, concurrently with the execution and delivery of this Agreement, does hereby
sell, transfer, assign, set over, and otherwise convey to the Purchaser, without recourse, (i) all
of its right, title and interest in and to each of the Mortgage Loans, including the related

Fremont 2006-B

Mortgage Loan Purchase Agreement

 

 

principal balance of such Mortgage Loan as of the Cut-off Date (the “Cut-off Date Principal
Balance”) and interest and principal received on or with respect thereto after the Cut-off Date,
other than such amounts which were due on the Mortgage Loans on or before the Cut-off Date; (ii)
property which secured such Mortgage Loan and which has been acquired by foreclosure, deed in lieu
of foreclosure or otherwise; (iii) its interest in any insurance policies in respect of the
Mortgage Loans; and (iv) all proceeds of the conversion, voluntary or involuntary, of any of the
foregoing into cash or other liquid property.

     Section 2.02. Obligations of the Originator Upon Sale.

     In connection with the transfer pursuant to Section 2.01 hereof, the Originator further
agrees, at its own expense, on or prior to the Closing Date or as otherwise indicated in this
Section 2.02, (a) to indicate in its books, records and computer systems that the Mortgage Loans
have been sold to the Purchaser pursuant to this Agreement, (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 Mortgage Loan, as of the Cut-off Date, (i) its account number and (ii) the Cut-off Date
Principal Balance and such file, which forms a part of Schedule I to the Pooling and Servicing
Agreement, shall also be marked as Schedule A to this Agreement and is hereby incorporated into and
made a part of this Agreement and (c) for each Mortgage Loan that is not a MERS Mortgage Loan, to
execute an Assignment of Mortgage in blank for each Mortgage Loan.

     In connection with such conveyance by the Originator, the Originator shall on behalf of the
Purchaser deliver to, and deposit with the Trust Administrator, as custodian on behalf of the
Trustee, as assignee of the Purchaser, the Mortgage Files relating to the Mortgage Loans on or
before the Closing Date in the manner set forth in Section 2.01 of the Pooling and Servicing
Agreement.

     The Purchaser hereby acknowledges its acceptance of all right, title and interest to the
Mortgage Loans and other property, now existing or hereafter created, conveyed to it pursuant to
Section 2.01 hereof.

     The parties hereto intend that the transaction set forth herein be a non-recourse sale by the
Originator to the Purchaser of all of the Originator’s right, title and interest in and to the
Mortgage Loans and other property described above. Nonetheless, in the event the transaction set
forth herein is deemed not to be a sale, the Originator hereby grants to the Purchaser a security
interest in all of the Originator’s right, title and interest in, to and under the Mortgage Loans
and other property described above, whether now existing or hereafter created, to secure all of the
Originator’s obligations hereunder, and this Agreement shall constitute a security agreement under
applicable law. The Originator and the Purchaser shall, to the extent consistent with this
Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to
create a security interest in the Mortgage Loans, such security interest would be deemed to be a
perfected security interest of first priority under applicable law and will be maintained as such
throughout the term of the Pooling and Servicing Agreement.

Fremont 2006-B

Mortgage Loan Purchase Agreement

 

 

     Section 2.03. Payment of Purchase Price for the Mortgage Loans.

In consideration of the sale of the Mortgage Loans from the Originator to the Purchaser on the
Closing Date, the Purchaser agrees to pay to the Originator on the Closing Date by transfer of
immediately available funds, an amount equal to $1,245,546,901 and to transfer to the Originator or
its designee on the Closing Date the Class C, Class P, Class SL-B1, Class SL-C, Class R and Class
RX Certificates (collectively, the “Purchase Price”). The Originator shall pay, and be billed
directly for, all reasonable expenses incurred by the Purchaser in connection with the issuance of
the Certificates, including, without limitation, printing fees incurred in connection with the
offering documents relating to the Certificates, fees and expenses of Purchaser’s counsel, fees of
the rating agencies requested to rate the Certificates, accountant’s fees and expenses and the fees
and expenses of the Trustee and the Trust Administrator and other out-of-pocket costs, if any.

ARTICLE III

REPRESENTATIONS AND WARRANTIES; REMEDIES FOR BREACH

     Section 3.01. Originator’s Representations and Warranties Relating to the Mortgage
Loans.

     The Originator represents and warrants to the Purchaser the representations and warranties set
forth in Exhibit A attached hereto with respect to each Mortgage Loan as of the Closing Date (or as
of such date specifically provided therein).

     Section 3.02. Additional Originator’s Representations and Warranties.

     The Originator represents, warrants and covenants to the Purchaser as of the Closing Date (or
as of such other date specifically provided herein) that:

     (a) The Originator is a corporation duly organized, validly existing and in good standing
under the laws of its jurisdiction of incorporation or formation and has all licenses necessary to
carry on its business as now being conducted and is licensed, qualified and in good standing in
each state wherein it owns or leases any material properties or where a Mortgaged Property is
located, if the laws of such state require licensing or qualification in order to conduct business
of the type conducted by the Originator, and in any event the Originator is in compliance with the
laws of any such state to the extent necessary to ensure the enforceability of the related Mortgage
Loan in accordance with the terms of this Agreement; the Originator has the full corporate power,
authority and legal right to hold, transfer and convey the Mortgage Loans and to execute and
deliver this Agreement and to perform its obligations hereunder; the execution, delivery and
performance of this Agreement (including all instruments of transfer to be delivered pursuant to
this Agreement) by the Originator and the consummation of the transactions contemplated hereby have
been duly and validly authorized; this Agreement and all agreements contemplated hereby have been
duly executed and delivered and constitute the valid, legal, binding and enforceable obligations of
the Originator, regardless of whether such enforcement is sought in a proceeding in equity or at
law; and all requisite corporate action has been taken by the Originator to make this Agreement and
all agreements contemplated hereby valid and binding upon the Originator in accordance with their
terms;

Fremont 2006-B

Mortgage Loan Purchase Agreement

 

 

     (b) Neither the execution and delivery of this Agreement, the acquisition or origination of
the Mortgage Loans by the Originator, the sale of the Mortgage Loans to the Purchaser, the
consummation of the transactions contemplated hereby and by the Pooling and Servicing Agreement,
nor the fulfillment of or compliance with the terms and conditions of this Agreement, will conflict
with or result in a breach of any of the terms, conditions or provisions of the Originator’s
charter, by-laws or other organizational documents or any legal restriction or any agreement or
instrument to which the Originator is now a party or by which it is bound, or constitute a default
or result in an acceleration under any of the foregoing, or result in the violation of any law,
rule, regulation, order, judgment or decree to which the Originator or its property is subject, or
result in the creation or imposition of any lien, charge or encumbrance that would have material
adverse effect upon any of its properties pursuant to the terms of any mortgage, contract, deed of
trust or other instrument, or impair the ability of the Purchaser to realize on the Mortgage Loans,
impair the value of the Mortgage Loans, or impair the ability of the Purchaser to realize the full
amount of any insurance benefits accruing pursuant to this Agreement;

     (c) 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. The Originator is solvent and
the sale of the Mortgage Loans will not cause the Originator to become insolvent. The sale of the
Mortgage Loans is not undertaken with the intent to hinder, delay or defraud any of Originator’s
creditors;

     (d) Immediately prior to the delivery of each Mortgage Loan, the Originator was the owner of
the related Mortgage and the indebtedness evidenced by the related Mortgage Note. In the event
that the Originator retains record title, it 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 or its assignee as the owner thereof and only for the purpose of servicing and
supervising the servicing of each such Mortgage Loan;

     (e) There is no action, suit, proceeding or investigation pending or, to the best of the
Originator’s knowledge, threatened against the Originator, before any court, administrative agency
or other tribunal (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement, (iii) which, either in any
one instance or in the aggregate, is likely to result in any material adverse change in the
business, operations, financial condition, properties or assets of the Originator, or in any
material impairment of the right or ability of the Originator to carry on its business
substantially as now conducted, or in any material liability on the part of the Originator, or
which would draw into question the validity of this Agreement or the Mortgage Loans or of any
action taken or to be taken in connection with the obligations of the Originator contemplated
herein, or which would be likely to impair materially the ability of the Originator to perform
under the terms of this Agreement, (iv) relating to fraud, or (v) relating to predatory lending, or
the Originator’s origination, servicing or closing practices which is likely to result in any
material adverse change in the business, operations, financial condition, properties or assets of
the Originator.

     (f) No consent, approval, authorization or order of, or registration or filing with, or notice
to any court or governmental agency is required for the execution, delivery and performance by the
Originator of or compliance by the Originator with this Agreement or the

Fremont 2006-B

Mortgage Loan Purchase Agreement

 

 

Mortgage Loans, the delivery of a portion of the Mortgage Files to the Trustee or the sale of
the Mortgage Loans or the consummation of the transactions contemplated by this Agreement, or if
required, such approval has been obtained prior to the Closing Date;

     (g) The consummation of the transactions contemplated by this Agreement are in the ordinary
course of business of the Originator, and the transfer, assignment and conveyance of the Mortgage
Notes and the Mortgages by the Originator pursuant to this Agreement are not subject to the bulk
transfer or any similar statutory provisions in effect in any applicable jurisdiction;

     (h) Neither this Agreement nor any information, statement, tape, diskette, report, form, or
other document furnished or to be furnished by the Originator pursuant to this Agreement or any
Transaction Agreement or in connection with the transactions contemplated hereby contains or will
contain any material untrue statement of fact;

     (i) The Originator, as Servicer, has the facilities, procedures, and experienced personnel
necessary for the sound servicing of mortgage loans of the same type as the Mortgage Loans. The
Originator is duly qualified, licensed, registered and otherwise authorized under all applicable
federal, state and local laws, and regulations, and is in good standing to enforce, originate, sell
mortgage loans, and service mortgage loans in each jurisdiction wherein the Mortgaged Properties
are located;

     (j) The Originator is a member of MERS in good standing, and will comply in all material
respects with the rules and procedures of MERS in connection with the servicing of the MERS
Mortgage Loans for as long as such Mortgage Loans are registered with MERS.

     (k) The Mortgage Loans were not intentionally selected from among the outstanding one- to
four-family mortgage loans in the Originator’s portfolio at the Closing Date as to which the
representations and warranties set forth in Exhibit A could not be made;

     (l) The Originator has delivered to the Purchaser financial statements as to its last three
complete fiscal years and any later quarter ended more than 60 days prior to the execution of this
Agreement. All such financial statements fairly present the pertinent results of operations and
changes in financial position for each of such periods and the financial position at the end of
each such period of the Originator and its subsidiaries and have been prepared in accordance with
generally accepted accounting principles consistently applied throughout the periods involved,
except as set forth in the notes thereto or as required by the Originator’s regulator. There has
been no change in the business, operations, financial condition, properties or assets of the
Originator since the date of the Originator’s financial statements that would have a material
adverse effect on its ability to perform its obligations under this Agreement;

     (m) The Originator has been advised by its independent certified public accountants that under
generally accepted accounting principles the transfer of the Mortgage Loans may be treated as a
sale on the books and records of the Originator and the Originator has determined that the
disposition of the Mortgage Loans pursuant to this Agreement will be afforded sale treatment for
tax and accounting purposes;

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     (n) The consideration received by the Originator upon the sale of the Mortgage Loans under
this Agreement constitutes fair consideration and reasonably equivalent value for the Mortgage
Loans;

     (o) The Originator’s decision to purchase or originate any mortgage loan or to deny any
mortgage loan application is an independent decision based upon Originator’s underwriting
guidelines, and is in no way made as a result of Purchaser’s decision to purchase, or not to
purchase, or the price Purchaser may offer to pay for, any such mortgage loan, if originated;

     (p) The Originator makes the following additional representations and warranties:

     (i) This Agreement conforms to all statutory and regulatory requirements applicable to
the Originator. This Agreement is (a) executed contemporaneously with the agreement reached
by the Originator and the Purchaser, (b) approved by a specific corporate or banking
association resolution by the board of directors of the Originator, which approval shall be
reflected in the minutes of said board, and (c) continuously, from the time of its
execution, an official record of the Originator;

     (ii) This Agreement has been duly and validly authorized by a specific corporate or
banking association resolution by the board of directors of the Originator. A copy of such
resolution, certified by the corporate secretary of the Originator or attested to by a vice
president or higher officer of the Originator has been provided to the Purchaser; and

     (iii) The Originator will maintain a copy of this Agreement in its official books and
records.

     Section 3.03. Remedies for Breach of Representations and Warranties.

     It is understood and agreed that the representations and warranties set forth in Sections 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 and the Trustee, notwithstanding any restrictive or qualified endorsement
on any Mortgage Note or Assignment or the examination or lack of examination of any Mortgage File.
With respect to the representations and warranties contained herein that are made to the knowledge
or the best knowledge of the Originator or as to which the Originator has no knowledge, if it is
discovered that the substance of any such representation and warranty is inaccurate and the
inaccuracy materially and adversely affects the value of the Mortgage Loan or Loans, or the
interest therein of the Purchaser or the Purchaser’s assignee, designee or transferee, then
notwithstanding such lack of knowledge with respect to the substance of such representation and
warranty being inaccurate at the time the representation and warranty was made, such inaccuracy
shall be deemed a breach of the applicable representation and warranty. Upon discovery by the
Originator, the Servicer, the Master Servicer, the Trust Administrator, the Trustee or the
Purchaser of a breach of any of the foregoing representations and warranties that materially and
adversely affects the value of any Mortgage Loan or the interest of the Purchaser or the Trustee
(or which materially and adversely affects the value of a Mortgage Loan or the interests of the
Purchaser or the Trustee in such Mortgage Loan in the case of a representation and warranty
relating to a particular Mortgage Loan) (it being understood that a breach of the

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representations and warranties set forth in clauses I(ss), I(tt), I(uu), I(ww), I(bbb),
I(jjj), I(lll) and II of Exhibit A attached hereto will be deemed to materially and adversely
affect the value of any Mortgage Loan or the interest of the Purchaser or the Trustee), the party
discovering such breach shall give prompt written notice to the other parties.

     Within 60 days of the earlier of either discovery by or notice to the Originator of any breach
of a representation or warranty that materially and adversely affects the value of a Mortgage Loan
or the interest of the Purchaser or the Trustee in such Mortgage Loan, the Originator shall use its
best efforts promptly to cure such breach in all material respects. If such breach is not so
cured, the Originator shall, (i) if such 60-day period expires prior to the second anniversary of
the Closing Date, remove such Mortgage Loan (a “Deleted Mortgage Loan”) from the Trust Fund and
substitute in its place a Qualified Substitute Mortgage Loan or Loans, in the manner and subject to
the conditions set forth in this Section and the Pooling and Servicing Agreement; or (ii)
repurchase the affected Mortgage Loan or Mortgage Loans from the Trustee at the Purchase Price in
the manner set forth in this Section and in the Pooling and Servicing Agreement; provided, however,
that any such substitution pursuant to (i) above shall not be effected prior to the delivery to the
Trustee and the Trust Administrator of an Opinion of Counsel required by Section 2.04 of the
Pooling and Servicing Agreement, if any. The Originator shall promptly reimburse the Trustee, the
Master Servicer and the Trust Administrator for any actual out-of-pocket expenses reasonably
incurred by the Trustee, the Master Servicer and the Trust Administrator in respect of enforcing
the remedies for such breach.

     At the time of substitution or repurchase of any deficient Mortgage Loan, the Purchaser and
Originator shall arrange for the reassignment of the deficient or repurchased Mortgage Loan to the
Originator, including delivery to the Trustee of a Request for Release substantially relating to
the Deleted Mortgage Loan, and the delivery to the Originator of any documents held by the Trustee
relating to the deficient or repurchased Mortgage Loan. In the event the Purchase Price 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 and, if applicable, the substitution of the applicable Qualified Substitute
Mortgage Loan or Loans.

     If pursuant to this Section 3.03 the Originator repurchases or substitutes a Mortgage Loan
that is a MERS Mortgage Loan, the Originator shall, at the Originator’s expense, either (i) cause
MERS to execute and deliver an Assignment of 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 or (ii) cause MERS to designate on the
MERS® System the Originator as the beneficial holder of such Mortgage Loan.

     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 File
and such other documents and agreements as are required by the Pooling and Servicing Agreement,
with the Mortgage Note endorsed as required therein. No substitution is permitted to be made in
any calendar month after the Determination Date for such month.

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     The amount, if any, by which (x) the aggregate principal balance of all such Qualified
Substitute Mortgage Loans as of the date of substitution is less than (y) the sum of the aggregate
Stated Principal Balance of all such Deleted Mortgage Loans (after application of the scheduled
principal portion of the monthly payments due in the month of substitution) (the “Substitution
Adjustment Amount”) plus an amount equal to the aggregate of any unreimbursed Advances with respect
to such Deleted Mortgage Loans shall be deposited in the Collection Account by the Originator on or
before the Business Day immediately preceding the Distribution Date in the month succeeding the
calendar month during which the Originator became obligated hereunder to repurchase or replace the
related Mortgage Loan. Upon any such substitution and the deposit to the Collection Account of any
required Substitution Adjustment Amount, the Trustee or the custodian, as applicable, shall release
the Mortgage File held for the benefit of the Certificateholders relating to such Deleted Mortgage
Loan and shall execute and deliver at the Originator’s direction such instruments of transfer or
assignment prepared by the Originator, in each case without recourse, as shall be necessary to
transfer title to the Originator, or its designee, of the Trustee’s interest in any Deleted
Mortgage Loan substituted pursuant to this Section 3.03. 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 hereof.

     One or more mortgage loans may be substituted for one or more Deleted Mortgage Loans,
provided, however, that any such substitution shall not be effected prior to the delivery to the
Trustee and the Trust Administrator of an Opinion of Counsel required by Section 2.04 of the
Pooling and Servicing Agreement, if any. The determination of whether a mortgage loan is a
Qualified Substitute Mortgage Loan may be satisfied on an individual basis. Alternatively, if more
than one mortgage loan is to be substituted for one or more Deleted Mortgage Loans, the
characteristics of such mortgage loans and Deleted Mortgage Loans shall be aggregated or calculated
on a weighted average basis, as applicable, in determining whether such mortgage loans are
Qualified Substitute Mortgage Loans.

     In the event that the Originator shall have repurchased a Mortgage Loan, the Purchase Price
therefor shall be deposited in the Collection Account on or before the Business Day immediately
preceding the Distribution Date in the month following the month during which the Originator became
obligated hereunder to repurchase or replace such Mortgage Loan and upon such deposit of the
Purchase Price and receipt of a Request for Release in the form of Exhibit J to the Pooling and
Servicing Agreement, the Trustee or the custodian, as applicable, shall release the related
Mortgage File held for the benefit of the Certificateholders to the Originator or its designee, and
the Trustee shall execute and deliver at such Person’s direction such instruments of transfer or
assignment prepared by such Person, in each case without recourse, as shall be necessary to
transfer title to the Originator or its designee of the Trustee’s interest in such Mortgage Loan.

     It is understood and agreed that the representations and warranties set forth in Section 3.01
shall survive delivery of the respective Mortgage Files to the Trustee on behalf of the Purchaser.

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     It is understood and agreed that the obligations of the Originator set forth in this Section
3.03 to cure, repurchase or 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.

ARTICLE IV

ORIGINATOR’S COVENANTS

     Section 4.01. Covenants of the Originator.

     The Originator hereby covenants that except for the transfer hereunder, it will not 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; it will notify the Trustee, as assignee of
the Purchaser, of the existence of any Lien on any Mortgage Loan immediately upon discovery
thereof; and it will defend the right, title and interest of the Trustee, as assignee of the
Purchaser, in, to and under the Mortgage Loans, against all claims of third parties claiming
through or under the Originator; provided, however, that nothing in this Section 4.01 shall prevent
or be deemed to prohibit the Originator 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 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 agrees to indemnify and to hold the Purchaser, each of its officers and
directors and each person or entity who controls the Purchaser or such person, the Trustee 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 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, (ii)
arising from a breach by the Originator of its representations and warranties in Section 3.01 or
(iii) related to the origination or prior servicing of the Mortgage Loans by reason of any acts,
omissions, or alleged acts or omissions of the Originator or any servicer. The Originator shall
promptly notify the Purchaser and the Trustee 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 or any such person or entity
and/or the Trustee or any Certificateholder in respect of such claim.

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ARTICLE VI

TERMINATION

     Section 6.01. Termination.

     The respective obligations and responsibilities of the Originator 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 IX 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 and the Purchaser by written
agreement signed by the parties hereto.

     Section 7.02. Governing Law.

     This Agreement shall be governed by and construed in accordance with the laws of the State of
New York, without regard to its material conflict of laws rules (except for Section 5-1401 of the
General Obligations Law which shall apply hereto), 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:

	 	 	 	if to the Originator:
	 
	 	 	 	Fremont Investment & Loan

2727 East Imperial Highway

Brea, California 92821

Attention: Senior Vice President - Finance
	 
	 	 	 	with a copy to:
	 
	 	 	 	Fremont General Corporation

2425 Olympic Boulevard

Santa Monica, California 90404

Attention: General Counsel

or such other address as may hereafter be furnished to the Purchaser in writing by the Originator.

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	 	 	 	if to the Purchaser:
	 
	 	 	 	Fremont Mortgage Securities Corporation

2727 East Imperial Highway

Brea, California 92821

Attention: Senior Vice President - Treasurer
	 
	 	 	 	with a copy to:
	 
	 	 	 	Fremont General Corporation

2425 Olympic Boulevard

Santa Monica, California 90404

Attention: General Counsel

or such other address as may hereafter be furnished to Fremont in writing by the Purchaser.

     Section 7.04. Severability of Provisions.

     If any one or more of the covenants, agreements, provisions or 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 or 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, which may be transmitted by telecopier 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 parties hereto 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 Originator, 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.

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     Without limiting the foregoing, the Originator agrees to deliver to the Purchaser the
following documents and opinions in connection with the issuance of the Fremont Home Loan Trust
2006-B, Mortgage-Backed Certificates, Series 2006-B (the “Certificates”) on or before the Closing
Date:

     1. one or more opinions of counsel addressed to the Purchaser, and to any Person
designated by the Purchaser, in a form reasonably acceptable to the Purchaser, from counsel
to the Originator as to due incorporation and good standing, due authorization, execution
and delivery by Fremont of related agreements for which Fremont is a signatory; the
enforceability of such documents by Fremont; and other corporate matters;

     2. an opinion of counsel to the Originator, addressed to the Purchaser, and to any
Person designated by the Purchaser, in a form acceptable to the Purchaser, addressing the
characterization of the transfer of the Mortgage Loans from the Originator to the Purchaser;

     3. an indemnification agreement executed by and among Fremont, UBS Securities LLC,
Barclays Capital Inc., Deutsche Bank Securities, Goldman, Sachs & Co., Greenwich Capital
Markets, Inc., Hoefer and Arnett, Keefe, Bruyette and Woods, Lehman Brothers Inc.
(collectively, the “Underwriters”) for losses as a result of material misstatements and
omissions in the information provided by or on behalf of the parties thereto and their
affiliates for inclusion in the prospectus supplement or any other offering document
relating to the Certificates; and

     4. a statement rendered by counsel for Fremont to the Purchaser and the Underwriters as
to the lack of material misstatements and omissions in the information provided by Fremont
for inclusion in the prospectus supplement or any other offering document relating to the
Certificates.

     In addition, the Originator shall sign the certification for the benefit of Wells Fargo Bank,
N.A., relating to the Form 10-K relating to the Trust to be filed on or before March 31, 2007.
The Originator shall execute the Pooling and Servicing Agreement in its capacity as originator and
servicer and will make the representations and warranties set forth in Sections 3.01 and 3.02
herein to the Trustee in the Pooling and Servicing Agreement.

     Section 7.07. Intention of the Parties.

     It is the intention of the parties that the Purchaser is purchasing, and the Originator is
selling, the Mortgage Loans rather than pledging such Mortgage Loans to secure a loan by the
Purchaser to the Originator. Accordingly, the parties hereto each intend to treat the transaction
as a sale by the Originator, 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 Originator will cooperate with all reasonable requests made by
the Purchaser in the course of such review.

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     Section 7.08. Successors and Assigns: Assignment of Purchase Agreement.

     This Agreement shall bind and inure to the benefit of and be enforceable by the Originator,
the Purchaser and the Trustee. The obligations of 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 the
Originator may assign its obligations hereunder to any Person into which the Originator is merged
or any corporation resulting from any merger, conversion or consolidation to which the Originator
is a party or any Person succeeding to the business of 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 Originator
acknowledges and consents to the assignment by the Purchaser directly or indirectly through an
affiliate to the Trustee of all of the Purchaser’s rights against 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 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 and 3.02 and the provisions of
Article V hereof shall survive the purchase of the Mortgage Loans hereunder.

     Section 7.10. Third Party Beneficiaries.

     The Trustee and the Trust Administrator are the intended third-party beneficiaries of this
Agreement.

     Section 7.11. Confidentiality.

     The parties hereto understand and agree that personal information relating to the borrowers
under the Mortgage Loans subject of this Agreement, including, names, addresses, social security
numbers and/or other identifying information (collectively, the “Borrower Information”) is
confidential, and the Purchaser, and each person that acquires an interest in the Mortgage Loans
through the Purchaser, agrees to hold such Borrower Information confidential and not to divulge
such information to anyone except (a) to the extent required by law or judicial order or to enforce
its rights or remedies under any agreements executed in connection with the sale contemplated
hereunder or any agreements executed in connection with the securitization of the Mortgage Loans,
(b) to the extent such information enters into the public domain other than through the wrongful
act of the Purchaser or any person that acquires an interest in the Mortgage Loans through the
Purchaser or (c) as is necessary in working with legal counsel, auditors, agents, rating agencies,
taxing authorities or other governmental agencies.

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     IN WITNESS WHEREOF, 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.

	 	 	 	 	 
	 	FREMONT MORTGAGE SECURITIES CORPORATION,

as Purchaser

 	 
	 	By:  	/s/ Jeff Crusinberry 	 
	 	 	Name:  	Jeff Crusinberry 	 
	 	 	Title:  	Vice President 	 
	 
	 	FREMONT INVESTMENT & LOAN,

as Originator

 	 
	 	By:  	/s/ Jeff Crusinberry 	 
	 	 	Name:  	Jeff Crusinberry 	 
	 	 	Title:  	Senior Vice President/Finance 	 
	 

(Signature Page One to Mortgage Loan Purchase Agreement)

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	STATE OF CALIFORNIA

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	ss.:
	 	 
	COUNTY OF ORANGE

	 	 	)	 	 	 	 	 

     On the 1st day of August, 2006 before me, a Notary Public in and for said State, personally
appeared Jeff Crusinberry, known to me to be a SVP of FREMONT MORTGAGE SECURITIES
CORPORATION, the 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.

/s/ Olga L. Buendia                    

Notary Public

My Commission Expires on:

12/5/2006

(Notary
Page - Mortgage Loan Purchase Agreement)

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	STATE OF CALIFORNIA

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	ss.:
	 	 
	COUNTY OF ORANGE

	 	 	)	 	 	 	 	 

     On the 1st day of August, 2006 before me, a Notary Public in and for said State, personally
appeared Jeff Crusinberry, known to me to be a SVP of FREMONT INVESTMENT & LOAN, the
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.

/s/ Olga L. Buendia                    

Notary Public

My Commission Expires on:

12/5/2006

(Notary
Page - Mortgage Loan Purchase Agreement)

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EXHIBIT A

Representations and Warranties Relating to the Mortgage Loans

     I. The Originator hereby represents and warrants to the Purchaser, with respect to each
Mortgage Loan that is a Mortgage Loan as of the Closing Date (or in the case of certain specified
representations and warranties, as of the Cut-off Date) or as of such other date specifically
provided herein (except that with respect to any Qualified Substitute Mortgage Loan such
representations and warranties shall be as of the date of substitution and made by the Originator),
that:

     (a) Mortgage Loans as Described. The information set forth in the Mortgage Loan
Schedule is complete, true and correct in all material respects as of the Cut-off Date;

     (b) Payments Current. As of the Closing Date, other than with respect to (i) not more
than 1.62% of the Pool I Mortgage Loans by outstanding principal balance and (ii) not more than
1.32% of the Pool II Mortgage Loans by outstanding principal balance, all payments required to be
made up to the Closing Date for the Mortgage Loan under the terms of the Mortgage Note, other than
payments not yet one month delinquent, have been made and credited. No payment required under the
Mortgage Loan is 90 days or more delinquent;

     (c) No Outstanding Charges. As of the Closing Date, other than payments due but not
yet one month or more delinquent, there are no defaults in complying with the terms of the
Mortgage, and all taxes, governmental assessments, insurance premiums, water, sewer and municipal
charges, leasehold payments or ground rents which previously became due and owing have been paid,
or an escrow of funds has been established in an amount sufficient to pay for every such item which
remains unpaid and which has been assessed but is not yet due and payable. The Originator has not
advanced funds, or induced, solicited or knowingly received any advance of funds by a party other
than the Mortgagor, directly or indirectly, for the payment of any amount required under the
Mortgage Loan, except for interest accruing from the date of the Mortgage Note or date of
disbursement of the Mortgage Loan proceeds, whichever is earlier, to the date which precedes by one
month the Due Date of the first installment of principal and interest;

     (d) Original Terms Unmodified. The terms of the Mortgage Note and Mortgage have not
been impaired, waived, altered or modified in any respect, from the date of origination except by a
written instrument which has been recorded, if necessary to protect the interests of the Purchaser,
and which has been delivered to the Custodian or to such other Person as the Purchaser shall
designate in writing, and the terms of which are reflected in the Mortgage Loan Schedule. No
Mortgage Loan has been modified so as to restructure the payment obligations or re-age the Mortgage
Loan. The substance of any such waiver, alteration or modification has been approved by the title
insurer, if any, to the extent required by the policy, and its terms are reflected on the Mortgage
Loan Schedule, if applicable. 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 is part of the Mortgage Loan File delivered to the
Custodian or to such other Person as the Purchaser shall designate in writing and the terms of
which are reflected in the Mortgage Loan Schedule;

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     (e) No Defenses. The Mortgage Loan is not subject to any right of rescission,
set-off, counterclaim or defense, including without limitation the defense of usury, nor will the
operation of any of the terms of the Mortgage Note or the Mortgage, or the exercise of any right
thereunder, render either the Mortgage Note or the Mortgage unenforceable, in whole or in part, or
subject to any right of rescission, set-off, counterclaim or defense, including without limitation
the defense of usury, and no such right of rescission, set-off, counterclaim or defense has been
asserted with respect thereto, and no Mortgagor was a debtor in any state or federal bankruptcy or
insolvency proceeding at, or subsequent to, the time the Mortgage Loan was originated;

     (f) Hazard Insurance. Pursuant to the terms of the Mortgage, all buildings or other
improvements upon the Mortgaged Property are insured by a generally acceptable insurer against loss
by fire, hazards of extended coverage and such other hazards as are customary in the area where the
Mortgaged Property is located. If required by the National Flood Insurance Act of 1968, as
amended, each Mortgage Loan is covered by a flood insurance policy meeting the requirements of the
current guidelines of the Federal Insurance Administration as in effect. All individual insurance
policies contain a standard mortgagee clause naming the Originator and its successors and assigns
as mortgagee, and all premiums thereon have been paid and such policies may not be reduced,
terminated or cancelled without 30 days’ prior written notice to the mortgagee. The Mortgage
obligates the Mortgagor thereunder to maintain the hazard insurance policy at the Mortgagor’s cost
and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to
obtain and maintain such insurance at such Mortgagor’s cost and expense, and to seek reimbursement
therefor from the Mortgagor. Where required by state law or regulation, the Mortgagor has been
given an opportunity to choose the carrier of the required hazard insurance, provided the policy is
not a “master” or “blanket” hazard insurance policy covering a condominium, or any
hazard insurance policy covering the common facilities of a planned unit development. The hazard
insurance policy is the valid and binding obligation of the insurer, is in full force and effect,
and will be in full force and effect and inure to the benefit of the Purchaser upon the
consummation of the transactions contemplated by this Agreement. The Originator has not engaged
in, and has no knowledge of the Mortgagor’s or any servicer’s having engaged in, any act or
omission which would impair the coverage of any such policy, the benefits of the endorsement
provided for herein, or the validity and binding effect of such policy, including, without
limitation, no unlawful fee, commission, kickback or other unlawful compensation or value of any
kind has been or will be received, retained or realized by any attorney, firm or other person or
entity, and no such unlawful items have been received, retained or realized by the Originator;

     (g) Compliance with Applicable Laws. Any and all requirements of any federal, state
or local law including, without limitation, usury, truth-in-lending, real estate settlement
procedures, consumer credit protection, equal credit opportunity and disclosure laws, all
predatory, abusive and fair lending laws or unfair and deceptive practices laws applicable to the
Mortgage Loan, including, without limitation, any provisions relating to Prepayment Penalties, have
been complied with; the consummation of the transactions contemplated hereby will not involve the
violation of any such laws or regulations. Originator shall maintain in its possession, available
for the Purchaser’s inspection, and shall deliver to the Purchaser upon demand, evidence of
compliance with all such requirements;

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     (h) No Satisfaction of Mortgage. The Mortgage has not been satisfied, canceled,
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 release, cancellation, subordination or rescission. The Originator has not waived
the performance by the Mortgagor of any action, if the Mortgagor’s failure to perform such action
would cause the Mortgage Loan to be in default, nor has the Originator waived any default resulting
from any action or inaction by the Mortgagor;

     (i) Location and Type of Mortgaged Property. The Mortgaged Property is a fee simple
property located in the state identified in the Mortgage Loan Schedule except that with respect to
real property located in jurisdictions in which the use of leasehold estates for residential
properties is a widely-accepted practice, the Mortgaged Property may be a leasehold estate and
consists of a single parcel of real property with a detached single family residence erected
thereon, or a two- to four-family dwelling, or an individual residential condominium unit in a
low-rise condominium project, or an individual unit in a planned unit development and that no
residence or dwelling is (i) a mobile home or (ii) a manufactured home. As of the date of
origination, no portion of the Mortgaged Property was used for commercial purposes, and since the
date of origination, no portion of the Mortgaged Property has been used for commercial purposes;
provided, that Mortgaged Properties which contain a home office shall not be considered as being
used for commercial purposes as long as the Mortgaged Property has not been altered for commercial
purposes and is not storing any chemicals or raw materials other than those commonly used for
homeowner repair, maintenance and/or household purposes;

     (j) Valid First or Second Lien. Each Mortgage is a valid and subsisting first or
second lien of record on a single parcel of real estate constituting the Mortgaged Property,
including all buildings and improvements on the Mortgaged Property and all installations and
mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to
such buildings, and all additions, alterations and replacements made at any time, with respect to
the related Mortgage Loan, which exceptions are generally acceptable to prudent mortgage lending
companies, and such other exceptions to which similar properties are commonly subject and which do
not individually, or in the aggregate, materially and adversely affect the benefits of the security
intended to be provided by such Mortgage. The lien of the Mortgage is subject only to:

     (i) the lien of current real property taxes and assessments not yet due and payable;

     (ii) covenants, conditions and restrictions, rights of way, easements and other matters
of the public record as of the date of recording acceptable to prudent mortgage lending
institutions generally and specifically referred to in the lender’s title insurance policy
delivered to the originator of the Mortgage Loan and (A) specifically referred to or
otherwise considered in the appraisal made for the originator of the Mortgage Loan or (B)
which do not adversely affect the Appraised Value of the Mortgaged Property set forth in
such appraisal;

     (iii) with respect to each second lien Mortgage, the first or senior lien on the
related Mortgaged Property; and

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     (iv) 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, subsisting, enforceable and
perfected first lien and first priority security interest on the property described therein and the
Originator has full right to sell and assign the same to Purchaser;

     (k) Validity of Mortgage Documents. The Mortgage Note and the Mortgage and any other
agreement executed and delivered by a Mortgagor in connection with a Mortgage Loan are genuine, and
each is the legal, valid and binding obligation of the maker thereof enforceable in accordance with
its terms (including, without limitation, any provisions therein relating to Prepayment Penalties),
except as such enforcement may be limited by bankruptcy, insolvency, reorganization, receivership,
moratorium or other similar laws relating to or affecting the rights of creditors generally, and by
general equity principles (regardless of whether such enforcement is considered a proceeding in
equity or a law). All parties to the Mortgage Note, the Mortgage and any other such related
agreement had legal capacity to enter into the Mortgage Loan and to execute and deliver the
Mortgage Note, the Mortgage and any such agreement, and the Mortgage Note, the Mortgage and any
other such related agreement have been duly and properly executed by other such related parties.
The documents, instruments and agreements submitted for loan underwriting were not falsified and
contain no untrue statement of material fact or omit to state a material fact required to be stated
therein or necessary to make the information and statements therein not misleading. No fraud,
error, omission, misrepresentation, gross negligence or similar occurrence with respect to a
Mortgage Loan has taken place on the part of any Person, including without limitation, the
Mortgagor, any appraiser, any builder or developer, or any other party involved in the origination
or servicing of the Mortgage Loan. The Originator has reviewed all of the documents constituting
the Servicing File;

     (l) Full Disbursement of Proceeds. The Mortgage Loan has been closed and the proceeds
of the Mortgage Loan have been fully disbursed and there is no requirement for future advances
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 were
paid, and the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage
Note or Mortgage;

     (m) Ownership. Immediately prior to the sale of the Mortgage Loan hereunder on the
Closing Date, the Originator is the sole owner of record and holder of the Mortgage Loan and the
indebtedness evidenced by each Mortgage Note and upon the sale of the Mortgage Loans to the
Purchaser, the Originator will retain the Mortgage Files or any part thereof not delivered to the
Custodian, the Purchaser or the Purchaser’s designee, in trust only for the purpose of servicing
and supervising the servicing of each Mortgage Loan. The Mortgage Loan is not assigned or pledged,
and the Originator has good, indefeasible and marketable title thereto, and has full right to
transfer and sell the Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
participation interest, lien, pledge, charge, claim or security interest, and has full right and

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authority subject to no interest or participation of, or agreement with, any other party, to
sell and assign each Mortgage Loan pursuant to this Agreement and following the sale of each
Mortgage Loan, the Purchaser will own such Mortgage Loan free and clear of any encumbrance, equity,
participation interest, lien, pledge, charge, claim or security interest. The Originator intends
to relinquish all rights to possess, control and monitor the Mortgage Loan. After the Closing
Date, the Originator will have no right to modify or alter the terms of the sale of the Mortgage
Loan and the Originator will have no obligation or right to repurchase the Mortgage Loan or
substitute another Mortgage Loan, except as provided in this Agreement;

     (n) Doing Business. 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) (i) in compliance with any and all applicable licensing
requirements of the laws of the state wherein the Mortgaged Property is located, and (ii) either
(A) organized under the laws of such state, or (B) qualified to do business in such state, or (C) a
federal savings and loan association, a savings bank or a national bank having a principal office
in such state, or (iii) not doing business in such state;

     (o) LTV. No Mortgage Loan was originated with an LTV greater than 100%;

     (p) Title Insurance. The Mortgage Loan is covered by an ALTA lender’s title insurance
policy, or with respect to any Mortgage Loan for which the related Mortgaged Property is located in
California a CLTA lender’s title insurance policy, and each such title insurance policy is issued
by a title insurer and qualified to do business in the jurisdiction where the Mortgaged Property is
located, insuring the Originator, its successors and assigns, as to the first or second priority
lien of the Mortgage in the original principal amount of the Mortgage Loan, subject only to the
exceptions contained in clauses (i), (ii) and (iv) of paragraph (j) above and in the case of second
liens, the exception contained in clause (iii) of paragraph (j) above, and in the case of
Adjustable Rate Mortgage Loans, against any loss by reason of the invalidity or unenforceability of
the lien resulting from the provisions of the Mortgage providing for adjustment to the Mortgage
Interest Rate and Monthly Payment. Where required by state law or regulation, the Mortgagor has
been given the opportunity to choose the carrier of the required mortgage title insurance.
Additionally, such lender’s title insurance policy affirmatively insures ingress and egress, and
against encroachments by or upon the Mortgaged Property or any interest therein. The title policy
does not contain any special exceptions (other than the standard exclusions) for zoning and uses
and has been marked to delete the standard survey exception or to replace the standard survey
exception with a specific survey reading. The Originator, its successor and assigns, are the sole
insureds of such lender’s title insurance policy, and such lender’s title insurance policy is valid
and remains in full force and effect and will be in force and effect upon the consummation of the
transactions contemplated by this Agreement. No claims are pending 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, including without limitation, no unlawful fee, commission, kickback or other unlawful
compensation or value of any kind has been or will be received, retained or realized by any
attorney, firm or other person or entity, and no such unlawful items have been received, retained
or realized by the Originator;

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     (q) No Defaults. As of the Closing Date, other than with respect to (i) not more than
1.62% of the Pool I Mortgage Loans by outstanding principal balance and (ii) not more than 1.32% of
the Pool II Mortgage Loans by outstanding principal balance, and other than payment delinquencies
of less than one month, there is no default, breach, violation or event which would permit
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 which would permit acceleration, and as of the Closing Date neither the
Originator nor any of its affiliates nor any of their respective predecessors, have waived any
default, breach, violation or event which would permit acceleration; in addition, as of the Closing
Date, no Mortgage Loan was in foreclosure, nor are foreclosure proceedings imminent with respect to
any Mortgage Loan;

     (r) No Mechanics’ Liens. 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 liens) affecting the related Mortgaged Property which are or
may be liens prior to, or equal or coordinate with, the lien of the related Mortgage;

     (s) Location of Improvements; No Encroachments. All improvements which were
considered in determining the Appraised Value of the 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. No improvement located on or being part
of the Mortgaged Property is in violation of any applicable zoning law or regulation;

     (t) Origination; Payment Terms. The Mortgage Loan was originated by a mortgagee
approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the
National Housing Act, savings and loan association, a savings bank, a commercial bank, credit
union, insurance company or other similar institution which is supervised and examined by a federal
or state authority. The documents, instruments and agreements submitted for loan underwriting were
not falsified and contain no untrue statement of material fact or omit to state a material fact
required to be stated therein or necessary to make the information and statements therein not
misleading. No Mortgage Loan contains terms or provisions which would result in negative
amortization. Principal payments on the Mortgage Loan (other than a Mortgage Loan that does not
provide for payment of principal for a period of twenty-four to thirty-six months after the date of
origination (such Mortgage Loan, an “Interest Only Mortgage Loan”)) commenced no more than sixty
days after funds were disbursed in connection with the Mortgage Loan. The Mortgage Interest Rate
as well as the Lifetime Rate Cap and the Periodic Mortgage Interest Rate Cap are as set forth on
the Mortgage Loan Schedule. With respect to any Mortgage Loan other than an Interest Only Mortgage
Loan, the Mortgage Note is payable in equal monthly installments of principal and interest, which
installments of interest, with respect to Adjustable Rate Mortgage Loans, are subject to change due
to the adjustments to the Mortgage Interest Rate on each Mortgage Interest Rate Adjustment Date,
with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by
the stated maturity date, over an original term of not more than thirty years from commencement of
amortization. None of the Mortgage Loans allows for conversion of the interest rate thereon from
an adjustable rate to a fixed rate. No Mortgage Loan is a simple interest mortgage loan;

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     (u) Customary Provisions. The Mortgage contains 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, (i) in
the case of a Mortgage designated as a deed of trust, by trustee’s sale, and (ii) otherwise by
judicial foreclosure. Upon default by a Mortgagor on a Mortgage Loan and foreclosure on, or
trustee’s sale of, the Mortgaged Property pursuant to the proper procedures, the holder of the
Mortgage Loan will be able to deliver good and merchantable title to the Mortgaged Property. There
is no homestead or other exemption available to a Mortgagor which would interfere with the right to
sell the Mortgaged Property at a trustee’s sale or the right to foreclose the Mortgage, subject to
applicable federal and state laws and judicial precedent with respect to bankruptcy and right of
redemption or similar law;

     (v) Conformance with Underwriting Guidelines. The Mortgage Loan was underwritten in
accordance with the Underwriting Guidelines in effect as of the date of origination of such
Mortgage Loan (as described in the Prospectus Supplement). The Mortgage Note and Mortgage are on
forms generally acceptable to Freddie Mac or Fannie Mae and the Originator has not made any
representations to a Mortgagor that are inconsistent with the mortgage instruments used;

     (w) Occupancy of the Mortgaged Property. As of the Closing Date 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 and fire underwriting certificates, have been made or obtained from the appropriate
authorities;

     (x) No Additional Collateral. The Mortgage Note is not and has not been secured by
any collateral except the lien of the corresponding Mortgage and the security interest of any
applicable security agreement or chattel mortgage referred to in clause (j) above;

     (y) Deeds of Trust. In the event the Mortgage constitutes a deed of trust, a trustee,
authorized and 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
reconveyance of the deed of trust or a trustee’s sale after default by the Mortgagor;

     (z) Condominiums/Planned Unit Developments. If the Mortgaged Property is a condominium
unit or a planned unit development (other than a de minimis planned unit development) such
condominium or planned unit development project is acceptable to Originator and underwritten in
accordance with the Underwriting Guidelines;

     (aa) Transfer of Mortgage Loans. The Assignment of Mortgage with respect to each
Mortgage Loan is in recordable form and is acceptable for recording under the laws of the
jurisdiction in which the Mortgaged Property is located. The transfer, assignment and conveyance
of the Mortgage Notes and the Mortgages by the Originator is not subject to the bulk transfer or
similar statutory provisions in effect in any applicable jurisdiction;

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     (bb) Due-On-Sale. The Mortgage contains an enforceable provision (except as such
enforcement may be effected by bankruptcy and insolvency laws or by general principals of equity)
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, and to the best of the Originator’s knowledge, such provision is enforceable;

     (cc) Assumability. None of the Mortgage Loans are, by their terms, assumable;

     (dd) No Buydown Provisions; No Graduated Payments or Contingent Interests. The
Mortgage Loan does not contain provisions pursuant to which Monthly Payments are paid or partially
paid with funds deposited in any separate account established by the Originator, the Mortgagor, or
anyone on behalf of the Mortgagor, or paid by any source other than the Mortgagor nor does it
contain 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;

     (ee) Consolidation of Future Advances. Any future 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 lien priority, as applicable, by a title insurance
policy, an endorsement to the policy insuring the mortgagee’s consolidated interest or by other
title evidence. The consolidated principal amount does not exceed the original principal amount of
the Mortgage Loan;

     (ff) Mortgaged Property Undamaged; No Condemnation Proceedings. There is no
proceeding pending or, to the best of the Originator’s knowledge, threatened for the total or
partial condemnation of the Mortgaged Property. As of the Closing Date, the Mortgaged Property is
undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty
so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or
the use for which the premises were intended and each Mortgaged Property is inhabitable under
applicable state and local laws;

     (gg) Collection Practices; Escrow Deposits; Interest Rate Adjustments. The
origination, servicing and collection practices used by the Originator with respect to the Mortgage
Loan have been in all respects in compliance with Accepted Servicing Practices, applicable laws and
regulations, and have been in all respects legal and proper and prudent in the mortgage origination
and servicing business. With respect to escrow deposits and Escrow Payments, 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.
All Escrow Payments have been collected in full compliance with state and federal law and the
provisions of the related Mortgage Note and Mortgage. An escrow of funds is not prohibited by
applicable law and has been established in an amount sufficient to pay for every item that remains
unpaid and has been assessed but is not yet due and payable. No escrow deposits or Escrow Payments
or other charges or payments due the Originator have been capitalized under the Mortgage or the
Mortgage Note. All Mortgage

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Interest Rate adjustments have been made in strict compliance with state and federal law and
the terms of the related Mortgage and Mortgage Note on the related Interest Rate Adjustment Date.
If, pursuant to the terms of the Mortgage Note, another index was selected for determining the
Mortgage Interest Rate, the same index was used with respect to each Mortgage Note which required a
new index to be selected, and such selection did not conflict with the terms of the related
Mortgage Note. The Originator executed and delivered any and all notices required under applicable
law and the terms of the related Mortgage Note and Mortgage regarding the Mortgage Interest Rate
and the Monthly Payment adjustments. Any interest required to be paid pursuant to state, federal
and local law has been properly paid and credited;

     (hh) Conversion to Fixed Interest Rate. With respect to Adjustable Rate Mortgage
Loans, the Mortgage Loan is not a Convertible Mortgage Loan;

     (ii) No Violation of Environmental Laws. To the best of the Originator’s knowledge,
the Mortgaged Property is free from any and all toxic or hazardous substances and there exists no
violation of any local, state or federal environmental law, rule or regulation. To the best of the
Originator’s knowledge, there is no pending action or proceeding directly involving the Mortgaged
Property in which compliance with any environmental law, rule or regulation is an issue; there is
no violation of any environmental law, rule or regulation with respect to the Mortgage Property;
and nothing further remains to be done to satisfy in full all requirements of each such law, rule
or regulation constituting a prerequisite to use and enjoyment of said property;

     (jj) Servicemembers Civil Relief Act. 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;

     (kk) Appraisal. The Mortgage File contains an appraisal of the related Mortgaged
Property signed prior to the approval of the Mortgage Loan application by a qualified appraiser,
duly appointed by the related originator, who had no interest, direct or indirect in the Mortgaged
Property or in any loan made on the security thereof, and whose compensation is not affected by the
approval or disapproval of the Mortgage Loan, and the appraisal and appraiser both satisfy the
requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and the
regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

     (ll) Disclosure Materials. The Mortgagor has received all disclosure materials
required by, and the Originator has complied with, all applicable law with respect to the making of
the Mortgage Loans;

     (mm) Construction or Rehabilitation of Mortgaged Property. No Mortgage Loan was made
in connection with the construction or rehabilitation of a Mortgaged Property or facilitating the
trade-in or exchange of a Mortgaged Property;

     (nn) Value of Mortgaged Property. The Originator has no knowledge of any
circumstances existing that could reasonably be expected to adversely affect the value or the
marketability of any Mortgaged Property or Mortgage Loan or to cause the Mortgage Loans to

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prepay during any period materially faster or slower than similar mortgage loans originated to
the same Underwriting Guidelines held by the Originator generally secured by properties in the same
geographic area as the related Mortgaged Property;

     (oo) No Defense to Insurance Coverage. The Originator has caused or will cause to be
performed any and all acts required to preserve the rights and remedies of the Purchaser in any
insurance policies applicable to the Mortgage Loans including, without limitation, any necessary
notifications of insurers, assignments of policies or interests therein, and establishments of
coinsured, joint loss payee and mortgagee rights in favor of the Purchaser. No action has been
taken or failed to be taken, no event has occurred and no state of facts exists or has existed on
or prior to the Closing Date (whether or not known to the Originator on or prior to such date)
which has resulted or will result in an exclusion from, denial of, or defense to coverage under any
applicable, special hazard insurance policy, or bankruptcy bond (including, without limitation, any
exclusions, denials or defenses which would limit or reduce the availability of the timely payment
of the full amount of the loss otherwise due thereunder to the insured) whether arising out of
actions, representations, errors, omissions, negligence, or fraud of the Originator, the related
Mortgagor or any party involved in the application for such coverage, including the appraisal,
plans and specifications and other exhibits or documents submitted therewith to the insurer under
such insurance policy, or for any other reason under such coverage, but not including the failure
of such insurer to pay by reason of such insurer’s breach of such insurance policy or such
insurer’s financial inability to pay;

     (pp) Escrow Analysis. With respect to each Mortgage with an Escrow Account, the
Originator has within the last twelve months (unless such Mortgage was originated within such
twelve month period) analyzed the required Escrow Payments for each Mortgage and adjusted the
amount of such payments so that, assuming all required payments are timely made, any deficiency
will be eliminated on or before the first anniversary of such analysis, or any overage will be
refunded to the Mortgagor, in accordance with RESPA and any other applicable law;

     (qq) Prior Servicing. Each Mortgage Loan has been serviced in all material respects
in compliance with Accepted Servicing Practices and the Originator has reported or caused to be
reported, the Mortgagor credit files to each of the three primary credit repositories monthly in a
timely manner;

     (rr) Leaseholds. If the Mortgage Loan is secured by a long-term residential lease, (i)
the lessor under the lease holds a fee simple interest in the land; (ii) the terms of such lease
expressly permit the mortgaging of the leasehold estate, the assignment of the lease without the
lessor’s consent and the acquisition by the holder of the Mortgage of the rights of the lessee upon
foreclosure or assignment in lieu of foreclosure or provide the holder of the Mortgage with
substantially similar protections; (iii) the terms of such lease do not (A) allow the termination
thereof upon the lessee’s default without the holder of the Mortgage being entitled to receive
written notice of, and opportunity to cure, such default, (B) allow the termination of the lease in
the event of damage or destruction as long as the Mortgage is in existence, (C) prohibit the holder
of the Mortgage from being insured (or receiving proceeds of insurance) under the hazard insurance
policy or policies relating to the Mortgaged Property or (D) permit any increase in rent other than
pre-established increases set forth in the lease; (iv) the original term of such lease is not less
than 15 years; (v) the term of such lease does not terminate earlier than five years after

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the maturity date of the Mortgage Note; and (vi) the Mortgaged Property is located in a
jurisdiction in which the use of leasehold estates in transferring ownership in residential
properties is a widely accepted practice;

     (ss) Prepayment Premiums. The Mortgage Loan is subject to a prepayment penalty as
provided in the related Mortgage Note except as set forth on the Mortgage Loan Schedule. With
respect to each Mortgage Loan that has a prepayment penalty feature, each such prepayment penalty
is enforceable and will be enforced by the Originator, as servicer of the Mortgage Loan, for the
benefit of the Purchaser, and each prepayment penalty is permitted pursuant to federal, state and
local law. Each such prepayment penalty is in an amount equal to the maximum amount permitted
under applicable law and no such prepayment penalty may be imposed for a term in excess of three
(3) years. With respect to any Mortgage Loan that contains a provision permitting imposition of a
prepayment penalty upon a prepayment prior to maturity: (i) prior to the loan’s origination, the
borrower agreed to such prepayment penalty in exchange for a monetary benefit, including but not
limited to a rate or fee reduction, (ii) originator has available programs that offered the option
of obtaining a mortgage loan that did not require payment of such a prepayment penalty and prior to
the Mortgage Loan’s origination, the Mortgage Loan was available to the Mortgagor with and without
the prepayment penalty, (iii) the prepayment penalty was disclosed to the borrower in the loan
documents pursuant to applicable state and federal law, and (iv) notwithstanding the terms of the
Mortgage Loan or any state or federal law to the contrary, the Servicer shall not impose such
prepayment penalty in any instance when the mortgage debt is accelerated as the result of the
borrower’s default in making the loan payments;

     (tt) Predatory Lending Regulations. None of the Mortgage Loans are (i) covered by the
Home Ownership and Equity Protection Act of 1994 as amended or (ii) in violation of, or classified
as “high cost”, “threshold”, “covered”, “high risk” or “predatory” loans under, any other
applicable state, federal or local law (or a similarly classified loan using different terminology
under a law imposing heightened regulatory scrutiny or additional legal liability for residential
mortgage loans having high interest rates, points and/or fees);

     (uu) Single-Premium Credit Life Insurance Policy. In connection with the origination
of any Mortgage Loan, no proceeds from any Mortgage Loan were used to finance or acquire
single-premium credit insurance policies. No Mortgagor was required to purchase any credit life,
disability, accident or health insurance product as a condition of obtaining the extension of
credit. No Mortgagor obtained a prepaid single-premium credit life, credit disability, credit
unemployment, credit property, accident or health insurance policy in connection with the
origination of the Mortgage Loan;

     (vv) Tax Service Contract; Flood Certification Contract. Each first lien Mortgage
Loan is covered by a paid in full, life of loan, tax service contract and a paid in full, life of
loan, flood certification contract and each of these contracts is assignable to the Purchaser;

     (ww) Qualified Mortgage. Each Mortgage Loan is a “qualified mortgage” within the
meaning of Section 860G(a)(3) of the Code;

     (xx) Regarding the Mortgagor. The Mortgagor is one or more natural persons and/or
trustees for an Illinois land trust;

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     (yy) Recordation. Each original Mortgage was recorded and, except for those Mortgage
Loans subject to the MERS identification system, all subsequent assignments of the original
Mortgage (other than the assignment to the Purchaser) have been recorded in the appropriate
jurisdictions wherein such recordation is necessary to perfect the lien thereof as against
creditors of the Originator, or is in the process of being recorded;

     (zz) Credit Scores. Except as permitted by the Underwriting Guidelines, each Mortgagor
has a non-zero credit score;

     (aaa) Compliance with Anti-Money Laundering Laws. 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”); to the extent
required to comply with the Anti-Money Laundering Laws, as of the Closing Date, 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;

     (bbb) Georgia Fair Lending Act. There is no Mortgage Loan that was originated on or
after October 1, 2002 and on or prior to March 7, 2003, which is secured by property located in the
State of Georgia. There is no Mortgage Loan that was originated on or after March 7, 2003 that is a
“high cost home loan” as defined under the Georgia Fair Lending Act;

     (ccc) New York State Banking Law. There is no Mortgage Loan that (a) is secured by
property located in the State of New York; (b) had an original principal balance of $300,000 or
less, and (c) has an application date on or after April 1, 2003, the terms of which loan equal or
exceed either the annual percentage rate or the points and fees threshold for “high-cost home
loans,” as defined in Section 6-L of the New York State Banking Law;

     (ddd) New Jersey Mortgage Loans. All Mortgage Loans originated in New Jersey on or
after November 27, 2003 are ratable by Standard & Poor’s and Moody’s;

     (eee) New Mexico Mortgage Loans. There is no Mortgage Loan that was originated on or
after January 1, 2004, and is a “high-cost” loan subject to the New Mexico Home Loan Protection
Act.

     (fff) MERS Designations. With respect to each MERS Designated Mortgage Loan, the
Originator has designated the Custodian as the Investor and no Person is listed as Interim Funder
on the MERS® System;

     (ggg) Delivery to the Custodian. The Mortgage Note, the Mortgage, the Assignment of
Mortgage and any other documents required to be delivered with respect to each Mortgage Loan
pursuant to this Agreement and the Pooling and Servicing Agreement, have been delivered to the
Trust Administrator in its capacity as Custodian all in compliance with the specific requirements
of this Agreement and the Pooling and Servicing Agreement;

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     (hhh) Reports. On or prior to the Closing Date, the Originator has provided the
Custodian and the Purchaser with a MERS Report listing the Custodian as the Investor with respect
to each MERS Designated Mortgage Loan;

(iii) Payoffs. No Mortgage Loans prepaid in full prior to the Closing Date;

     (jjj) Credit Information. As to each consumer report (as defined in the Fair Credit
Reporting Act, Public Law 91-508) or other credit information furnished by the Originator to the
Purchaser, the Originator has full right and authority and is not precluded by law or contract from
furnishing such information to the Purchaser and the Purchaser is not precluded by the terms of the
Mortgage Loan Documents from furnishing the same to any subsequent or prospective purchaser of such
Mortgage. The Originator shall hold the Purchaser harmless from any and all damages, losses, costs
and expenses (including attorney’s fees) arising from disclosure of credit information in
connection with the Purchaser’s secondary marketing operations and the purchase and sale of
mortgages. The Originator has or has caused the related servicer to, for each Mortgage Loan, fully
furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations,
accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to
Equifax, Experian and Trans Union Credit Information Company (three of the credit repositories), on
a monthly basis;

     (kkk) Origination Practices. Each Mortgagor was assigned the highest credit grade
available with respect to a mortgage loan product offered by such Mortgage Loan’s originator,
taking into account the credit history, debt to income ratio and loan requirement of such
Mortgagor;

     (lll) No Arbitration Provision. No Mortgage Loan originated on or after August 1,
2004 requires the borrower to submit to arbitration to resolve any dispute arising out of or
relating in any way to the Mortgage Loan transaction;

     (mmm) S&P Glossary. No Mortgage Loan (i) is a High Cost Loan or Covered Loan, as
applicable (as such terms are defined in the then current Standard & Poor’s LEVELS® Glossary which
is now Version 5.6c Revised, Appendix E), (ii) was originated on or after October 1, 2002 through
March 6, 2003 is governed by the Georgia Fair Lending Act and (iii) no Mortgage Loan originated on
or after January 1, 2005, was a “high cost home loan” as defined under the Indiana Home Loan
Practices Act (I.C. 24-9); and

     (nnn) Manufactured Housing. No manufactured home securing any manufactured housing
contract is other than a “single family residence” as defined in section 25(e)(10) of the Code,
i.e., it is used as a single family residence, has a minimum living space of 400 square feet and a
minimum width of over 102 inches and is of the kind customarily used at a fixed location. The
manufactured home securing each manufactured housing contract is a “manufactured home” as defined
in 42 U.S.C. section 5402(6).

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          II. The Originator hereby represents and warrants to the Purchaser, with respect to each
Mortgage Loan that is a Pool I Mortgage Loan that has been designated as a Group 1 Mortgage Loan as
of the Closing Date or as of such other date specifically provided herein (except that with respect
to any Qualified Substitute Mortgage Loan such representations and warranties shall be as of the
date of substitution and made by the Originator), that:

     (a) HOEPA Thresholds Applicable to all Loans. No refinance or purchase money Mortgage
Loan has an APR or total points and fees that exceed the thresholds set by the Home Ownership and
Equity Protection Act of 1994 (“HOEPA”) and its implementing regulations, including 12 CFR §
226.32(a)(1)(i) and (ii);

     (b) Borrower’s Ability to Repay. The methodology used in underwriting the extension
of credit for each Mortgage Loan did not rely solely 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 such as the borrower’s income, assets and 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;

     (c) Points and Fees. No borrower under a Mortgage Loan 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, which miscellaneous fee and charges, in total, do not exceed 0.25
percent of the loan amount;

     (d) Manufactured Housing. With respect to any Mortgage Loan that is on manufactured
housing, upon the origination of each such Mortgage Loan, the manufactured housing unit either: (i)
will be the principal residence of the borrower or (ii) will be classified as real property under
applicable state law; and

     (e) Loan Limits.

     (i) No first lien Mortgage Loan has an original principal balance that exceeds the
applicable Freddie Mac loan limit (as in effect on the Closing Date);

     (ii) With respect to any subordinate lien Mortgage Loan,

     (A) such lien is on a one- to four-family residence that is the principal
residence of the borrower;

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     (B) has an original principal balance that exceeds one-half of the
one-unit limitation for first lien mortgage loans, i.e., $208,500
(in Alaska, Guam, Hawaii or Virgin Islands: $312,750), without regard to the number
of units; and

     (C) the original principal balance of the related first lien mortgage loan plus
the original principal balance of subordinate lien Mortgage Loan does not exceed the
applicable Freddie Mac loan limit for first lien mortgage loans for that property
type (as in effect on the Closing Date).

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EXHIBIT B

APPENDIX E OF THE STANDARD & POOR’S GLOSSARY FOR

FILE FORMAT FOR LEVELS® VERSION 5.6c REVISED

(Appendix begins on the following page)

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APPENDIX E – Standard & Poor’s Predatory Lending Categories

Standard & Poor’s has categorized loans governed by anti-predatory lending laws in the
Jurisdictions listed below into three categories based upon a combination of factors that include
(a) the risk exposure associated with the assignee liability and (b) the tests and thresholds set
forth in those laws. Note that certain loans classified by the relevant statute as Covered are
included in Standard & Poor’s High Cost Loan Category because they included thresholds and tests
that are typical of what is generally considered High Cost by the industry.

Standard & Poor’s High Cost Loan Categorization

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	Arkansas

	 	Arkansas Home Loan Protection
Act, Ark. Code Ann. §§
23-53-101 et seq.
	 	High Cost Home Loan
	 
	 	 	 	 
	 

	 	Effective July 16, 2003	 	 
	 
	 	 	 	 
	Cleveland Heights, OH

	 	Ordinance No. 72-2003 (PSH),
Mun. Code §§ 757.01 et seq.
	 	Covered Loan
	 
	 	 	 	 
	 

	 	Effective June 2, 2003	 	 
	 
	 	 	 	 
	Colorado

	 	Consumer Equity Protection,
Colo. Stat. Ann. §§ 5-3.5-101
et seq.
	 	Covered Loan
	 
	 	 	 	 
	 

	 	Effective for covered loans
offered or entered into on or
after January 1, 2003. Other
provisions of the Act took
effect on June 7, 2002	 	 
	 
	 	 	 	 
	Connecticut

	 	Connecticut Abusive Home Loan
Lending Practices Act, Conn.
Gen. Stat. §§ 36a-746 et seq.
	 	High Cost Home Loan
	 
	 	 	 	 
	 

	 	Effective October 1, 2001	 	 
	 
	 	 	 	 
	District of Columbia

	 	Home Loan Protection Act,
D.C. Code §§ 26-1151.01 et seq.
	 	Covered Loan
	 
	 	 	 	 
	 

	 	Effective for loans closed on
or after January 28, 2003	 	 
	 
	 	 	 	 
	Florida

	 	Fair Lending Act, Fla. Stat.
Ann. §§ 494.0078 et seq.
	 	High Cost Home Loan
	 
	 	 	 	 
	 

	 	Effective October 2, 2002	 	 
	 
	 	 	 	 
	Georgia (Oct. 1, 2002
- Mar. 6, 2003)

	 	Georgia Fair Lending Act, Ga.
Code Ann. §§ 7-6A-1 et seq.
	 	High Cost Home Loan
	 
	 	 	 	 
	 

	 	Effective October 1, 2002 -
March 6, 2003	 	 

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Standard & Poor’s High Cost Loan Categorization (continued)

	 	 	 	 	 
	 	 	Name of Anti-Predatory Lending	 	Category under Applicable
	State/Jurisdiction	 	Law/Effective Date	 	Anti-Predatory Lending Law
	Georgia as amended
(Mar. 7, 2003 -
current)

	 	Georgia Fair Lending Act, Ga.
Code Ann. §§ 7-6A-1 et seq.
	 	High Cost Home Loan
	 
	 	 	 	 
	 

	 	Effective for loans closed on
or after March 7, 2003	 	 
	 
	 	 	 	 
	HOEPA Section 32

	 	Home Ownership and Equity
Protection Act of 1994, 15
U.S.C. § 1639, 12 C.F.R. §§
226.32 and 226.34
	 	High Cost Loan
	 
	 	 	 	 
	 

	 	Effective October 1, 1995,
amendments October 1, 2002	 	 
	 
	 	 	 	 
	Illinois

	 	High Risk Home Loan Act, Ill.
Comp. Stat. tit. 815, §§
137/5 et seq.
	 	High Risk Home Loan
	 
	 	 	 	 
	 

	 	Effective January 1, 2004
(prior to this date,
regulations under Residential
Mortgage License Act
effective from May 14, 2001)	 	 
	 
	 	 	 	 
	Kansas

	 	Consumer Credit Code, Kan.
Stat. Ann. §§ 16a-1-101 et seq.
	 	High Loan to Value
Consumer Loan (id. § 16a-3-207) and;
	 
	 	 	 	 
	 

	 	Sections 16a-1-301 and
16a-3-207 became effective
April 14, 1999; Section
16a-3-308a became effective
July 1, 1999
	 	High APR Consumer Loan
(id. § 16a-3-308a)
	 
	 	 	 	 
	Kentucky

	 	2003 KY H.B. 287 – High Cost
Home Loan Act, Ky. Rev. Stat.
§§ 360.100 et seq.
	 	High Cost Home Loan
	 
	 	 	 	 
	 

	 	Effective June 24, 2003	 	 
	 
	 	 	 	 
	Maine

	 	Truth in Lending, Me. Rev.
Stat. tit. 9-A, §§ 8-101 et seq.
	 	High Rate High Fee Mortgage
	 
	 	 	 	 
	 

	 	Effective September 29, 1995
and as amended from time to
time	 	 
	 
	 	 	 	 
	Massachusetts

	 	Part 40 and Part 32, 209
C.M.R. §§ 32.00 et seq. and
209 C.M.R. §§ 40.01 et seq.
	 	High Cost Home Loan
	 
	 	 	 	 
	 

	 	Effective March 22, 2001 and
amended from time to time	 	 

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Standard & Poor’s High Cost Loan Categorization (continued)

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	Nevada

	 	Assembly Bill No. 284, Nev.
Rev. Stat. §§ 598D.010 et seq.
	 	Home Loan
	 
	 	 	 	 
	 

	 	Effective October 1, 2003	 	 
	 
	 	 	 	 
	New Jersey

	 	New Jersey Home Ownership
Security Act of 2002, N.J.
Rev. Stat. §§ 46:10B-22 et seq.
	 	High Cost Home Loan
	 
	 	 	 	 
	 

	 	Effective for loans closed on
or after November 27, 2003	 	 
	 
	 	 	 	 
	New Mexico

	 	Home Loan Protection Act,
N.M. Rev. Stat. §§ 58-21A-1
et seq.
	 	High Cost Home Loan
	 
	 	 	 	 
	 

	 	Effective as of January 1,
2004; Revised as of February
26, 2004	 	 
	 
	 	 	 	 
	New York

	 	N.Y. Banking Law Article 6-l
	 	High Cost Home Loan
	 
	 	 	 	 
	 

	 	Effective for applications
made on or after April 1,
2003	 	 
	 
	 	 	 	 
	North Carolina

	 	Restrictions and Limitations
on High Cost Home Loans, N.C.
Gen. Stat. §§ 24-1.1E et seq.
	 	High Cost Home Loan
	 
	 	 	 	 
	 

	 	Effective July 1, 2000;
amended October 1, 2003
(adding open-end lines of
credit)	 	 
	 
	 	 	 	 
	Ohio

	 	H.B. 386 (codified in various
sections of the Ohio Code),
Ohio Rev. Code Ann. §§
1349.25 et seq.
	 	Covered Loan
	 
	 	 	 	 
	 

	 	Effective May 24, 2002	 	 
	 
	 	 	 	 
	Oklahoma

	 	Consumer Credit Code
(codified in various sections
of Title 14A)
	 	Subsection 10 Mortgage
	 
	 	 	 	 
	 

	 	Effective July 1, 2000;
amended effective January 1,
2004	 	 
	 
	 	 	 	 
	South Carolina

	 	South Carolina High Cost and
Consumer Home Loans Act, S.C.
Code
	 	High Cost Home Loan
	 
	 	 	 	 
	 

	 	Ann. §§ 37-23-10 et seq.	 	 
	 
	 	 	 	 
	 

	 	Effective for loans taken on
or after January 1, 2004	 	 

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Standard & Poor’s High Cost Loan Categorization (continued)

	 	 	 	 	 
	 	 	Name of Anti-Predatory Lending	 	Category under Applicable
	State/Jurisdiction	 	Law/Effective Date	 	Anti-Predatory Lending Law
	West Virginia

	 	West Virginia Residential
Mortgage Lender, Broker and
Servicer Act, W. Va. Code
Ann. §§ 31-17-1 et seq.
	 	West Virginia Mortgage

Loan Act Loan
	 
	 	 	 	 
	 

	 	Effective June 5, 2002	 	 

Standard & Poor’s Covered Loan Categorization

	 	 	 	 	 
	 	 	Name of Anti-Predatory Lending	 	Category under Applicable
	State/Jurisdiction	 	Law/Effective Date	 	Anti-Predatory Lending Law
	Georgia (Oct. 1, 2002
- Mar. 6, 2003)

	 	Georgia Fair Lending Act, Ga.
Code Ann. §§ 7-6A-1 et seq.
	 	Covered Loan
	 
	 	 	 	 
	 

	 	Effective October 1, 2002 –
March 6, 2003	 	 
	 
	 	 	 	 
	New Jersey

	 	New Jersey Home Ownership
Security Act of 2002, N.J.
Rev. Stat. §§ 46:10B-22 et seq.
	 	Covered Home Loan
	 
	 	 	 	 
	 

	 	Effective November 27, 2003 –
July 5, 2004	 	 

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Standard & Poor’s Home Loan Categorization

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	Georgia (Oct. 1, 2002
- Mar. 6, 2003)

	 	Georgia Fair Lending Act, Ga.
Code Ann. §§ 7-6A-1 et
seq.
	 	Home Loan
	 
	 	 	 	 
	 

	 	Effective October 1, 2002 – March
6, 2003	 	 
	 
	 	 	 	 
	New Jersey

	 	New Jersey Home Ownership Security
Act of 2002, N.J. Rev. Stat. §§
46:10B-22 et seq.
	 	Home Loan
	 
	 	 	 	 
	 

	 	Effective for loans closed on or
after November 27, 2003	 	 
	 
	 	 	 	 
	New Mexico

	 	Home Loan Protection Act, N.M.
Rev. Stat. §§ 58-21A-1 et seq.
	 	Home Loan
	 
	 	 	 	 
	 

	 	Effective as of January 1, 2004;
Revised as of February 26, 2004	 	 
	 
	 	 	 	 
	North Carolina

	 	Restrictions and Limitations on
High Cost Home Loans, N.C. Gen.
Stat. §§ 24-1.1E et seq.
	 	Consumer Home Loan
	 
	 	 	 	 
	 

	 	Effective July 1, 2000; amended
October 1, 2003 (adding open-end
lines of credit)	 	 
	 
	 	 	 	 
	South Carolina

	 	South Carolina High Cost and
Consumer Home Loans Act, S.C.
Code Ann. §§ 37-23-10 et seq.
	 	Consumer Home Loan
	 
	 	 	 	 
	 

	 	Effective for loans taken on or
after January 1, 2004	 	 

Revised 7/11/05

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SCHEDULE A

MORTGAGE LOAN SCHEDULE

[On file with Trust Administrator]

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Schedule A

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