Document:

EXHIBIT 10.8

                                                                  EXECUTION COPY

                           COLLATERAL TRUST AGREEMENT

                               Dated June 28, 2005

                                 by and between

                           OCWEN FINANCIAL CORPORATION

                                       and

                    THE BANK OF NEW YORK TRUST COMPANY, N.A.
                              as Collateral Trustee

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
SECTION                                                                                  Page
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<S>                                                                                        <C>
ARTICLE I                                                                                   1
Section 1.01 . Certain Defined Terms                                                        1
Section 1.02 . Certain References                                                           2

ARTICLE II                                                                                  2
Section 2.01 . Cash Collateral                                                              2

ARTICLE III                                                                                 2
Section 3.01 . Direction by OTS                                                             2
Section 3.02 . Right to Initiate Judicial Proceedings, Etc                                  2
Section 3.03 . Remedies Not Exclusive                                                       3
Section 3.04 . Waiver of Certain Rights                                                     3
Section 3.05 . Limitation on Collateral Trustee's Duties in Respect of Cash Collateral      3
Section 3.06 . Limitation by Law                                                            3
Section 3.07 . Absolute Rights of Guaranteed Parties                                        3

ARTICLE IV                                                                                  4
Section 4.01 . Disbursement of Amounts in Cash Collateral Account                           4
Section 4.02 . Full Release of Cash Collateral Upon Termination Date                        4
Section 4.03 . Effect of Release of Cash Collateral                                         5

ARTICLE V                                                                                   5
Section 5.01 . Delivery of Agreements                                                       5
Section 5.02 . Compensation and Expenses                                                    5
Section 5.03 . Stamp and Other Similar Taxes                                                5
Section 5.04 . Filing Fees, Excise Taxes, Etc.                                              5
Section 5.05 . Indemnification                                                              6
Section 5.06 . Further Assurances                                                           6

ARTICLE VI                                                                                  6
Section 6.01 . Declaration of Trust                                                         6
Section 6.02 . Exculpatory Provisions                                                       6
Section 6.03 . Delegation of Duties                                                         7
Section 6.04 . Reliance by Collateral Trustee                                               7
Section 6.05 . Limitations on Duties of the Trustee                                         7
Section 6.06 . Moneys to Be Held in Trust                                                   8
Section 6.07 . Resignation and Removal of Collateral Trustee                                8
Section 6.08 . Status of Successors to Trustee                                              8
Section 6.09 . Merger of the Collateral Trustee                                             8
Section 6.10 . Additional Co-Trustees; Separate Trustees                                    9
Section 6.11 . Trustee Appointed Attorney-in-Fact                                           9
Section 6.12 . Ordinary Care                                                               10

ARTICLE VII                                                                                10
Section 7.01 . Amendments, Supplements and Waivers                                         10
Section 7.02 . Additional Actions                                                          10
Section 7.03 . Notices                                                                     10
Section 7.04 . Headings                                                                    10
Section 7.05 . Severability                                                                11
Section 7.06 . Dealings with the Grantor                                                   11
Section 7.07 . Claims Against Trustee                                                      11
Section 7.08 . Binding Effect                                                              11
</TABLE>

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<TABLE>
<S>                                                                                        <C>
Section 7.09 . Governing Law                                                               11
Section 7.10 . Effectiveness                                                               11
Section 7.11 . Effect on Guaranty                                                          11
Section 7.12 . Counterparts                                                                11

Exhibit A -             Guaranty
Exhibit B -             Form of Certificate of Demand
</TABLE>

<PAGE>

                           COLLATERAL TRUST AGREEMENT

        COLLATERAL TRUST AGREEMENT, dated June 28, 2005, by and between OCWEN
FINANCIAL CORPORATION, Florida corporation (the "Grantor"), THE BANK OF NEW YORK
TRUST COMPANY, N.A., a national banking association (together with any successor
collateral trustee appointed pursuant to Article 6, the "Collateral Trustee"),
as trustee for the Guaranteed Parties (as defined below). Certain capitalized
terms used herein are defined in Article 1 of this Agreement.

PRELIMINARY STATEMENTS:

        (1)     The Grantor has executed and delivered to the Office of Thrift
Supervision (together with any governmental agency succeeding to any of its
principal functions in the event that the Office of Thrift Supervision ceases to
exist, the "OTS"), for the benefit of the Guaranteed Parties (as defined
therein), a Guaranty (the "Guaranty") dated as of the date hereof in respect of
the Guaranteed Obligations (as defined therein). Capitalized terms used but not
defined herein are used herein as defined in the Guaranty, a copy of which is
attached hereto as Exhibit A.

        (2)     In order to secure the Guaranteed Obligations, the Grantor has
executed and delivered to the OTS, for the benefit of the Guaranteed Parties, a
Cash Collateral Agreement (the "Cash Collateral Agreement") dated the date
hereof.

        (3)     Pursuant to the terms of the Guaranty and the Cash Collateral
Agreement, the Grantor has opened a non-interest bearing cash collateral account
(the "Cash Collateral Account"), in the name of the Grantor but under the sole
control and dominion of the Collateral Trustee.

        NOW, THEREFORE, in consideration of the premises, the Grantor hereby
agrees with the Collateral Trustee for its benefit and the equal and ratable
benefit of the Guaranteed Parties as follows:

                                    ARTICLE I

                                   DEFINITIONS

        Section 1.01. Certain Defined Terms. The following terms shall have the
following meanings as used herein (such meanings to be equally applicable to
both the singular and plural forms of the terms defined):

        "Account Bank" has the meaning specified in the Cash Collateral
Agreement.

        "Affiliate" means, with respect to a particular Person, (a) any Person
which, directly or indirectly, controls, is controlled by, or is under common
control with such particular Person, or (b) any Person who is a director or
officer of such particular Person. For purposes of this definition, control of a
Person shall mean the power, direct or indirect, (i) to vote 5% or more of the
securities having ordinary voting power for the election of directors of such
Person, or (ii) to direct or cause the direction of the management and policies
of such Person whether by contract or otherwise.

        "Authorized Officer" means the Chairman, the President, any Vice
President, the Secretary or the Treasurer of a Person or any other officer
designated as an "Authorized Officer" by the Board of Directors (or equivalent
governing body) of such Person. "Bankruptcy Code" means Title 11 of the United
States Code entitled "Bankruptcy", as amended from time to time. "Business Day"
means a day of the year on which banks are not required or authorized by law to
close in New York City or the city in which the Collateral Trustee maintains its
corporate trust office.

        "Cash Collateral" has the meaning specified in the Cash Collateral
Agreement.

        "Cash Collateral Account" has the meaning specified in the Preliminary
Statements.

        "Cash Collateral Agreement" has the meaning specified in the Preliminary
Statements.

        "Certificate of Demand" means a certificate substantially in the form of
Exhibit B executed by a Guaranteed Party and delivered to the Collateral Trustee
pursuant to Section 4.01.

                                        1
<PAGE>

        "Certified Claim" means an unpaid and unsatisfied, or partially paid and
partially satisfied, Claim (as defined in the Guaranty) in respect of any
Guaranteed Obligations (a) that is a present right to payment, (b) has been
reduced to judgment and/or is otherwise due and payable and enforcement thereof
has not been effectively stayed, (c) with respect to which demand has been made
upon the Grantor under the Guaranty and (d) with respect to which a true,
correct and complete Certificate of Demand has been executed and delivered to
the Collateral Trustee and the Grantor.

        "Collateral Trust Estate" means all of the right, title and interest of
the Collateral Trustee, whether now owned or hereafter acquired, in and to the
Cash Collateral.

        "Collateral Trustee" has the meaning specified in the recital of parties
to this Agreement.

        "Collateral Trustee's Fees" means the fees and other amounts payable to
the Collateral Trustee pursuant to Sections 5.02, 5.03 and 5.04 and amounts
claimed and unpaid pursuant to Section 5.05.

        "Guaranteed Obligations" has the meaning specified in the Guaranty.

        "Guaranteed Parties" has the meaning specified in the Guaranty.

        "Guaranty" has the meaning specified in the Preliminary Statements.

        "OTS" has the meaning specified in the Preliminary Statements.

        "Person" means an individual, partnership, corporation (including a
business trust), limited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity, or a government or
any political subdivision or agency thereof.

        "Subsidiary" of any Person means any corporation, partnership, joint
venture, limited liability company, trust or estate of which (or in which) more
than 50% of (a) the issued and outstanding capital stock having ordinary voting
power to elect a majority of the Board of Directors of such corporation
(irrespective of whether at the time capital stock of any other class or classes
of such corporation shall or might have voting power upon the occurrence of any
contingency), (b) the interest in the capital of such partnership, joint venture
or limited liability company, or (c) the beneficial interest in such trust or
estate is at the time directly or indirectly owned or controlled by such Person,
by such Person and one or more of its other Subsidiaries or by one or more of
such Person's other Subsidiaries.

        Section 1.02. Certain References. In this Agreement, the words "hereof,"
"herein" and "hereunder", and words of similar import, shall refer to this
Agreement as a whole and not to any particular provision of this Agreement. All
section, schedule and exhibit references set forth in this Agreement are, unless
otherwise specified, references to such section in, or schedule or exhibit to,
this Agreement.

                                   ARTICLE II

                       CONFIRMATION OF SECURITY INTERESTS

        Section 2.01. Cash Collateral. The Grantor hereby confirms that,
pursuant to the terms of the Cash Collateral Agreement, the Grantor has pledged
and assigned to the Collateral Trustee for its benefit and in trust for the
ratable benefit of the Guaranteed Parties, and has granted the Collateral
Trustee for its benefit and in trust for the ratable benefit of the Guaranteed
Parties a lien on and security interest in, the Cash Collateral described
therein.

                                   ARTICLE III

                          ACTIONABLE DEFAULTS; REMEDIES

        Section 3.01. Direction by OTS. As to any matters not expressly provided
for under this Agreement, the Guaranty or the Cash Collateral Agreement, the
Collateral Trustee shall not be required to exercise any discretion or to take
any action under this Agreement, the Guaranty or the Cash Collateral Agreement
or in respect of the Cash Collateral, but shall be required to act or to refrain
from acting (and shall be fully protected in acting or refraining from acting)
in accordance with the instructions of the OTS.

                                        2
<PAGE>

        Section 3.02. Right to Initiate Judicial Proceedings, Etc. (a) Upon the
occurrence of and during the continuance of any Event of Default under the
Guaranty, the Collateral Trustee (i) shall have the right and power to institute
and maintain such suits and proceedings as it or the OTS may deem appropriate to
protect and enforce the rights vested in it by this Agreement and the Cash
Collateral Agreement and (ii) may either, after entry or without entry, proceed
by suit or suits at law or in equity to enforce such rights and to foreclose
upon the Cash Collateral and to dispose of, collect or otherwise realize upon,
all or any portion of the Collateral Trust Estate under the judgment or decree
of a court of competent jurisdiction.

            (b) If a receiver of the Collateral Trust Estate shall be appointed
in judicial proceedings, the Collateral Trustee may be appointed as such
receiver. Notwithstanding the appointment of a receiver, the Collateral Trustee
shall be entitled to retain possession and control of all cash held by or
deposited with it or its agents or co-trustees pursuant to any provision of this
Agreement or the Cash Collateral Agreement.

        Section 3.03. Remedies Not Exclusive. (a) No remedy conferred upon or
reserved to the Collateral Trustee herein or in the Cash Collateral Agreement is
intended to be a limitation exclusive of any other remedy or remedies, but every
such remedy shall be cumulative and shall be in addition to every other remedy
conferred herein or in the Cash Collateral Agreement or now or hereafter
existing at law or in equity or by statute.

            (b) No delay or omission of the Collateral Trustee to exercise any
right, remedy or power hereunder or under the Cash Collateral Agreement shall
impair any such right, remedy or power or shall be construed to be a waiver of
any Event of Default under the Guaranty or any acquiescence therein; and every
right, power and remedy given by this Agreement or the Cash Collateral Agreement
to the Collateral Trustee may be exercised from time to time and as often as may
be deemed expedient by the Collateral Trustee.

            (c) In case the Collateral Trustee shall have proceeded to enforce
any right, remedy or power under this Agreement or the Cash Collateral Agreement
and the proceeding for the enforcement thereof shall have been discontinued or
abandoned for any reason or shall have been determined adversely to the
Collateral Trustee, then and in every such case the Grantor, the Collateral
Trustee and the Guaranteed Parties shall, subject to any determination in such
proceeding, severally be restored to their former positions and rights hereunder
and under the Cash Collateral Agreement with respect to the Collateral Trust
Estate, the Cash Collateral Account and in all other respects, and thereafter
all rights, remedies and powers of the Collateral Trustee shall continue as
though no such proceeding had been taken.

            (d) The Grantor expressly agrees that all rights of action and
rights to assert claims upon or under this Agreement and the Cash Collateral
Agreement may be enforced by the Collateral Trustee without the possession of
any debt instrument or the production thereof in any trial or other proceeding
relative thereto, and any such suit or proceeding instituted by the Collateral
Trustee shall be brought in its name as Collateral Trustee and any recovery of
judgment shall be held as part of the Cash Collateral.

        Section 3.04. Waiver of Certain Rights. The Grantor, on behalf of itself
and all who may claim through or under it, including, without limitation, any
and all subsequent Affiliates, creditors, vendees, assignees and lienors,
expressly waives and releases, to the fullest extent permitted by law, any,
every and all rights to demand or to have any marshalling of the Collateral
Trust Estate upon any enforcement of the Cash Collateral Agreement, including,
without limitation, upon any sale, whether made under any power of sale herein
granted or pursuant to judicial proceedings or upon any foreclosure or any
enforcement of the Cash Collateral Agreement or this Agreement and consents and
agrees that all the Collateral Trust Estate and any such sale may be offered and
sold as an entirety.

        Section 3.05. Limitation on Collateral Trustee's Duties in Respect of
Cash Collateral. Beyond the duties set forth in this Agreement and the Cash
Collateral Agreement, the Collateral Trustee shall not have any duty to the
Grantor, the OTS or the Guaranteed Parties as to any Cash Collateral in the
Collateral Trustee's possession or control or in the possession or control of
any agent or nominee of the Collateral Trustee or any income thereon or as to
the preservation of rights against prior parties or any other rights pertaining
thereto, except that the Collateral Trustee shall be liable for its failure to
exercise ordinary care in the handling of moneys and securities actually
received by it.

        Section 3.06. Limitation by Law. All rights, remedies and powers
provided by this Article 3 may be exercised only to the extent that the exercise
thereof does not violate any applicable provision of law, and all the provisions
of this Article 3 are intended to be subject to all applicable mandatory
provisions of law which may be controlling and to be limited to the extent
necessary so that they will not render this Agreement invalid, unenforceable in
whole or in part.

        Section 3.07. Absolute Rights of Guaranteed Parties. Notwithstanding any
other provision of this Agreement or the Cash Collateral Agreement, each of the
Guaranteed Parties has an absolute and unconditional right to receive payment of
all of the Guaranteed Obligations owing to such Guaranteed Party when the same
becomes due and payable and at the time and place and otherwise in the manner
set forth in the Guaranty, and the right of each such Guaranteed Party to
institute proceedings for the enforcement of such

                                        3
<PAGE>

payment on or after the date such payment becomes due and to assert its position
as a secured creditor in a proceeding under the Bankruptcy Code in which the
Grantor is a debtor, and the obligation of the Grantor to pay all of the
Guaranteed Obligations owing to each of the Guaranteed Parties as, when and to
the extent payable, shall not be impaired or affected without the consent of
such Guaranteed Party. In addition, the right of any Guaranteed Party to receive
payment or security from sources other than the Cash Collateral shall not be,
and is not hereby, impaired or affected in any manner. Without limiting the
generality of the foregoing provisions of this Section 3.07, no Guaranteed Party
shall be obligated to share with any other Guaranteed Party any proceeds of any
Cash Collateral other than pursuant to, and to the extent expressly required
under, this Agreement, the Guaranty and the Cash Collateral Agreement; nor shall
any Guaranteed Party's right to receive its ratable share of any amounts
maintained in the Cash Collateral Account, if any, or any proceeds of any of the
Cash Collateral, or any part thereof, under the terms of this Agreement or the
Cash Collateral Agreement be diminished or affected in any way by its right to
receive proceeds of any other collateral or right of setoff, or payment upon a
guaranty or from any other source.

                                   ARTICLE IV

                    DISBURSEMENTS; RELEASE OF CASH COLLATERAL

        Section 4.01. Disbursement of Amounts in Cash Collateral Account. (a) No
earlier than five days (but no later than seven days) following receipt by the
Collateral Trustee of a Certificate of Demand (together with such other
certifications or documentation evidencing the related Certified Claim as the
Collateral Trustee may reasonably request), the Collateral Trustee shall
instruct the Account Bank to pay to the applicable Guaranteed Party the full
amount of the Certified Claim described in such Certificate of Demand from the
amounts on deposit in the Cash Collateral Account. Notwithstanding the
foregoing, if within five days following receipt by the Collateral Trustee of a
Certificate of Demand with respect to any Certified Claim the Grantor shall have
presented to the Collateral Trustee (i) a cancelled check or (ii) proof of
payment by wire transfer evidencing, in each case, the payment in full of such
Certified Claim, then the Collateral Trustee shall not instruct the Account Bank
to pay the applicable Guaranteed Party.

            (b) If, upon receipt of any Certificate of Demand, the Collateral
Trustee shall have reason to believe that such Certificate of Demand is
incorrect, false or fraudulent, the Collateral Trustee shall be entitled to
consult with independent counsel or seek instructions from a court of competent
jurisdiction, all as provided in Section 6.04(b). Notwithstanding the foregoing,
the Collateral Trustee may conclusively rely without independent verification on
any Certificate of Demand and shall have no duty to make any independent inquiry
or investigation before instructing the Account Bank to pay any Certified Claim
pursuant to subsection (a) above.

            (c) If at any time (i) there shall be more than one unpaid and
outstanding Certified Claim in respect of which the Collateral Trustee shall
have received a Certificate of Demand and (ii) the amounts on deposit in the
Cash Collateral Account at such time shall be insufficient to pay all such
Certified Claims, the Collateral Trustee shall make payments to each applicable
Guaranteed Party ratably in accordance with such Guaranteed Party's Certified
Claim, regardless of the order in which such Certificates of Demand were
submitted to the Collateral Agent. Nothing in the foregoing sentence shall be
construed to limit the obligation of the Grantor to maintain the Minimum Cash
Collateral Account pursuant to the Guaranty and the Cash Collateral Agreement.

            (d) If at any time the amount on deposit in the Cash Collateral
Account is less than the Minimum Cash Collateral Amount (whether as a result of
disbursements pursuant to this Section 4.01 or otherwise), the Collateral
Trustee shall promptly send a written notice to the Grantor and the OTS setting
forth the total amount of moneys in the Cash Collateral Account at such time.

        Section 4.02. Full Release of Cash Collateral Upon Termination Date. (a)
The Collateral Trustee shall promptly release the Cash Collateral upon the
fulfillment of the conditions set forth in, and in accordance with the
provisions of, Section 4.02(c).

            (b) Upon the occurrence of the Termination Date, the Grantor shall
deliver to the OTS and the Collateral Trustee a certificate of an Authorized
Officer of the Grantor certifying that, to the best of the Grantor's knowledge,
both of the following have been indefeasibly paid in full in cash: (i) all
Guaranteed Obligations with respect to which a Claim (as defined in the
Guaranty) was asserted (whether under the Guaranty or otherwise) on or prior to
the sixth anniversary of the date on which the FSB's federal bank charter was
cancelled and (ii) all other amounts payable by the Grantor under the Guaranty
(whether in respect of enforcement costs, indemnification payments or
otherwise).

            (c) The Collateral Trustee shall, upon the request of the Grantor
accompanied by (i) the certificate described in subsection (b) above and (ii) a
written notice of non-objection from the OTS (a "Notice of Non-Objection") (upon
which, in each case, the Collateral Trustee may conclusively rely without
independent verification) release all the Cash Collateral from the security
interest in its favor and deliver to the Grantor all Cash Collateral in the
possession of the Collateral Trustee, provided that the Grantor shall have made
adequate provision for the expenses of the Collateral Trustee associated with
such release of Cash Collateral and all other expenses of, or payable

                                        4
<PAGE>

to, the Collateral Trustee hereunder. If the Collateral Trustee shall not have
received a Notice of Non-Objection from the OTS, or if the OTS shall have
notified the Collateral Trustee that it has reason to believe that the
Termination Date has not occurred, the Collateral Trustee shall not release the
Cash Collateral unless and until the OTS or a court of competent jurisdiction
pursuant to a final, non-appealable judgment (including a judgment that becomes
non-appealable by reason of expiration of any period of time limiting the right
to appeal therefrom) so directs the Collateral Trustee.

            (d) Any Notice of Non-Objection delivered to the Collateral Trustee
by the OTS pursuant to subsection (c) above shall be conclusive and binding on
all parties (including, without limitation, the Guaranteed Parties). The OTS
shall incur no liability whatsoever to any Guaranteed Party in connection with
the delivery of a Notice of Non-Objection on the basis of any good-faith belief
(without any requirement that the OTS independently investigate the same or make
an independent determination with respect thereto) that the Termination Date has
occurred.

        Section 4.03. Effect of Release of Cash Collateral. Upon the
effectiveness of the release of the Cash Collateral pursuant to Section 4.02,
all right, title and interest of the Collateral Trustee and the Guaranteed
Parties in, to and under the Collateral Trust Estate, the Cash Collateral and
the Cash Collateral Agreement shall terminate and shall revert to the Grantor
and its successors and assigns, and the estate, right, title and interest of the
Collateral Trustee therein shall thereupon cease; and in such case, upon the
written request of the Grantor, its successors or assigns, and at the cost and
expense of the Grantor, its successors or assigns, the Collateral Trustee shall
execute and deliver a satisfaction of the Cash Collateral Agreement and such
other instruments provided to it as are necessary or desirable to terminate and
remove of record any documents constituting public notice of the Cash Collateral
Agreement and the security interests granted thereunder and shall transfer, or
cause to be transferred, and shall deliver or cause to be delivered to the
Grantor, all property, including all moneys, instruments and securities of the
Grantor then held by the Collateral Trustee. The cancellation and satisfaction
of the Cash Collateral Agreement shall be without prejudice to the rights of the
Collateral Trustee or any successor trustee or trustees to charge and be
reimbursed for any expenditures which it may thereafter incur in connection
therewith.

                                    ARTICLE V

                     AGREEMENTS WITH THE COLLATERAL TRUSTEE

        Section 5.01. Delivery of Agreements. The Grantor has delivered to the
Collateral Trustee a true and complete copy of the Guaranty as in effect on the
date hereof. The Grantor agrees that, promptly upon the execution thereof, the
Grantor will deliver to the Collateral Trustee a true and complete copy of any
and all amendments, modifications or supplements to the Guaranty entered into
subsequent to the date hereof.

        Section 5.02. Compensation and Expenses. The Grantor agrees to pay to
the Collateral Trustee and any co-trustees or successor trustees appointed
hereunder, from time to time upon demand, (a) reasonable compensation for their
services hereunder and under the Cash Collateral Agreement and for administering
the Collateral Trust Estate and the Cash Collateral Account and (b) all the
fees, costs and expenses incurred by any of them (including, without limitation,
the reasonable fees and disbursements of counsel) (i) arising in connection with
the preparation, execution, delivery, modification and termination of this
Agreement, the Guaranty and the Cash Collateral Agreement or the enforcement of
any of the provisions hereof or thereof or (ii) incurred or required to be
advanced in connection with the administration of the Collateral Trust Estate,
the Cash Collateral Account, the sale or other disposition of Cash Collateral
pursuant to the Cash Collateral Agreement and the preservation, protection or
defense of their rights under this Agreement and in and to the Cash Collateral,
the Cash Collateral Account and the Collateral Trust Estate. As security for
such payment, the Collateral Trustee shall have a prior lien upon all Cash
Collateral and other property and funds held or collected by the Collateral
Trustee as part of the Collateral Trust Estate. The Grantor's obligations under
this Section 5.02 shall survive the termination of the other provisions of this
Agreement.

        Section 5.03. Stamp and Other Similar Taxes. The Grantor agrees to
indemnify and hold harmless the Collateral Trustee and each Guaranteed Party
from any present or future claim for liability for any stamp or other similar
tax and any penalties or interest with respect thereto, which may be assessed,
levied or collected by any jurisdiction in connection with this Agreement, the
Guaranty or the Cash Collateral Agreement. The obligations of the Grantor under
this Section 5.03 shall survive the termination of the other provisions of this
Agreement.

        Section 5.04. Filing Fees, Excise Taxes, Etc. The Grantor agrees to pay
or to reimburse the Collateral Trustee for any and all amounts in respect of all
search, filing, recording and registration fees, taxes, intangible taxes, excise
taxes and other similar imposts which may be payable or determined to be payable
in respect of the execution, delivery, performance and enforcement of this
Agreement and the Cash Collateral Agreement. The obligations of the Grantor
under this Section 5.04 shall survive the termination of the other provisions of
this Agreement.

                                        5
<PAGE>

        Section 5.05. Indemnification. (a) The Grantor agrees to pay, indemnify,
and hold harmless the Collateral Trustee and each of the agents thereof from and
against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever (including, without limitation, the costs and expenses of
defending any claim against any of them) with respect to the execution,
delivery, enforcement, performance and administration of this Agreement, the
Guaranty and the Cash Collateral Agreement unless and to the extent arising from
the gross negligence or willful misconduct of the Collateral Trustee or such of
the agents thereof as are seeking indemnification or any failure of the
Collateral Trustee or any such agent to exercise ordinary care in the handling
of moneys and securities actually received by the Collateral Trustee or any such
agent. As security for such payment, the Collateral Trustee shall have a prior
lien upon all Cash Collateral and other property and funds held or collected by
the Collateral Trustee as part of the Collateral Trust Estate.

            (b) In any suit, proceeding or action brought by the Collateral
Trustee under or with respect to the Cash Collateral Agreement or the Cash
Collateral for any amount owing thereunder, or to enforce any provisions
thereof, the Grantor will save, indemnify and hold harmless the Collateral
Trustee, the OTS and the Guaranteed Parties from and against all expense, loss
or damage suffered by reason of any defense, set-off, counterclaim, recoupment
or reduction of liability whatsoever of the obligee thereunder (unless and to
the extent that such expense, loss or damage is caused by the gross negligence
or willful misconduct of the Collateral Trustee or the failure of the Collateral
Trustee to exercise ordinary care in the handling of moneys and securities
actually received by the Collateral Trustee), arising out of a breach by the
Grantor of any obligation thereunder or arising out of any other agreement,
indebtedness or liability at any time owing to or in favor of such obligee or
its successors from the Grantor and all such obligations of the Grantor shall be
and remain enforceable against and only against the Grantor and shall not be
enforceable against the Collateral Trustee, the OTS or any Guaranteed Party. The
agreements in this Section 5.04 shall survive the termination of the other
provisions of this Agreement.

        Section 5.06. Further Assurances. (a) The Grantor agrees, from time to
time, at its own expense to execute, acknowledge, deliver, record, re-record,
file, re-file, register and re-register, and cause any of its Subsidiaries, if
any, to promptly execute, acknowledge, deliver, record, re-record, file,
re-file, register and re-register any and all such further acts, mortgages,
financing statements and continuations thereof, notices of assignment,
transfers, certificates, assurances and other instruments as may be necessary or
desirable, or as the Collateral Trustee or the OTS may reasonably request from
time to time in order (i) to carry out more effectively the purposes of this
Agreement, (ii) to subject to the liens and security interests created by the
Cash Collateral Agreement any of the properties, rights or interests of the
Grantor covered or now or hereafter intended to be covered by the Cash
Collateral Agreement, (iii) to perfect and maintain the validity, effectiveness
and priority of the Cash Collateral Agreement and the liens and security
interests intended to be created thereby, (iv) to better assure, convey, grant,
assign, transfer, preserve, protect and confirm unto the Collateral Trustee, the
OTS and the Guaranteed Parties the rights granted or now or hereafter intended
to be granted to the Collateral Trustee, the OTS and the Guaranteed Parties
under the Cash Collateral Agreement or under any other instrument executed in
connection with the Cash Collateral Agreement, and (v) to enable the Collateral
Trustee to exercise and enforce its rights and remedies hereunder and under the
Cash Collateral Agreement with respect to any Cash Collateral; provided,
however, that this Section 5.06 shall not be construed to require the Grantor to
grant any interest in Cash Collateral other than pursuant to this Agreement or
the Cash Collateral Agreement. Without limiting the generality of the foregoing,
the Grantor will take any such action required to be taken by it pursuant to the
Cash Collateral Agreement.

            (b) The Grantor hereby authorizes the Collateral Trustee to file one
or more financing or continuation statements, and amendments thereto, relative
to all or any part of the Cash Collateral without the signature of the Grantor
where permitted by law. A photocopy or other reproduction of this Agreement, the
Cash Collateral Agreement or any financing statement covering the Cash
Collateral or any part thereof shall be sufficient as a financing statement
where permitted by law.

            (c) The Grantor will furnish such information about the Cash
Collateral as the Collateral Trustee may reasonably request from time to time.

                                   ARTICLE VI

                             THE COLLATERAL TRUSTEE

        Section 6.01. Declaration of Trust. The Collateral Trustee, for itself
and its successors, hereby accepts the trusts created by this Agreement upon the
terms and conditions hereof, including those contained in this Article 6.
Further, the Collateral Trustee, for itself and its successors, does hereby
declare that it will hold all of the estate, right, title and interest in the
Collateral Trust Estate and the Cash Collateral Account for the ratable benefit
of the Guaranteed Parties as provided herein.

                                        6
<PAGE>

        Section 6.02. Exculpatory Provisions. (a) The Collateral Trustee shall
not be responsible in any manner whatsoever for the correctness of any recitals,
statements, representations or warranties contained herein or in the Cash
Collateral Agreement, all of which are made solely by the Grantor. The
Collateral Trustee make no representations as to the value or condition of the
Collateral Trust Estate, the Cash Collateral Account or any part thereof, or as
to the title of the Grantor thereto or as to the security afforded by the Cash
Collateral Agreement or this Agreement, or as to the validity, execution (except
its own execution), enforceability, legality or sufficiency of this Agreement,
the Cash Collateral Agreement or the Guaranty, and the Collateral Trustee shall
incur no liability or responsibility in respect of any such matters. The
Collateral Trustee shall not be responsible for insuring the Collateral Trust
Estate, filing financing or continuation statements, or for the payment of
taxes, charges, assessments or liens upon the Collateral Trust Estate or
otherwise as to the maintenance of the Collateral Trust Estate or the Cash
Collateral Account, except that in the event that any Collateral Trustee enters
into possession of a part or all of the Collateral Trust Estate or the Cash
Collateral Account the Collateral Trustee shall preserve the part in its
possession.

            (b) The Collateral Trustee shall not be required to ascertain or
inquire as to the performance by the Grantor of any of the covenants or
agreements contained herein or in the Cash Collateral Agreement or the Guaranty.

        Section 6.03. Delegation of Duties. The Collateral Trustee may execute
any of the trusts or powers hereof and perform any duty hereunder either
directly or by or through agents or attorneys-in-fact (which shall not include
officers and employees of the Grantor or any Affiliate of the Grantor). The
Collateral Trustee shall be entitled to rely upon advice of counsel concerning
all matters pertaining to such trusts, powers and duties. The Collateral Trustee
shall not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact reasonably selected by it in good faith.

        Section 6.04. Reliance by Collateral Trustee. (a) Whenever in the
administration of the trusts of this Agreement the Collateral Trustee shall deem
it necessary or desirable that a matter be proved or established in connection
with the taking, suffering or omitting any action hereunder by the Collateral
Trustee unless otherwise provided herein, such matter (unless other evidence in
respect thereof be herein specifically prescribed) may be deemed to be
conclusively proved or established by a certificate of an Authorized Officer of
the Grantor delivered to the Collateral Trustee and the OTS, and such
certificate shall constitute a full warranty to the Collateral Trustee for any
action taken, suffered or omitted in reliance thereon unless (i) the Collateral
Trustee shall have actual knowledge of an inaccuracy therein or (ii) the OTS
shall provide contrary information with respect to such matter within 30 days of
receipt thereof by the OTS, in which case the Collateral Trustee may
conclusively rely on the information provided by the OTS.

            (b) The Collateral Trustee may consult with independent counsel
(including, without limitation, counsel to or any employee of the Collateral
Trustee, the Grantor or any Affiliate of the Grantor), and any opinion of such
counsel shall be full and complete authorization and protection in respect of
any action taken or suffered by it hereunder in accordance therewith unless the
Collateral Trustee has actual knowledge of a reason to question the validity or
accuracy of such opinion or of any assumptions expressed therein as the basis
for such opinion. The Collateral Trustee shall have the right at any time to
seek instructions concerning the administration of the Collateral Trust Estate
or the Cash Collateral Account from any court of competent jurisdiction.

            (c) The Collateral Trustee may rely, and shall be fully protected in
acting, upon any resolution, statement, certificate, instrument, opinion,
report, notice, request, consent, order, bond or other paper or document which
they reasonably believe to be genuine and to have been signed or presented by
the proper party or parties or, in the case of telecopies and telexes, to have
been sent by the proper party or parties. In the absence of its gross negligence
or willful misconduct, the Collateral Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein,
upon any notices, certificates or opinions furnished to the Collateral Trustee
that conform to the requirements of this Agreement, the Guaranty or the Cash
Collateral Agreement.

        Section 6.05. Limitations on Duties of the Trustee. (a) The Collateral
Trustee undertakes to perform only the duties expressly set forth herein and no
implied covenant or obligation shall be read into this Agreement against the
Collateral Trustee.

            (b) The Collateral Trustee may exercise the rights and powers
granted to it by this Agreement and the Cash Collateral Agreement, but only
pursuant to the terms of this Agreement, and the Collateral Trustee shall not be
liable with respect to any action taken or omitted by it in accordance with the
direction of the OTS.

            (c) Except as herein otherwise expressly provided, the Collateral
Trustee shall not be under any obligation to take any action which is
discretionary with the Collateral Trustee under the provisions hereof or under
the Cash Collateral Agreement except upon the written request of the OTS and
subject to the provisions of Section 3.03(b) hereof. The Collateral Trustee
shall make available for inspection and copying by the OTS each certificate or
other paper furnished to the Collateral Trustee by the Grantor or by any other
Person, under or in respect of this Agreement, the Cash Collateral Agreement or
any of the Collateral Trust Estate.

                                        7
<PAGE>

        Section 6.06. Moneys to Be Held in Trust. All moneys received by the
Collateral Trustee under or pursuant to any provision of this Agreement or the
Cash Collateral Agreement shall be segregated and held in trust for the purposes
for which they were paid or are held and the Collateral Trustee shall exercise
ordinary care in the handling of any such moneys actually received by it.

        Section 6.07. Resignation and Removal of Collateral Trustee. (a) The
Collateral Trustee may at any time, by giving 30 days' prior written notice to
the Grantor and the OTS, resign and be discharged of its responsibilities hereby
created, such resignation to become effective upon the appointment of a
successor trustee or trustees by the OTS, the acceptance of such appointment by
such successor trustee or trustees and, unless an Event of Default under the
Guaranty has occurred and is continuing, the consent to the appointment of such
successor trustee or trustees by the Grantor. The Collateral Trustee may be
removed at any time (with or without cause) and a successor trustee or trustees
appointed by the OTS, subject to, unless an Event of Default under the Guaranty
has occurred and is continuing, the consent of the Grantor, provided that the
Collateral Trustee shall be entitled to its fees and expenses accrued to the
date of removal. If the Collateral Trustee resigns or is removed as provided in
this Section 6.07 the consent to the appointment of a successor trustee or
trustees shall not be unreasonably withheld and shall be deemed to have been
given if the Grantor shall not have reasonably objected to any proposed
successor trustee or trustees within 10 Business Days of receipt of notice of
the identity thereof from the OTS. If no successor trustee or trustees shall be
appointed and approved within 30 days from the date of the giving of the
aforesaid notice of resignation or within 30 days from the date of such vote for
removal, the Collateral Trustee shall, or the OTS may, apply, at the expense of
the Grantor, to any court of competent jurisdiction to appoint a successor
trustee or trustees to act until such time, if any, as a successor trustee or
trustees shall have been appointed as above provided. Any successor trustee or
trustees so appointed by such court shall immediately and without further act be
superseded by any successor trustee or trustees approved by the Grantor and OTS
as above provided.

            (b) If at any time the Collateral Trustee shall become incapable of
acting, or if at any time a vacancy shall occur in the office of the Collateral
Trustee for any other cause, a successor trustee or trustees shall be appointed
by the OTS, subject to, unless an Event of Default under the Guaranty has
occurred and is continuing, the consent of the Grantor, which consent shall not
be unreasonably withheld, and the powers, duties, authority and title of the
predecessor trustee or trustees terminated and cancelled without procuring the
resignation of such predecessor trustee or trustees, and without any formality
(except as may be required by applicable law) other than appointment and
designation of a successor trustee or trustees in writing, duly acknowledged,
delivered to the predecessor trustee or trustees and the Grantor and filed for
record in each public office, if any, in which this Agreement is required to be
filed.

            (c) The appointment and designation referred to in Section 6.07(b)
shall, after any required filing, be full evidence of the right and authority to
make the same and of all the facts therein recited, and this Agreement shall
vest in such successor trustee or trustees, without any further act, deed or
conveyance, all of the estate and title of its predecessor, and upon such filing
for record the successor trustee or trustees shall become fully vested with all
the estates, properties, rights, powers, trusts, duties, authority and title of
its predecessor; but such predecessor shall, nevertheless, on the written
request of the OTS, the Grantor or its successor trustee or trustees, execute
and deliver an instrument transferring to such successor all the estates,
properties, rights, powers, trusts, duties, authority and title of such
predecessor hereunder and shall deliver all securities and moneys held by it or
them to such successor trustee or trustees. Should any deed, conveyance or other
instrument in writing from the Grantor be required by any successor trustee or
trustees for more fully and certainly vesting in such successor trustee or
trustees the estates, properties, rights, powers, trusts, duties, authority and
title vested or intended to be vested in the predecessor trustee or trustees,
any and all such deeds, conveyances and other instruments in writing shall, on
request of such successor trustee or trustees, be executed, acknowledged and
delivered by the Grantor.

            (d) Any required filing for record of the instrument appointing a
successor trustee or trustees as hereinabove provided shall be at the expense of
the Grantor. The resignation of any trustee or trustees and the instrument
removing any trustee or trustees, together with all other instruments, deeds and
conveyances provided for in this Article 6 shall, if permitted by law, be
forthwith recorded, registered and filed by and at the expense of the Grantor,
wherever this Agreement is recorded, registered and filed.

        Section 6.08. Status of Successors to Trustee. Every successor to the
Collateral Trustee appointed pursuant to Section 6.07 shall be a bank or trust
company in good standing and having power so to act, incorporated under the laws
of the United States or any State thereof or the District of Columbia and having
its principal corporate trust office within the State of Delaware, the State of
New York, or another state acceptable to the OTS, and shall also have capital,
surplus and undivided profits of not less than $100,000,000, if there be such an
institution with such capital, surplus and undivided profits willing, qualified
and able to accept the trust upon reasonable or customary terms.

        Section 6.09. Merger of the Collateral Trustee. Any corporation into
which the Collateral Trustee may be merged, or with which it may be
consolidated, or any corporation resulting from any merger or consolidation to
which the Collateral Trustee shall be a party, shall be the Collateral Trustee
under this Agreement without the execution or filing of any paper or any further
act on the part of the parties hereto.

                                        8
<PAGE>

        Section 6.10. Additional Co-Trustees; Separate Trustees. (a) If at any
time or times it shall be necessary or prudent in order to conform to any law of
any jurisdiction in which any of the Cash Collateral shall be located, or the
Collateral Trustee shall be advised by counsel satisfactory to it that it is so
necessary or prudent in the interest of the Guaranteed Parties, or the OTS shall
in writing so request by notice to the Collateral Trustee and the Grantor, or
the Collateral Trustee shall deem it desirable for its own protection in the
performance of its duties hereunder, or the Grantor shall in writing so request
by notice to the Collateral Trustee with the consent of the OTS, the Collateral
Trustee and the Grantor shall execute and deliver all instruments and agreements
necessary or proper to constitute another bank or trust company, or one or more
persons approved by the Collateral Trustee, the Grantor and the OTS, either to
act as co-trustee or co-trustees of all or any of the Cash Collateral, jointly
with the Collateral Trustee originally named herein or any successor, or to act
as separate trustee of any such property. In the event the Grantor shall not
have joined in the execution of such instruments and agreements within 10 days
after the receipt of a written request from the Collateral Trustee so to do, or
in case an Event of Default under the Guaranty shall have occurred and be
continuing, the Collateral Trustee may act under the foregoing provisions of
this Section 6.10 without the concurrence of the Grantor (but with the
concurrence of the OTS), and the Grantor hereby appoints the Collateral Trustee
as its agent and attorney to act for it under the foregoing provisions of this
Section 6.10 in either of such contingencies.

            (b) Any separate trustee and any co-trustee (other than any trustee
which may be appointed as successor to the Collateral Trustee pursuant to
Section 6.07) shall, to the extent permitted by law, be appointed and act and be
such, subject to the following provisions and conditions, namely:

        (i)     all rights, powers, duties and obligations conferred upon the
    trustees in respect of the custody, control and management of moneys, papers
    or securities shall be exercised solely by the Collateral Trustee originally
    named herein or its successors appointed pursuant to Section 6.07;

        (ii)    all rights, powers, duties and obligations conferred or imposed
    upon the Collateral Trustee hereunder shall be conferred or imposed and
    exercised or performed by the Collateral Trustee and such separate trustee
    or co-trustee, jointly, as shall be provided in the instrument appointing
    such separate trustee or co-trustee, except to the extent that under any law
    of any jurisdiction in which any particular act or acts are to be performed
    the Collateral Trustee shall be incompetent or unqualified to perform such
    act or acts, in which event such rights, powers, duties and obligations
    shall be exercised and performed by such separate trustee or co-trustee;

        (iii)   no power given hereby to, or which it is provided hereby may be
    exercised by, any such co-trustee or separate trustee, shall be exercised
    hereunder by such co-trustee or separate trustee, except jointly with, or
    with the consent in writing of, the Collateral Trustee, anything herein
    contained to the contrary notwithstanding;

        (iv)    no trustee hereunder shall be personally liable by reason of any
    act or omission of any other trustee hereunder; and

        (v)     the Grantor and the Collateral Trustee, at any time, by an
    instrument in writing, executed by them jointly, may accept the resignation
    of or remove any such separate trustee, and in that case, by an instrument
    in writing executed by the Grantor and the Collateral Trustee jointly, may
    appoint a successor (who shall be acceptable to the OTS) to such a separate
    trustee or co-trustee, as the case may be, anything herein contained to the
    contrary notwithstanding. In the event that the Grantor shall not have
    joined in the execution of any such instrument within 10 days after the
    receipt of a written request from the Collateral Trustee so to do, or in
    case an Event of Default under the Guaranty shall have occurred and be
    continuing, the Collateral Trustee shall have the power to accept the
    resignation of or remove any such separate trustee or co-trustee and to
    appoint (with the consent of the OTS) a successor without the concurrence of
    the Grantor and the Grantor hereby appoints the Collateral Trustee its agent
    and attorney to act for it in such connection in either of such
    contingencies. In the event that the Collateral Trustee shall have appointed
    a separate trustee or co-trustee or as above provided, they may at any time,
    by an instrument in writing, accept the resignation of or remove any such
    separate trustee, the successor to any such separate trustee to be appointed
    by the Grantor and the Collateral Trustee, or by the Collateral Trustee
    alone, as hereinbefore provided in this Section 6.10.

        Section 6.11. Trustee Appointed Attorney-in-Fact. The Grantor hereby
irrevocably constitutes and appoints the Collateral Trustee and any officer or
agent thereof, with full power of substitution, as its true and lawful
attorney-in-fact with full power and authority in the name of the Grantor or its
own name and in the place and stead of the Grantor and in the name of the
Grantor, from time to time at the direction of the OTS, to take any action and
to execute any instrument which the same may deem necessary or advisable to
accomplish the purposes of this Agreement, including, without limitation, to
receive, endorse and collect all instruments made payable to the Grantor

                                        9
<PAGE>

representing any dividend, interest payment or other distribution in respect of
the Cash Collateral or any part thereof and to give full discharge for the same.
The Grantor acknowledges and agrees that the foregoing power of attorney is
coupled with an interest and may not be revoked or modified except with the
consent of the Collateral Trustee or as otherwise provided herein.

        Section 6.12. Ordinary Care. The Collateral Trustee shall be deemed to
have exercised ordinary care in the custody and preservation of the Cash
Collateral in its possession if the Cash Collateral is accorded treatment
substantially equal to that which the Collateral Trustee accords its own
property and reasonable care is exercised by the Collateral Trustee in handling
any moneys or securities actually received by it, it being understood that the
Collateral Trustee shall not have any responsibility for (i) ascertaining or
taking action with respect to calls, conversions, exchanges, maturities, tenders
or other matters relative to any Cash Collateral, whether or not the Collateral
Trustee has or is deemed to have knowledge of such matters, or (ii) taking any
necessary steps to preserve rights against any parties with respect to any Cash
Collateral.

                                   ARTICLE VII

                                  MISCELLANEOUS

        Section 7.01. Amendments, Supplements and Waivers. (a) With the written
consent of the OTS and the Collateral Trustee, the Grantor may, from time to
time, enter into written agreements supplemental hereto for the purpose of
adding to or waiving any provision of this Agreement or the Cash Collateral
Agreement or changing in any manner the rights of the Collateral Trustee, the
Guaranteed Parties and the Grantor hereunder or thereunder; provided, however,
that no such supplemental agreement shall amend, modify or waive any provision
of this Section 7.01. Any such supplemental agreement shall be binding upon the
Grantor, the Guaranteed Parties and the Collateral Trustee and their respective
successors. The Collateral Trustee shall not enter into any such supplemental
agreement unless it shall have received a certificate of an Authorized Officer
of the Grantor to the effect that such supplemental agreement will not result in
a breach of any provision or covenant contained in the Guaranty.

            (b) The Collateral Trustee may, from time to time, enter into
amendments to the Cash Collateral Agreement as provided in Section 25 thereof;
provided that the Collateral Trustee shall not, without the prior written
consent of the OTS, enter into any amendment of the Cash Collateral Agreement
that could reasonably be expected to be adverse in any material respect to the
rights and interests of the OTS or the Guaranteed Parties.

        Section 7.02. Additional Actions. Whether or not an Event of Default
under the Guaranty has occurred and is continuing, the Collateral Trustee shall
comply and shall be fully protected in complying with any reasonable request of
the OTS, to take or refrain from taking certain actions with respect to the Cash
Collateral, the Cash Collateral Account or the Guaranteed Parties, provided, in
each case, that the Collateral Trustee shall not take or refrain from taking
such actions if to do so would violate applicable law or the terms of this
Agreement, the Cash Collateral Agreement or the Guaranty or if the Collateral
Trustee shall not be indemnified as provided in Section 5.05(b).

        Section 7.03. Notices. All notices and other communications provided for
hereunder shall be in writing (including telegraphic, telecopy or electronic
communication) and mailed, telegraphed, telecopied or delivered to it:

        (a) If to the Grantor, to its address at 1661 Worthington Road, Suite
    100, West Palm Beach, FL 33401, Attention: Secretary (telecopy no. (561)
    692-8177) or at such other address as shall be designated by it in a written
    notice to the OTS and the Collateral Trustee;

        (b) If to the Collateral Trustee, at 10161 Centurion Parkway,
    Jacksonville, FL, 32256, Attention: Corporate Trust Administration, or at
    such other address as shall be designated by it in a written notice to the
    Grantor and the OTS; and

        (c) If to the OTS, to its address at Harborside Financial Center, Plaza
    Five, Suite 1600, Jersey City, New Jersey 07311, Attention: Regional
    Director (telecopy no. (201) 413-7543), or at such other address as shall be
    designated by it in a written notice to the Grantor and the Collateral
    Trustee.

        All such notices and other communications shall, when mailed,
telegraphed, telecopied, or e-mailed, be effective when deposited in the mails,
delivered to the telegraph company, transmitted by telecopier or sent by
electronic communication, respectively.

        Section 7.04. Headings. Section, subsection and other headings used in
this Agreement are for convenience only and shall not affect the construction of
this Agreement.

                                       10
<PAGE>

        Section 7.05. Severability. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall not invalidate the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. Delivery by telecopier of an executed counterpart of a
signature page to any amendment or waiver of any provision of this Agreement
shall be effective as delivery of an original executed counterpart thereof.

        Section 7.06. Dealings with the Grantor. Upon any application or demand
by the Grantor to the Collateral Trustee to take or permit any action under any
of the provisions of this Agreement, the Grantor shall (unless otherwise waived
by the Collateral Trustee in writing) furnish to the Collateral Trustee a
certificate signed by an Authorized Officer stating that all conditions
precedent, if any, provided for in this Agreement relating to the proposed
action have been complied with, except that in the case of any such application
or demand as to which the furnishing of such documents is specifically required
by any provision of this Agreement relating to such particular application or
demand, no additional certificate or opinion need be furnished.

        Section 7.07. Third Party Beneficiaries. This Agreement is made for the
benefit of the Guaranteed Parties, and the Guaranteed Parties may from time to
time enforce their rights as explicit beneficiaries hereunder.

        Section 7.08. Binding Effect. This Agreement shall be binding upon and
inure to the benefit of each of the parties hereto and shall inure to the
benefit of the Guaranteed Parties and their respective successors and assigns
and nothing herein or in the Cash Collateral Agreement or the Guaranty is
intended or shall be construed to give any other Person any right, remedy or
claim under, to or in respect of this Agreement, the Cash Collateral Agreement,
the Cash Collateral, the Cash Collateral Account or the Collateral Trust Estate
or any part thereof.

        Section 7.09. Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York.

        Section 7.10. Effectiveness. This Agreement shall become effective on
the execution and delivery hereof and shall remain in effect so long as the
Collateral Trustee shall have any obligations hereunder.

        Section 7.11. Effect on Guaranty. Nothing in this Agreement shall
operate or be deemed to prevent any amendment, modification or waiver of the
Guaranty by the parties thereto in accordance with the terms thereof.

        Section 7.12. Counterparts. This Agreement may be executed in separate
counterparts, each of which shall be an original and all of which taken together
shall constitute one and the same instrument.

                [Remainder of this page intentionally left blank]

                                       11
<PAGE>

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement or
caused this Agreement to be duly executed by their respective officers thereunto
duly authorized as of the day and year first above written.

                                            OCWEN FINANCIAL CORPORATION

                                            By:    /s/ WILLIAM C. ERBEY
                                                   -----------------------------
                                            Title: Chairman and CEO

                                            THE BANK OF NEW YORK TRUST
                                            COMPANY, N.A., as Collateral Trustee

                                            By:    /s/ CRAIG A. KAYE
                                                   -----------------------------
                                            Title: Assistant Vice President

                                       12
<PAGE>

                                                                       Exhibit A
                                                                          to the
                                                      Collateral Trust Agreement

                                    GUARANTY

<PAGE>

                                                                       Exhibit B
                                                                          to the
                                                      Collateral Trust Agreement

                          FORM OF CERTIFICATE OF DEMAND

The Bank of New York Trust Company, N.A.,
  as Collateral Trustee under the
  Collateral Trust Agreement
  referred to below
10161 Centurion Parkway
Jacksonville, FL  32256
Attention:  Corporate Trust Administration

Ocwen Financial Corporation
1661 Worthington Road, Suite 100
West Palm Beach, FL  33401
Attention:  Secretary

Date:

        The undersigned (the "Guaranteed Party") hereby certifies, pursuant to
the Collateral Trust Agreement dated June 28, 2005 (the "Collateral Trust
Agreement") by and between Ocwen Financial Corporation ("Ocwen"), as Grantor,
and The Bank of New York Trust Company, N.A., as Collateral Trustee (the
"Collateral Trustee"), as follows:

        1.      The undersigned has a claim for the present payment of money
(the "Claim") in respect of obligations guaranteed by Ocwen pursuant to the
Guaranty dated as of June 28, 2005 (the "Guaranty"). A description of the Claim
is attached hereto.

        2.      The Claim, the full amount of which is $__________, [has been
reduced to judgment [and enforcement thereof has not been effectively stayed]
and] is otherwise due and payable. A true and correct copy of the [judgment]
[invoice] [etc.] evidencing the Claim is attached hereto.

        3.      The undersigned has made written demands for payment (true and
correct copies of which are attached hereto) upon (a) the primary obligor with
respect to the Claim and (b) Ocwen, under the Guaranty (collectively, the
"Demands for Payment"). Not less than five business days have elapsed since the
date of each such Demand for Payment.

        4.      As of the date hereof, (a) the primary obligor has [paid to the
Guaranteed Party the amount of $__________] [made no payment whatsoever] and (b)
Ocwen has [paid to the Guaranteed Party the amount of $__________] [made no
payment whatsoever], in each case, in respect of the Demands for Payment
attached hereto.

        5.      The unsatisfied amount currently due and payable with respect to
such Demands for Payment is $__________. Pursuant to the terms of the Collateral
Trust Agreement, the undersigned hereby requests that the Collateral Trustee pay
such amount to the following account:

                           ______________________
                           ______________________
                           ______________________

                                                    By
                                                          ----------------------
                                                    Name:EXHIBIT 10.9

                                                                  EXECUTION COPY

                                    GUARANTY

                            Dated as of June 28, 2005

                                      From

                           OCWEN FINANCIAL CORPORATION

                                  as Guarantor

                                   in favor of

                   THE GUARANTEED PARTIES (AS DEFINED HEREIN)

<PAGE>

                                TABLE OF CONTENTS

Section                                                                   Page
----------------------------------------------------------------------    ----
Section 1.  Guaranty..................................................       1

Section 2.  Guaranty Absolute.........................................       1

Section 3.  Waivers and Acknowledgments...............................       2

Section 4.  Subrogation...............................................       2

Section 5.  Cash Collateral Account...................................       3

Section 6.  Representations and Warranties............................       3

Section 7.  Affirmative Covenants.....................................       4

Section 8.  Negative Covenants........................................       4

Section 9.  Amendments, Etc...........................................       6

Section 10. Notices Generally; Notice of Claims.......................       6

Section 11. No Waiver; Remedies.......................................       6

Section 12. Indemnification...........................................       6

Section 13. Subordination.............................................       7

Section 14. Continuing Guaranty; Assignments..........................       7

Section 15. Third-Party Beneficiaries; Enforcement....................       7

Section 16. Independent Counsel.......................................       8

Section 17. No Liability..............................................       8

Section 18. Execution of counterparts.................................       8

Section 19. Governing Law; Jurisdiction; Waiver of Jury Trial, Etc....       8

<PAGE>

                                    GUARANTY

        GUARANTY dated as of June 28, 2005 made by Ocwen Financial Corporation,
a Florida corporation (the "Guarantor"), in favor of the Guaranteed Parties
(this term and certain other capitalized terms are defined in Schedule 1).

        PRELIMINARY STATEMENTS.

        (1) Ocwen Federal Bank FSB (the "FSB"), a federal savings bank chartered
and regulated by the Office of Thrift Supervision (together with any
governmental authority succeeding to any of its principal functions in the event
that the Office of Thrift Supervision ceases to exist, the "OTS") pursuant to
the Home Owners' Loan Act, is wholly owned by the Guarantor and certain of the
wholly-owned subsidiaries of the Guarantor.

        (2) The FSB desires to dissolve its corporate existence and terminate
its federal bank charter (the "Dissolution") and has submitted a Plan of
Voluntary Dissolution to OTS, duly approved by the FSB's board of directors,
pursuant to Section 546.4 of the rules and regulations of OTS, 12 C.F.R. Section
546.4 (the "Plan").

        (3) The Plan provides for (a) the sale of the FSB's deposit liabilities
and certain assets used by the FSB at its sole branch location in Fort Lee, New
Jersey (the "Branch") or in connection with the business of the Branch (the
"Branch Sale") to Marathon National Bank of New York or its designee
("Marathon"), and (b) the subsequent transfer to Ocwen Loan Servicing, LLC, a
Delaware limited liability company ("OLS"), a wholly-owned subsidiary of the
Guarantor, of all remaining assets and liabilities of the FSB pursuant to the
Assignment and Assumption Agreement dated as of the date hereof among the
Guarantor, OLS and certain other parties thereto.

        (4) OTS desires to protect the interests of the Guaranteed Parties after
the Dissolution.

        (5) The Guarantor wishes to demonstrate to OTS its commitment to
ensuring that the FSB's obligations to the Guaranteed Parties that remain after
the Dissolution will be satisfied.

        NOW, THEREFORE, in consideration of the premises and in order to induce
the OTS to approve the Plan, the Guarantor hereby agrees as follows:

        Section 1. Guaranty. The Guarantor hereby absolutely, unconditionally
and irrevocably guarantees the punctual payment when due of all of the Assumed
Liabilities arising on or prior to the date hereof (regardless of whether any
Claim has been asserted with respect thereto as of the date hereof), whether
direct or indirect, absolute or contingent, and whether for principal, interest,
premiums, fees, indemnities, contract or tort causes of action, costs, expenses
or otherwise (collectively, the "Guaranteed Obligations"), and agrees to pay any
and all expenses (including, without limitation, fees and expenses of counsel)
incurred by OTS or any Guaranteed Party in enforcing any rights under this
Guaranty. Without limiting the generality of the foregoing, the Guarantor's
liability shall extend to all amounts that constitute part of the Guaranteed
Obligations and would be owed by the FSB or OLS to any Guaranteed Party but for
the fact that they are unenforceable or not allowable due to the existence of a
bankruptcy, conservatorship, receivership, reorganization or similar proceeding
involving the FSB or OLS.

        Section 2. Guaranty Absolute. The Guarantor guarantees that the
Guaranteed Obligations will be paid strictly as, when and to the extent payable
by the FSB or OLS. The obligations of the Guarantor under or in respect of this
Guaranty are independent of the Guaranteed Obligations, and a separate action or
actions may be brought and prosecuted against the Guarantor to enforce this
Guaranty, irrespective of whether any action is brought against the FSB or OLS
or whether the FSB or OLS is joined in any such action or actions. The liability
of the Guarantor under this Guaranty shall be irrevocable, absolute and
unconditional irrespective of, and the Guarantor hereby irrevocably waives any
defenses it may now have or hereafter acquire in any way relating to, any or all
of the following:

        (a) any lack of validity or enforceability of the Cash Collateral
    Agreement or any agreement or instrument relating thereto;

        (b) any compromise or settlement of, or any change in the time, manner
    or place of payment of, or in any other term of, all or any of the
    Guaranteed Obligations;

        (c) any taking, exchange, release or non-perfection of any Cash
    Collateral or any other collateral, or any taking, release or amendment or
    waiver of, or consent to departure from, any other guaranty, for all or any
    of the Guaranteed Obligations;

                                        1
<PAGE>

        (d) any manner of application of Cash Collateral or any other
    collateral, or proceeds thereof, to all or any of the Guaranteed
    Obligations, or any manner of sale or other disposition of any Cash
    Collateral or any other collateral for all or any of the Guaranteed
    Obligations or any other assets of the Guarantor, the FSB, OLS or any of
    their respective Subsidiaries;

        (e) any change, restructuring or termination of the corporate structure
    or existence of the Guarantor, the FSB, OLS or any of their respective
    Subsidiaries;

        (f) any failure of OTS or any Guaranteed Party to disclose to the
    Guarantor any information relating to the business, condition (financial or
    otherwise), operations, performance, properties or prospects of the FSB or
    OLS now or hereafter known to such OTS or such Guaranteed Party (the
    Guarantor waiving any duty on the part of OTS and the Guaranteed Parties to
    disclose such information);

        (g) the failure of any other Person to execute or deliver any other
    guaranty or agreement or the release or reduction of liability of any other
    guarantor or surety with respect to the Guaranteed Obligations; or

        (h) any other circumstance (including, without limitation, any statute
    of limitations) or any existence of or reliance on any representation by OTS
    or any Guaranteed Party that might otherwise constitute a defense available
    to, or a discharge of, the Guarantor or any other guarantor or surety.

This Guaranty shall continue to be effective or be reinstated, as the case may
be, if at any time any payment of any of the Guaranteed Obligations is rescinded
or must otherwise be returned by any Guaranteed Party or any other Person upon
the insolvency, bankruptcy or reorganization of the FSB, OLS or the Guarantor or
otherwise, all as though such payment had not been made.

        Section 3. Waivers and Acknowledgments. (a) The Guarantor hereby
unconditionally and irrevocably waives promptness, diligence, notice of
acceptance, presentment, demand for performance, notice of nonperformance,
default, acceleration, protest or dishonor and any other notice with respect to
any of the Guaranteed Obligations and this Guaranty and any requirement that any
Guaranteed Party protect, secure, perfect or insure any Lien or any property
subject thereto or exhaust any right or take any action against any other Person
or any Cash Collateral or other collateral.

        (b) The Guarantor hereby unconditionally and irrevocably waives any
right to revoke this Guaranty and acknowledges that this Guaranty is continuing
in nature and applies to all Guaranteed Obligations, regardless of whether any
Claim has been asserted with respect thereto as of the date hereof.

        (c) The Guarantor hereby unconditionally and irrevocably waives (i) any
defense arising by reason of any claim or defense based upon an election of
remedies by OTS or any Guaranteed Party that in any manner impairs, reduces,
releases or otherwise adversely affects the subrogation, reimbursement,
exoneration, contribution or indemnification rights of the Guarantor or other
rights of the Guarantor to proceed against the FSB, OLS or any other guarantor
or any other Person or any Cash Collateral and (ii) any defense based on any
right of set-off or counterclaim against or in respect of the obligations of the
Guarantor hereunder.

        (d) The Guarantor hereby unconditionally and irrevocably waives any duty
on the part of any Guaranteed Party or OTS to disclose to the Guarantor any
matter, fact or thing relating to the business, condition (financial or
otherwise), operations, performance, properties or prospects of the Guarantor,
the FSB, OLS or any of their Subsidiaries now or hereafter known by such
Guaranteed Party or OTS.

        (e) The Guarantor waives any and all notice of the creation, renewal,
extension or accrual of any of the Guaranteed Obligations and notice or proof of
reliance by the Guaranteed Parties upon this Guaranty or acceptance of this
Guaranty. The Guaranteed Obligations shall be conclusively deemed to have been
created, contracted or incurred, or renewed, extended or amended in reliance
upon this Guaranty.

        (f) The Guarantor acknowledges that it will receive substantial direct
and indirect benefits from the consummation of the Dissolution contemplated by
the Plan and that the waivers set forth in Section 2 and this Section 3 are
knowingly made in contemplation of such benefits.

        Section 4. Subrogation. The Guarantor hereby unconditionally and
irrevocably agrees not to exercise any rights that it may now have or hereafter
acquire against the FSB, OLS or any other insider guarantor that arise from the
existence, payment, performance or enforcement of the Guarantor's obligations
under or in respect of this Guaranty or the Cash Collateral Agreement,
including, without limitation, any right of subrogation, reimbursement,
exoneration, contribution or indemnification and any right to participate in any
claim or

                                        2
<PAGE>

remedy of OTS or any Guaranteed Party against the FSB, OLS or any other insider
guarantor or any Cash Collateral, whether or not such claim, remedy or right
arises in equity or under contract, statute or common law, including, without
limitation, the right to take or receive from the FSB, OLS or any other insider
guarantor, directly or indirectly, in cash or other property or by set-off or in
any other manner, payment or security on account of such claim, remedy or right,
until the Termination Date. If any amount shall be paid to the Guarantor in
violation of the immediately preceding sentence at any time prior to the
Termination Date, such amount shall be received and held in trust for the
benefit of the Guaranteed Parties, shall be segregated from other property and
funds of the Guarantor and shall forthwith be deposited into the Cash Collateral
Account in the same form as so received (with any necessary endorsement or
assignment) to be credited and applied to the Guaranteed Obligations and all
other amounts payable under this Guaranty, whether matured or unmatured, or to
be held as Cash Collateral (in accordance with the terms of the Cash Collateral
Agreement) for any Guaranteed Obligations or other amounts payable under this
Guaranty thereafter arising. If (i) the Guarantor shall make payment to any
Guaranteed Party of all or any part of the Guaranteed Obligations and (ii) the
Termination Date shall have occurred, the Guaranteed Parties will, at the
Guarantor's request and expense, execute and deliver to the Guarantor
appropriate documents, without recourse and without representation or warranty,
necessary to evidence the transfer by subrogation to the Guarantor of an
interest in the Guaranteed Obligations resulting from such payment made by the
Guarantor pursuant to this Guaranty.

        Section 5. Cash Collateral Account. Pursuant to the terms of the Cash
Collateral Agreement, the Guarantor shall establish and maintain the Cash
Collateral Account (as defined therein). On the date hereof, the Guarantor shall
fund the Cash Collateral Account with cash or Cash Equivalents (as defined in
the Cash Collateral Agreement) in an amount not less than the Minimum Cash
Collateral Amount. If, at any time prior to the Termination Date, the balance of
the Cash Collateral Account shall fall below the Minimum Cash Collateral Amount,
the Guarantor shall within five business days deposit into the Cash Collateral
Account the difference between the balance of the Cash Collateral Account at
such time and the Minimum Cash Collateral Amount.

        Section 6. Representations and Warranties. The Guarantor hereby
represents and warrants as follows:

        (a) The Guarantor (i) is a corporation duly organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation and
(ii) has the requisite corporate power and authority and the legal right to own
and operate its property, to lease the property it operates and to conduct the
business in which it is currently engaged.

        (b) The execution, delivery and performance by the Guarantor of this
Guaranty and the Cash Collateral Agreement, are within the Guarantor's corporate
power, have been duly authorized by all necessary corporate action, and do not
(i) contravene the Guarantor's charter or bylaws, (ii) violate any law, rule,
regulation, order, writ, judgment, injunction, decree, determination or award,
(iii) conflict with or result in the breach of, or constitute a default or
require any payment to be made under, any contract, loan agreement, indenture,
mortgage, deed of trust, lease or other instrument binding on or affecting the
Guarantor, any of its Subsidiaries or any of their properties or (iv) except for
the Liens created under the Cash Collateral Agreement, result in or require the
creation or imposition of any Lien upon or with respect to any of the properties
of the Guarantor or any of its Subsidiaries.

        (c) No governmental authorization, and no notice to or filing with, any
Governmental Authority or any other third party is required for (i) the due
execution, delivery or performance by the Guarantor of this Guaranty or the Cash
Collateral Agreement, (ii) the grant by the Guarantor of the Liens granted by it
pursuant to the Cash Collateral Agreement, (iii) the perfection or maintenance
of the Liens created under the Cash Collateral Agreement (including the first
priority nature thereof) or (iv) the exercise by OTS or any Guaranteed Party of
its rights under the Guaranty or the remedies in respect of the Cash Collateral
pursuant to the Cash Collateral Agreement.

        (d) This Guaranty and the Cash Collateral Agreement have been duly
executed and delivered by the Guarantor. Each of this Guaranty and the Cash
Collateral Agreement is the legal, valid and binding obligation of the
Guarantor, enforceable against the Guarantor in accordance with its terms,
subject to the effect of applicable bankruptcy, insolvency, reorganization,
receivership, moratorium and other similar laws relating to or affecting
creditors' rights generally.

        (e) There are no conditions precedent to the effectiveness of this
Guaranty that have not been satisfied or waived.

        (f) The Guarantor has, independently and without reliance upon any other
Person and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Guaranty and the
Cash Collateral Agreement, and the Guarantor has established adequate means of
obtaining from the FSB and OLS on a continuing basis information pertaining to,
and is now and on a continuing basis will be completely familiar with, the
business, condition (financial or otherwise), operations, performance,
properties and prospects of the FSB and OLS.

                                        3
<PAGE>

        Section 7. Affirmative Covenants. The Guarantor covenants and agrees
that, until the Termination Date, the Guarantor will:

        (a) Cash Collateral Account. Maintain the Cash Collateral Account,
perform and observe all of the terms of the Cash Collateral Agreement, and
maintain at all times the Minimum Cash Collateral Amount.

        (b) Reporting Requirements. Furnish to OTS:

          (i)   Default Notice. As soon as possible and in any event within five
        days after the occurrence of each Default hereunder, a statement of the
        chief financial officer of the Guarantor setting forth details of such
        Default and the action that the Guarantor has taken and proposes to take
        with respect thereto.

          (ii)  Annual Financials. As soon as available and in any event within
        90 days after the end of each fiscal year, a copy of the annual audit
        report for such year for the Guarantor and its Subsidiaries, including
        therein a Consolidated balance sheet of the Guarantor and its
        Subsidiaries as of the end of such fiscal year and a Consolidated
        statement of income and a Consolidated statement of cash flows of the
        Guarantor and its Subsidiaries for such fiscal year, in each case
        accompanied by (A) an opinion as to such audit report of
        PricewaterhouseCoopers LLP or other independent public accountants of
        recognized standing and (B) a certificate of the chief financial officer
        of the Guarantor stating that no Default has occurred and is continuing
        or, if a Default has occurred and is continuing, a statement as to the
        nature thereof and the action that the Guarantor has taken and proposes
        to take with respect thereto.

          (iii) Quarterly Financials. As soon as available and in any event
        within 60 days after the end of each of the first three quarters of each
        fiscal year, a Consolidated balance sheet of the Guarantor and its
        Subsidiaries as of the end of such quarter and a Consolidated statement
        of income and a Consolidated statement of cash flows of the Guarantor
        and its Subsidiaries for the period commencing at the end of the
        previous fiscal quarter and ending with the end of such fiscal quarter
        and a Consolidated statement of income and a Consolidated statement of
        cash flows of the Guarantor and its Subsidiaries for the period
        commencing at the end of the previous fiscal year and ending with the
        end of such quarter, setting forth in each case in comparative form the
        corresponding figures for the corresponding date or period of the
        preceding fiscal year, all in reasonable detail and duly certified
        (subject to normal year-end audit adjustments) by the chief financial
        officer of the Guarantor as having been prepared in accordance with
        GAAP, together with a certificate of said officer stating that no
        Default has occurred and is continuing or, if a Default has occurred and
        is continuing, a statement as to the nature thereof and the action that
        the Guarantor has taken and proposes to take with respect thereto.

          (iv)  Litigation. Promptly after the commencement thereof, notice of
        all actions, suits, investigations, litigation and proceedings before
        any Governmental Authority affecting the Guarantor or any of its
        Subsidiaries that could be reasonably likely to have a material adverse
        effect on the business, condition (financial or otherwise), operations,
        performance, properties or prospects of the Guarantor or OLS.

        (c) Transactions with Affiliates. Conduct, and cause each of its
Subsidiaries to conduct, all transactions with any of their Affiliates on terms
that are fair and reasonable and no less favorable to the Guarantor or such
Subsidiary than it would obtain in a comparable arm's-length transaction with a
Person not an Affiliate.

        (d) Preservation of Existence, etc. Preserve, renew and maintain, and
cause each of its Subsidiaries to preserve, renew and maintain, in full force
and effect their legal existence and good standing under the laws of their
jurisdiction of organization, except in a transaction permitted by Section 8(b).

        (e) Unencumbered Financial Assets. The Guarantor shall maintain at all
times Financial Assets with a fair market value of not less than $35,000,000
that are (i) free and clear of any Lien and (ii) not the subject of any
transaction restricted under Section 8(c).

        Section 8. Negative Covenants. The Guarantor covenants and agrees that,
until the Termination Date, the Guarantor will not, at any time:

        (c) Debt. Create, incur or assume, or permit any of its Subsidiaries to
create, incur or assume, any Debt, except that the Guarantor or any Subsidiary
may create, incur or assume Debt if, immediately after giving effect to such
creation, incurrence or assumption, the ratio of (x) the Consolidated Debt of
the Guarantor and its Subsidiaries at such time to (y) the tangible net worth
(shareholders' equity less intangible assets, all determined in accordance with
GAAP, it being understood and agreed that servicing assets shall be considered
intangible assets for purposes of this calculation) of the Guarantor and its
Subsidiaries for the fiscal quarter most recently ended does not exceed 7.25 :
1.00 (the "Leverage Ratio").

                                        4
<PAGE>

        (d) Mergers, Etc. Merge into or consolidate with any Person or permit
any Person to merge into it, or transfer all or substantially all of its assets,
or permit any of its Subsidiaries to merge into or consolidate with any Person
or permit any Person to merge into it, or transfer all or substantially all of
its assets, except that, so long as no Default exists or would result therefrom:

          (i)   any Subsidiary of the Guarantor (other than OLS) may merge into
        or consolidate with any other Subsidiary of the Guarantor; provided
        that, in the case of any such merger or consolidation, the Person formed
        by such merger or consolidation shall be a wholly-owned Subsidiary of
        the Guarantor;

          (ii)  any Subsidiary of the Guarantor (other than OLS) may transfer
        all or substantially all of its assets to the Guarantor or to a
        wholly-owned Subsidiary of the Guarantor; and

          (iii) the Guarantor may merge into or consolidate with, or permit to
        merge into it, or transfer all or substantially all of its assets to, a
        Qualifying Entity; provided, that the tangible net worth of the
        Guarantor (or the surviving entity or transferee, as applicable) after
        giving effect to such merger, consolidation or transfer and any related
        transactions is (x) at least $350,000,000 and (y) no less than the
        tangible net worth of the Guarantor as reflected in the most recent
        financial statements of the Guarantor delivered pursuant to Section
        7(b)(ii) or (iii). "Qualifying Entity" means a corporation or limited
        liability company that (A) is organized under the laws of the United
        States of America, any state thereof or the District of Columbia, (B)
        has, immediately prior to such merger, consolidation or transfer, a
        rating for its unsecured, non-credit-enhanced Debt of at least Baa2 from
        Moody's or BBB from S&P, in each case, with a "stable" or "positive"
        outlook (each, a "Minimum Rating") (and if the unsecured,
        non-credit-enhanced Debt of such Person is rated by both Moody's and
        S&P, Minimum Ratings from both for such Debt) and (C) assumes all of the
        Guarantor's obligations under this Guaranty, the Cash Collateral
        Agreement and the Collateral Trust Agreement pursuant to a writing, and
        accompanied by such supporting corporate documents and opinions, in each
        case as is acceptable to OTS, if the Guarantor is not the surviving
        entity of any such merger or if there is any such transfer.

        (c) Sales, Etc., of Assets. Sell, lease, transfer or otherwise dispose
of, or permit any of its Subsidiaries to sell, lease, transfer or otherwise
dispose of, any assets, or grant any option or other right to purchase, lease or
otherwise acquire, or permit any of its Subsidiaries to grant any option or
other right to purchase, lease or otherwise acquire, any assets, except for
sales, transfers or other dispositions of assets (i) for consideration
consisting of at least 85% cash and (ii) for fair value; provided that the
Guarantor shall be in compliance with the Leverage Ratio on a pro forma basis
after giving effect to any such sale, transfer or other disposition.
Notwithstanding the foregoing, the requirement set forth in subsection (c)(i)
above shall not apply to sales, transfers or other dispositions of any of the
assets listed on Schedule II hereto.

        (d) Restricted Payments. Declare or pay any dividends, purchase, redeem,
retire, defease or otherwise acquire for value any of its capital stock or other
ownership or profit interests (or warrants, rights or options with respect
thereto) (collectively, the "Equity Interests") now or hereafter outstanding,
return any capital to its stockholders, partners or members (or the equivalent
Persons thereof) as such, make any distribution of assets, Equity Interests,
obligations or securities to its stockholders, partners or members (or the
equivalent Persons thereof) as such, or permit any of its Subsidiaries to do any
of the foregoing, or permit any of its Subsidiaries to purchase, redeem, retire,
defease or otherwise acquire for value any Equity Interests in the Guarantor,
except that, so long as no Default shall have occurred and be continuing at the
time of any action described below or would result therefrom:

        (i) the Guarantor may (A) declare and pay dividends and distributions
    payable only in common stock of the Guarantor (or rights to acquire the
    same), (B) purchase, redeem, retire, defease or otherwise acquire (x) shares
    of its capital stock with the proceeds received contemporaneously from the
    issue of new shares of its capital stock with equal or inferior voting
    powers, designations, preferences and rights or (y) any or all of its 3.25%
    Contingent Convertible Senior Unsecured Notes due 2024, or (C) consistent
    with Section 563.141 of the rules and regulations of the OTS, as if such
    Section 563.141 were applicable to the Guarantor, declare, pay, purchase,
    redeem, retire, defease or otherwise acquire any Equity Interests (each, a
    "Capital Distribution"), provided that (x) the total amount of Capital
    Distributions during any calendar year, inclusive of any proposed Capital
    Distributions, does not exceed the Guarantor's consolidated net income for
    such calendar year plus its retained earnings for the two preceding calendar
    years, (y) the Guarantor's net worth is not less than $333,000,000 after
    giving effect to any Capital Distribution and (z) the Guarantor's unsecured,
    non-credit-enhanced Debt has a rating of at least B2 from Moody's and B-
    from S&P at the time of any Capital Distribution, in each case, with a
    "stable" or "positive" outlook.

        (ii) any Subsidiary of the Guarantor may declare and pay cash dividends
    to the Guarantor or to any wholly-owned Subsidiary of the Guarantor of which
    it is a Subsidiary.

                                        5
<PAGE>

        (e) Partnerships, Etc. Become a general partner in any general or
limited partnership, or permit any of its Subsidiaries to do so, other than any
Subsidiary the sole assets of which consist of its interest in such partnership.

        Section 9. Amendments, Etc. No amendment or waiver of any provision of
this Guaranty and no consent to any departure by the Guarantor therefrom shall
in any event be effective unless the same shall be in writing and signed by OTS,
and then such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given.

        Section 10. Notices Generally; Notice of Claims. (a) All notices and
other communications provided for hereunder shall be in writing (including
telegraphic, telecopy or electronic communication) and mailed, telegraphed,
telecopied or delivered to it, if to the Guarantor, the FSB or OLS, addressed to
the Guarantor, the FSB or OLS, as applicable, at:

        1661 Worthington Road, Suite 100
        West Palm Beach, FL  33401
        Fax:  (561) 692-8177
        Attn:  Secretary;

        if to OTS, at:

        Office of Thrift Supervision
        Harborside Financial Center
        Plaza Five, Suite 1600
        Jersey City, New Jersey  07311
        Fax:  (201) 413-7543
        Attn:  Regional Director;

        or, as to any party, at such other address as shall be designated by
such party in a written notice to each other party. All such notices and other
communications shall, when mailed, telegraphed, telecopied, or e-mailed, be
effective when deposited in the mails, delivered to the telegraph company,
transmitted by telecopier or sent by electronic communication, respectively.
Delivery by telecopier of an executed counterpart of a signature page to any
amendment or waiver of any provision of this Guaranty shall be effective as
delivery of an original executed counterpart thereof.

        (b) The Guarantor will publicly disclose the existence of this Guaranty,
the Cash Collateral Agreement and the Collateral Trust Agreement, and will make
publicly available, through a notice that is conspicuously displayed on its web
site, (i) information regarding the purpose of this Guaranty and (ii)
instructions for making a claim hereunder and under the Collateral Trust
Agreement, including, without limitation, the name, address and contact
information of (A) its contact for purposes of making claims in respect of this
Guaranty and (B) the Collateral Trustee. Such information and instructions may,
upon notice posted to such web site, be changed from time to time by the
Guarantor, provided that such information and instructions remain conspicuously
displayed on such web site.

        Section 11. No Waiver; Remedies. No failure on the part of OTS or any
Guaranteed Party to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of
any right hereunder preclude any other or further exercise thereof or the
exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law.

        Section 12. Indemnification. (a) Without limitation on any other
obligations of the Guarantor or remedies of OTS or the Guaranteed Parties under
this Guaranty, the Guarantor shall, to the fullest extent permitted by law,
indemnify, defend and save and hold harmless each Guaranteed Party and OTS and
each of their Affiliates and any of their respective officers, directors,
employees, agents and advisors (each, an "Indemnified Party") from and against,
and shall pay on demand, any and all claims, damages, losses, liabilities and
expenses (including, without limitation, reasonable fees and expenses of
counsel) that may be incurred by or asserted or awarded against any Indemnified
Party in connection with or as a result of any failure of any Guaranteed
Obligations to be the legal, valid and binding obligations of the Guarantor,
enforceable against the Guarantor in accordance with their terms.

        (b) The Guarantor hereby also agrees that none of OTS or any of OTS's
officers, employees, agents or advisors shall have any liability (whether direct
or indirect, in contract, tort or otherwise) to the Guarantor or any of its
Affiliates or any of their respective officers, directors, employees, agents and
advisors, and the Guarantor hereby agrees not to assert any claim against OTS or
any of OTS's officers, employees, agents or advisors on any theory of liability,
for (without limitation) special, indirect, consequential or punitive damages
arising out of or otherwise relating to this Guaranty, the Cash Collateral
Agreement, the Dissolution, or any of the transactions contemplated in
connection therewith.

                                        6
<PAGE>

        Section 13. Subordination. The Guarantor hereby subordinates any and all
debts, liabilities and other obligations owed to the Guarantor by the FSB or OLS
(the "Subordinated Obligations") to the Guaranteed Obligations to the extent and
in the manner hereinafter set forth in this Section 13:

        (a) Prohibited Payments, Etc. Except (i) during the continuance of a
    Default or (ii) upon the commencement and during the continuance of any
    proceeding under any Bankruptcy Law relating to the FSB or OLS, the
    Guarantor may receive regularly scheduled payments from the FSB or OLS on
    account of the Subordinated Obligations. After the occurrence and during the
    continuance of any Default, or upon the commencement and during the
    continuance of any proceeding under any Bankruptcy Law relating to the FSB
    or OLS, however, unless OTS otherwise agrees, the Guarantor shall not
    demand, accept or take any action to collect any payment on account of the
    Subordinated Obligations.

        (b) Prior Payment of Guaranteed Obligations. In any proceeding under any
    Bankruptcy Law relating to the FSB or OLS, the Guarantor agrees that the
    Guaranteed Parties shall be entitled to receive payment in full in cash of
    all Guaranteed Obligations (including all interest and expenses accruing
    after the commencement of a proceeding under any Bankruptcy Law, whether or
    not constituting an allowed claim in such proceeding ("Post Petition
    Interest")) before the Guarantor receives payment of any Subordinated
    Obligations.

        (c) Turn-Over. After the occurrence and during the continuance of any
    Default, or upon the commencement and during the continuance of any
    proceeding under any Bankruptcy Law relating to the FSB or OLS, the
    Guarantor shall, if OTS so requests, collect, enforce and receive payments
    on account of the Subordinated Obligations as trustee for the Guaranteed
    Obligations and deposit such payments into the Cash Collateral Account on
    account of the Guaranteed Obligations (including all Post Petition
    Interest), together with any necessary endorsements or other instruments of
    transfer, but without reducing or affecting in any manner the liability of
    the Guarantor under the other provisions of this Guaranty.

        (d) OTS Authorization. After the occurrence and during the continuance
    of any Default, OTS is authorized and empowered (but without any obligation
    to so do), in its discretion, (i) in the name of the Guarantor, to collect
    and enforce, and to submit claims in respect of, Subordinated Obligations
    and to apply any amounts received thereon to the Guaranteed Obligations
    (including any and all Post Petition Interest), and (ii) to require the
    Guarantor (A) to collect and enforce, and to submit claims in respect of,
    Subordinated Obligations and (B) to deposit any amounts received on such
    obligations into the Cash Collateral Account for application to the
    Guaranteed Obligations (including any and all Post Petition Interest).

        Section 14. Continuing Guaranty; Assignments. This Guaranty is a
continuing guaranty and shall (a) remain in full force and effect until the
Termination Date (except that the last sentence of Section 2 shall continue to
remain in effect after the Termination Date), (b) be binding upon the Guarantor,
its successors and assigns and (c) inure to the benefit of and be enforceable by
the Guaranteed Parties and the OTS and their successors, transferees and
assigns. Without limiting the generality of clause (c) of the immediately
preceding sentence, any Guaranteed Party may assign or otherwise transfer all or
any portion of its rights and obligations under this Guaranty to any other
Person, and such other Person shall thereupon become vested with all the
benefits in respect thereof granted to such Guaranteed Party herein or
otherwise. The Guarantor shall not have the right to assign its rights hereunder
or any interest herein without the prior written consent of OTS.

        Section 15. Third-Party Beneficiaries; Enforcement. (a) The Guarantor
and OTS acknowledge that each Guaranteed Party is an intended third party
beneficiary of this Guaranty, and shall have the right to: (i) make any demand
for payment hereunder with respect to (I) any Guaranteed Obligation that (A) has
been reduced to judgment and enforcement thereof has not been effectively stayed
or (B) that is otherwise matured and fixed and presently due and payable, and
(II) any other amount payable hereunder and (ii) enforce such rights directly
against the Guarantor. The rights and remedies provided in this subsection (a)
shall be the sole rights and remedies available to Guaranteed Parties other than
(x) Substantial Guaranteed Parties, who shall have the additional rights and
remedies set forth in subsection (b) below and (y) OTS, which may enforce the
terms and conditions of this Guaranty directly against the Guarantor as provided
in subsections (b) and (c) below and in any other manner provided or permitted
by law.

        (b) The Guarantor acknowledges and agrees that if any Substantial
Guaranteed Party or OTS has good cause to believe that the Guarantor or any of
its Affiliates has taken or is about to take any action, including, without
limitation, any action that would constitute a breach of the covenants set forth
in Sections 7 or 8 above, that would impair the ability of the Guarantor to
perform its obligations under this Guaranty, such Substantial Guaranteed Party
and/or OTS will have the right to pursue an action against the Guarantor for
injunction or other appropriate relief. This subsection (b) confers additional
rights upon Substantial Guaranteed Parties and shall not be construed to limit
their rights as Guaranteed Parties in any way.

                                        7
<PAGE>

        (c) The Guarantor hereby acknowledges and agrees that OTS is relying
upon this Guaranty in connection with its approval of the FSB's application
under Section 546.4 of the rules and regulations of OTS, and that this Guaranty
shall be deemed to be a "written agreement" for purposes of Section 1818 of the
Federal Deposit Insurance Act, 12 U.S.C. Section 1818, fully enforceable as such
by OTS.

        (d) The Guarantor will not challenge the jurisdiction or venue of any
United States District Court in any action to enforce the terms of this
Guaranty. Nothing in this subsection (d) shall affect any right that any party
may otherwise have to bring any action or proceeding relating to this Guaranty
in the courts of any jurisdiction or the Guarantor's right, if any, to seek
removal of any such action or proceeding from state court to federal court.

        Section 16. Independent Counsel. The Guarantor will pay on demand the
amount of any and all reasonable fees and expenses incurred in connection with
retention by the OTS of legal counsel, consultants, and other advisers deemed
necessary or appropriate by the OTS in connection with the administration or
enforcement of this Guaranty, the Cash Collateral Agreement, and the Collateral
Trust Agreement.

        Section 17. No Liability. (a) OTS shall not be required to take any
action under the Guaranty, the Cash Collateral Agreement or the Collateral Trust
Agreement, and neither OTS nor any of its agents or employees shall be liable
for any action taken or omitted to be taken by it or them under or in connection
with the Guaranty, the Cash Collateral Agreement or the Collateral Trust
Agreement. Without limitation of the generality of the foregoing, OTS: (i) may
consult with and rely on legal counsel (including counsel for the Guarantor or
any of its Affiliates), independent public accountants and other experts
selected by it and shall not be liable for any action taken or omitted to be
taken in good faith by it in accordance with the advice of such counsel,
accountants or experts; (ii) makes no warranty or representation to any
Guaranteed Party and shall not be responsible to any Guaranteed Party for any
statements, warranties or representations (whether written or oral) made in or
in connection with the Guaranty, the Cash Collateral Agreement or the Collateral
Trust Agreement; (iii) shall not have any duty to ascertain or to inquire as to
the performance, observance or satisfaction of any of the terms, covenants or
conditions of the Guaranty, the Cash Collateral Agreement or the Collateral
Trust Agreement on the part of the Guarantor or the existence at any time of any
Default under the Guaranty; (iv) shall not be responsible to any Guaranteed
Party for the due execution, legality, validity, enforceability, genuineness,
sufficiency or value of, or the perfection or priority of any lien or security
interest created or purported to be created under or in connection with, the
Guaranty or the Cash Collateral Agreement or any other instrument or document
furnished pursuant thereto; and (v) shall incur no liability under or in respect
of the Guaranty, the Cash Collateral Agreement or the Collateral Trust Agreement
by acting upon any notice, consent, certificate or other instrument or writing
(which may be by telegram, telecopy or electronic communication) believed by it
to be genuine and signed or sent by the proper party or parties.

        (b) Any Notice of Non-Objection delivered to the Collateral Trustee by
the OTS pursuant to Section 4.02(c) of the Collateral Trust Agreement shall be
conclusive and binding on all parties (including, without limitation, the
Guaranteed Parties). Without limitation of subsection (a) above, the OTS shall
incur no liability whatsoever to any Guaranteed Party in connection with the
delivery of such a Notice of Non-Objection on the basis of any good-faith belief
(without any requirement that the OTS independently investigate the same or make
an independent determination with respect thereto) that the Termination Date has
occurred.

        Section 18. Execution in Counterparts. This Guaranty and each amendment,
waiver and consent with respect hereto may be executed in any number of
counterparts and by different parties thereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Guaranty by telecopier shall be
effective as delivery of an original executed counterpart of this Guaranty.

        Section 19. Governing Law; Jurisdiction; Waiver of Jury Trial, Etc. (a)
This Guaranty shall be governed by, and construed in accordance with, the laws
of the State of New York.

        (b) The Guarantor hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of any federal court
of the United States of America sitting in New York City, and any appellate
court thereof, or, if any such court refuses jurisdiction, the Supreme Court of
the State of New York in and for New York County, in any action or proceeding
arising out of or relating to this Guaranty, the Cash Collateral Agreement or
the Collateral Trust Agreement, or for recognition or enforcement of any
judgment, and the Guarantor hereby irrevocably and unconditionally agrees that
all claims in respect of any such action or proceeding may be heard and
determined, to the extent permitted by law, in such federal court or, if such
federal court refuses jurisdiction, in the Supreme Court of the State of New
York in and for New York County. The Guarantor agrees that a final judgment in
any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Guaranty shall affect any right that any party may otherwise
have to bring any action or proceeding relating to this Guaranty in the courts
of any jurisdiction.

                                        8
<PAGE>

        (c) The Guarantor irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection that it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Guaranty, the Cash Collateral Agreement or the
Collateral Trust Agreement in any federal court. The Guarantor hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such suit, action or proceeding in any
such court.

        (d) THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR RELATING TO THIS GUARANTY, THE CASH COLLATERAL
AGREEMENT OR THE COLLATERAL TRUST AGREEMENT OR THE ACTIONS OF OTS OR ANY
GUARANTEED PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT
OF ANY THEREOF.

                [Remainder of this page intentionally left blank]

                                        9
<PAGE>

        IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly
executed and delivered by its officer thereunto duly authorized as of the date
first above written.

                                                OCWEN FINANCIAL CORPORATION

                                                By     /s/ WILLIAM C. ERBEY
                                                       -------------------------
                                                Name:  William C. Erbey
                                                Title: Chairman and CEO

<PAGE>

                                   SCHEDULE I

                              Certain Defined Terms

        All accounting terms not specifically or completely defined herein shall
be construed in conformity with, and all financial data (including financial
ratios and other financial calculations) required to be submitted pursuant to
this Agreement shall be prepared in conformity with, GAAP applied on a
consistent basis, as in effect from time to time, applied in a manner consistent
with that used in preparing the financial statements required to be delivered
pursuant to Sections 7(b)(ii) and (iii), except as otherwise specifically
prescribed herein.

        As used in this Guaranty, the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural
forms of the terms defined):

        "Action" means any claim, action, suit, arbitration, inquiry, proceeding
or investigation by or before any Governmental Authority.

        "Affiliate" means, with respect to a particular Person, (a) any Person
which, directly or indirectly, controls, is controlled by, or is under common
control with such particular Person, or (b) any Person who is a director or
officer of such particular Person. For purposes of this definition, control of a
Person shall mean the power, direct or indirect, (i) to vote 5% or more of the
securities having ordinary voting power for the election of directors of such
Person, or (ii) to direct or cause the direction of the management and policies
of such Person whether by contract or otherwise.

        "Assumed Liabilities" means all Liabilities of the FSB (other than
Liabilities assumed by Marathon in connection with the Branch Sale).

        "Bankruptcy Law" means Title 11, U.S. Code, 12 U.S.C. 1464(d)(2), or any
similar federal or state law for the relief of debtors.

        "Cash Collateral" has the meaning specified in the Cash Collateral
Agreement.

        "Cash Collateral Account" has the meaning specified in the Cash
Collateral Agreement.

        "Cash Collateral Agreement" means that certain Cash Collateral Agreement
dated the date hereof by and among the Guarantor, the Collateral Trustee and the
Account Bank described therein, in substantially the form of Exhibit A.

        "Claim" means (a) any right to payment, whether or not such right is
reduced to judgment, liquidated, unliquidated, fixed, contingent, matured,
unmatured, disputed, undisputed, legal, equitable, secured, or unsecured, or (b)
any right to an equitable remedy for breach of performance if such breach gives
rise to a right to payment, whether or not such right to an equitable remedy is
reduced to judgment, fixed, contingent, matured, unmatured, disputed,
undisputed, secured, or unsecured.

        "Collateral Trust Agreement" means that certain Collateral Trust
Agreement dated the date hereof between the Guarantor and the Collateral
Trustee.

        "Collateral Trustee" has the meaning specified in the Collateral Trust
Agreement.

        "Consolidated" refers to the consolidation of accounts in accordance
with GAAP.

        "Contracts" means all contracts, subcontracts, agreements, leases,
licenses, commitments, sales or purchase orders, and other instruments,
arrangements or understandings of any kind.

        "Debt" of any Person means, without duplication, (a) all indebtedness of
such Person for borrowed money, (b) all obligations of such Person for the
deferred purchase price of property or services, (c) all obligations of such
Person evidenced by notes, bonds, debentures or other similar instruments, (d)
all obligations of such Person created or arising under any conditional sale or
other title retention agreement with respect to property acquired by such Person
(even though the rights and remedies of the seller or lender under such
agreement in the event of default are limited to repossession or sale of such
property), (e) all obligations of such Person as lessee under leases that have
been or should be, in accordance with GAAP, recorded as capital leases, (f) all
obligations of such Person under acceptance, letter of credit or similar
facilities, (g) all obligations of such Person to purchase, redeem, retire,
defease or otherwise make any payment in respect of any Equity Interests in such
Person or any other Person or any warrants, rights or options to acquire such
Equity

                                        1
<PAGE>

Interests, (h) all Debt of other Persons referred to in clauses (a) through (g)
above or clause (i) below and other payment obligations guaranteed directly or
indirectly in any manner by such Person, or in effect guaranteed directly or
indirectly by such Person and (i) all indebtedness and other payment obligations
referred to in clauses (a) through (h) above of another Person secured by (or
for which the holder of such Debt has an existing right, contingent or
otherwise, to be secured by) any Lien on property (including, without
limitation, accounts and contract rights) owned by such Person, even though such
Person has not assumed or become liable for the payment of such indebtedness or
other payment obligations.

        "Default" means any failure by the Guarantor to perform or observe any
term, covenant or agreement contained in this Guaranty or the Cash Collateral
Agreement on its part to be performed or observed.

        "Equity Interests" has the meaning specified in Section 8(d).

        "Event of Default" means a Default that remains unremedied for 10 days
after the earlier of the date on which (a) any officer of the Guarantor becomes
aware of such Default or (b) written notice of such Default has been given to
the Guarantor by OTS or any Substantial Guaranteed Party.

        "Financial Asset" shall have the meaning set forth in Article 8 of the
Uniform Commercial Code as in effect from time to time in the State of New York.

        "GAAP" means generally accepted accounting principles in the United
States set forth in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements
and pronouncements of the Financial Accounting Standards Board or such other
principles as may be approved by a significant segment of the accounting
profession in the United States, that are applicable to the circumstances as of
the date of determination, consistently applied.

        "Governmental Authority" means any nation or government, any state,
province, city, municipal entity or other political subdivision thereof, and any
governmental, executive, legislative, judicial, administrative or regulatory
agency, department, authority, instrumentality, commission, board, bureau or
similar body, whether federal, state, provincial, territorial, local or foreign.

        "Guaranteed Obligations" has the meaning specified in Section 1.

        "Guaranteed Party" means (a) any holder of any Claim with respect to the
Assumed Liabilities and (b) the OTS.

        "Liability" means any debt, liability, commitment or obligation of every
kind and description, whether accrued or fixed, absolute or contingent, matured
or unmatured, determined or determinable, known or unknown, including those
arising under any law or order of any Governmental Authority and those arising
under any Contract or in connection with any Action.

        "Lien" means any lien, security interest or other charge or encumbrance
of any kind, or any other type of preferential arrangement, including, without
limitation, the lien or retained security title of a conditional vendor and any
easement, right of way or other encumbrance on title to real property.

        "Minimum Cash Collateral Amount" means (a) so long as no Event of
Default has occurred and is continuing, $5,000,000, and (b) upon the occurrence
and during the continuance of an Event of Default, $20,000,000.

        "Moody's" means Moody's Investors Service, Inc. and any successor
thereto.

        "Person" means an individual, partnership, corporation (including a
business trust), limited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity, or a government or
any political subdivision or agency thereof.

        "S&P" means Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc., and any successor thereto.

        "Subsidiaries" of any Person means any corporation, partnership, joint
venture, limited liability company, trust or estate of which (or in which) more
than 50% of (a) the issued and outstanding capital stock having ordinary voting
power to elect a majority of the Board of Directors of such corporation
(irrespective of whether at the time capital stock of any other class or classes
of such corporation shall or might have voting power upon the occurrence of any
contingency), (b) the interest in the capital of such partnership, joint venture
or limited liability company or (c) the beneficial interest in such trust or
estate is at the time directly or indirectly owned or controlled by such Person,
by such Person and one or more of its other Subsidiaries or by one or more of
such Person's other Subsidiaries.

                                        2
<PAGE>

        "Substantial Guaranteed Party" means (a) any authorized representative
of the Guaranteed Parties party to the action pending in the United States
District Court for the Northern District of Illinois under caption styled: In re
Ocwen Federal Bank FSB Mortgage Servicing Litigation, MDL Docket No. 1604,
provided that the plaintiffs in such action are certified as a class; (b) any
Guaranteed Party that has obtained a judgment against the FSB or OLS for an
aggregate amount of $5,000,000 or more, regardless of whether such judgment has
been stayed pending appeal; and (c) any other creditor of the FSB and/or OLS
holding matured, fixed, and presently due and payable Claims in respect of any
Guaranteed Obligations in an aggregate amount in excess of $5,000,000.

        "Termination Date" means the later of (a) the sixth anniversary of the
date on which the FSB's federal bank charter is cancelled and (b) the date on
which both of the following have been indefeasibly paid in full in cash: (i) all
Guaranteed Obligations with respect to which a Claim has been asserted (whether
under this Guaranty or otherwise) on or prior to the sixth anniversary of the
date on which the FSB's federal bank charter is cancelled and (ii) all other
amounts payable by the Guarantor under this Guaranty (whether in respect of
enforcement costs, indemnification payments or otherwise).

                                        3

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