Document:

STOCK PURCHASE AGREEMENT DATED NOVEMBER 28, 2001 BY AND BETWEEN REGISTRANT AND MARK ESHELMAN

STOCK PURCHASE AGREEMENT

THIS STOCK PURCHASE AGREEMENT is entered into as of November 28, 2001 by
 SMARTE SOLUTIONS, INC., a Delaware corporation (the “Company”), and
 MARK ESHELMAN  (the “Purchaser”).

SECTION 1.

  ACQUISITION OF SHARES.

(a) Transfer.  On the terms and conditions set forth in this Agreement, the Company agrees to transfer Five Hundred Thousand (500,000) Shares to the Purchaser.  The transfer shall occur at the offices of the Company on the date set forth above or at such other place and time as the parties may agree.

 

(b)  Consideration.  The Purchaser agrees to pay $0.05 for each Purchased Share.  The Purchase Price is agreed to be at least 100% of the Fair Market Value of the Purchased Shares.  Payment shall be made on the transfer date by delivering to the Company one of the following:

            

    

                                                                                                                                                                                                                                                                                                        

 

(i)    Cash or cash equivalents in an amount equal to the entire Purchase Price of all Purchased Shares; or

                                                                                                                                                                                                                                                                                                

(ii)    Cancellation of existing indebtedness.

(c) Defined Terms.  Capitalized terms not defined above are defined in Section 10 of this Agreement.

 

 

 

SECTION 2.

  RIGHT OF FIRST REFUSAL.

(a) Right of First Refusal.  In the event that the Purchaser proposes to sell, pledge or otherwise transfer to a third party any Purchased Shares, or any interest in such Purchased Shares, the Company shall have the Right of First Refusal with respect to all (and not less than all) of such Purchased Shares.  If the Purchaser desires to transfer Purchased Shares, the Purchaser shall give a written Transfer Notice to the Company describing fully the proposed transfer, including the number of Purchased Shares proposed to be transferred, the proposed transfer price, the name and address of the proposed Transferee and proof satisfactory to the Company that the proposed sale or transfer will not violate any applicable federal or state securities laws.  The Transfer Notice shall be signed both by the Purchaser and by the proposed Transferee and must constitute a binding commitment of both parties to the transfer of the Purchased Shares.  The Company shall have the right to purchase all, and not less than all, of the Purchased Shares on the terms of the proposal described in the Transfer Notice (subject, however, to any change in such terms permitted under Subsection (b) below) by delivery of a notice of exercise of the Right of First Refusal within 30 days after the date when the Transfer Notice was received by the Company.  The
Company's rights under this Subsection (a) shall be freely assignable, in whole or in part.

 

(b) Transfer of Shares.  If the Company fails to exercise its Right of First Refusal within 30 days after the date when it received the Transfer Notice, the Purchaser may, not later than 90 days following receipt of the Transfer Notice by the Company, conclude a transfer of the Purchased Shares subject to the Transfer Notice on the terms and conditions described in the Transfer Notice, provided that any such sale is made in compliance with applicable federal and state securities laws and not in violation of any other contractual restrictions to which the Purchaser is bound.  Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer by the Purchaser, shall again be subject to the Right of First Refusal and shall require compliance with the procedure described in Subsection (a) above.  If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the Purchased Shares on the terms set forth in the Transfer Notice within 60 days after the date when the Company received the Transfer Notice (or within such longer period as may have been specified in the Transfer Notice); provided, however, that in the event the Transfer Notice provided that payment for the Purchased Shares was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall have the option of paying for the Purchased Shares with cash or cash equivalents equal to the present value of the consideration described in the Transfer Notice.

 

(c)  Additional Shares or Substituted Securities.  In the event of the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form other than stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the
Company's outstanding securities without receipt of consideration, any new, substituted or additional securities or other property (including money paid other than as an ordinary cash dividend) which are by reason of such transaction distributed with respect to any Purchased Shares subject to this Section 2 or into which such Purchased Shares thereby become convertible shall immediately be subject to this Section 2.  Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class of Purchased Shares subject to this Section 2.

 

(d) Termination of Right of First Refusal.  Any other provision of this Section 2 notwithstanding, in the event that the Stock is readily tradable on an established securities market when the Purchaser desires to transfer Purchased Shares, the Company shall have no Right of First Refusal, and the Purchaser shall have no obligation to comply with the procedures prescribed by Subsections (a) and (b) above.

 

(e) Permitted Transfers.  This Section 2 shall not apply to (i) a transfer by beneficiary designation, will or intestate succession or (ii) a transfer to the Purchaser’s spouse, children or grandchildren or to a trust established by the Purchaser for the benefit of the Purchaser or the Purchaser’s spouse, children or grandchildren, provided in either case that the Transferee agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement.  If the Purchaser transfers any Purchased Shares, either under this Subsection (e) or after the Company has failed to exercise the Right of First Refusal, then this Section 2 shall apply to the Transferee to the same extent as to the Purchaser.

 

(f) Termination of Rights as Stockholder.  If the Company makes available, at the time and place and in the amount and form provided in this Agreement, the consideration for the Purchased Shares to be purchased in accordance with this Section 2, then after such time the person from whom such Purchased Shares are to be purchased shall no longer have any rights as a holder of such Purchased Shares (other than the right to receive payment of such consideration in accordance with this Agreement).  Such Purchased Shares shall be deemed to have been purchased in accordance with the applicable provisions hereof, whether or not the certificate(s) therefor have been delivered as required by this Agreement.

 

SECTION 3.

  OTHER RESTRICTIONS ON TRANSFER.

(a) Purchaser Representations.  In connection with the issuance and acquisition of Shares under this Agreement, the Purchaser hereby represents and warrants to the Company as follows:

 

(i)                                                                                                                                                                                                                                                                                                

The Purchaser is acquiring and will hold the Purchased Shares for investment for his or her account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act.

(ii)                                                                                                                                                                                                                                                                                                

The Purchaser understands that the Purchased Shares have not been registered under the Securities Act by reason of a specific exemption therefrom and that the Purchased Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or the Purchaser obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that such registration is not required.  The Purchaser further acknowledges and understands that the Company is under no obligation to register the Purchased Shares.

(iii)                                                                                                                                                                                                                                                                                                

The Purchaser is aware of the adoption of Rule 144 by the Securities and Exchange Commission under the Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions, including (without limitation) the availability of certain current public information about the issuer, the resale occurring only after the holding period required by Rule 144 has been satisfied, the sale occurring through an unsolicited “broker’s transaction,” and the amount of securities being sold during any three-month period not exceeding specified limitations.  The Purchaser acknowledges and understands that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company has no plans to satisfy these conditions in the foreseeable future.

(iv)                                                                                                                                                                                                                                                                                                

The Purchaser will not sell, transfer or otherwise dispose of the Purchased Shares in violation of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule 144 under the Securities Act.  The Purchaser agrees that he or she will not dispose of the Purchased Shares unless and until he or she has complied with all requirements of this Agreement applicable to the disposition of Purchased Shares and he or she has provided the Company with written assurances, in substance and form satisfactory to the Company, that (A) the proposed disposition does not require registration of the Purchased Shares under the Securities Act or all appropriate action necessary for compliance with the registration requirements of the Securities Act or with any exemption from registration available under the Securities Act (including Rule 144) has been taken and (B) the proposed disposition will not result in the contravention of any transfer restrictions applicable to the Purchased Shares under state securities law.

(v)                                                                                                                                                                                                                                                                                                

The Purchaser has been furnished with, and has had access to, such information as he or she considers necessary or appropriate for deciding whether to invest in the Purchased Shares, and the Purchaser has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the issuance of the Purchased Shares.

(vi)                                                                                                                                                                                                                                                                                                

The Purchaser is aware that his or her investment in the Company is a speculative investment which has limited liquidity and is subject to the risk of complete loss.  The Purchaser is able, without impairing his or her financial condition, to hold the Purchased Shares for an indefinite period and to suffer a complete loss of his or her investment in the Purchased Shares.

(b) Securities Law Restrictions.  Regardless of whether the offering and sale of Shares under this Agreement have been registered under the Securities Act or have been registered or qualified under the securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Purchased Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law.

 

(c) Market Stand-Off.
 In connection with any underwritten public offering by the Company of its
equity securities pursuant to an effective registration statement filed under
the Securities Act, including the Company's initial public offering, the
Purchaser shall not directly or indirectly sell, make any short sale of, loan,
hypothecate, pledge, offer, grant or sell any option or other contract for the
purchase of, purchase any option or other contract for the sale of, or otherwise
dispose of or transfer, or agree to engage in any of the foregoing transactions
with respect to, any Purchased Shares without the prior written consent of the
Company or its underwriters.  Such restriction (the 'Market Stand-Off') shall be
in effect for such period of time following the date of the final prospectus for
the offering as may be requested by the Company or such underwriters.  In no
event, however, shall such period exceed 180 days.  The Market Stand-Off shall
in any event terminate two years after the date of the Company's initial public
offering.  In the event of the declaration of a stock dividend, a spin-off, a
stock split, an adjustment in conversion ratio, a recapitalization or a similar
transaction affecting the Company's outstanding securities without receipt of
consideration, any new, substituted or additional securities which are by reason
of such transaction distributed with respect to any Shares subject to the Market
Stand-Off, or into which such Shares thereby become convertible, shall
immediately be subject to the Market Stand-Off.  In order to enforce the Market
Stand-Off, the Company may impose stop-transfer instructions with respect to the
Purchased Shares until the end of the applicable stand-off period.  The
Company's underwriters shall be beneficiaries of the agreement set forth in this
Subsection (c).  This Subsection (c) shall not apply to Shares registered in the
public offering under the Securities Act, and the Purchaser shall be subject to
this Subsection (c) only if the directors and officers of the Company are
subject to similar arrangements.

 

(d) Rights of the Company.  The Company shall not be required to (i) transfer on its books any Purchased Shares that have been sold or transferred in contravention of this Agreement or (ii) treat as the owner of Purchased Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Purchased Shares have been transferred in contravention of this Agreement.

 

SECTION 4.
 SUCCESSORS AND ASSIGNS.

Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon the Purchaser and the Purchaser’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to join herein and to be bound by the terms, conditions and restrictions hereof.

SECTION 5. NO RETENTION RIGHTS.

Nothing in this Agreement shall confer upon the Purchaser any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Purchaser) or of the Purchaser, which rights are hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without cause.  

SECTION 6.
 LEGENDS.

All certificates evidencing Purchased Shares shall bear the following legends:

“THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES).  SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES AND CERTAIN REPURCHASE RIGHTS UPON TERMINATION OF SERVICE WITH THE COMPANY.  THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.”

“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.”

If required by the authorities of any state in connection with the issuance of the Purchased Shares, the legend or legends required by such state authorities shall also be endorsed on all such certificates.

SECTION 7.  NOTICE.

Any notice required by the terms of this Agreement shall be given in writing and shall be deemed effective upon personal delivery or upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid.  Notice shall be addressed to the Company at its principal executive office and to the Purchaser at the address that he or she most recently provided to the Company.

SECTION 8. ENTIRE AGREEMENT.

This Agreement constitutes the entire contract between the parties hereto with regard to the subject matter hereof.  It supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof.

SECTION 9. CHOICE OF LAW.

This Agreement shall be governed by, and construed in accordance with, the laws of the State of Texas, as such laws are applied to contracts entered into and performed in such State.

SECTION 10.

  DEFINITIONS.

(a) “Agreement” shall mean this Stock Purchase Agreement.

 

(b) “Board of Directors” shall mean the Board of Directors of the Company, as constituted from time to time.

 

(c)  “Code” shall mean the Internal Revenue Code of 1986, as amended.

 

(d) “Consultant” shall mean a person who performs bona fide services for the Company, a Parent or a Subsidiary as a consultant or advisor, excluding Employees and Outside Directors.

 

(e) “Employee” shall mean any individual who is a common-law employee of the Company, a Parent or a Subsidiary. 

 

(f) “Fair Market Value” shall mean the fair market value of a Share, as determined by the Board of Directors in good faith.  Such determination shall be conclusive and binding on all persons.

 

(g) “Outside Director” shall mean a member of the Board of Directors who is not an Employee.

 

(h) “Parent” shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

 

(i) “Purchased Shares” shall mean the Shares purchased by the Purchaser pursuant to this Agreement.

 

(j) “Purchase Price” shall mean the amount for which one Share may be purchased pursuant to this Agreement, as specified in Section 1(b).

 

(k) “Right of First Refusal” shall mean the
Company's right of first refusal described in Section 2.

 

(l) “Securities Act” shall mean the Securities Act of 1933, as amended.

 

(m) “Service” shall mean service as an Employee, Outside Director or Consultant.

 

(n) “Share” shall mean one share of Stock.

 

(o) “Stock” shall mean the Common Stock of the Company, with a par value of $.001 per Share.

 

(p) “Subsidiary” shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

 

(q) “Transferee” shall mean any person to whom the Purchaser has directly or indirectly transferred any Purchased Share.

 

(r) “Transfer Notice” shall mean the notice of a proposed transfer of Purchased Shares described in Section 2.

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year first above written.

 

PURCHASER:

SMARTE SOLUTIONS, INC.

/s/ MARK ESHELMAN

          By:

 /s/ MICHAEL SHAPIRO

Mark Eshelman                                                           Michael Shapiro,

                                                                                  
Chief Executive OfficerFACSIMILE COVER SHEET

To:               Wells Fargo Bank N.A., not in its individual capacity, but
                  solely as Trustee for Park Place Securities Inc., Asset-Backed
                  Pass-Through Certificates, Series 2005-WHQ1

Attention:        Client Manager Park Place Securities, Inc., 2005-WHQ1

Fax number:       410-715-2380

Date:             24 February 2005

Pages (including cover page):6

Our Reference No: External ID: 9171098N / Risk ID: 47079655

Credit Suisse First Boston International has entered into a transaction with you
as attached. Please find attached a letter agreement (the "Confirmation") which
confirms the terms and conditions of the above transaction.

If you agree with the terms specified therein, PLEASE ARRANGE FOR THE
CONFIRMATION TO BE SIGNED BY YOUR AUTHORISED SIGNATORIES and return a signed
copy to this office to the facsimile listed below.

FOR INTEREST RATE PRODUCTS:               FOR EQUITY DERIVATIVES:
Telephone Numbers: (212) 538-9370         Telephone numbers: (212) 538-4437/
Facsimile number: (917) 326-8603          (212) 538-8297/(212) 325-5119
Email: list.otc-inc-accept-ny@csfb.com    Facsimile number: (212) 325-8173

FOR CREDIT DERIVATIVES:
Telephone Numbers: (212) 538-9370
Facsimile number: (917) 326-8603
Email: list.otc-inc-accept-ny@csfb.com

We are delighted to have entered into this transaction with you.

CONFIDENTIALITY NOTICE: This facsimile is intended only for the use of
the individual or entity to which it is addressed and may contain
information which is privileged and confidential. If the reader of
this message is not the intended recipient or an employee or agent
responsible for delivering the message to the intended recipient, you
are hereby notified that any dissemination, distribution or copying of
this communication is strictly prohibited. If you have received this
communication in error, please notify us immediately by telephone and
return the original message to us by mail. Thank you.

                                       1
<PAGE>

                                                                24 February 2005

Wells Fargo Bank N.A., not in its individual
capacity, but solely as Trustee for Park
Place Securities Inc., Asset-Backed
Pass-Through Certificates, Series 2005-WHQ1

External ID: 9171098N

________________________________________________________________________________

Dear Sir/Madam

The purpose of this letter agreement (this "Confirmation") is to confirm the
terms and conditions of the Transaction entered into between us on the Trade
Date specified below (the "Transaction"). This Confirmation constitutes a
"Confirmation" as referred to in the Agreement specified below.

In this Confirmation "CSFBi" means Credit Suisse First Boston International and
"Counterparty" means Wells Fargo Bank N.A., not in its individual capacity, but
solely as Trustee for Park Place Securities Inc., Asset-Backed Pass-Through
Certificates, Series 2005-WHQ1.

1.       The definitions and provisions contained in the 2000 ISDA Definitions
         (as published by the International Swaps and Derivatives Association,
         Inc.) are incorporated into this Confirmation. In the event of any
         inconsistency between those definitions and provisions and this
         Confirmation, this Confirmation will govern. References herein to a
         "Transaction" shall be deemed to be references to a "Swap Transaction"
         for the purposes of the 2000 ISDA Definitions.

         This Confirmation supplements, forms part of, and is subject to, the
         1992 ISDA Master Agreement dated as of 24 February 2005 as amended and
         supplemented from time to time (the "Agreement"), between you and us.
         All provisions contained in the Agreement govern this Confirmation
         except as expressly modified below.

         CSFBi and Counterparty each represents to the other that it has entered
         into this Transaction in reliance upon such tax, accounting,
         regulatory, legal, and financial advice as it deems necessary and not
         upon any view expressed by the other.

2.       The terms of the particular Transaction to which this Confirmation
         relates are as follows:

                  Notional Amount:           USD 7,999,999.99, subject to
                                             amortisation as set out in the
                                             Additional Terms

                  Trade Date:                3 February 2005

                  Effective Date:            24 February 2005

                                       2
<PAGE>

                  Termination Date:          25 June 2009

         Fixed Amounts:

                  Fixed Rate Payer:          Counterparty

                  Fixed Amounts:             For a Fixed Rate Payer Payment
                                             Date, the amount set out in the
                                             Additional Terms for such Fixed
                                             Rate Payer Payment Date.

                  Fixed Rate Payer
                  Payment Dates:             The 25th calendar day of each month
                                             from and including 25 March 2005 to
                                             and including the Termination Date
                                             adjusted using the Following
                                             Business Day Convention

         Floating Amounts:

                  Floating Rate Payer:       CSFBi

                  Floating Amounts:          The amount calculated pursuant to
                                             Section 6.1(a) of the 2000 ISDA
                                             Definitions as the CSFBi Floating
                                             Amount shall be multiplied by 250
                                             for each Calculation Period, and
                                             the resulting product shall be the
                                             actual CSFBi Floating Amount,
                                             respectively, with respect to each
                                             such Calculation Period.

                  Floating Rate Payer
                  Payment Dates:             The 25th calendar day of each month
                                             from and including 25 March 2005 to
                                             and including the Termination Date
                                             adjusted using the Following
                                             Business Day Convention, except for
                                             the final Period End Date where no
                                             adjustment shall be made.

                  Floating Rate Option:      USD-LIBOR-BBA

                  Designated Maturity:       1 month

                  Spread:                    None

                  Floating Rate
                  Day Count Fraction:        Actual/360

                  Reset Dates:               The first day of each Calculation
                                             Period

                  Compounding:               Inapplicable

                                       3
<PAGE>

         Calculation Agent:                  CSFBi

         Business Days:                      New York

         Account Details:

                  Payments to CSFBi:         As advised separately in writing

                  Payments to Counterparty:  Wells Fargo Bank, N.A.
                                             San Francisco, CA
                                             ABA No.: 121-000-248
                                             Account No.: 3970771416
                                             Account Name: SAS Clearing
                                             FFC: 17144902

Credit Suisse First Boston International is authorised and regulated by the
Financial Services Authority and has entered into this transaction as principal.
The time at which the above transaction was executed will be notified on
request.

                                ADDITIONAL TERMS

--------------------------------------------------------------------------------
  CALCULATION PERIOD UP TO
       BUT EXCLUDING                     CALCULATION
     THE PAYMENT DATE                       AMOUNT                 FIXED AMOUNT
   SCHEDULED TO OCCUR ON:                  (IN USD):                 (IN USD)
--------------------------------------------------------------------------------
         March 25, 2005                 7,999,999.99              6,369,638.88
         April 25, 2005                 7,926,194.44              6,107,297.95
          May 25, 2005                  7,830,969.36              6,033,925.03
          June 25, 2005                 7,714,356.91              6,340,344.23
          July 25, 2005                 7,576,551.54              5,448,698.08
         August 25, 2005                7,417,915.82              5,715,658.68
       September 25, 2005               7,238,984.83              5,763,714.91
        October 25, 2005                7,040,468.46              5,244,000.04
        November 25, 2005               6,823,251.91              5,257,457.75
        December 25, 2005               6,588,554.72              5,415,059.91
        January 25, 2006                6,342,259.90              4,561,053.83
        February 25, 2006               6,085,828.88              5,001,875.13
         March 25, 2006                 5,839,905.68              4,499,768.99
         April 25, 2006                 5,604,055.18              4,030,171.85
          May 25, 2006                  5,377,860.39              4,143,753.47
          June 25, 2006                 5,160,921.72              4,109,150.96
          July 25, 2006                 4,952,856.27              3,689,069.64
         August 25, 2006                4,753,297.10              3,662,514.44
       September 25, 2006               4,561,892.56              3,515,033.25
        October 25, 2006                4,378,305.67              3,373,575.73
        November 25, 2006               4,202,081.20              3,453,643.85

                                       4
<PAGE>

--------------------------------------------------------------------------------
  CALCULATION PERIOD UP TO
       BUT EXCLUDING                     CALCULATION
     THE PAYMENT DATE                       AMOUNT                 FIXED AMOUNT
   SCHEDULED TO OCCUR ON:                  (IN USD):                 (IN USD)
--------------------------------------------------------------------------------
        December 25, 2006               4,033,067.16              3,003,976.86
        January 25, 2007                3,865,561.02              2,879,212.13
        February 25, 2007               3,370,905.00              2,683,930.95
         March 25, 2007.                1,424,258.60              1,097,420.92
         April 25, 2007                 1,315,193.86                979,604.80
          May 25, 2007                  1,219,451.82                939,613.04
          June 25, 2007                 1,174,588.97                905,045.27
          July 25, 2007                 1,131,468.52                871,820.06
         August 25, 2007                1,090,018.89                895,874.42
       September 25, 2007               1,050,171.62                755,233.84
        October 25, 2007                1,011,861.18                779,660.12
        November 25, 2007                975,024.87                 776,319.54
        December 25, 2007                939,197.00                 723,670.85
        January 25, 2008                 905,151.60                 674,190.23
        February 25, 2008                870,309.14                 670,591.33
         March 25, 2008                  593,464.12                 457,276.46
         April 25, 2008                  575,423.64                 443,375.91
          May 25, 2008                   557,927.06                 458,554.05
          June 25, 2008                  540,958.05                 389,031.49
          July 25, 2008                  524,500.83                 404,138.82
         August 25, 2008                 508,540.05                 391,840.70
       September 25, 2008                493,060.83                 379,913.64
        October 25, 2008                 478,048.74                 392,902.95
        November 25, 2008                463,489.77                 333,319.96
        December 25, 2008                449,370.33                 357,790.84
        January 25, 2009                 435,677.25                 335,698.40
        February 25, 2009                422,397.72                 314,617.37
         March 25, 2009                  409,519.35                 315,543.19
         April 25, 2009                  397,030.10                 326,314.63
          May 25, 2009                   384,918.29                 286,701.31
          June 25, 2009                  373,172.59                 277,952.68
--------------------------------------------------------------------------------

                                       5
<PAGE>

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us.

                                     Yours faithfully,

                                     Credit Suisse First Boston International

                                     By:_____________________________
                                          Name:
                                          Title:

                                     By:_____________________________
                                          Name:
                                          Title:

Confirmed as of the date first written above:

Wells Fargo Bank N.A., not in its individual capacity,
but solely as Trustee for Park Place Securities Inc.,
Asset-Backed Pass-Through Certificates, Series 2005-WHQ1

By:________________________________
     Name:
     Title:

                                       6

<PAGE>

                             ELECTIONS AND VARIABLES
                        TO THE ISDA CREDIT SUPPORT ANNEX
                          DATED AS OF FEBRUARY 24, 2005
                                     BETWEEN

CREDIT SUISSE FIRST BOSTON INTERNATIONAL   AND    WELLS FARGO BANK N.A., NOT IN
                                                  ITS INDIVIDUAL CAPACITY,
                                                  BUT SOLELY AS TRUSTEE FOR
                                                  PARK PLACE SECURITIES, INC.,
                                                  ASSET-BACKED PASS-THROUGH
                                                  CERTIFICATES, SERIES 2005-WHQ1
              ("PARTY A")                         ("PARTY B")

PARAGRAPH 13.

(a)      SECURITY INTEREST FOR "OBLIGATIONS".

         The term "OBLIGATIONS" as used in this Annex includes the following
         additional obligations:

         With respect to Party A:   None.

         With respect to Party B:   None.

(b)      CREDIT SUPPORT OBLIGATIONS.

         (i)      DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

                  (A) "DELIVERY AMOUNT" has the meaning specified in Paragraph
                  3(a), except that the words "upon a demand made by the Secured
                  Party" shall be deleted and the word "that" on the second line
                  of Paragraph 3(a) shall be replaced with the word "a".

                  (B) "RETURN AMOUNT" has the meaning specified in Paragraph
                  3(b).

                  (C) "CREDIT SUPPORT AMOUNT" for a Valuation Date shall mean
                  one of the following depending on whether or not the specified
                  events have occurred on such Valuation Date:-

                           (i)      if a Collateralization Event has not
                                    occurred, or has occurred but is not
                                    continuing, "CREDIT SUPPORT AMOUNT" shall
                                    mean zero (0);

                           (ii)     if a Collateralization Event has occurred
                                    other than pursuant to Part 5(b)(1)(C) and
                                    is continuing, "CREDIT SUPPORT AMOUNT" shall
                                    mean an amount in USD equal to the greater
                                    of (a) 2.5% of the Notional Amount plus the
                                    Secured Party's Exposure and (b) an amount
                                    equal to the Floating Amount payable by
                                    Party A in respect of the first Floating
                                    Rate Payer Payment Date scheduled to occur
                                    on or after the date on which the Delivery
                                    Amount as a result of such Collateralization
                                    Event is due;

                           (iii)    if a Collateralization Event has occurred
                                    pursuant to Part 5(b)(1)(C) and is
                                    continuing, "CREDIT SUPPORT AMOUNT" shall
                                    mean an amount in USD equal to the

                                       11
<PAGE>

                                    sum of (a) the greater of Party B's Exposure
                                    and zero, and (b) the Notional Volatility
                                    Buffer. NOTIONAL VOLATILITY BUFFER, as
                                    determined by the Valuation Agent for any
                                    date, means the product of (i) the Notional
                                    Amount of the Transaction on such date, (ii)
                                    multiplied by 100, (iii) multiplied by the
                                    Volatility Buffer Percentage for such date
                                    as set out in the table below on such date,

          ----------------------------------------------------------------------
             PARTY A S&P RATING ON SUCH DATE     VOLATILITY BUFFER PERCENTAGE
          ----------------------------------------------------------------------

          ----------------------------------------------------------------------
          S&P S-T Rating of A-1 or above                     0.00%
          ----------------------------------------------------------------------
          S&P S-T Rating of A-2                              4.00%
          ----------------------------------------------------------------------
          S&P S-T Rating of A-3                              5.00%
          ----------------------------------------------------------------------
          S&P L-T Rating of BB+ or lower                     6.75%
          ----------------------------------------------------------------------

                                    L-T RATING means with respect to any Person,
                                    the unsecured, unguaranteed and otherwise
                                    unsupported long-term senior debt
                                    obligations of such Person.

                                    S-T RATING means with respect to any Person,
                                    the short-term unsecured, unguaranteed and
                                    otherwise unsupported short-term debt
                                    obligations of such Person.

         (ii)     ELIGIBLE COLLATERAL. On any date, the following items will
                  qualify as "ELIGIBLE Collateral" for Party A:

<TABLE>
<CAPTION>
                                                                                        VALUATION
                                                                                        PERCENTAGE

<S>                        <C>                                                          <C>
                  (A)      Cash 100%

                  (B)      negotiable debt obligations issued                           98.5%
                           after 18 July 1984 by the U.S. Treasury Department
                           having a residual maturity on such date
                           of less than 1 year

                  (C)      negotiable debt obligations issued                           93.6%
                           after 18 July 1984 by the U.S. Treasury Department
                           having a residual maturity on such date
                           equal to or greater than
                           1 year but less than 5 years

                  (D)      negotiable debt obligations issued                           89.9%
                           after 18 July 1984 by the U.S. Treasury Department
                           having a residual maturity on such date
                           equal to or greater than 5 years but less
                           than 10 years

         (III)    OTHER ELIGIBLE SUPPORT. None.

         (iv)     THRESHOLDS.

</TABLE>

                                       12
<PAGE>

                  (A)      "INDEPENDENT AMOUNT" means with respect to Party A:
                           Zero, unless otherwise set forth in the relevant
                           Confirmation with respect to Party A.

                           "INDEPENDENT AMOUNT" means with respect to Party B:
                           Not applicable.

                  (B)      "THRESHOLD" means with respect to Party A and Party
                           B: Not applicable.

                  (C)      "MINIMUM TRANSFER AMOUNT" means with respect to Party
                           A: $50,000.

                           "MINIMUM TRANSFER AMOUNT" means with respect to Party
                           B: Not applicable.

                  (D)      ROUNDING The Delivery Amount and the Return Amount
                           will be rounded up and down respectively to the
                           nearest integral multiple of $10,000.

(c)      VALUATION AND TIMING.

         (i)      "VALUATION AGENT" means Party A.

         (ii)     "VALUATION DATE" means,

                  (A)      in the event that (1) no Collateralization Event has
                           occurred, or has occurred but is not continuing, (2)
                           a Collateralization Event has occurred other than
                           pursuant to Part 5(b)(1)(C) and is continuing, or (3)
                           two or more Collateralization Events have occurred
                           pursuant to Part 5(b)(1)(C) and any other
                           subparagraph of Part 5(b)(1) and are continuing, each
                           Local Business Day which, if treated as a Valuation
                           Date, would result in a Delivery Amount or a Return
                           Amount; and

                  (B)      in the event that a Collateralization Event has
                           occurred solely pursuant to Part 5(b)(1)(C) and is
                           continuing, the last Local Business Day of each
                           calendar week.

         (iii)    "VALUATION TIME" means the close of business in the city of
                  the Valuation Agent on the Local Business Day before the
                  Valuation Date or date of calculation, as applicable, provided
                  that the calculations of Value and Exposure will be made as of
                  approximately the same time on the same date.

         (iv)     "NOTIFICATION TIME" means 4:00 p.m., London time, on a Local
                  Business Day.

(d)      CONDITIONS PRECEDENT AND SECURED PARTY'S RIGHTS AND REMEDIES.

         No events shall constitute a "Specified Condition."

(e)      SUBSTITUTION.

         (i)      "SUBSTITUTION DATE" has the meaning specified in Paragraph
                  4(d)(ii).

         (ii)     CONSENT. The Pledgor must obtain the Secured Party's prior
                  consent to any substitution pursuant to Paragraph 4(d) and
                  shall give to the Secured Party not less than two (2) Local
                  Business Days' notice thereof specifying the items of Posted
                  Credit Support intended for substitution.

                                       13
<PAGE>

(f)      DISPUTE RESOLUTION.

         (i)      "RESOLUTION TIME" means 4:00 p.m. London time on the Local
                  Business Day following the date on which the notice of the
                  dispute is given under Paragraph 5.

         (ii)     VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), on any
                  date, the Value of Eligible Collateral and Posted Collateral
                  will be calculated as follows:

                  (A)      with respect to any Cash; the amount thereof; and

                  (B)      with respect to any Eligible Collateral comprising
                           securities; the sum of (a)(x) the last bid price on
                           such date for such securities on the principal
                           national securities exchange on which such securities
                           are listed, multiplied by the applicable Valuation
                           Percentage or (y) where any such securities are not
                           listed on a national securities exchange, the bid
                           price for such securities quoted as at the close of
                           business on such date by any principal market maker
                           for such securities chosen by the Valuation Agent,
                           multiplied by the applicable Valuation Percentage or
                           (z) if no such bid price is listed or quoted for such
                           date, the last bid price listed or quoted (as the
                           case may be), as of the day next preceding such date
                           on which such prices were available; multiplied by
                           the applicable Valuation Percentage; plus (b) the
                           accrued interest on such securities (except to the
                           extent that such interest shall have been paid to the
                           Pledgor pursuant to Paragraph 6(d)(ii) or included in
                           the applicable price referred to in subparagraph (a)
                           above) as of such date.

         (iii)    ALTERNATIVE. The provisions of Paragraph 5 will apply provided
                  the obligation of the appropriate party to deliver the
                  undisputed amount to the other party will not arise prior to
                  the time that would otherwise have applied to the Transfer
                  pursuant to, or deemed made, under Paragraph 3 if no dispute
                  had arisen.

(g)      HOLDING AND USING POSTED COLLATERAL.

         (i)      ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS:

                  The Trustee (as defined in the Pooling and Servicing
                  Agreement) will be entitled to hold Posted Collateral pursuant
                  to Paragraph 6(b).

         (ii)     USE OF POSTED COLLATERAL. The provisions of Paragraph 6(c)
                  will not apply to Party B. Therefore, Party B will not have
                  any of the rights specified in Paragraph 6(c)(i) or 6(c)(ii).

(h)      DISTRIBUTIONS AND INTEREST AMOUNT.

         (i)      INTEREST RATE. The "INTEREST RATE" will be the annualized rate
                  of return actually achieved on Posted Collateral in the form
                  of Cash during the relevant Interest Period.

         (ii)     TRANSFER OF INTEREST AMOUNT. The Transfer of the Interest
                  Amount will be made on any Local Business Day on which Posted
                  Collateral in the form of Cash is Transferred to the Pledgor
                  pursuant to Paragraph 3(b).

         (iii)    ALTERNATIVE TO INTEREST AMOUNT. The provisions of Paragraph
                  6(d)(ii) will apply and for the purposes of calculating the
                  Interest Amount the amount of interest calculated for each day
                  of the Interest Period shall be compounded daily.

                                       14
<PAGE>

(i)      ADDITIONAL REPRESENTATION(S).

         There are no additional representations by either party.

(j)      DEMANDS AND NOTICES.

         All demands, specifications and notices under this Annex will be made
         pursuant to the Notices Section of this Agreement, save that any
         demand, specification or notice:

         (i) shall be given to or made at the following addresses:

         If to Party A:

                  Address:          One Cabot Square
                                    London E14 4QJ
                                    England

                  Telephone:        44 20 7888 3083
                  Facsimile:        44 20 7883 7987
                  Attention:        Collateral Management Unit

         If to Party B:

                  As set forth in Part 4(a) of the Schedule;

         or at such other address as the relevant party may from time to time
         designate by giving notice (in accordance with the terms of this
         paragraph) to the other party;

         (ii)     shall (unless otherwise stated in this Annex) be deemed to be
                  effective at the time such notice is actually received unless
                  such notice is received on a day which is not a Local Business
                  Day or after the Notification Time on any Local Business Day
                  in which event such notice shall be deemed to be effective on
                  the next succeeding Local Business Day.

(k)      ADDRESS FOR TRANSFERS.

         Party A: To be notified to Party B by Party A at the time of the
         request for the Transfer.

         Party B: To be notified to Party A by Party B at the time of the
         request for the Transfer.

(l)      OTHER PROVISIONS.

         (i)      ADDITIONAL DEFINITIONS

                  As used in this Annex:

                  "EQUIVALENT COLLATERAL" means, with respect to any security
                  constituting Posted Collateral, a security of the same issuer
                  and, as applicable, representing or having the same class,
                  series, maturity, interest rate, principal amount or
                  liquidation value and such other provisions as are necessary
                  for that security and the security constituting Posted
                  Collateral to be treated as equivalent in the market for such
                  securities;

                                       15
<PAGE>

                  "LOCAL BUSINESS DAY" means: (i) any day on which commercial
                  banks are open for business (including dealings in foreign
                  exchange and foreign currency deposits) in London, and (ii) in
                  relation to a Transfer of Eligible Collateral, a day on which
                  the clearance system agreed between the parties for the
                  delivery of Eligible Collateral is open for acceptance and
                  execution of settlement instructions (or in the case of a
                  Transfer of Cash or other Eligible Collateral for which
                  delivery is contemplated by other means, a day on which
                  commercial banks are open for business (including dealings for
                  foreign exchange and foreign currency deposits) in New York
                  and such other places as the parties shall agree);

         (ii)     TRANSFER TIMING

                  (a)      Paragraph 4(b) shall be deleted and replaced in its
                           entirety by the following paragraph:

                           "Subject to Paragraphs 4(a) and 5 and unless
                           otherwise specified, if a demand for the Transfer of
                           Eligible Credit Support or Posted Credit Support is
                           made by the Notification Time, then the relevant
                           Transfer will be made not later than the close of
                           business on the second Local Business Day thereafter;
                           if a demand is made after the Notification Time then
                           the relevant Transfer will be made not later than the
                           close of business on the third Local Business Day
                           thereafter."

                  (b)      Paragraph 6(d)(1) shall be amended so that the
                           reference therein to "the following Local Business
                           Day" shall be replaced by reference to "the second
                           Local Business Day thereafter".

         (iii)    EVENTS OF DEFAULT

                  Paragraph 7 shall be amended so that the references in
                  Paragraph 7(i), Paragraph 7(ii), and Paragraph 7(iii) to "two
                  Local Business Days," "five Local Business Days," and "thirty
                  days," respectively, shall instead be replaced by "one Local
                  Business Day," "three Local Business Days," and "three Local
                  Business Days," respectively.

         (iv)     RETURN OF FUNGIBLE SECURITIES

                  In lieu of returning to the Pledgor pursuant to Paragraphs
                  3(b), 4(d), 5 and 8(d) any Posted Collateral comprising
                  securities the Secured Party may return Equivalent Collateral.

         (v)      COVENANTS OF THE PLEDGOR

                  So long as the Agreement is in effect, the Pledgor covenants
                  that it will keep the Posted Collateral free from all security
                  interests or other encumbrances created by the Pledgor, except
                  the security interest created hereunder and any security
                  interests or other encumbrances created by the Secured Party;
                  and will not sell, transfer, assign, deliver or otherwise
                  dispose of, or grant any option with respect to any Posted
                  Collateral or any interest therein, or create, incur or permit
                  to exist any pledge, lien, mortgage, hypothecation, security
                  interest, charge, option or any other encumbrance with respect
                  to any Posted Collateral or any interest therein, without the
                  prior written consent of the Secured Party.

                                       16
<PAGE>

         (vi)     NO COUNTERCLAIM

                  A party's rights to demand and receive the Transfer of
                  Eligible Collateral as provided hereunder and its rights as
                  Secured Party against the Posted Collateral or otherwise shall
                  be absolute and subject to no counterclaim, set-off, deduction
                  or defense in favor of the Pledgor except as contemplated in
                  Sections 2 and 6 of the Agreement and Paragraph 8 of this
                  Annex.

         (vii)    HOLDING COLLATERAL

                  The Secured Party shall cause any Custodian appointed
                  hereunder to open and maintain a segregated account and to
                  hold, record and identify all the Posted Collateral in such
                  segregated account and, subject to Paragraphs 6(c) and 8(a),
                  such Posted Collateral shall at all times be and remain the
                  property of the Pledgor and shall at no time constitute the
                  property of, or be commingled with the property of, the
                  Secured Party or the Custodian.

         (viii)   SECURITY AND PERFORMANCE

                  Eligible Collateral Transferred to the Secured Party
                  constitutes security and performance assurance without which
                  the Secured Party would not otherwise enter into and continue
                  any and all Transactions.

         (ix)     AGREEMENT AS TO SINGLE SECURED PARTY AND PLEDGOR

                  Party A and Party B agree that, notwithstanding anything to
                  the contrary in the recital to this Annex, Paragraph 1(b),
                  Paragraph 2 or the definitions in Paragraph 12, (a) the term
                  "SECURED PARTY" as used in this Annex means only Party B, (b)
                  the term "PLEDGOR" as used in this Annex means only Party A,
                  (c) only Party A makes the pledge and grant in Paragraph 2,
                  the acknowledgment in the final sentence of Paragraph 8(a) and
                  the representations in Paragraph 9 and (d) only Party A will
                  be required to make Transfers of Eligible Credit Support
                  hereunder.

         (x)      EXTERNAL VERIFICATION OF MARK-TO-MARKET VALUATIONS.

                  Every month after a Collateralization Event has occurred
                  pursuant to Part 5(b)(1)(C) and is continuing, then, unless
                  otherwise agreed in writing with S&P, Party A will verify its
                  determination of Exposure of the Transaction on the next
                  Valuation Date by seeking quotations from two (2) Reference
                  Market-makers for their determination of Exposure of the
                  Transaction on such Valuation Date and the Valuation Agent
                  will use the greater of either (a) its own determination or
                  (b) the highest quotation for a Reference Market-maker, if
                  applicable, for the next Valuation Date; PROVIDED, that this
                  Paragraph 13(l)(xi) shall only apply to the extent that the
                  Offered Certificates outstanding at such time (as defined in
                  the Pooling and Servicing Agreement) are rated higher by S&P
                  than the S&P L-T Rating of Party A; and PROVIDED FURTHER, that
                  Party A shall not seek verification of its determination of
                  Exposure as described above from the same Reference
                  Market-maker more than four times in any twelve-month period.

                                       17
<PAGE>

CREDIT SUISSE FIRST BOSTON INTERNATIONAL     WELLS FARGO BANK N.A., NOT IN ITS
                                             INDIVIDUAL CAPACITY, BUT SOLELY AS
                                             TRUSTEE FOR PARK PLACE SECURITIES,
                                             INC., ASSET-BACKED PASS-THROUGH
                                             CERTIFICATES, SERIES 2005-WHQ1

By:_____________________________________
     Name:
     Title:    Authorized Signatory

By:_____________________________________     By:________________________________
     Name:                                        Name:
     Title:    Authorized Signatory               Title:

                                       18
<PAGE>

(MULTICURRENCY - CROSS BORDER)

                                     ISDA(R)
              International Swaps and Derivatives Association, Inc.

                                    SCHEDULE
                                     TO THE
                                MASTER AGREEMENT

                          dated as of February 24, 2005

                                     between

<TABLE>
<CAPTION>
<S>                                            <C>         <C>

                                                            WELLS FARGO BANK N.A., NOT IN ITS INDIVIDUAL
                                                           CAPACITY, BUT SOLELY AS TRUSTEE FOR PARK PLACE

CREDIT SUISSE FIRST BOSTON INTERNATIONAL        and          SECURITIES, INC., ASSET-BACKED PASS-THROUGH
                                                                            CERTIFICATES,
                                                                          SERIES 2005-WHQ1
_______________________________________                       _________________________________________
              ("Party A")                                                    ("Party B")
</TABLE>

                                     PART 1

                             TERMINATION PROVISIONS.

(a) "SPECIFIED ENTITY" means in relation to Party A for the purpose of:

     Section 5(a)(v),      Not Applicable
     Section 5(a)(vi),     Not Applicable
     Section 5(a)(vii),    Not Applicable
     Section 5(b)(iv),     Not Applicable

and in relation to Party B for the purpose of:

     Section 5(a)(v),      Not Applicable
     Section 5(a)(vi),     Not Applicable
     Section 5(a)(vii),    Not Applicable
     Section 5(b)(iv),     Not Applicable

(b)  "SPECIFIED TRANSACTION" will have the meaning specified in Section 14 of
     this Agreement.

                                       19
<PAGE>

(c)  CERTAIN EVENTS OF DEFAULT. The following Events of Default will apply to
     the parties as specified below, and the definition of "Event of Default" in
     Section 14 is deemed to be modified accordingly:

         Section 5(a)(i) (FAILURE TO PAY OR DELIVER) will apply to Party A and
         Party B.
         Section 5(a)(ii) (BREACH OF AGREEMENT) will not apply to Party A or
         Party B.
         Section 5(a)(iii) (CREDIT SUPPORT DEFAULT) will not apply to Party A or
         Party B.
         Section 5(a)(iv) (MISREPRESENTATION) will not apply to Party A or Party
         B.
         Section 5(a)(v) (DEFAULT UNDER SPECIFIED TRANSACTION) will not apply to
         Party A or Party B.
         Section 5(a)(vi) (CROSS DEFAULT) will not apply to Party A or Party B.
         Section 5(a)(vii) (BANKRUPTCY) will apply to Party A and Party B;
         PROVIDED that clause (2) thereof shall not apply to Party B.
         Section 5(a)(viii) (MERGER WITHOUT ASSUMPTION) will apply to Party A
         and will not apply to Party B.

(d)  TERMINATION EVENTS. The following Termination Events will apply to the
     parties as specified below:

         Section 5(b)(i) (ILLEGALITY) will apply to Party A and Party B.
         Section 5(b)(ii) (TAX EVENT) will apply to Party A and Party B.
         Section 5(b)(iii) (TAX EVENT UPON MERGER) will apply to Party A and
         will not apply to Party B.
         Section 5(b)(iv) (CREDIT EVENT UPON MERGER) will not apply to Party A
         or Party B.

(e)  The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) of this
     Agreement will not apply to Party A and will not apply to Party B.

(f)  PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of this
     Agreement:

     (i)   Market Quotation will apply.

     (ii)  The Second Method will apply.

(g)  "TERMINATION CURRENCY" means United States Dollars.

(h)  ADDITIONAL TERMINATION EVENTS. The following Additional Termination Events
     will apply, in each case with respect to Party B as the sole Affected Party
     (unless otherwise provided below):

     (i)   Party A fails to comply with the Downgrade Provisions as set forth in
           Part 5(b). For all purposes of this Agreement, Party A shall be the
           sole Affected Party with respect to the occurrence of a Termination
           Event described in this Part 1(h)(i).

     (ii)  The Trust Fund (as defined in the Pooling and Servicing Agreement,
           dated as of February 1, 2005, among Park Place Securities Inc.,
           HomeEq Servicing Corporation, and Wells Fargo Bank, N.A. (the POOLING
           AND SERVICING AGREEMENT)) is terminated pursuant to the Pooling and
           Servicing Agreement.

     (iii) The Pooling and Servicing Agreement is amended or modified without
           the prior written consent of Party A, where such consent is required
           under the terms of the Pooling and Servicing Agreement.

     (iv)  Notice of the requisite amount of Class CE Certificateholders', the
           NIMS Insurer's, or the Master Servicer's intention to exercise its
           option to purchase the Mortgage Loans pursuant to Section 9.01 of the
           Pooling and Servicing Agreement is given by the Trustee to
           Certificateholders pursuant to Section 9.02 of the Pooling and
           Servicing Agreement.

                                       20
<PAGE>

                                     PART 2

                              TAX REPRESENTATIONS.

(a)  PAYER REPRESENTATIONS. For the purpose of Section 3(e) of this Agreement,
     Party A will make the following representation and Party B will make the
     following representation:

     It is not required by any applicable law, as modified by the practice of
     any relevant governmental revenue authority, of any Relevant Jurisdiction
     to make any deduction or withholding for or on account of any Tax from any
     payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this
     Agreement) to be made by it to the other party under this Agreement. In
     making this representation, it may rely on (i) the accuracy of any
     representations made by the other party pursuant to Section 3(f) of this
     Agreement, (ii) the satisfaction of the agreement contained in Section
     4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness
     of any document provided by the other party pursuant to Section 4(a)(i) or
     4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of
     the other party contained in Section 4(d) of this Agreement, PROVIDED that
     it shall not be a breach of this representation where reliance is placed on
     clause (ii) and the other party does not deliver a form or document under
     Section 4(a)(iii) of this Agreement by reason of material prejudice to its
     legal or commercial position.

(b)  PAYEE REPRESENTATIONS. For the purpose of Section 3(f) of this Agreement,
     Party A and Party B make the representations specified below, if any:

     (i)  Party A makes the following representation to Party B:

          (A)  Party A is entering into each Transaction in the ordinary course
               of its trade as, and is, a recognized UK bank as defined in
               Section 840A of the UK Income and Corporation Taxes Act of 1988.
          (B)  Party A has been approved as a Withholding Foreign Partnership by
               the US Internal Revenue Service.
          (C)  Party A's Withholding Foreign Partnership Employer Identification
               Number is 98-0330001.
          (D)  Party A is a partnership that agrees to comply with any
               withholding obligation under Section 1446 of the Internal Revenue
               Code.

     (ii) Party B represents that it is the trustee of a trust created under an
          agreement governed by New York law.

                                       21
<PAGE>

                                     PART 3

                         AGREEMENT TO DELIVER DOCUMENTS.

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party
agrees to deliver the following documents, as applicable:

(a) Tax forms, documents or certificates to be delivered are:--

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
PARTY REQUIRED     FORM/DOCUMENT/CERTIFICATE          DATE BY WHICH TO BE DELIVERED
TO DELIVER
DOCUMENT
------------------------------------------------------------------------------------------------------
<S>               <C>                                <C>
Party A            U.S. Internal Revenue Service      (i) Before the first Payment Date under
                   Form W-8IMY and any successor      this Agreement, such form to be updated at
                   form thereto                       the beginning of each succeeding three-
                                                      calendar-year period after the first payment
                                                      date under this Agreement, (ii) promptly upon
                                                      reasonable demand by Party B, and (iii) promptly
                                                      upon learning that any such Form previously
                                                      provided by Party A has become obsolete or
                                                      incorrect.
------------------------------------------------------------------------------------------------------
</TABLE>

(b) Other documents to be delivered are:--

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
PARTY REQUIRED                    FORM/DOCUMENT/CERTIFICATE                     DATE BY WHICH TO BE       COVERED BY
  TO DELIVER                                                                         DELIVERED           SECTION 3(D)
   DOCUMENT                                                                                             REPRESENTATION
------------------------------------------------------------------------------------------------------------------------
<S>             <C>                                                            <C>                           <C>
Party A and     Certified copy of the Board of Directors resolution (or        Concurrently with the         Yes
Party B         equivalent authorizing documentation) which sets forth the     execution and
                authority of each signatory to this Agreement and each         delivery of this
                Credit Support Document (if any) signing on its behalf and     Agreement.
                the authority of such party to enter into Transactions
                contemplated and performance of its obligations hereunder.
------------------------------------------------------------------------------------------------------------------------
Party A and     Incumbency Certificate (or, if available the current           Concurrently with the         Yes
Party B         authorized signature book or equivalent authorizing            execution and
                documentation) specifying the names, titles, authority         delivery of this
                and specimen signatures of the persons authorized to           Agreement unless
                execute this Agreement which sets forth the specimen           previously delivered
                signatures of each signatory to this Agreement, each           and still in full force
                Confirmation and each Credit Support Document (if any)         and effect.
                signing on its behalf.
------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  22
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
<S>             <C>                                                            <C>                           <C>
Party A and B   An opinion of counsel to such party reasonably satisfactory    Concurrently with the         No
                in form and substance to the other party.                      execution and
                                                                               delivery of the
                                                                               Confirmation unless
                                                                               previously delivered
                                                                               and still in full
                                                                               force and effect.
------------------------------------------------------------------------------------------------------------------------
Party B         An executed copy of the Pooling and Servicing Agreement.       Within 30 days after          No
                                                                               the date of this
                                                                               Agreement.
------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                  23
<PAGE>

                                     PART 4.
                                 MISCELLANEOUS.

(a)  ADDRESSES FOR NOTICES. For the purposes of Section 12(a) of this Agreement:
     Party A:

    (1)  Address for notices or communications to Party A (other than by
         facsimile):-

<TABLE>
<CAPTION>
<S>                                             <C>
         Address: One Cabot Square              Attention: (1) Head of Credit Risk Management;
                  London E14 4QJ                           (2) Managing Director -
                  England                                      Operations Department;
                                                           (3) Managing Director - Legal Department

         Telex No.:  264521                     Answerback:    CSFBI G
</TABLE>

         (For all purposes.)

    (2)  For the purpose of facsimile notices or communications under this
         Agreement (other than a notice or communication under Section 5 or 6):-

         Facsimile No.:    44 20 7888 2686
         Attention:        Managing Director - Legal Department

         Telephone number for oral confirmation of receipt of
         facsimile in legible form: 44 20 7888 2028
         Designated responsible employee for the purposes of Section
         12(a)(iii): Senior Legal Secretary

     Party B:     Wells Fargo Bank, N.A.
                  9062 Old Annapolis Road
                  Columbia, MD  21045
                  Attn:  Client Manager Park Place Securities, Inc., 2005-WHQ1
                  Telephone No.:  410-884-2000
                  Facsimile No.:  410-715-2380

(b) PROCESS AGENT. For the purposes of Section 13(c) of this Agreement:

     Party A appoints as its Process Agent:

                   Credit Suisse First Boston LLC
                   Eleven Madison Avenue
                   New York, NY 10010

                   Attention:       General Counsel
                                    Legal and Compliance Department

     Party B appoints as its Process Agent:  Not Applicable.

(c) OFFICES. With respect to Party A, the provisions of Section 10(a)
    will apply to this Agreement.

(d) MULTIBRANCH PARTY. For the purpose of Section 10(c) of this
    Agreement:

                                  24
<PAGE>

     Party A is not a Multibranch Party. Party B is not a Multibranch Party.

(e) CALCULATION AGENT. The Calculation Agent is Party A.

(f) CREDIT SUPPORT DOCUMENT. Credit Support Document means

     With respect to Party A:  The Credit Support Annex.

     With respect to Party B:  The Pooling and Servicing Agreement.

(g)  CREDIT SUPPORT PROVIDER.

     Credit Support Provider means in relation to Party A:  Not Applicable.
     Credit Support Provider means in relation to Party B:  Not Applicable.

(h)  GOVERNING LAW. This Agreement will be governed by and construed in
     accordance with the laws of the State of New York (without reference to
     choice of law doctrine other than New York General Obligation Law Sections
     5-1401 and 5-1402).

(i)  NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) of this Agreement
     will apply to all Transactions (in each case starting from the date of this
     Agreement).

(j)  "AFFILIATE." Each of Party A and Party B shall be deemed to have no
     Affiliates.

(k)  JURISDICTION. Section 13(b) is hereby amended by: (i) deleting in the
     second line of subparagraph (i) thereof the word "non-": and (ii) deleting
     the final paragraph thereof.

(l)  WAIVER OF JURY TRIAL. Each party waives, to the fullest extent permitted by
     applicable law, any right it may have to a trial by jury in respect of any
     suit, action or proceeding relating to this Agreement or any Credit Support
     Document. Each party certifies (i) that no representative, agent or
     attorney of the other party or any Credit Support Provider has represented,
     expressly or otherwise, that such other party would not, in the event of
     such a suit, action or proceeding, seek to enforce the foregoing waiver and
     (ii) acknowledges that it and the other party have been induced to enter
     into this Agreement and provide for any Credit Support Document, as
     applicable, by, among other things, the mutual waivers and certifications
     in this Section.

(m)  CONSENT TO RECORDING. Each party (i) consents to the recording of the
     telephone conversations of trading and marketing personnel of the parties
     and their Affiliates in connection with this Agreement or any potential
     transaction and (ii) if applicable, agrees to obtain any necessary consent
     of, and give notice of such recording to, such personnel of it and its
     Affiliates.

(n)  SEVERABILITY. If any term, provision, covenant, or condition of this
     Agreement, or the application thereof to any party or circumstance, shall
     be held to be illegal, invalid or unenforceable (in whole or in part) for
     any reason, the remaining terms, provisions, covenants and conditions
     hereof shall continue in full force and effect as if this Agreement had
     been executed with the illegal, invalid or unenforceable portion
     eliminated, so long as this Agreement as so modified continues to express,
     without material change, the original intentions of the parties as to the
     subject matter of this Agreement and the deletion of such portion of this
     Agreement will not substantially impair the respective benefits or
     expectations of the parties to this Agreement.

                                  25
<PAGE>

                                     PART 5.

                                OTHER PROVISIONS.

(a)  DEFINITIONS.

     This Agreement, including each Confirmation and each Swap Transaction, is
     subject to the 2000 ISDA Definitions, as amended, supplemented, updated,
     and superseded from time to time (the "Definitions"), as published by the
     International Swaps and Derivatives Association, Inc. ("ISDA") and will be
     governed in all respects by the Definitions (except that references to
     "Swap Transactions" shall be deemed to be references to "Transactions").
     The Definitions are incorporated by reference in, and made part of, this
     Agreement and each Confirmation as if set forth in full in this Agreement
     and such Confirmations. In the event of any inconsistency between the
     provisions of this Agreement and the Definitions, this Agreement will
     prevail (and, in the event of any inconsistency between any Confirmation
     and the Definitions, the Confirmation will control). Any reference in a
     Confirmation to any Definitions which are amended or supplemented in this
     Schedule shall be deemed to be a reference to such Definitions as so
     amended or supplemented, unless the Confirmation states, by specific
     reference to any such amendment or supplement, that such amendment or
     supplement will not apply in respect of the Transaction to which such
     Confirmation relates. Any capitalized terms used but not otherwise defined
     in this Agreement shall have the meanings assigned to them (or incorporated
     by reference) in the Pooling and Servicing Agreement.

(B)  DOWNGRADE PROVISIONS.

     (1) It shall be a collateralization event (COLLATERALIZATION EVENT) if (A)
     either (i) the unsecured, unguaranteed and otherwise unsupported long-term
     senior debt obligations of Party A are rated below "A1" by Moody's
     Investors Service, Inc. (MOODY'S) or are rated "A1" by Moody's and such
     rating is on watch for possible downgrade (but only for so long as it is on
     watch for possible downgrade) or (ii) the unsecured, unguaranteed and
     otherwise unsupported short-term debt obligations of Party A are rated
     below "P-1" by Moody's or are rated "P-1" by Moody's and such rating is on
     watch for possible downgrade (but only for so long as it is on watch for
     possible downgrade), (B) no short-term rating is available from Moody's and
     the unsecured, unguaranteed and otherwise unsupported long-term senior debt
     obligations of Party A are rated below "Aa3" by Moody's or are rated "Aa3"
     by Moody's and such rating is on watch for possible downgrade (but only for
     so long as it is on watch for possible downgrade), or (C) either (i) the
     unsecured, unguaranteed and otherwise unsupported short-term debt
     obligations of Party A are rated below "A-1" by Standard & Poor's Rating
     Services, a division of The McGraw-Hill Companies, Inc. (S&P) or (ii) if
     Party A does not have a short-term rating from S&P, the unsecured,
     unguaranteed and otherwise unsupported long-term senior debt obligations of
     Party A are rated below "A+" by S&P. For the avoidance of doubt, the
     parties hereby acknowledge and agree that notwithstanding the occurrence of
     a Collateralization Event, this Agreement and each Transaction hereunder
     shall continue to qualify as a Swap Agreement for purposes of the
     distribution priorities in Section 4.9 of the Pooling and Servicing
     Agreement. During any period in which a Collateralization Event is
     occurring, Party A shall, at its own expense, either (i) post collateral
     according to the terms of the 1994 ISDA Credit Support Annex between Party
     A and Party B, dated as of February 24, 2005, including Paragraph 13,
     thereof (the "Credit Support Annex"), or (ii) obtain a substitute
     counterparty that (a) is reasonably acceptable to Party B and approved in
     writing by the Rating Agencies (as defined in the Pooling and Servicing
     Agreement), (b) satisfies the Hedge Counterparty Ratings Requirement (as
     defined herein) and (c) assumes the obligations of Party A under this
     Agreement (through an assignment and assumption agreement in form and
     substance reasonably satisfactory to Party B) or replaces the outstanding
     Transactions hereunder with transactions on identical terms, except that
     Party A shall be replaced as counterparty, PROVIDED that such substitute
     counterparty, as of the date of such assumption or replacement, will not,
     as a result thereof, be required to withhold or deduct on account of tax
     under the Agreement or the new transactions, as applicable, and such
     assumption or

                                  26
<PAGE>

     replacement will not lead to a termination event or event of
     default occurring under the Agreement or new transactions, as applicable.
     To the extent that Party A elects or is required to post collateral
     pursuant to this Part 5(b)(1), Party A shall request its legal counsel to
     deliver to each applicable Rating Agency within thirty (30) calendar days
     of the occurrence of such Collateralization Event an opinion as to the
     enforceability of the ISDA Credit Support Annex.

     (2) It shall be a ratings event (RATINGS EVENT) if at any time after the
     date hereof Party A shall fail to satisfy the Hedge Counterparty Ratings
     Threshold. HEDGE COUNTERPARTY RATINGS THRESHOLD shall mean (A) the
     unsecured, unguaranteed and otherwise unsupported long-term senior debt
     obligations of Party A are rated at least "BBB-" by S&P, (B) the unsecured,
     unguaranteed and otherwise unsupported long-term senior debt obligations of
     Party A are rated at least "A3" by Moody's (and such rating is not on watch
     for possible downgrade) and the unsecured, unguaranteed and otherwise
     unsupported short-term debt obligations of Party A are rated at least "P-2"
     by Moody's (and such rating is not on watch for possible downgrade), and
     (C) either (i) the unsecured, unguaranteed and otherwise unsupported
     long-term senior debt obligations of Party A are rated at least "A+" by
     Fitch, Inc. (FITCH) or (ii) the unsecured, unguaranteed and otherwise
     unsupported short-term debt obligations of Party B are rated at least "F1"
     by Fitch. For the avoidance of all doubts, the parties hereby acknowledge
     and agree that notwithstanding the occurrence of a Ratings Event, this
     Agreement and each Transaction hereunder shall continue to qualify as a
     Swap Agreement for purposes of the distribution priorities in Section 4.9
     of the Pooling and Servicing Agreement.

     (3) Following a Ratings Event, Party A shall take the following actions:

         (a) Party A, at its sole expense, shall (i) commence actively to seek
         to obtain a substitute counterparty that (A) is approved in writing by
         the Rating Agencies, (B) satisfies the Hedge Counterparty Ratings
         Requirement and (C) assumes the obligations of Party A under this
         Agreement (through an assignment and assumption agreement in form and
         substance reasonably satisfactory to Party B) or replaces the
         outstanding Transactions hereunder with transactions on identical
         terms, except that Party A shall be replaced as counterparty, PROVIDED
         that such substitute counterparty, as of the date of such assumption or
         replacement, will not, as a result thereof, be required to withhold or
         deduct on account of tax under the Agreement or the new transactions,
         as applicable, and such assumption or replacement will not lead to a
         termination event or event of default occurring under the Agreement or
         new transactions, as applicable, and (ii) be required to post
         collateral as set forth in (b) below;

         (b) If Party A has not obtained a substitute counterparty as set forth
         in (3)(a) above within 30 days (or, in the case of a failure to meet
         the requirements of subparagraph (A) of the definition of "Hedge
         Counterparty Ratings Threshold", as soon as commercially practicable
         after such failure) of the Ratings Event, then Party A shall continue
         to seek a substitute counterparty and, on or prior to the expiration of
         such period, post collateral according to the terms of the Credit
         Support Annex. Notwithstanding anything contained herein to the
         contrary, if Party A is required to transfer its rights and obligations
         under this Agreement pursuant to this Part 5(b)(3) as a result of a
         rating issued by S&P, Party A shall, at all times prior to such
         transfer, be required to post collateral in accordance with (i) the
         terms of the Credit Support Annex or (ii) an agreement with Party B
         providing for the posting of collateral, which agreement shall satisfy
         the Rating Agency Condition specified in Part 5(n) below and require
         Party A to post the required collateral.

         HEDGE COUNTERPARTY RATINGS REQUIREMENT shall mean (a) either (i) the
         unsecured, unguaranteed and otherwise unsupported short-term debt
         obligations of the substitute counterparty are rated at least "A-1" by
         S&P or (ii) if the substitute counterparty does not have a short-term
         rating from S&P, the unsecured, unguaranteed and otherwise unsupported
         long-term senior debt obligations of the substitute counterparty are
         rated at least "A+" by S&P, (b) either (i) the unsecured, unguaranteed
         and otherwise unsupported long-term senior debt obligations of such
         substitute

                                  27
<PAGE>

         counterparty are rated at least "A1" by Moody's (and if rated "A1" by
         Moody's, such rating is not on watch for possible downgrade) and the
         unsecured, unguaranteed and otherwise unsupported short-term debt
         obligations of such substitute counterparty are rated at least "P-1" by
         Moody's (and if rated "P-1" by Moody's, such rating is not on watch for
         possible downgrade and remaining on watch for possible downgrade), or
         (ii) if such substitute counterparty does not have a short-term debt
         rating from Moody's, the unsecured, unguaranteed and otherwise
         unsupported long-term senior debt obligations of such substitute
         counterparty are rated at least "Aa3" by Moody's (and if rated "Aa3" by
         Moody's, such rating is not on watch for possible downgrade), and (c)
         either (i) the unsecured, unguaranteed and otherwise unsupported
         long-term senior debt obligations of such substitute counterparty are
         rated at least "A+" by Fitch or (ii) the unsecured, unguaranteed and
         otherwise unsupported short-term debt obligations of such substitute
         counterparty are rated at least "F1" by Fitch. For the purpose of this
         definition, no direct or indirect recourse against one or more
         shareholders of the substitute counterparty (or against any Person in
         control of, or controlled by, or under common control with, any such
         shareholder) shall be deemed to constitute a guarantee, security or
         support of the obligations of the substitute counterparty.

(c)  Section 3(a) of this Agreement is hereby amended to include the following
     additional representations after paragraph 3(a)(v):

     (vi) ELIGIBLE CONTRACT PARTICIPANT. It is an "eligible contract
     participant" as defined in section 1a(12) of the U.S. Commodity Exchange
     Act.

     (vii) INDIVIDUAL NEGOTIATION. This Agreement and each Transaction hereunder
     is subject to individual negotiation by the parties.

     (viii) RELATIONSHIP BETWEEN PARTY A AND PARTY B. Subject as provided in
     Part 5(g), each of Party A and Party B will be deemed to represent to the
     other on the date on which it enters into a Transaction or an amendment
     thereof that (absent a written agreement between Party A and Party B that
     expressly imposes affirmative obligations to the contrary for that
     Transaction):

         (1) PRINCIPAL. It is acting as principal and not as agent when entering
         into this Agreement and each Transaction.

         (2) NON-RELIANCE. It is acting for its own account and it has made its
         own independent decisions to enter into that Transaction and as to
         whether that Transaction is appropriate or proper for it based upon its
         own judgment and upon advice from such advisors as it has deemed
         necessary. It is not relying on any communication (written or oral) of
         the other party as investment advice or as a recommendation to enter
         into that Transaction; it being understood that information and
         explanations related to the terms and conditions of a Transaction shall
         not be considered investment advice or a recommendation to enter into
         that Transaction. No communication (written or oral) received from the
         other party shall be deemed to be an assurance or guarantee as to the
         expected results of that Transaction.

         (3) EVALUATION AND UNDERSTANDING. It is capable of evaluating and
         understanding (on its own behalf or through independent professional
         advice), and understands and accepts, the terms, conditions and risks
         of this Agreement and each Transaction hereunder. It is also capable of
         assuming, and assumes, all financial and other risks of this Agreement
         and each Transaction hereunder.

         (4) STATUS OF PARTIES. The other party is not acting as a fiduciary or
         an advisor for it in respect of that Transaction.

                                  28
<PAGE>

(d) Section 4 is hereby amended by adding the following new agreement:

         (f) ACTIONS AFFECTING REPRESENTATIONS. Party B agrees not to take any
         action during the term of this Agreement or any Transaction hereunder
         that renders or could render any of the representations and warranties
         in this Agreement untrue, incorrect, or incomplete, and if any event or
         condition occurs that renders or could render any such representation
         untrue, incorrect, or incomplete, Party B will immediately give written
         notice thereof to Party A.

(e)  SECTION 1(C). For purposes of Section 1(c) of the Agreement, this
     Transaction shall be the sole Transaction under the Agreement.

(f) TRANSFER. Section 7 is hereby amended to read in its entirety as follows:

         Except as stated under Section 6(b)(ii), in this Section 7, and Part
         5(f) of the Schedule, neither Party A nor Party B is permitted to
         assign, novate or transfer (whether by way of security or otherwise) as
         a whole or in part any of its rights, obligations or interests under
         this Agreement or any Transaction without the prior written consent of
         the other party; PROVIDED, HOWEVER, that (i) Party A may make such a
         transfer of this Agreement pursuant to a consolidation or amalgamation
         with, or merger with or into, or transfer of substantially all of its
         assets to, another entity, or an incorporation, reincorporation or
         reconstitution, and (ii) Party A may transfer this Agreement to any
         Person, including, without limitation, another of Party A's offices,
         branches or affiliates (any such Person, office, branch or affiliate, a
         "Transferee") on at least five Business Days' prior written notice to
         Party B; PROVIDED that, with respect to clause (ii), (A) as of the date
         of such transfer the Transferee will not be required to withhold or
         deduct on account of a Tax from any payments under this Agreement
         unless the Transferee will be required to make payments of additional
         amounts pursuant to Section 2(d)(i)(4) of this Agreement in respect of
         such Tax; (B) a Termination Event or Event of Default does not occur
         under this Agreement as a result of such transfer; (C) such notice is
         accompanied by a written instrument pursuant to which the Transferee
         acquires and assumes the rights and obligations of Party A so
         transferred; and (D) Party A will be responsible for any costs or
         expenses incurred in connection with such transfer. Party B will
         execute such documentation as is reasonably deemed necessary by Party A
         for the effectuation of any such transfer. Notwithstanding the
         foregoing, no such transfer shall be made unless the transferring party
         obtains a written acknowledgment from each of the Rating Agencies (as
         defined in the Pooling and Servicing Agreement) that, notwithstanding
         such transfer, the then-current ratings of the Offered Certificates
         will not be reduced or withdrawn.

         Except as specified otherwise in the documentation evidencing a
         transfer, a transfer of all the obligations of Party A made in
         compliance with this Section 7 will constitute an acceptance and
         assumption of such obligations (and any related interests so
         transferred) by the Transferee, a novation of the transferee in place
         of Party A with respect to such obligations (and any related interests
         so transferred), and a release and discharge by Party B of Party A
         from, and an agreement by Party B not to make any claim for payment,
         liability, or otherwise against Party A with respect to, such
         obligations from and after the effective date of the transfer.

(g)  TRUSTEE CAPACITY. It is expressly understood and agreed by the parties
     hereto that (i) this Agreement is executed and delivered by Wells Fargo
     Bank, N.A., not individually or personally but solely as trustee of Park
     Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series
     2005-WHQ1, in the exercise of the powers and authority conferred and vested
     in it under the Pooling and Servicing Agreement, (ii) each of the
     representations, undertakings and agreements herein made on the part of
     Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series
     2005-WHQ1 is made and intended not as personal representations,
     undertakings and agreements by Wells Fargo Bank, N.A. but is made and
     intended for the purpose of binding only Park Place Securities, Inc.,
     Asset-Backed Pass-Through Certificates, Series 2005-WHQ1, (iii) nothing
     herein contained shall be construed as creating

                                  29
<PAGE>

     any liability on the part of Wells Fargo Bank, N.A., individually or
     personally, to perform any covenant either expressed or implied contained
     herein, all such liability, if any, being expressly waived by the parties
     hereto and by any Person claiming by, through or under the parties hereto
     and (iv) under no circumstances shall Wells Fargo Bank, N.A. be personally
     liable for the payment of any indebtedness or expenses of the Trust or be
     liable for the breach or failure of any obligation, representation,
     warranty or covenant made or undertaken by Park Place Securities, Inc.,
     Asset-Backed Pass-Through Certificates, Series 2005-WHQ1 under this
     Agreement or any other related documents.

     Party B represents that:

         (i) Status. Wells Fargo Bank N.A. (the "Trustee") is trustee of the
         Trust whose appointment is valid and effective both under the laws of
         the State of New York and under the Pooling and Servicing Agreement,
         and the Trustee has the power to own assets in its capacity as trustee
         of the Trust.

         (ii) Powers. In its capacity as trustee of the Trust, the Trustee has
         power under the Pooling and Servicing Agreement to execute this
         Agreement and any other documentation relating to this Agreement to
         which the Trustee is party, to deliver this Agreement and any other
         documentation relating to this Agreement that it is required by this
         Agreement to deliver and to perform its obligations (on behalf of the
         Trust) under this Agreement and any obligations (on behalf of the
         Trust) it has under any Credit Support Document to which the Trustee is
         party and has taken all necessary action to authorise such execution,
         delivery and performance;

         (iii) No Violation or Conflict. Such execution, delivery and
         performance do not violate or conflict with any law applicable to the
         Trustee or the Trust, any provision of the Pooling and Servicing
         Agreement, any order or judgment of any court or other agency of
         government applicable to the Trustee, the Trust or any assets of the
         Trust, or any contractual restriction binding on or affecting the
         Trustee, the Trust or any assets of the Trust;

         (iv) Consents. All governmental and other consents that are required
         have been obtained by the Trustee with respect to this Agreement or any
         Credit Support Document to which the Trustee is party have been
         obtained and are in full force and effect and all conditions of such
         consents have been complied with; and

          (v) Obligations Binding. The obligation of the Trustee under this
         Agreement and any Credit Support Document to which the Trustee is party
         constitute legal, valid and binding obligations of the Trustee in its
         capacity as trustee of the Trust, enforceable against the Trust in
         accordance with their respective terms (subject to applicable
         bankruptcy, reorganization, insolvency, moratorium or similar laws
         affecting creditors' rights generally and subject, as to
         enforceability, to equitable principles of general application
         (regardless of whether enforcement is sought in a proceeding in equity
         or law)) and no circumstances are known to the Trustee which would or
         might prevent the Trustee from having recourse to the assets of the
         Trust for the purposes of meeting such obligations.

(h)  PROCEEDINGS. Without impairing any right afforded to it under the Pooling
     and Servicing Agreement as a third party beneficiary, Party A shall not
     institute against or cause any other person to institute against, or join
     any other person in instituting against Park Place Securities, Inc.,
     Asset-Backed Pass-Through Certificates, Series 2005-WHQ1, any bankruptcy,
     reorganization, arrangement, insolvency or liquidation proceedings, or
     other proceedings under any federal or state bankruptcy, dissolution or
     similar law, for a period of one year and one day, or if longer the
     applicable preference period then in effect, following indefeasible payment
     in full of the Certificates. Nothing shall preclude, or be deemed to stop,
     Party A (i) from taking any action prior to the expiration of the
     aforementioned one year and one day period, or if longer the applicable
     preference period then in effect, in (A) any case or proceeding

                                       30
<PAGE>

     voluntarily filed or commenced by Party B or (B) any involuntary insolvency
     proceeding filed or commenced by a Person other than Party A, or (ii) from
     commencing against Party B or any of the Collateral any legal action which
     is not a bankruptcy, reorganization, arrangement, insolvency, moratorium,
     liquidation or similar proceeding.

(i)  CHANGE OF ACCOUNT. Section 2(b) of this Agreement is hereby amended by the
     addition of the following after the word "delivery" in the first line
     thereof:-

     "to another account in the same legal and tax jurisdiction as the original
     account"

(j)  POOLING AND SERVICING AGREEMENT.

     (1) Capitalized terms used in this Agreement that are not defined herein
     and are defined in the Pooling and Servicing Agreement shall have the
     respective meanings assigned to them in the Pooling and Servicing
     Agreement.

     (2) Party B will provide at least ten days' prior written notice to Party A
     of any proposed amendment or modification to the Pooling and Servicing
     Agreement.

(k)  SET-OFF. Notwithstanding any provision of this Agreement or any other
     existing or future agreements, each of Party A and Party B irrevocably
     waives as to itself any and all contractual rights it may have to set off,
     net, recoup or otherwise withhold or suspend or condition its payment or
     performance of any obligation to the other party under this Agreement
     against any obligation of one party hereto to the other party hereto
     arising outside of this Agreement (which Agreement includes without
     limitation, the Master Agreement to which this Schedule is attached, this
     Schedule and the Confirmation). The provisions for set-off set forth in
     Section 6(e) of this Agreement shall not apply for purposes of this
     Transaction.

(l)  NOTICE OF CERTAIN EVENTS OR CIRCUMSTANCES. Each party agrees, upon learning
     of the occurrence or existence of any event or condition that constitutes
     (or that with the giving of notice or passage of time or both would
     constitute) an Event of Default or Termination Event with respect to such
     party, promptly to give the other party notice of such event or condition
     (or, in lieu of giving notice of such event or condition in the case of an
     event or condition that with the giving of notice or passage of time or
     both would constitute an Event of Default or Termination Event with respect
     to the party, to cause such event or condition to cease to exist before
     becoming an Event of Default or Termination Event); PROVIDED that failure
     to provide notice of such event or condition pursuant to this Part 5(l)
     shall not constitute an Event of Default or a Termination Event.

(m)  REGARDING PARTY A. Party B acknowledges and agrees that Party A has had and
     will have no involvement in and, accordingly Party A accepts no
     responsibility for: (i) the establishment, structure, or choice of assets
     of Party B; (ii) the selection of any person performing services for or
     acting on behalf of Party B; (iii) the selection of Party A as the
     Counterparty; (iv) the terms of the Certificates; (v) the preparation of or
     passing on the disclosure and other information contained in any offering
     circular for the Certificates, the Pooling and Servicing Agreement, or any
     other agreements or documents used by Party B or any other party in
     connection with the marketing and sale of the Certificates; (vi) the
     ongoing operations and administration of Party B, including the furnishing
     of any information to Party B which is not specifically required under this
     Agreement; or (vii) any other aspect of Party B's existence.

(n)  RATING AGENCY CONDITION. This Agreement will not be amended unless Party B
     shall have received prior written confirmation from each of the Rating
     Agencies (as defined in the Pooling and Servicing

                                       31
<PAGE>

     Agreement) that such amendment will not cause S&P, Moody's, or Fitch to
     downgrade or withdraw its then-current ratings of any outstanding Offered
     Certificates.

                                       32
<PAGE>

IN WITNESS WHEREOF, the parties have executed this document by their duly
authorized officers with effect from the date so specified on the first page
hereof.

CREDIT SUISSE FIRST BOSTON        WELLS FARGO BANK N.A., NOT IN ITS INDIVIDUAL
INTERNATIONAL                     CAPACITY, BUT SOLELY AS TRUSTEE FOR PARK PLACE
                                  SECURITIES, INC., ASSET-BACKED PASS-THROUGH
                                  CERTIFICATES, SERIES 2005-WHQ1
         ("Party A")                           ("Party B")

By:____________________________
Name:
Title:

By:____________________________   By:___________________________________________
Name:                             Name:
Title:                            Title:

                                       33
<PAGE>

(MULTICURRENCY - CROSS BORDER)
                                     ISDA(R)
              International Swaps and Derivatives Association, Inc.

                                MASTER AGREEMENT
                          dated as of February 24, 2005
                                       and

                                   WELLS FARGO BANK N.A., NOT IN ITS INDIVIDUAL
                                  CAPACITY, BUT SOLELY AS TRUSTEE FOR PARK PLACE
  CREDIT SUISSE FIRST BOSTON       SECURITIES, INC., ASSET-BACKED PASS-THROUGH
        INTERNATIONAL                    CERTIFICATES, SERIES 2005-WHQ1
______________________________    ______________________________________________
         ("Party A")                              ("Party B")

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows: -

1.       INTERPRETATION

(a) DEFINITIONS. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b) INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement'), and the parties
would not otherwise enter into any Transactions.

2.       OBLIGATIONS

(a)      GENERAL CONDITIONS.

         (i) Each party will make each payment or delivery specified in each
         Confirmation to be made by it, subject to the other provisions of this
         Agreement.

         (ii) Payments under this Agreement will be made on the due date for
         value on that date in the place of the account specified in the
         relevant Confirmation or otherwise pursuant to this Agreement, in
         freely transferable funds and in the manner customary for payments in
         the required currency. Where settlement is by delivery (that is, other
         than by payment), such delivery will be made for receipt on the due
         date in the manner customary for the relevant obligation unless
         otherwise specified in the relevant Confirmation or elsewhere in this
         Agreement.

         (iii) Each obligation of each party under Section 2(a)(i) is subject to
         (1) the condition precedent that no Event of Default or Potential Event
         of Default with respect to the other party has occurred and is
         continuing, (2) the condition precedent that no Early Termination Date
         in respect of the relevant Transaction has occurred or been effectively
         designated and (3) each other applicable condition precedent specified
         in this Agreement.

<PAGE>

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

                                  WELLS FARGO BANK N.A., NOT IN ITS INDIVIDUAL
                                  CAPACITY, BUT SOLELY AS TRUSTEE FOR PARK
                                  PLACE SECURITIES, INC., ASSET-BACKED
 CREDIT SUISSE FIRST BOSTON       PASS-THROUGH CERTIFICATES, SERIES 2005-WHQ1
 INTERNATIONAL

        (NAME OF PARTY)                        (NAME OF PARTY)

 BY:__________________________     BY:_________________________________

 Name:                             Name:

 Title:                            Title:

 Date:                             Date:

 BY:__________________________

 Name:

 Title:

 Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]