Document:

exv4w2

 

FREMONT MORTGAGE SECURITIES CORPORATION,

as Purchaser

and

FREMONT INVESTMENT & LOAN,

as Originator

MORTGAGE LOAN PURCHASE AGREEMENT

Dated as of November 1, 2006

Fixed-Rate and Adjustable-Rate Mortgage Loans

Fremont Home Loan Trust 2006-D,

Mortgage-Backed Certificates, Series 2006-D

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS AND SCHEDULES
	 	 	2	 
	 
	 	 	 	 
	Section 1.01. Definitions
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE
	 	 	2	 
	 
	 	 	 	 
	Section 2.01. Sale of Mortgage Loans
	 	 	2	 
	Section 2.02. Obligations of the Originator Upon Sale
	 	 	3	 
	Section 2.03. Payment of Purchase Price for the Mortgage Loans
	 	 	4	 
	 
	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES; REMEDIES FOR BREACH
	 	 	4	 
	 
	 	 	 	 
	Section 3.01. Originator’s Representations and Warranties Relating to the Mortgage Loans
	 	 	4	 
	Section 3.02. Additional Originator’s Representations and Warranties
	 	 	4	 
	Section 3.03. Remedies for Breach of Representations and Warranties
	 	 	7	 
	 
	 	 	 	 
	ARTICLE IV ORIGINATOR’S COVENANTS
	 	 	10	 
	 
	 	 	 	 
	Section 4.01. Covenants of the Originator
	 	 	10	 
	 
	 	 	 	 
	ARTICLE V INDEMNIFICATION WITH RESPECT TO THE MORTGAGE LOANS
	 	 	10	 
	 
	 	 	 	 
	Section 5.01. Indemnification
	 	 	10	 
	 
	 	 	 	 
	ARTICLE VI TERMINATION
	 	 	11	 
	 
	 	 	 	 
	Section 6.01. Termination
	 	 	11	 
	 
	 	 	 	 
	ARTICLE VII MISCELLANEOUS PROVISIONS
	 	 	11	 
	 
	 	 	 	 
	Section 7.01. Amendment
	 	 	11	 
	Section 7.02. Governing Law
	 	 	11	 
	Section 7.03. Notices
	 	 	11	 
	Section 7.04. Severability of Provisions
	 	 	12	 
	Section 7.05. Counterparts
	 	 	12	 
	Section 7.06. Further Agreements
	 	 	12	 
	Section 7.07. Intention of the Parties
	 	 	13	 
	Section 7.08. Successors and Assigns: Assignment of Purchase Agreement
	 	 	14	 
	Section 7.09. Survival
	 	 	14	 
	Section 7.10. Third Party Beneficiaries
	 	 	14	 

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Mortgage Loan Purchase Agreement
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	 	 	Page	 
	Section 7.11. Confidentiality
	 	 	14	 

 

 

	 	 	 
	Exhibit A:

	 	Representations and Warranties Relating to the Mortgage Loans
	Exhibit B:

	 	Appendix E of the Standard & Poor’s Glossary for File Format for LEVELSÒ
Version 5.7
	Schedule A:

	 	Mortgage Loan Schedule

 

 

     THIS MORTGAGE LOAN PURCHASE AGREEMENT, dated as of November 1, 2006 (the “Agreement”), is made
and entered into between Fremont Investment & Loan (the “Originator” or “Fremont”) and Fremont
Mortgage Securities Corporation (the “Purchaser”).

W
I T N E S S E T H

     WHEREAS, the Originator is the owner of the notes or other evidence of indebtedness
(collectively, the “Mortgage Notes”) so indicated on Schedule A attached hereto and the other
documents or instruments constituting the Mortgage File (collectively, the “Mortgage Loans”); and

     WHEREAS, the Originator, as of the date hereof, owns the mortgages (collectively, the
“Mortgages”) on the properties (collectively, the “Mortgaged Properties”) securing the Mortgage
Loans, including rights to (a) any property acquired by foreclosure or deed in lieu of foreclosure
or otherwise and (b) the proceeds of any insurance policies covering such Mortgage Loans or the
related Mortgaged Properties or the obligors on such Mortgage Loans; and

     WHEREAS, the parties hereto desire that the Originator sell the Mortgage Loans to the
Purchaser pursuant to the terms of this Agreement; and

     WHEREAS, pursuant to the terms of that certain Pooling and Servicing Agreement dated as of
November 1, 2006 (the “Pooling and Servicing Agreement”) among the Purchaser, as depositor,
Fremont, as sponsor, originator and servicer, HSBC Bank USA, National Association, as trustee (the
“Trustee”), Wells Fargo Bank, N.A., as master servicer (in such capacity, the “Master Servicer”),
trust administrator (in such capacity, the “Trust Administrator”) and swap administrator (in such
capacity, the “Swap Administrator”), the Purchaser will convey the Mortgage Loans to Fremont Home
Loan Trust 2006-D (the “Trust”).

     NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto
agree as follows:

ARTICLE I

DEFINITIONS AND SCHEDULES

     Section 1.01.
Definitions.

     Any capitalized term used but not defined herein and below shall have the meaning assigned
thereto in the Pooling and Servicing Agreement.

ARTICLE II

SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

     Section 2.01. Sale of Mortgage Loans.

     The Originator, concurrently with the execution and delivery of this Agreement, does hereby
sell, transfer, assign, set over, and otherwise convey to the Purchaser, without recourse,

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(i) all of its right, title and interest in and to each of the Mortgage Loans, including the
related principal balance of such Mortgage Loan as of the Cut-off Date (the “Cut-off Date Principal
Balance”) and interest and principal received on or with respect thereto after the Cut-off Date,
other than such amounts which were due on the Mortgage Loans on or before the Cut-off Date; (ii)
property which secured such Mortgage Loan and which has been acquired by foreclosure, deed in lieu
of foreclosure or otherwise; (iii) its interest in any insurance policies in respect of the
Mortgage Loans; and (iv) all proceeds of the conversion, voluntary or involuntary, of any of the
foregoing into cash or other liquid property.

     Section 2.02.
Obligations of the Originator Upon Sale.

     In
connection with the transfer pursuant to Section 2.01 hereof, the
Originator further agrees, at its own expense, on or prior to the Closing Date or as otherwise
indicated in this Section 2.02, (a) to indicate in its books, records and
computer systems that the Mortgage Loans have been sold to the Purchaser pursuant to this
Agreement, (b) to deliver to the Purchaser and the Trustee a computer file containing a true and
complete list of all such Mortgage Loans specifying for each Mortgage Loan, as of the Cut-off Date,
(i) its account number and (ii) the Cut-off Date Principal Balance and such file, which forms a
part of Schedule I to the Pooling and Servicing Agreement, shall also be marked as Schedule A to
this Agreement and is hereby incorporated into and made a part of this Agreement and (c) for each
Mortgage Loan that is not a MERS Mortgage Loan, to execute an Assignment of Mortgage in blank for
each Mortgage Loan.

     In connection with such conveyance by the Originator, the Originator shall on behalf of the
Purchaser deliver to, and deposit with the Trust Administrator, as custodian on behalf of the
Trustee, as assignee of the Purchaser, the Mortgage Files relating to the Mortgage Loans on or
before the Closing Date in the manner set forth in Section 2.01 of the Pooling and Servicing
Agreement.

     The Purchaser hereby acknowledges its acceptance of all right, title and interest to the
Mortgage Loans and other property, now existing or hereafter created, conveyed to it pursuant to
Section 2.01 hereof.

     The parties hereto intend that the transaction set forth herein be a non-recourse sale by the
Originator to the Purchaser of all of the Originator’s right, title and interest in and to the
Mortgage Loans and other property described above. Nonetheless, in the event the transaction set
forth herein is deemed not to be a sale, the Originator hereby grants to the Purchaser a security
interest in all of the Originator’s right, title and interest in, to and under the Mortgage Loans
and other property described above, whether now existing or hereafter created, to secure all of the
Originator’s obligations hereunder, and this Agreement shall constitute a security agreement under
applicable law. The Originator and the Purchaser shall, to the extent consistent with this
Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to
create a security interest in the Mortgage Loans, such security interest would be deemed to be a
perfected security interest of first priority under applicable law and will be maintained as such
throughout the term of the Pooling and Servicing Agreement.

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     Section 2.03. Payment of Purchase Price for the Mortgage Loans.

In consideration of the sale of the Mortgage Loans from the Originator to the Purchaser on the
Closing Date, the Purchaser agrees to pay to the Originator on the Closing Date by transfer of
immediately available funds, an amount equal to $1,547,770,224 and to transfer to the Originator or
its designee on the Closing Date the Class C, Class P and Class R Certificates (collectively, the
“Purchase Price”). The Originator shall pay, and be billed directly for, all reasonable expenses
incurred by the Purchaser in connection with the issuance of the Certificates, including, without
limitation, printing fees incurred in connection with the offering documents relating to the
Certificates, fees and expenses of Purchaser’s counsel, fees of the rating agencies requested to
rate the Certificates, accountant’s fees and expenses and the fees and expenses of the Trustee and
the Trust Administrator and other out-of-pocket costs, if any.

ARTICLE III

REPRESENTATIONS AND WARRANTIES; REMEDIES FOR BREACH

     Section 3.01. Originator’s Representations and Warranties Relating to the Mortgage Loans.

     The Originator represents and warrants to the Purchaser the representations and warranties set
forth in Exhibit A attached hereto with respect to each Mortgage Loan as of the Closing Date (or as
of such date specifically provided therein).

     Section 3.02. Additional Originator’s Representations and Warranties.

     The Originator represents, warrants and covenants to the Purchaser as of the Closing Date (or
as of such other date specifically provided herein) that:

     (a) The Originator is a corporation duly organized, validly existing and in good standing
under the laws of its jurisdiction of incorporation or formation and has all licenses necessary to
carry on its business as now being conducted and is licensed, qualified and in good standing in
each state wherein it owns or leases any material properties or where a Mortgaged Property is
located, if the laws of such state require licensing or qualification in order to conduct business
of the type conducted by the Originator, and in any event the Originator is in compliance with the
laws of any such state to the extent necessary to ensure the enforceability of the related Mortgage
Loan in accordance with the terms of this Agreement; the Originator has the full corporate power,
authority and legal right to hold, transfer and convey the Mortgage Loans and to execute and
deliver this Agreement and to perform its obligations hereunder; the execution, delivery and
performance of this Agreement (including all instruments of transfer to be delivered pursuant to
this Agreement) by the Originator and the consummation of the transactions contemplated hereby have
been duly and validly authorized; this Agreement and all agreements contemplated hereby have been
duly executed and delivered and constitute the valid, legal, binding and enforceable obligations of
the Originator, regardless of whether such enforcement is sought in a proceeding in equity or at
law; and all requisite corporate action has been taken by the Originator to make this Agreement and
all agreements contemplated hereby valid and binding upon the Originator in accordance with their
terms;

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     (b) Neither the execution and delivery of this Agreement, the acquisition or origination of
the Mortgage Loans by the Originator, the sale of the Mortgage Loans to the Purchaser, the
consummation of the transactions contemplated hereby and by the Pooling and Servicing Agreement,
nor the fulfillment of or compliance with the terms and conditions of this Agreement, will conflict
with or result in a breach of any of the terms, conditions or provisions of the Originator’s
charter, by-laws or other organizational documents or any legal restriction or any agreement or
instrument to which the Originator is now a party or by which it is bound, or constitute a default
or result in an acceleration under any of the foregoing, or result in the violation of any law,
rule, regulation, order, judgment or decree to which the Originator or its property is subject, or
result in the creation or imposition of any lien, charge or encumbrance that would have material
adverse effect upon any of its properties pursuant to the terms of any mortgage, contract, deed of
trust or other instrument, or impair the ability of the Purchaser to realize on the Mortgage Loans,
impair the value of the Mortgage Loans, or impair the ability of the Purchaser to realize the full
amount of any insurance benefits accruing pursuant to this Agreement;

     (c) The Originator does not believe, nor does it have any reason or cause to believe, that it
cannot perform each and every covenant contained in this Agreement. The Originator is solvent and
the sale of the Mortgage Loans will not cause the Originator to become insolvent. The sale of the
Mortgage Loans is not undertaken with the intent to hinder, delay or defraud any of Originator’s
creditors;

     (d) Immediately prior to the delivery of each Mortgage Loan, the Originator was the owner of
the related Mortgage and the indebtedness evidenced by the related Mortgage Note. In the event
that the Originator retains record title, it shall retain such record title to each Mortgage, each
related Mortgage Note and the related Mortgage Files with respect thereto in trust for the
Purchaser or its assignee as the owner thereof and only for the purpose of servicing and
supervising the servicing of each such Mortgage Loan;

     (e) There is no action, suit, proceeding or investigation pending or, to the best of the
Originator’s knowledge, threatened against the Originator, before any court, administrative agency
or other tribunal (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement, (iii) which, either in any
one instance or in the aggregate, is likely to result in any material adverse change in the
business, operations, financial condition, properties or assets of the Originator, or in any
material impairment of the right or ability of the Originator to carry on its business
substantially as now conducted, or in any material liability on the part of the Originator, or
which would draw into question the validity of this Agreement or the Mortgage Loans or of any
action taken or to be taken in connection with the obligations of the Originator contemplated
herein, or which would be likely to impair materially the ability of the Originator to perform
under the terms of this Agreement, (iv) relating to fraud, or (v) relating to predatory lending, or
the Originator’s origination, servicing or closing practices which is likely to result in any
material adverse change in the business, operations, financial condition, properties or assets of
the Originator.

     (f) No consent, approval, authorization or order of, or registration or filing with, or notice
to any court or governmental agency is required for the execution, delivery and performance by the
Originator of or compliance by the Originator with this Agreement or the

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Mortgage Loans, the delivery of a portion of the Mortgage Files to the Trustee or the sale of
the Mortgage Loans or the consummation of the transactions contemplated by this Agreement, or if
required, such approval has been obtained prior to the Closing Date;

     (g) The consummation of the transactions contemplated by this Agreement are in the ordinary
course of business of the Originator, and the transfer, assignment and conveyance of the Mortgage
Notes and the Mortgages by the Originator pursuant to this Agreement are not subject to the bulk
transfer or any similar statutory provisions in effect in any applicable jurisdiction;

     (h) Neither this Agreement nor any information, statement, tape, diskette, report, form, or
other document furnished or to be furnished by the Originator pursuant to this Agreement or any
Transaction Agreement or in connection with the transactions contemplated hereby contains or will
contain any material untrue statement of fact;

     (i) The Originator, as Servicer, has the facilities, procedures, and experienced personnel
necessary for the sound servicing of mortgage loans of the same type as the Mortgage Loans. The
Originator is duly qualified, licensed, registered and otherwise authorized under all applicable
federal, state and local laws, and regulations, and is in good standing to enforce, originate, sell
mortgage loans, and service mortgage loans in each jurisdiction wherein the Mortgaged Properties
are located;

     (j) The Originator is a member of MERS in good standing, and will comply in all material
respects with the rules and procedures of MERS in connection with the servicing of the MERS
Mortgage Loans for as long as such Mortgage Loans are registered with MERS.

     (k) The Mortgage Loans were not intentionally selected from among the outstanding one- to
four-family mortgage loans in the Originator’s portfolio at the Closing Date as to which the
representations and warranties set forth in Exhibit A could not be made;

     (l) The Originator has delivered to the Purchaser financial statements as to its last three
complete fiscal years and any later quarter ended more than 60 days prior to the execution of this
Agreement. All such financial statements fairly present the pertinent results of operations and
changes in financial position for each of such periods and the financial position at the end of
each such period of the Originator and its subsidiaries and have been prepared in accordance with
generally accepted accounting principles consistently applied throughout the periods involved,
except as set forth in the notes thereto or as required by the Originator’s regulator. There has
been no change in the business, operations, financial condition, properties or assets of the
Originator since the date of the Originator’s financial statements that would have a material
adverse effect on its ability to perform its obligations under this Agreement;

     (m) The Originator has been advised by its independent certified public accountants that under
generally accepted accounting principles the transfer of the Mortgage Loans may be treated as a
sale on the books and records of the Originator and the Originator has determined that the
disposition of the Mortgage Loans pursuant to this Agreement will be afforded sale treatment for
tax and accounting purposes;

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     (n) The consideration received by the Originator upon the sale of the Mortgage Loans under
this Agreement constitutes fair consideration and reasonably equivalent value for the Mortgage
Loans;

     (o) The Originator’s decision to purchase or originate any mortgage loan or to deny any
mortgage loan application is an independent decision based upon Originator’s underwriting
guidelines, and is in no way made as a result of Purchaser’s decision to purchase, or not to
purchase, or the price Purchaser may offer to pay for, any such mortgage loan, if originated;

     (p) The Originator makes the following additional representations and warranties:

     (i) This Agreement conforms to all statutory and regulatory requirements applicable to
the Originator. This Agreement is (a) executed contemporaneously with the agreement reached
by the Originator and the Purchaser, (b) approved by a specific corporate or banking
association resolution by the board of directors of the Originator, which approval shall be
reflected in the minutes of said board, and (c) continuously, from the time of its
execution, an official record of the Originator;

     (ii) This Agreement has been duly and validly authorized by a specific corporate or
banking association resolution by the board of directors of the Originator. A copy of such
resolution, certified by the corporate secretary of the Originator or attested to by a vice
president or higher officer of the Originator has been provided to the Purchaser; and

     (iii) The Originator will maintain a copy of this Agreement in its official books and
records.

     Section 3.03. Remedies for Breach of Representations and Warranties.

     It is understood and agreed that the representations and warranties set forth in Sections
3.01 and 3.02 shall survive the sale of
the Mortgage Loans to the Purchaser and shall inure to the benefit of the Purchaser and the
Trustee, notwithstanding any restrictive or qualified endorsement on any Mortgage Note or
Assignment or the examination or lack of examination of any Mortgage File. With respect to the
representations and warranties contained herein that are made to the knowledge or the best
knowledge of the Originator or as to which the Originator has no knowledge, if it is discovered
that the substance of any such representation and warranty is inaccurate and the inaccuracy
materially and adversely affects the value of the Mortgage Loan or Loans, or the interest therein
of the Purchaser or the Purchaser’s assignee, designee or transferee, then notwithstanding such
lack of knowledge with respect to the substance of such representation and warranty being
inaccurate at the time the representation and warranty was made, such inaccuracy shall be deemed a
breach of the applicable representation and warranty. Upon discovery by the Originator, the
Servicer, the Master Servicer, the Trust Administrator, the Trustee or the Purchaser of a breach of
any of the foregoing representations and warranties that materially and adversely affects the value
of any Mortgage Loan or the interest of the Purchaser or the Trustee (or which materially and
adversely affects the value of a Mortgage Loan or the interests of the Purchaser or the Trustee in
such Mortgage Loan in the case of a representation and warranty

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relating to a particular Mortgage Loan) (it being understood that a breach of the
representations and warranties set forth in clauses I(ss), I(tt), I(uu), I(ww), I(bbb), I(jjj),
I(lll) and II of Exhibit A attached hereto will be deemed to materially and adversely affect the
value of any Mortgage Loan or the interest of the Purchaser or the Trustee), the party discovering
such breach shall give prompt written notice to the other parties.

     Within 60 days of the earlier of either discovery by or notice to the Originator of any breach
of a representation or warranty that materially and adversely affects the value of a Mortgage Loan
or the interest of the Purchaser or the Trustee in such Mortgage Loan, the Originator shall use its
best efforts promptly to cure such breach in all material respects. If such breach is not so
cured, the Originator shall, (i) if such 60-day period expires prior to the second anniversary of
the Closing Date, remove such Mortgage Loan (a “Deleted Mortgage Loan”) from the Trust Fund and
substitute in its place a Qualified Substitute Mortgage Loan or Loans, in the manner and subject to
the conditions set forth in this Section and the Pooling and Servicing Agreement; or (ii)
repurchase the affected Mortgage Loan or Mortgage Loans from the Trustee at the Purchase Price in
the manner set forth in this Section and in the Pooling and Servicing Agreement; provided, however,
that any such substitution pursuant to (i) above shall not be effected prior to the delivery to the
Trustee and the Trust Administrator of an Opinion of Counsel required by Section 2.04 of the
Pooling and Servicing Agreement, if any. The Originator shall promptly reimburse the Trustee, the
Master Servicer and the Trust Administrator for any actual out-of-pocket expenses reasonably
incurred by the Trustee, the Master Servicer and the Trust Administrator in respect of enforcing
the remedies for such breach.

     At the time of substitution or repurchase of any deficient Mortgage Loan, the Purchaser and
Originator shall arrange for the reassignment of the deficient or repurchased Mortgage Loan to the
Originator, including delivery to the Trustee of a Request for Release substantially relating to
the Deleted Mortgage Loan, and the delivery to the Originator of any documents held by the Trustee
relating to the deficient or repurchased Mortgage Loan. In the event the Purchase Price is
deposited in the Collection Account, the Originator shall, simultaneously with such deposit, give
written notice to the Purchaser that such deposit has taken place. Upon such repurchase, the
Mortgage Loan Schedule shall be amended to reflect the withdrawal of the repurchased Mortgage Loan
from this Agreement and, if applicable, the substitution of the applicable Qualified Substitute
Mortgage Loan or Loans.

     If
pursuant to this Section 3.03 the Originator repurchases or
substitutes a Mortgage Loan that is a MERS Mortgage Loan, the Originator shall, at the Originator’s
expense, either (i) cause MERS to execute and deliver an Assignment of Mortgage in recordable form
to transfer the Mortgage from MERS to the Originator and shall cause such Mortgage to be removed
from registration on the MERS® System in accordance with MERS’ rules and regulations or (ii) cause
MERS to designate on the MERS® System the Originator as the beneficial holder of such Mortgage
Loan.

     As to any Deleted Mortgage Loan for which the Originator substitutes a Qualified Substitute
Mortgage Loan or Loans, the Originator shall effect such substitution by delivering to the
Purchaser or its designee for such Qualified Substitute Mortgage Loan or Loans the Mortgage File
and such other documents and agreements as are required by the Pooling and

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Servicing Agreement, with the Mortgage Note endorsed as required therein. No substitution is
permitted to be made in any calendar month after the Determination Date for such month.

     The amount, if any, by which (x) the aggregate principal balance of all such Qualified
Substitute Mortgage Loans as of the date of substitution is less than (y) the sum of the aggregate
Stated Principal Balance of all such Deleted Mortgage Loans (after application of the scheduled
principal portion of the monthly payments due in the month of substitution) (the “Substitution
Adjustment Amount”) plus an amount equal to the aggregate of any unreimbursed Advances with respect
to such Deleted Mortgage Loans shall be deposited in the Collection Account by the Originator on or
before the Business Day immediately preceding the Distribution Date in the month succeeding the
calendar month during which the Originator became obligated hereunder to repurchase or replace the
related Mortgage Loan. Upon any such substitution and the deposit to the Collection Account of any
required Substitution Adjustment Amount, the Trustee or the custodian, as applicable, shall release
the Mortgage File held for the benefit of the Certificateholders relating to such Deleted Mortgage
Loan and shall execute and deliver at the Originator’s direction such instruments of transfer or
assignment prepared by the Originator, in each case without recourse, as shall be necessary to
transfer title to the Originator, or its designee, of the Trustee’s interest in any Deleted
Mortgage Loan substituted pursuant to this Section 3.03. Upon such
substitution, the Qualified Substitute Mortgage Loans shall be subject to the terms of this
Agreement in all respects, and the Originator shall be deemed to have made with respect to such
Qualified Substitute Mortgage Loan or Loans, as of the date of substitution, the covenants,
representations and warranties set forth in Subsections 3.01 and
3.02 hereof.

     One or more mortgage loans may be substituted for one or more Deleted Mortgage Loans,
provided, however, that any such substitution shall not be effected prior to the delivery to the
Trustee and the Trust Administrator of an Opinion of Counsel required by Section 2.04 of the
Pooling and Servicing Agreement, if any. The determination of whether a mortgage loan is a
Qualified Substitute Mortgage Loan may be satisfied on an individual basis. Alternatively, if more
than one mortgage loan is to be substituted for one or more Deleted Mortgage Loans, the
characteristics of such mortgage loans and Deleted Mortgage Loans shall be aggregated or calculated
on a weighted average basis, as applicable, in determining whether such mortgage loans are
Qualified Substitute Mortgage Loans.

     In the event that the Originator shall have repurchased a Mortgage Loan, the Purchase Price
therefor shall be deposited in the Collection Account on or before the Business Day immediately
preceding the Distribution Date in the month following the month during which the Originator became
obligated hereunder to repurchase or replace such Mortgage Loan and upon such deposit of the
Purchase Price and receipt of a Request for Release in the form of Exhibit J to the Pooling and
Servicing Agreement, the Trustee or the custodian, as applicable, shall release the related
Mortgage File held for the benefit of the Certificateholders to the Originator or its designee, and
the Trustee shall execute and deliver at such Person’s direction such instruments of transfer or
assignment prepared by such Person, in each case without recourse, as shall be necessary to
transfer title to the Originator or its designee of the Trustee’s interest in such Mortgage Loan.

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     It
is understood and agreed that the representations and warranties set
forth in Section 3.01 shall survive delivery of the respective Mortgage Files to the Trustee
on behalf of the Purchaser.

     It
is understood and agreed that the obligations of the Originator set
forth in this Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan and to
indemnify the Purchaser as provided in Section 5.01 constitute the
sole remedies of the Purchaser respecting a missing or defective document or a breach of the
representations and warranties contained in Section 3.01.

ARTICLE IV

ORIGINATOR’S COVENANTS

     Section 4.01. Covenants of the Originator.

     The Originator hereby covenants that except for the transfer hereunder, it will not sell,
pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist
any Lien on any Mortgage Loan, or any interest therein; it will notify the Trustee, as assignee of
the Purchaser, of the existence of any Lien on any Mortgage Loan immediately upon discovery
thereof; and it will defend the right, title and interest of the Trustee, as assignee of the
Purchaser, in, to and under the Mortgage Loans, against all claims of third parties claiming
through or under the Originator; provided, however, that nothing in
this Section 4.01 shall prevent or be deemed to prohibit the Originator from suffering to exist upon any
of the Mortgage Loans any Liens for municipal or other local taxes and other governmental charges
if such taxes or governmental charges shall not at the time be due and payable or if the Originator
shall currently be contesting the validity thereof in good faith by appropriate proceedings and
shall have set aside on its books adequate reserves with respect thereto.

ARTICLE V

INDEMNIFICATION WITH RESPECT TO THE MORTGAGE LOANS

     Section 5.01. Indemnification.

     (a) The Originator agrees to indemnify and to hold the Purchaser, each of its officers and
directors and each person or entity who controls the Purchaser or such person, the Trustee and each
Certificateholder harmless against any and all claims, losses, penalties, fines, forfeitures, legal
fees and related costs, judgments, and any other costs, fees and expenses that the Purchaser or any
such person or entity and any Certificateholder may sustain in any way (i) related to the failure
of the Originator to perform its duties in compliance with the terms of this Agreement, (ii)
arising from a breach by the Originator of its representations and
warranties in Section 3.01 or (iii) related to the origination or prior servicing of the Mortgage Loans by
reason of any acts, omissions, or alleged acts or omissions of the Originator or any servicer. The
Originator shall promptly notify the Purchaser and the Trustee if a claim is made by a third party
with respect to this Agreement. The Originator shall assume the defense of any such claim and pay
all expenses in connection therewith, including reasonable counsel fees,

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and promptly pay, discharge and satisfy any judgment or decree which may be entered against
the Purchaser or any such person or entity and/or the Trustee or any Certificateholder in respect
of such claim.

ARTICLE VI

TERMINATION

     Section 6.01. Termination.

     The respective obligations and responsibilities of the Originator and the Purchaser created
hereby shall terminate, except for the Originator’s indemnity obligations as provided herein, upon
the termination of the Trust as provided in Article IX of the Pooling and Servicing Agreement.

ARTICLE VII

MISCELLANEOUS PROVISIONS

     Section 7.01. Amendment.

     This Agreement may be amended from time to time by the Originator and the Purchaser by written
agreement signed by the parties hereto.

     Section 7.02. Governing Law.

     This Agreement shall be governed by and construed in accordance with the laws of the State of
New York, without regard to its material conflict of laws rules (except for Section 5-1401 of the
General Obligations Law which shall apply hereto), and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

     Section 7.03. Notices.

     All demands, notices and communications hereunder shall be in writing and shall be deemed to
have been duly given if personally delivered at or mailed by registered mail, postage prepaid,
addressed as follows:

if to the Originator:

Fremont Investment & Loan

2727 East Imperial Highway

Brea, California 92821

Attention: Senior Vice President — Finance

with a copy to:

Fremont General Corporation

2425 Olympic Boulevard

Santa Monica, California 90404

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Attention: General Counsel

or such other address as may hereafter be furnished to the Purchaser in writing by the Originator.

if to the Purchaser:

Fremont Mortgage Securities Corporation

2727 East Imperial Highway

Brea, California 92821

Attention: Senior Vice President — Treasurer

with a copy to:

Fremont General Corporation

2425 Olympic Boulevard

Santa Monica, California 90404

Attention: General Counsel

or such other address as may hereafter be furnished to Fremont in writing by the Purchaser.

     Section 7.04. Severability of Provisions.

     If any one or more of the covenants, agreements, provisions or terms of this Agreement shall
be held invalid for any reason whatsoever, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other provisions of this
Agreement.

     Section 7.05. Counterparts.

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

     Section 7.06. Further Agreements.

     The parties hereto each agree to execute and deliver to the other such additional documents,
instruments or agreements as may be necessary or reasonable and appropriate to effectuate the
purposes of this Agreement or in connection with the issuance of any Series of Certificates
representing interests in the Mortgage Loans.

     Without limiting the generality of the foregoing, as a further inducement for the Purchaser to
purchase the Mortgage Loans from the Originator, the Originator will cooperate with the Purchaser
in connection with the sale of any of the securities representing interests in the Mortgage Loans.
In that connection, the Originator will provide to the Purchaser any and all information and
appropriate verification of information, whether through letters of its auditors and counsel or
otherwise, as the Purchaser shall reasonably request and will provide to the

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Purchaser such additional representations and warranties, covenants, opinions of counsel,
letters from auditors, and certificates of public officials or officers of the Originator as are
reasonably required in connection with such transactions and the offering of investment grade
securities rated by the Rating Agencies.

     Without limiting the foregoing, the Originator agrees to deliver to the Purchaser the
following documents and opinions in connection with the issuance of the Fremont Home Loan Trust
2006-D, Mortgage-Backed Certificates, Series 2006-D (the “Certificates”) on or before the Closing
Date:

     • one or more opinions of counsel addressed to the Purchaser, and to
any Person designated by the Purchaser, in a form reasonably acceptable to the
Purchaser, from counsel to the Originator as to due incorporation and good
standing, due authorization, execution and delivery by Fremont of related
agreements for which Fremont is a signatory; the enforceability of such
documents by Fremont; and other corporate matters;

     • an opinion of counsel to the Originator, addressed to the
Purchaser, and to any Person designated by the Purchaser, in a form acceptable
to the Purchaser, addressing the characterization of the transfer of the
Mortgage Loans from the Originator to the Purchaser;

     • an indemnification agreement executed by and among Fremont,
Greenwich Capital Markets, Inc., Barclays Capital Inc., Deutsche Bank Securities
Inc., Goldman, Sachs & Co., Fox-Pitt, Kelton Incorporated and Keefe, Bruyette
and Woods (collectively, the “Underwriters”) for losses as a result of material
misstatements and omissions in the information provided by or on behalf of the
parties thereto and their affiliates for inclusion in the prospectus supplement
or any other offering document relating to the Certificates; and

     • a statement rendered by counsel for Fremont to the Purchaser and
the Underwriters as to the lack of material misstatements and omissions in the
information provided by Fremont for inclusion in the prospectus supplement or
any other offering document relating to the Certificates.

     In addition, the Originator shall sign the certification for the benefit of Wells Fargo Bank,
N.A., relating to the Form 10-K relating to the Trust to be filed on or before March 31, 2007.
The Originator shall execute the Pooling and Servicing Agreement in its capacity as originator and
servicer and will make the representations and warranties set forth
in Sections 3.01 and 3.02 herein to the Trustee in the Pooling and
Servicing Agreement.

     Section 7.07. Intention of the Parties.

     It is the intention of the parties that the Purchaser is purchasing, and the Originator is
selling, the Mortgage Loans rather than pledging such Mortgage Loans to secure a loan by the

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Purchaser to the Originator. Accordingly, the parties hereto each intend to treat the
transaction as a sale by the Originator, and a purchase by the Purchaser, of the Mortgage Loans.
The Purchaser will have the right to review the Mortgage Loans and the related Mortgage Files to
determine the characteristics of the Mortgage Loans which will affect the federal income tax
consequences of owning the Mortgage Loans and the Originator will cooperate with all reasonable
requests made by the Purchaser in the course of such review.

     Section 7.08. Successors and Assigns: Assignment of Purchase Agreement.

     This Agreement shall bind and inure to the benefit of and be enforceable by the Originator,
the Purchaser and the Trustee. The obligations of the Originator under this Agreement cannot be
assigned or delegated to a third party without the consent of the Purchaser which consent shall be
at the Purchaser’s sole discretion, except that the Purchaser acknowledges and agrees that the
Originator may assign its obligations hereunder to any Person into which the Originator is merged
or any corporation resulting from any merger, conversion or consolidation to which the Originator
is a party or any Person succeeding to the business of the Originator. The parties hereto
acknowledge that the Purchaser is acquiring the Mortgage Loans for the purpose of contributing them
to a trust that will issue a Series of Certificates representing undivided interests in such
Mortgage Loans. As an inducement to the Purchaser to purchase the Mortgage Loans, the Originator
acknowledges and consents to the assignment by the Purchaser directly or indirectly through an
affiliate to the Trustee of all of the Purchaser’s rights against the Originator pursuant to this
Agreement insofar as such rights relate to Mortgage Loans transferred to the Trustee and to the
enforcement or exercise of any right or remedy against the Originator pursuant to this Agreement by
the Trustee. Such enforcement of a right or remedy by the Trustee shall have the same force and
effect as if the right or remedy had been enforced or exercised by the Purchaser directly.

     Section 7.09. Survival.

     The
representations and warranties set forth in Sections 3.01
and 3.02 and the provisions of Article V hereof shall survive the
purchase of the Mortgage Loans hereunder.

     Section 7.10. Third Party Beneficiaries.

     The Trustee and the Trust Administrator are the intended third-party beneficiaries of this
Agreement.

     Section 7.11. Confidentiality.

     The parties hereto understand and agree that personal information relating to the borrowers
under the Mortgage Loans subject of this Agreement, including, names, addresses, social security
numbers and/or other identifying information (collectively, the “Borrower Information”) is
confidential, and the Purchaser, and each person that acquires an interest in the Mortgage Loans
through the Purchaser, agrees to hold such Borrower Information confidential and not to divulge
such information to anyone except (a) to the extent required by law or judicial order or to enforce
its rights or remedies under any agreements executed in connection with the sale contemplated
hereunder or any agreements executed in connection with the securitization of

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the Mortgage Loans, (b) to the extent such information enters into the public domain other
than through the wrongful act of the Purchaser or any person that acquires an interest in the
Mortgage Loans through the Purchaser or (c) as is necessary in working with legal counsel,
auditors, agents, rating agencies, taxing authorities or other governmental agencies.

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          IN WITNESS WHEREOF, the Originator and the Purchaser have caused their names to be signed to
this Mortgage Loan Purchase Agreement by their respective officers thereunto duly authorized as of
the day and year first above written.

	 	 	 	 	 
	 	FREMONT MORTGAGE SECURITIES CORPORATION,

as Purchaser

 	 
	 	By:  	/s/ Jeff Crusinberry
 	 
	 	 	Name:  	Jeff Crusinberry 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	FREMONT INVESTMENT & LOAN,

as Originator

 	 
	 	By:  	/s/ Jeff Crusinberry
 	 
	 	 	Name:  	Jeff Crusinberry 	 
	 	 	Title:  	Senior Vice President/Finance 	 
	 

(Signature Page One to Mortgage Loan Purchase Agreement)

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	STATE OF CALIFORNIA

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	ss.:
	 	 
	COUNTY OF ORANGE

	 	 	)	 	 	 	 	 

     On the 2nd day of November, 2006 before me, a Notary Public in and for said State,
personally appeared Jeff Crusinberry, known to me to be an officer of FREMONT MORTGAGE SECURITIES
CORPORATION, the corporation that executed the within instrument, and also known to me to be the
person who executed it on behalf of said corporation, and acknowledged to me that such corporation
executed the within instrument.

     IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year
in this certificate first above written.

	 	 	 
	/s/ Elisa B. Avina
 

Elisa B. Avina

	 	 

Notary Public

Elisa B. Anvina

Commission #1587519

Notary Public — California

Orange County

My Commission Expires on June 15, 2009

(Notary Page — Mortgage Loan Purchase Agreement)

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	STATE OF CALIFORNIA

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	ss.:
	 	 
	COUNTY OF ORANGE

	 	 	)	 	 	 	 	 

     On the 2nd day of November, 2006 before me, a Notary Public in and for said State,
personally appeared Jeff Crusinberry, known to me to be an officer of FREMONT INVESTMENT & LOAN,
the corporation that executed the within instrument, and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that such corporation executed
the within instrument.

     IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year
in this certificate first above written.

	 	 	 
	/s/ Elisa B. Avina
 

Elisa B. Avina

	 	 

Notary Public

Elisa B. Anvina

Commission #1587519

Notary Public — California

Orange County

My Commission Expires on June 15, 2009

(Notary Page — Mortgage Loan Purchase Agreement)

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EXHIBIT A

Representations and Warranties Relating to the Mortgage Loans

     I. The Originator hereby represents and warrants to the Purchaser, with respect to each
Mortgage Loan that is a Mortgage Loan as of the Closing Date (or in the case of certain specified
representations and warranties, as of the Cut-off Date) or as of such other date specifically
provided herein (except that with respect to any Qualified Substitute Mortgage Loan such
representations and warranties shall be as of the date of substitution and made by the Originator),
that:

     (a) Mortgage Loans as Described. The information set forth in the Mortgage Loan Schedule is
complete, true and correct in all material respects as of the Cut-off Date;

     (b) Payments Current. As of the Closing Date, other than with respect to (i) not more than
0.50% of the Mortgage Loans by outstanding principal balance, all payments required to be made up
to the Closing Date for the Mortgage Loan under the terms of the Mortgage Note, other than payments
not yet one month delinquent, have been made and credited. No payment required under the Mortgage
Loan is 90 days or more delinquent;

     (c) No Outstanding Charges. As of the Closing Date, other than payments due but not yet one
month or more delinquent, there are no defaults in complying with the terms of the Mortgage, and
all taxes, governmental assessments, insurance premiums, water, sewer and municipal charges,
leasehold payments or ground rents which previously became due and owing have been paid, or an
escrow of funds has been established in an amount sufficient to pay for every such item which
remains unpaid and which has been assessed but is not yet due and payable. The Originator has not
advanced funds, or induced, solicited or knowingly received any advance of funds by a party other
than the Mortgagor, directly or indirectly, for the payment of any amount required under the
Mortgage Loan, except for interest accruing from the date of the Mortgage Note or date of
disbursement of the Mortgage Loan proceeds, whichever is earlier, to the date which precedes by one
month the Due Date of the first installment of principal and interest;

     (d) Original Terms Unmodified. The terms of the Mortgage Note and Mortgage have not been
impaired, waived, altered or modified in any respect, from the date of origination except by a
written instrument which has been recorded, if necessary to protect the interests of the Purchaser,
and which has been delivered to the Custodian or to such other Person as the Purchaser shall
designate in writing, and the terms of which are reflected in the Mortgage Loan Schedule. No
Mortgage Loan has been modified so as to restructure the payment obligations or re-age the Mortgage
Loan. The substance of any such waiver, alteration or modification has been approved by the title
insurer, if any, to the extent required by the policy, and its terms are reflected on the Mortgage
Loan Schedule, if applicable. No Mortgagor has been released, in whole or in part, except in
connection with an assumption agreement, approved by the title insurer, to the extent required by
the policy, and which assumption agreement is part of the Mortgage Loan File delivered to the
Custodian or to such other Person as the Purchaser shall designate in writing and the terms of
which are reflected in the Mortgage Loan Schedule;

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     (e) No Defenses. The Mortgage Loan is not subject to any right of rescission, set-off,
counterclaim or defense, including without limitation the defense of usury, nor will the operation
of any of the terms of the Mortgage Note or the Mortgage, or the exercise of any right thereunder,
render either the Mortgage Note or the Mortgage unenforceable, in whole or in part, or subject to
any right of rescission, set-off, counterclaim or defense, including without limitation the defense
of usury, and no such right of rescission, set-off, counterclaim or defense has been asserted with
respect thereto, and no Mortgagor was a debtor in any state or federal bankruptcy or insolvency
proceeding at, or subsequent to, the time the Mortgage Loan was originated;

     (f) Hazard Insurance. Pursuant to the terms of the Mortgage, all buildings or other
improvements upon the Mortgaged Property are insured by a generally acceptable insurer against loss
by fire, hazards of extended coverage and such other hazards as are customary in the area where the
Mortgaged Property is located. If required by the National Flood Insurance Act of 1968, as
amended, each Mortgage Loan is covered by a flood insurance policy meeting the requirements of the
current guidelines of the Federal Insurance Administration as in effect. All individual insurance
policies contain a standard mortgagee clause naming the Originator and its successors and assigns
as mortgagee, and all premiums thereon have been paid and such policies may not be reduced,
terminated or cancelled without 30 days’ prior written notice to the mortgagee. The Mortgage
obligates the Mortgagor thereunder to maintain the hazard insurance policy at the Mortgagor’s cost
and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to
obtain and maintain such insurance at such Mortgagor’s cost and expense, and to seek reimbursement
therefor from the Mortgagor. Where required by state law or regulation, the Mortgagor has been
given an opportunity to choose the carrier of the required hazard insurance, provided the policy is
not a “master” or “blanket” hazard insurance policy covering a condominium, or any hazard insurance
policy covering the common facilities of a planned unit development. The hazard insurance policy is
the valid and binding obligation of the insurer, is in full force and effect, and will be in full
force and effect and inure to the benefit of the Purchaser upon the consummation of the
transactions contemplated by this Agreement. The Originator has not engaged in, and has no
knowledge of the Mortgagor’s or any servicer’s having engaged in, any act or omission which would
impair the coverage of any such policy, the benefits of the endorsement provided for herein, or the
validity and binding effect of such policy, including, without limitation, no unlawful fee,
commission, kickback or other unlawful compensation or value of any kind has been or will be
received, retained or realized by any attorney, firm or other person or entity, and no such
unlawful items have been received, retained or realized by the Originator;

     (g) Compliance with Applicable Laws. Any and all requirements of any federal, state or local
law including, without limitation, usury, truth-in-lending, real estate settlement procedures,
consumer credit protection, equal credit opportunity and disclosure laws, all predatory, abusive
and fair lending laws or unfair and deceptive practices laws applicable to the Mortgage Loan,
including, without limitation, any provisions relating to Prepayment Penalties, have been complied
with; the consummation of the transactions contemplated hereby will not involve the violation of
any such laws or regulations. Originator shall maintain in its possession, available for the
Purchaser’s inspection, and shall deliver to the Purchaser upon demand, evidence of compliance with
all such requirements;

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     (h) No Satisfaction of Mortgage. The Mortgage has not been satisfied, canceled, subordinated
or rescinded, in whole or in part, and the Mortgaged Property has not been released from the lien
of the Mortgage, in whole or in part, nor has any instrument been executed that would effect any
such release, cancellation, subordination or rescission. The Originator has not waived the
performance by the Mortgagor of any action, if the Mortgagor’s failure to perform such action would
cause the Mortgage Loan to be in default, nor has the Originator waived any default resulting from
any action or inaction by the Mortgagor;

     (i) Location and Type of Mortgaged Property. The Mortgaged Property is a fee simple property
located in the state identified in the Mortgage Loan Schedule except that with respect to real
property located in jurisdictions in which the use of leasehold estates for residential properties
is a widely-accepted practice, the Mortgaged Property may be a leasehold estate and consists of a
single parcel of real property with a detached single family residence erected thereon, or a two-
to four-family dwelling, or an individual residential condominium unit in a low-rise condominium
project, or an individual unit in a planned unit development and that no residence or dwelling is
(i) a mobile home or (ii) a manufactured home. As of the date of origination, no portion of the
Mortgaged Property was used for commercial purposes, and since the date of origination, no portion
of the Mortgaged Property has been used for commercial purposes; provided, that Mortgaged
Properties which contain a home office shall not be considered as being used for commercial
purposes as long as the Mortgaged Property has not been altered for commercial purposes and is not
storing any chemicals or raw materials other than those commonly used for homeowner repair,
maintenance and/or household purposes;

     (j) Valid First or Second Lien. Each Mortgage is a valid and subsisting first or second lien
of record on a single parcel of real estate constituting the Mortgaged Property, including all
buildings and improvements on the Mortgaged Property and all installations and mechanical,
electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings,
and all additions, alterations and replacements made at any time, with respect to the related
Mortgage Loan, which exceptions are generally acceptable to prudent mortgage lending companies, and
such other exceptions to which similar properties are commonly subject and which do not
individually, or in the aggregate, materially and adversely affect the benefits of the security
intended to be provided by such Mortgage. The lien of the Mortgage is subject only to:

     (i) the lien of current real property taxes and assessments not yet due and payable;

     (ii) covenants, conditions and restrictions, rights of way, easements and other matters
of the public record as of the date of recording acceptable to prudent mortgage lending
institutions generally and specifically referred to in the lender’s title insurance policy
delivered to the originator of the Mortgage Loan and (A) specifically referred to or
otherwise considered in the appraisal made for the originator of the Mortgage Loan or (B)
which do not adversely affect the Appraised Value of the Mortgaged Property set forth in
such appraisal;

     (iii) with respect to each second lien Mortgage, the first or senior lien on the
related Mortgaged Property; and

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     (iv) other matters to which like properties are commonly subject which do not
materially interfere with the benefits of the security intended to be provided by the
Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property.

Any security agreement, chattel mortgage or equivalent document related to and delivered in
connection with the Mortgage Loan establishes and creates a valid, subsisting, enforceable and
perfected first lien and first priority security interest on the property described therein and the
Originator has full right to sell and assign the same to Purchaser;

     (k) Validity of Mortgage Documents. The Mortgage Note and the Mortgage and any other
agreement executed and delivered by a Mortgagor in connection with a Mortgage Loan are genuine, and
each is the legal, valid and binding obligation of the maker thereof enforceable in accordance with
its terms (including, without limitation, any provisions therein relating to Prepayment Penalties),
except as such enforcement may be limited by bankruptcy, insolvency, reorganization, receivership,
moratorium or other similar laws relating to or affecting the rights of creditors generally, and by
general equity principles (regardless of whether such enforcement is considered a proceeding in
equity or a law). All parties to the Mortgage Note, the Mortgage and any other such related
agreement had legal capacity to enter into the Mortgage Loan and to execute and deliver the
Mortgage Note, the Mortgage and any such agreement, and the Mortgage Note, the Mortgage and any
other such related agreement have been duly and properly executed by other such related parties.
The documents, instruments and agreements submitted for loan underwriting were not falsified and
contain no untrue statement of material fact or omit to state a material fact required to be stated
therein or necessary to make the information and statements therein not misleading. No fraud,
error, omission, misrepresentation, gross negligence or similar occurrence with respect to a
Mortgage Loan has taken place on the part of any Person, including without limitation, the
Mortgagor, any appraiser, any builder or developer, or any other party involved in the origination
or servicing of the Mortgage Loan. The Originator has reviewed all of the documents constituting
the Servicing File;

     (l) Full Disbursement of Proceeds. The Mortgage Loan has been closed and the proceeds of the
Mortgage Loan have been fully disbursed and there is no requirement for future advances thereunder,
and any and all requirements as to completion of any on-site or off-site improvement and as to
disbursements of any escrow funds therefor have been complied with. All costs, fees and expenses
incurred in making or closing the Mortgage Loan and the recording of the Mortgage were paid, and
the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage Note or
Mortgage;

     (m) Ownership. Immediately prior to the sale of the Mortgage Loan hereunder on the Closing
Date, the Originator is the sole owner of record and holder of the Mortgage Loan and the
indebtedness evidenced by each Mortgage Note and upon the sale of the Mortgage Loans to the
Purchaser, the Originator will retain the Mortgage Files or any part thereof not delivered to the
Custodian, the Purchaser or the Purchaser’s designee, in trust only for the purpose of servicing
and supervising the servicing of each Mortgage Loan. The Mortgage Loan is not assigned or pledged,
and the Originator has good, indefeasible and marketable title thereto, and has full right to
transfer and sell the Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
participation interest, lien, pledge, charge, claim or security interest, and has full right and

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authority subject to no interest or participation of, or agreement with, any other party, to
sell and assign each Mortgage Loan pursuant to this Agreement and following the sale of each
Mortgage Loan, the Purchaser will own such Mortgage Loan free and clear of any encumbrance, equity,
participation interest, lien, pledge, charge, claim or security interest. The Originator intends
to relinquish all rights to possess, control and monitor the Mortgage Loan. After the Closing
Date, the Originator will have no right to modify or alter the terms of the sale of the Mortgage
Loan and the Originator will have no obligation or right to repurchase the Mortgage Loan or
substitute another Mortgage Loan, except as provided in this Agreement;

     (n) Doing Business. All parties which have had any interest in the Mortgage Loan, whether as
mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and
disposed of such interest, were) (i) in compliance with any and all applicable licensing
requirements of the laws of the state wherein the Mortgaged Property is located, and (ii) either
(A) organized under the laws of such state, or (B) qualified to do business in such state, or (C) a
federal savings and loan association, a savings bank or a national bank having a principal office
in such state, or (iii) not doing business in such state;

     (o) LTV. No Mortgage Loan was originated with an LTV greater than 100%;

     (p) Title Insurance. The Mortgage Loan is covered by an ALTA lender’s title insurance policy,
or with respect to any Mortgage Loan for which the related Mortgaged Property is located in
California a CLTA lender’s title insurance policy, and each such title insurance policy is issued
by a title insurer and qualified to do business in the jurisdiction where the Mortgaged Property is
located, insuring the Originator, its successors and assigns, as to the first or second priority
lien of the Mortgage in the original principal amount of the Mortgage Loan, subject only to the
exceptions contained in clauses (i), (ii) and (iv) of paragraph (j) above and in the case of second
liens, the exception contained in clause (iii) of paragraph (j) above, and in the case of
Adjustable Rate Mortgage Loans, against any loss by reason of the invalidity or unenforceability of
the lien resulting from the provisions of the Mortgage providing for adjustment to the Mortgage
Interest Rate and Monthly Payment. Where required by state law or regulation, the Mortgagor has
been given the opportunity to choose the carrier of the required mortgage title insurance.
Additionally, such lender’s title insurance policy affirmatively insures ingress and egress, and
against encroachments by or upon the Mortgaged Property or any interest therein. The title policy
does not contain any special exceptions (other than the standard exclusions) for zoning and uses
and has been marked to delete the standard survey exception or to replace the standard survey
exception with a specific survey reading. The Originator, its successor and assigns, are the sole
insureds of such lender’s title insurance policy, and such lender’s title insurance policy is valid
and remains in full force and effect and will be in force and effect upon the consummation of the
transactions contemplated by this Agreement. No claims are pending under such lender’s title
insurance policy, and no prior holder of the related Mortgage, including the Originator, has done,
by act or omission, anything which would impair the coverage of such lender’s title insurance
policy, including without limitation, no unlawful fee, commission, kickback or other unlawful
compensation or value of any kind has been or will be received, retained or realized by any
attorney, firm or other person or entity, and no such unlawful items have been received, retained
or realized by the Originator;

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     (q) No Defaults. As of the Closing Date, other than with respect to (i) not more than 0.50%
of the Mortgage Loans by outstanding principal balance, and other than payment delinquencies of
less than one month, there is no default, breach, violation or event which would permit
acceleration existing under the Mortgage or the Mortgage Note and no event which, with the passage
of time or with notice and the expiration of any grace or cure period, would constitute a default,
breach, violation or event which would permit acceleration, and as of the Closing Date neither the
Originator nor any of its affiliates nor any of their respective predecessors, have waived any
default, breach, violation or event which would permit acceleration; in addition, as of the Closing
Date, no Mortgage Loan was in foreclosure, nor are foreclosure proceedings imminent with respect to
any Mortgage Loan;

     (r) No Mechanics’ Liens. As of the Closing Date, there are no mechanics’ or similar liens or
claims which have been filed for work, labor or material (and no rights are outstanding that under
law could give rise to such liens) affecting the related Mortgaged Property which are or may be
liens prior to, or equal or coordinate with, the lien of the related Mortgage;

     (s) Location of Improvements; No Encroachments. All improvements which were considered in
determining the Appraised Value of the Mortgaged Property lay wholly within the boundaries and
building restriction lines of the Mortgaged Property, and no improvements on adjoining properties
encroach upon the Mortgaged Property. No improvement located on or being part of the Mortgaged
Property is in violation of any applicable zoning law or regulation;

     (t) Origination; Payment Terms. The Mortgage Loan was originated by a mortgagee approved by
the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National
Housing Act, savings and loan association, a savings bank, a commercial bank, credit union,
insurance company or other similar institution which is supervised and examined by a federal or
state authority. The documents, instruments and agreements submitted for loan underwriting were
not falsified and contain no untrue statement of material fact or omit to state a material fact
required to be stated therein or necessary to make the information and statements therein not
misleading. No Mortgage Loan contains terms or provisions which would result in negative
amortization. Principal payments on the Mortgage Loan (other than a Mortgage Loan that does not
provide for payment of principal for a period of twenty-four to thirty-six months after the date of
origination (such Mortgage Loan, an “Interest Only Mortgage Loan”)) commenced no more than sixty
days after funds were disbursed in connection with the Mortgage Loan. The Mortgage Interest Rate
as well as the Lifetime Rate Cap and the Periodic Mortgage Interest Rate Cap are as set forth on
the Mortgage Loan Schedule. With respect to any Mortgage Loan other than an Interest Only Mortgage
Loan and Balloon Mortgage Loan, the Mortgage Note is payable in equal monthly installments of
principal and interest, which installments of interest, with respect to Adjustable Rate Mortgage
Loans, are subject to change due to the adjustments to the Mortgage Interest Rate on each Mortgage
Interest Rate Adjustment Date, with interest calculated and payable in arrears, sufficient to
amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more
than thirty years from commencement of amortization. Each Balloon Mortgage Loan has on original
term to maturity of 30 years and an amortization schedule of 40 years. None of the Mortgage Loans
allows for conversion of the interest rate thereon from an adjustable rate to a fixed rate. No
Mortgage Loan is a simple interest mortgage loan;

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     (u) Customary Provisions. The Mortgage contains customary and enforceable provisions such as
to render the rights and remedies of the holder thereof adequate for the realization against the
Mortgaged Property of the benefits of the security provided thereby, including, (i) in the case of
a Mortgage designated as a deed of trust, by trustee’s sale, and (ii) otherwise by judicial
foreclosure. Upon default by a Mortgagor on a Mortgage Loan and foreclosure on, or trustee’s sale
of, the Mortgaged Property pursuant to the proper procedures, the holder of the Mortgage Loan will
be able to deliver good and merchantable title to the Mortgaged Property. There is no homestead or
other exemption available to a Mortgagor which would interfere with the right to sell the Mortgaged
Property at a trustee’s sale or the right to foreclose the Mortgage, subject to applicable federal
and state laws and judicial precedent with respect to bankruptcy and right of redemption or similar
law;

     (v) Conformance with Underwriting Guidelines. The Mortgage Loan was underwritten in
accordance with the Underwriting Guidelines in effect as of the date of origination of such
Mortgage Loan (as described in the Prospectus Supplement). The Mortgage Note and Mortgage are on
forms generally acceptable to Freddie Mac or Fannie Mae and the Originator has not made any
representations to a Mortgagor that are inconsistent with the mortgage instruments used;

     (w) Occupancy of the Mortgaged Property. As of the Closing Date the Mortgaged Property is
lawfully occupied under applicable law. All inspections, licenses and certificates required to be
made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to
the use and occupancy of the same, including but not limited to certificates of occupancy and fire
underwriting certificates, have been made or obtained from the appropriate authorities;

     (x) No Additional Collateral. The Mortgage Note is not and has not been secured by any
collateral except the lien of the corresponding Mortgage and the security interest of any
applicable security agreement or chattel mortgage referred to in clause (j) above;

     (y) Deeds of Trust. In the event the Mortgage constitutes a deed of trust, a trustee,
authorized and duly qualified under applicable law to serve as such, has been properly designated
and currently so serves and is named in the Mortgage, and no fees or expenses are or will become
payable by the Purchaser to the trustee under the deed of trust, except in connection with a
reconveyance of the deed of trust or a trustee’s sale after default by the Mortgagor;

     (z) Condominiums/Planned Unit Developments. If the Mortgaged Property is a condominium unit or
a planned unit development (other than a de minimis planned unit development) such condominium or
planned unit development project is acceptable to Originator and underwritten in accordance with
the Underwriting Guidelines;

     (aa) Transfer of Mortgage Loans. The Assignment of Mortgage with respect to each Mortgage
Loan is in recordable form and is acceptable for recording under the laws of the jurisdiction in
which the Mortgaged Property is located. The transfer, assignment and conveyance of the Mortgage
Notes and the Mortgages by the Originator is not subject to the bulk transfer or similar statutory
provisions in effect in any applicable jurisdiction;

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     (bb) Due-On-Sale. The Mortgage contains an enforceable provision (except as such enforcement
may be effected by bankruptcy and insolvency laws or by general principals of equity) for the
acceleration of the payment of the unpaid principal balance of the Mortgage Loan in the event that
the Mortgaged Property is sold or transferred without the prior written consent of the mortgagee
thereunder, and to the best of the Originator’s knowledge, such provision is enforceable;

     (cc) Assumability. None of the Mortgage Loans are, by their terms, assumable;

     (dd) No Buydown Provisions; No Graduated Payments or Contingent Interests. The Mortgage Loan
does not contain provisions pursuant to which Monthly Payments are paid or partially paid with
funds deposited in any separate account established by the Originator, the Mortgagor, or anyone on
behalf of the Mortgagor, or paid by any source other than the Mortgagor nor does it contain any
other similar provisions which may constitute a “buydown” provision. The Mortgage Loan is not a
graduated payment mortgage loan and the Mortgage Loan does not have a shared appreciation or other
contingent interest feature;

     (ee) Consolidation of Future Advances. Any future advances made to the Mortgagor prior to the
Cut-off Date have been consolidated with the outstanding principal amount secured by the Mortgage,
and the secured principal amount, as consolidated, bears a single interest rate and single
repayment term. The lien of the Mortgage securing the consolidated principal amount is expressly
insured as having first or second lien priority, as applicable, by a title insurance policy, an
endorsement to the policy insuring the mortgagee’s consolidated interest or by other title
evidence. The consolidated principal amount does not exceed the original principal amount of the
Mortgage Loan;

     (ff) Mortgaged Property Undamaged; No Condemnation Proceedings. There is no proceeding
pending or, to the best of the Originator’s knowledge, threatened for the total or partial
condemnation of the Mortgaged Property. As of the Closing Date, the Mortgaged Property is undamaged
by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to
affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use
for which the premises were intended and each Mortgaged Property is inhabitable under applicable
state and local laws;

     (gg) Collection Practices; Escrow Deposits; Interest Rate Adjustments. The origination,
servicing and collection practices used by the Originator with respect to the Mortgage Loan have
been in all respects in compliance with Accepted Servicing Practices, applicable laws and
regulations, and have been in all respects legal and proper and prudent in the mortgage origination
and servicing business. With respect to escrow deposits and Escrow Payments, all such payments are
in the possession of, or under the control of, the Originator and there exist no deficiencies in
connection therewith for which customary arrangements for repayment thereof have not been made.
All Escrow Payments have been collected in full compliance with state and federal law and the
provisions of the related Mortgage Note and Mortgage. An escrow of funds is not prohibited by
applicable law and has been established in an amount sufficient to pay for every item that remains
unpaid and has been assessed but is not yet due and payable. No escrow deposits or Escrow Payments
or other charges or payments due the Originator have been capitalized under the Mortgage or the
Mortgage Note. All Mortgage

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Interest Rate adjustments have been made in strict compliance with state and federal law and
the terms of the related Mortgage and Mortgage Note on the related Interest Rate Adjustment Date.
If, pursuant to the terms of the Mortgage Note, another index was selected for determining the
Mortgage Interest Rate, the same index was used with respect to each Mortgage Note which required a
new index to be selected, and such selection did not conflict with the terms of the related
Mortgage Note. The Originator executed and delivered any and all notices required under applicable
law and the terms of the related Mortgage Note and Mortgage regarding the Mortgage Interest Rate
and the Monthly Payment adjustments. Any interest required to be paid pursuant to state, federal
and local law has been properly paid and credited;

     (hh) Conversion to Fixed Interest Rate. With respect to Adjustable Rate Mortgage Loans, the
Mortgage Loan is not a Convertible Mortgage Loan;

     (ii) No Violation of Environmental Laws. To the best of the Originator’s knowledge, the
Mortgaged Property is free from any and all toxic or hazardous substances and there exists no
violation of any local, state or federal environmental law, rule or regulation. To the best of the
Originator’s knowledge, there is no pending action or proceeding directly involving the Mortgaged
Property in which compliance with any environmental law, rule or regulation is an issue; there is
no violation of any environmental law, rule or regulation with respect to the Mortgage Property;
and nothing further remains to be done to satisfy in full all requirements of each such law, rule
or regulation constituting a prerequisite to use and enjoyment of said property;

     (jj) Servicemembers Civil Relief Act. The Mortgagor has not notified the Originator, and the
Originator has no knowledge of any relief requested or allowed to the Mortgagor under the
Servicemembers Civil Relief Act;

     (kk) Appraisal. The Mortgage File contains an appraisal of the related Mortgaged Property
signed prior to the approval of the Mortgage Loan application by a qualified appraiser, duly
appointed by the related originator, who had no interest, direct or indirect in the Mortgaged
Property or in any loan made on the security thereof, and whose compensation is not affected by the
approval or disapproval of the Mortgage Loan, and the appraisal and appraiser both satisfy the
requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and the
regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

     (ll) Disclosure Materials. The Mortgagor has received all disclosure materials required by,
and the Originator has complied with, all applicable law with respect to the making of the Mortgage
Loans;

     (mm) Construction or Rehabilitation of Mortgaged Property. No Mortgage Loan was made in
connection with the construction or rehabilitation of a Mortgaged Property or facilitating the
trade-in or exchange of a Mortgaged Property;

     (nn) Value of Mortgaged Property. The Originator has no knowledge of any circumstances
existing that could reasonably be expected to adversely affect the value or the marketability of
any Mortgaged Property or Mortgage Loan or to cause the Mortgage Loans to

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prepay during any period materially faster or slower than similar mortgage loans originated to
the same Underwriting Guidelines held by the Originator generally secured by properties in the same
geographic area as the related Mortgaged Property;

     (oo) No Defense to Insurance Coverage. The Originator has caused or will cause to be
performed any and all acts required to preserve the rights and remedies of the Purchaser in any
insurance policies applicable to the Mortgage Loans including, without limitation, any necessary
notifications of insurers, assignments of policies or interests therein, and establishments of
coinsured, joint loss payee and mortgagee rights in favor of the Purchaser. No action has been
taken or failed to be taken, no event has occurred and no state of facts exists or has existed on
or prior to the Closing Date (whether or not known to the Originator on or prior to such date)
which has resulted or will result in an exclusion from, denial of, or defense to coverage under any
applicable, special hazard insurance policy, or bankruptcy bond (including, without limitation, any
exclusions, denials or defenses which would limit or reduce the availability of the timely payment
of the full amount of the loss otherwise due thereunder to the insured) whether arising out of
actions, representations, errors, omissions, negligence, or fraud of the Originator, the related
Mortgagor or any party involved in the application for such coverage, including the appraisal,
plans and specifications and other exhibits or documents submitted therewith to the insurer under
such insurance policy, or for any other reason under such coverage, but not including the failure
of such insurer to pay by reason of such insurer’s breach of such insurance policy or such
insurer’s financial inability to pay;

     (pp) Escrow Analysis. With respect to each Mortgage with an Escrow Account, the Originator
has within the last twelve months (unless such Mortgage was originated within such twelve month
period) analyzed the required Escrow Payments for each Mortgage and adjusted the amount of such
payments so that, assuming all required payments are timely made, any deficiency will be eliminated
on or before the first anniversary of such analysis, or any overage will be refunded to the
Mortgagor, in accordance with RESPA and any other applicable law;

     (qq) Prior Servicing. Each Mortgage Loan has been serviced in all material respects in
compliance with Accepted Servicing Practices and the Originator has reported or caused to be
reported, the Mortgagor credit files to each of the three primary credit repositories monthly in a
timely manner;

     (rr) Leaseholds. If the Mortgage Loan is secured by a long-term residential lease, (i) the
lessor under the lease holds a fee simple interest in the land; (ii) the terms of such lease
expressly permit the mortgaging of the leasehold estate, the assignment of the lease without the
lessor’s consent and the acquisition by the holder of the Mortgage of the rights of the lessee upon
foreclosure or assignment in lieu of foreclosure or provide the holder of the Mortgage with
substantially similar protections; (iii) the terms of such lease do not (A) allow the termination
thereof upon the lessee’s default without the holder of the Mortgage being entitled to receive
written notice of, and opportunity to cure, such default, (B) allow the termination of the lease in
the event of damage or destruction as long as the Mortgage is in existence, (C) prohibit the holder
of the Mortgage from being insured (or receiving proceeds of insurance) under the hazard insurance
policy or policies relating to the Mortgaged Property or (D) permit any increase in rent other than
pre-established increases set forth in the lease; (iv) the original term of such lease is not less
than 15 years; (v) the term of such lease does not terminate earlier than five years after

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the maturity date of the Mortgage Note; and (vi) the Mortgaged Property is located in a
jurisdiction in which the use of leasehold estates in transferring ownership in residential
properties is a widely accepted practice;

     (ss) Prepayment
Premiums. The Mortgage Loan is subject to a prepayment penalty as provided in
the related Mortgage Note except as set forth on the Mortgage Loan Schedule. With respect to each
Mortgage Loan that has a prepayment penalty feature, each such prepayment penalty is enforceable
and will be enforced by the Originator, as servicer of the Mortgage Loan, for the benefit of the
Purchaser, and each prepayment penalty is permitted pursuant to federal, state and local law. Each
such prepayment penalty is in an amount equal to the maximum amount permitted under applicable law
and no such prepayment penalty may be imposed for a term in excess of three (3) years. With
respect to any Mortgage Loan that contains a provision permitting imposition of a prepayment
penalty upon a prepayment prior to maturity: (i) prior to the loan’s origination, the borrower
agreed to such prepayment penalty in exchange for a monetary benefit, including but not limited to
a rate or fee reduction, (ii) originator has available programs that offered the option of
obtaining a mortgage loan that did not require payment of such a prepayment penalty and prior to
the Mortgage Loan’s origination, the Mortgage Loan was available to the Mortgagor with and without
the prepayment penalty, (iii) the prepayment penalty was disclosed to the borrower in the loan
documents pursuant to applicable state and federal law, and (iv) notwithstanding any state or
federal law to the contrary, the Servicer shall not impose such prepayment penalty in any instance
when the mortgage debt is accelerated as the result of the borrower’s default in making the loan
payments;

     (tt) Predatory Lending Regulations. None of the Mortgage Loans are (i) subject to the Home
Ownership and Equity Protection Act of 1994 as amended or (ii) in violation of, or classified as
“high cost”, “threshold”, “covered”, “high risk” or “predatory” loans under, any other applicable
state, federal or local law (or a similarly classified loan using different terminology under a law
imposing heightened regulatory scrutiny or additional legal liability for residential mortgage
loans having high interest rates, points and/or fees);

     (uu) Single-Premium Credit Life Insurance Policy. In connection with the origination of any
Mortgage Loan, no proceeds from any Mortgage Loan were used to finance or acquire single-premium
credit insurance policies. No Mortgagor was required to purchase any credit life, disability,
accident or health insurance product as a condition of obtaining the extension of credit. No
Mortgagor obtained a prepaid single-premium credit life, credit disability, credit unemployment,
credit property, accident or health insurance policy in connection with the origination of the
Mortgage Loan;

     (vv) Tax Service Contract; Flood Certification Contract. Each first lien Mortgage Loan is
covered by a paid in full, life of loan, tax service contract and a paid in full, life of loan,
flood certification contract and each of these contracts is assignable to the Purchaser;

     (ww) Qualified Mortgage. Each Mortgage Loan is a “qualified mortgage” within the meaning of
Section 860G(a)(3) of the Code;

     (xx) Regarding the Mortgagor. The Mortgagor is one or more natural persons and/or trustees for
an Illinois land trust;

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     (yy) Recordation. Each original Mortgage was recorded and, except for those Mortgage Loans
subject to the MERS identification system, all subsequent assignments of the original Mortgage
(other than the assignment to the Purchaser) have been recorded in the appropriate jurisdictions
wherein such recordation is necessary to perfect the lien thereof as against creditors of the
Originator, or is in the process of being recorded;

     (zz) Credit Scores. Except as permitted by the Underwriting Guidelines, each Mortgagor has a
non-zero credit score;

     (aaa) Compliance with Anti-Money Laundering Laws. The Originator has complied with all
applicable anti-money laundering laws and regulations, including without limitation the USA Patriot
Act of 2001 (collectively, the “Anti-Money Laundering Laws”); to the extent required to comply with
the Anti-Money Laundering Laws, as of the Closing Date, the Originator has established an
anti-money laundering compliance program as required by the Anti-Money Laundering Laws, has
conducted the requisite due diligence in connection with the origination of each Mortgage Loan for
purposes of the Anti-Money Laundering Laws, including with respect to the legitimacy of the
applicable Mortgagor and the origin of the assets used by the said Mortgagor to purchase the
property in question, and maintains, and will maintain, sufficient information to identify the
applicable Mortgagor for purposes of the Anti-Money Laundering Laws;

     (bbb) Georgia Fair Lending Act. There is no Mortgage Loan that was originated on or after
October 1, 2002 and on or prior to March 7, 2003, which is secured by property located in the State
of Georgia. There is no Mortgage Loan that was originated on or after March 7, 2003 that is a “high
cost home loan” as defined under the Georgia Fair Lending Act;

     (ccc) New York State Banking Law. There is no Mortgage Loan that (a) is secured by property
located in the State of New York; (b) had an original principal balance of $300,000 or less, and
(c) has an application date on or after April 1, 2003, the terms of which loan equal or exceed
either the annual percentage rate or the points and fees threshold for “high-cost home loans,” as
defined in Section 6-L of the New York State Banking Law;

     (ddd) New Jersey Mortgage Loans. All Mortgage Loans originated in New Jersey on or after
November 27, 2003 are ratable by Standard & Poor’s and Moody’s;

     (eee) New Mexico Mortgage Loans. There is no Mortgage Loan that was originated on or after
January 1, 2004, and is a “high-cost” loan subject to the New Mexico Home Loan Protection Act.

     (fff) Arkansas Mortgage Loans. No Mortgage Loan is a “High-Cost Home Loan” as defined in the
Arkansas Home Loan Protection Act effective July 16, 2003 (Act 1340 of 2003);

     (ggg) Kentucky Mortgage Loans. No Mortgage Loan is a “High-Cost Home Loan” as defined in the
Kentucky high-cost home loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100);

     (hhh) No Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk Home
Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.);

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     (iii) No Mortgage Loan is a “High-Cost Home Mortgage Loan” as defined in the Massachusetts
Predatory Home Loan Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C);

     (jjj) No Mortgage Loan is a “High Cost Home Loan” as defined in the Indiana Home Loan
Practices Act, effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9);

     (kkk) MERS Designations. With respect to each MERS Designated Mortgage Loan, the Originator
has designated the Custodian as the Investor and no Person is listed as Interim Funder on the MERS®
System;

     (lll) Delivery to the Custodian. The Mortgage Note, the Mortgage, the Assignment of Mortgage
and any other documents required to be delivered with respect to each Mortgage Loan pursuant to
this Agreement and the Pooling and Servicing Agreement, have been delivered to the Trust
Administrator in its capacity as Custodian all in compliance with the specific requirements of this
Agreement and the Pooling and Servicing Agreement;

     (mmm) Reports. On or prior to the Closing Date, the Originator has provided the Custodian and
the Purchaser with a MERS Report listing the Custodian as the Investor with respect to each MERS
Designated Mortgage Loan;

     (nnn) Payoffs. No Mortgage Loans prepaid in full prior to the Closing Date;

     (ooo) Credit Information. As to each consumer report (as defined in the Fair Credit Reporting
Act, Public Law 91-508) or other credit information furnished by the Originator to the Purchaser,
the Originator has full right and authority and is not precluded by law or contract from furnishing
such information to the Purchaser and the Purchaser is not precluded by the terms of the Mortgage
Loan Documents from furnishing the same to any subsequent or prospective purchaser of such
Mortgage. The Originator shall hold the Purchaser harmless from any and all damages, losses, costs
and expenses (including attorney’s fees) arising from disclosure of credit information in
connection with the Purchaser’s secondary marketing operations and the purchase and sale of
mortgages. The Originator has or has caused the related servicer to, for each Mortgage Loan, fully
furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations,
accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to
Equifax, Experian and Trans Union Credit Information Company (three of the credit repositories), on
a monthly basis;

     (ppp) Origination Practices. Each Mortgagor was assigned the highest credit grade available
with respect to a mortgage loan product offered by such Mortgage Loan’s originator, taking into
account the credit history, debt to income ratio and loan requirement of such Mortgagor;

     (qqq) No Arbitration Provision. No Mortgage Loan originated on or after August 1, 2004
requires the borrower to submit to arbitration to resolve any dispute arising out of or relating in
any way to the Mortgage Loan transaction;

     (rrr) S&P Glossary. No Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as
such terms are defined in the then current Standard & Poor’s LEVELS® Glossary

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which is now Version 5.7, Appendix E) and no Mortgage Loan originated on or after October 1,
2002 through March 6, 2003 is governed by the Georgia Fair Lending Act; and

     (sss) Manufactured Housing. No manufactured home securing any manufactured housing contract
is other than a “single family residence” as defined in section 25(e)(10) of the Code, i.e., it is
used as a single family residence, has a minimum living space of 400 square feet and a minimum
width of over 102 inches and is of the kind customarily used at a fixed location. The manufactured
home securing each manufactured housing contract is a “manufactured home” as defined in 42 U.S.C.
section 5402(6).

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          II. With respect to each Mortgage Loan that has been designated as a Group 1 Mortgage Loan,
the Originator hereby represents and warrants to the Purchaser, as of the Closing Date or as of
such other date specifically provided herein (except that with respect to any Qualified Substitute
Mortgage Loan such representations and warranties shall be as of the date of substitution and made
by the Originator), that:

     (a) Points and Fees. No borrower under a Mortgage Loan was charged “points and fees” in an
amount greater than (a) $1,000 or (b) 5% of the principal amount of such Mortgage Loan, whichever
is greater. For purposes of this representation, “points and fees” (x) include origination,
underwriting, broker and finder’s fees and charges that the lender imposed as a condition of making
the mortgage loan, whether they are paid to the lender or a third party; and (y) exclude bona fide
discount points, fees paid for actual services rendered in connection with the origination of the
mortgage (such as attorneys’ fees, notaries fees and fees paid for property appraisals, credit
reports, surveys, title examinations and extracts, flood and tax certifications, and home
inspections); the cost of mortgage insurance or credit-risk price adjustments; the costs of title,
hazard, and flood insurance policies; state and local transfer taxes or fees; escrow deposits for
the future payment of taxes and insurance premiums; and other miscellaneous fees and charges, which
miscellaneous fee and charges, in total, do not exceed 0.25 percent of the loan amount;

     (b) Loan Limits.

     (i) No first lien Mortgage Loan has an original principal balance that exceeds the
applicable Fannie Mae loan limit (as in effect on the Closing Date);

     (ii) With respect to any subordinate lien Mortgage Loan,

     (A) has an original principal balance that exceeds one-half of the one-unit
limitation for first lien mortgage loans, i.e., $208,500 (in Alaska, Guam, Hawaii or
Virgin Islands: $312,750), without regard to the number of units; and

     (B) the original principal balance of the related first lien mortgage loan plus
the original principal balance of subordinate lien Mortgage Loan does not exceed the
applicable Fannie Mae Mac loan limit for first lien mortgage loans for that property
type (as in effect on the Closing Date).

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EXHIBIT B

APPENDIX E OF THE STANDARD & POOR’S GLOSSARY FOR

FILE FORMAT FOR LEVELS® VERSION 5.7

(Appendix begins on the following page)

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APPENDIX E – Standard & Poor’s Predatory Lending Categories

Standard & Poor’s has categorized loans governed by anti-predatory lending laws in the
Jurisdictions listed below into three categories based upon a combination of factors that include
(a) the risk exposure associated with the assignee liability and (b) the tests and thresholds set
forth in those laws. Note that certain loans classified by the relevant statute as Covered are
included in Standard & Poor’s High Cost Loan Category because they included thresholds and tests
that are typical of what is generally considered High Cost by the industry.

Standard & Poor’s High Cost Loan Categorization

	 	 	 	 	 
	 	 	 	 	Category under Applicable
	 	 	Name of Anti-Predatory Lending	 	Anti-Predatory Lending
	State/Jurisdiction	 	Law/Effective Date	 	Law
	Arkansas

	 	Arkansas Home Loan Protection
Act, Ark. Code Ann. §§
23-53-101 et seq.
	 	High Cost Home Loan
	 
	 

	 	Effective July 16, 2003	 	 
	 
	 	 	 	 
	Cleveland Heights, OH

	 	Ordinance No. 72-2003 (PSH),
Mun. Code §§ 757.01 et seq.
	 	Covered Loan
	 
	 

	 	Effective June 2, 2003	 	 
	 
	 	 	 	 
	Colorado

	 	Consumer Equity Protection,
Colo. Stat. Ann. §§ 5-3.5-101
et seq.
	 	Covered Loan
	 
	 

	 	Effective for covered loans
offered or entered into on or
after January 1, 2003. Other
provisions of the Act took
effect on June 7, 2002	 	 
	 
	 	 	 	 
	Connecticut

	 	Connecticut Abusive Home Loan
Lending Practices Act, Conn.
Gen. Stat. §§ 36a-746 et seq.
	 	High Cost Home Loan
	 
	 

	 	Effective October 1, 2001	 	 
	 
	 	 	 	 
	District of Columbia

	 	Home Loan Protection Act,
D.C. Code §§ 26-1151.01 et
seq.
	 	Covered Loan
	 
	 

	 	Effective for loans closed on
or after January 28, 2003	 	 
	 
	 	 	 	 
	Florida

	 	Fair Lending Act, Fla. Stat.
Ann. §§ 494.0078 et seq.
	 	High Cost Home Loan
	 
	 

	 	Effective October 2, 2002	 	 
	 
	 	 	 	 
	Georgia (Oct. 1, 2002
- Mar. 6, 2003)

	 	Georgia Fair Lending Act, Ga.
Code Ann. §§ 7-6A-1 et seq.	 	 
	 

	 	Effective October 1, 2002 -
March 6, 2003
	 	High Cost Home Loan

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Standard & Poor’s High Cost Loan Categorization (continued)

	 	 	 	 	 
	 	 	 	 	Category under Applicable
	 	 	Name of Anti-Predatory Lending	 	Anti-Predatory Lending
	State/Jurisdiction	 	Law/Effective Date	 	Law
	Georgia as amended
(Mar. 7, 2003 -current)

	 	Georgia Fair Lending Act, Ga.
Code Ann. §§ 7-6A-1 et seq.
	 	High Cost Home Loan
	 

	 	Effective for loans closed on
or after March 7, 2003	 	 
	 
	 	 	 	 
	HOEPA Section 32

	 	Home Ownership and Equity
Protection Act of 1994, 15
U.S.C. § 1639, 12 C.F.R. §§
226.32 and 226.34
	 	High Cost Loan
	 
	 

	 	Effective October 1, 1995,
amendments October 1, 2002	 	 
	 
	 	 	 	 
	Illinois

	 	High Risk Home Loan Act, Ill.
Comp. Stat. tit. 815, §§
137/5 et seq.
	 	High Risk Home Loan
	 
	 

	 	Effective January 1, 2004
(prior to this date,
regulations under Residential
Mortgage License Act
effective from May 14, 2001)	 	 
	 
	 	 	 	 
	Kansas

	 	Consumer Credit Code, Kan.
Stat. Ann. §§ 16a-1-101 et
seq.
	 	High Loan to Value
Consumer Loan (id. §
16a-3-207) and;
	 

	 	Sections 16a-1-301 and
16a-3-207 became effective
April 14, 1999; Section
16a-3-308a became effective
July 1, 1999
	 	High APR Consumer Loan
(id. § 16a-3-308a)
	 
	 	 	 	 
	Kentucky

	 	2003 KY H.B. 287 – High Cost
Home Loan Act, Ky. Rev. Stat.
§§ 360.100 et seq.
	 	High Cost Home Loan
	 
	 

	 	Effective June 24, 2003	 	 
	 
	 	 	 	 
	Maine

	 	Truth in Lending, Me. Rev.
Stat. tit. 9-A, §§ 8-101 et
seq.
	 	High Rate High Fee

Mortgage
	 

	 	Effective September 29, 1995
and as amended from time to
time	 	 
	 
	 	 	 	 
	Massachusetts

	 	Part 40 and Part 32, 209
C.M.R. §§ 32.00 et seq. and
209 C.M.R. §§ 40.01 et seq.
	 	High Cost Home Loan
	 
	 

	 	Effective March 22, 2001 and
amended from time to time	 	 

Fremont 2006-D

Mortgage Loan Purchase Agreement
B-3

 

 

Standard & Poor’s High Cost Loan Categorization (continued)

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	 
	 	 	 	 
	Nevada

	 	Assembly Bill No. 284, Nev.
Rev. Stat. §§ 598D.010 et
seq.
	 	Home Loan
	 
	 

	 	Effective October 1, 2003	 	 
	 
	 	 	 	 
	New Jersey

	 	New Jersey Home Ownership
Security Act of 2002, N.J.
Rev. Stat. §§ 46:10B-22 et
seq.
	 	High Cost Home Loan
	 
	 

	 	Effective for loans closed on
or after November 27, 2003	 	 
	 
	 	 	 	 
	New Mexico

	 	Home Loan Protection Act,
N.M. Rev. Stat. §§ 58-21A-1
et seq.
	 	High Cost Home Loan
	 
	 

	 	Effective as of January 1,
2004; Revised as of February
26, 2004	 	 
	 
	 	 	 	 
	New York

	 	N.Y. Banking Law Article 6-l
	 	High Cost Home Loan
	 
	 

	 	Effective for applications
made on or after April 1,
2003	 	 
	 
	 	 	 	 
	North Carolina

	 	Restrictions and Limitations
on High Cost Home Loans, N.C.
Gen. Stat. §§ 24-1.1E et seq.
	 	High Cost Home Loan
	 
	 

	 	Effective July 1, 2000;
amended October 1, 2003
(adding open-end lines of
credit)	 	 
	 
	 	 	 	 
	Ohio

	 	H.B. 386 (codified in various
sections of the Ohio Code),
Ohio Rev. Code Ann. §§
1349.25 et seq.
	 	Covered Loan
	 
	 

	 	Effective May 24, 2002	 	 
	 
	 	 	 	 
	Oklahoma

	 	Consumer Credit Code
(codified in various sections
of Title 14A)
	 	Subsection 10

Mortgage
	 
	 

	 	Effective July 1, 2000;
amended effective January 1,
2004	 	 
	 
	 	 	 	 
	South Carolina

	 	South Carolina High Cost and
Consumer Home Loans Act, S.C.
Code
	 	High Cost Home Loan
	 

	 	Ann. §§ 37-23-10 et seq.	 	 
	 
	 

	 	Effective for loans taken on
or after January 1, 2004	 	 

Fremont 2006-D

Mortgage Loan Purchase Agreement
B-4

 

 

Standard & Poor’s High Cost Loan Categorization (continued)

	 	 	 	 	 
	 	 	Name of Anti-PredatoryLending	 	Category under Applicable
	State/Jurisdiction	 	Law/Effective Date	 	Anti-Predatory Lending Law
	West Virginia

	 	West Virginia
Residential Mortgage
Lender, Broker and
Servicer Act, W. Va.
Code Ann. §§ 31-17-1
et seq.
	 	West Virginia

Mortgage Loan Act

Loan
	 

	 	Effective June 5, 2002	 	 

Standard & Poor’s Covered Loan Categorization

	 	 	 	 	 
	 	 	Name of Anti-Predatory Lending	 	Category under Applicable
	State/Jurisdiction	 	Law/Effective Date	 	Anti-Predatory Lending Law
	Georgia (Oct. 1, 2002
- Mar. 6, 2003)

	 	Georgia Fair Lending Act, Ga.
Code Ann. §§ 7-6A-1 et seq.	 	 
	 

	 	Effective October 1, 2002 –
March 6, 2003
	 	Covered Loan
	 
	 	 	 	 
	New Jersey

	 	New Jersey Home Ownership
Security Act of 2002, N.J.
Rev. Stat. §§ 46 :10B-22 et
seq.
	 	Covered Home Loan
	 
	 

	 	Effective November 27, 2003 –
July 5, 2004	 	 

Fremont 2006-D

Mortgage Loan Purchase Agreement
B-5

 

 

Standard & Poor’s Home Loan Categorization

	 	 	 	 	 
	 	 	 	 	Category under
	 	 	Name of Anti-Predatory Lending	 	Applicable Anti-
	State/Jurisdiction	 	Law/Effective Date	 	Predatory Lending Law
	Georgia (Oct. 1, 2002
- Mar. 6, 2003)

	 	Georgia Fair Lending Act, Ga. Code Ann.
§§ 7-6A-1 et seq.	 	 
	 

	 	Effective October 1, 2002 – March 6, 2003
	 	Home Loan
	 
	 	 	 	 
	New Jersey

	 	New Jersey Home Ownership Security
Act of 2002, N.J. Rev. Stat. §§
46:10B-22 et seq.
	 	Home Loan
	 
	 

	 	Effective for loans closed on or after
November 27, 2003	 	 
	 
	 	 	 	 
	New Mexico

	 	Home Loan Protection Act, N.M. Rev.
Stat. §§ 58-21A-1 et seq.
	 	Home Loan
	 
	 

	 	Effective as of January 1, 2004; Revised
as of February 26, 2004	 	 
	 
	 	 	 	 
	North Carolina

	 	Restrictions and Limitations on High
Cost Home Loans, N.C. Gen. Stat. §§
24-1.1E et seq.
	 	Consumer Home Loan
	 
	 

	 	Effective July 1, 2000; amended October
1, 2003 (adding open-end lines of
credit)	 	 
	 
	 	 	 	 
	South Carolina

	 	South Carolina High Cost and Consumer
Home Loans Act, S.C. Code Ann. §§
37-23-10 et seq.
	 	Consumer Home Loan
	 
	 

	 	Effective for loans taken on or after
January 1, 2004	 	 

     Revised 7/11/05

Fremont 2006-D

Mortgage Loan Purchase Agreement
B-6

 

 

SCHEDULE A

MORTGAGE LOAN SCHEDULE

[On file with Trust Administrator]

Fremont 2006-D

Mortgage Loan Purchase Agreementexv4w3

 

EXECUTION COPY

SWAP ADMINISTRATION AGREEMENT

          This Swap Administration Agreement, dated as of November 3, 2006 (this “Agreement”), among
Wells Fargo Bank N.A., a national banking association (“Wells Fargo”), as swap administrator (in
such capacity, the “Swap Administrator”), Wells Fargo, not in its individual capacity but solely as
trust administrator for Fremont Home Loan Trust 2006-D, Mortgage Backed Certificates, Series 2006-D
(in such capacity, the “Trust Administrator”) and HSBC Bank USA, National Association, as trustee
for Fremont Home Loan Trust 2006-D, Mortgage Backed Certificates, Series 2006-D (“Trustee”).

          WHEREAS, the Trust Administrator is party to an Interest Rate Swap Agreement (the “Swap
Agreement”), a copy of which is attached hereto as Exhibit A, between Wells Fargo, not
individually, but solely as Trust Administrator on behalf of the Fremont Home Loan Trust 2006-D,
Mortgage Backed Certificates, Series 2006-D and Deutsche Bank AG, New York Branch, as counterparty
(together with its successors in interest, the “Swap Provider”);

          WHEREAS, the Trustee, pursuant to the Pooling and Servicing Agreement, dated as of November 1,
2006, among Fremont Mortgage Securities Corporation, Fremont Investment & Loan (“Fremont”), as
sponsor, originator and servicer, Wells Fargo, as master servicer, swap administrator and trust
administrator, and the Trustee (the “Pooling and Servicing Agreement”), assigns all of its right,
title and interest to receive Net Swap Payments (as defined in the Pooling and Servicing
Agreement) pursuant to the Swap Agreement to the Swap Administrator;

          WHEREAS, the Trustee has specified the Swap Account as the account to receive the Net Swap
Payments; and

          WHEREAS; the Trustee desires to appoint the Swap Administrator, and the Swap Administrator
desires to accept such appointment, to distribute funds received from the Swap Providers as
provided herein.

          NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
agree as follows:

     1. Definitions.

     Capitalized terms used but not otherwise defined herein shall have the respective meanings
assigned thereto in the Pooling and Servicing Agreement or in the related Indenture, as the case
may be, as in effect on the date hereof.

     2. Swap Administrator.

     (a) The Trustee hereby appoints the Swap Administrator to receive all funds paid by the
Swap Providers under the Swap Agreement (including any Swap Termination Payments) and the
Swap Administrator hereby agrees to receive such amounts and to distribute on each
Distribution Date such amounts in the following order of priority:

 

 

          (i) first, to the Trust Administrator for deposit into the Swap Account, an amount
equal to the sum of the following amounts, if any, remaining outstanding after distribution
of the Excess Cashflow for such Distribution Date: (A) Current Interest or Unpaid Interest
Shortfall Amounts, (B) Net WAC Rate Carryover Amounts; (C) Overcollateralization Deficiency
amounts; and (D) Allocated Realized Loss Amounts;

          (ii) second, to Wells Fargo, as the indenture trustee of the NIM Trust, if any, as and
to the extent designated in writing by Fremont to the Swap Administrator, and

          (iii) third, to holder(s) of the Class C Certificates, or to such other Person as
designated in writing by such holder(s) to the Swap Administrator from time to time.

     (b) On or before the second Business Day prior to each LIBOR Determination Date, the
Swap Administrator shall make available to each Swap Provider and the Servicer the aggregate
Certificate Principal Balance of the Senior Certificates and the Subordinate Certificates,
as of such date.

     3. Swap Administration Account.

     (a) The Swap Administrator shall segregate and hold all funds received pursuant to the
Swap Agreement (including any Swap Termination Payments) separate and apart from any of its
own funds and general assets and shall establish and maintain in the name of the Swap
Administrator one or more segregated accounts (such account or accounts, the “Swap
Administration Account”), which may be a subaccount of the Swap Account, held in trust for
the benefit of the Trustee and the parties to this Agreement. All amounts on deposit in the
Swap Administration Account shall remain uninvested unless the Swap Administrator receives
instructions to the contrary from Fremont. The Swap Administrator hereby agrees that it
holds and shall hold the Swap Administration Account and all amounts deposited therein in
trust for the exclusive use and benefit of the Trustee as their interests may appear.

     (b) With respect to the Swap Agreement and notwithstanding anything contained herein,
in the event that a replacement swap agreement cannot be obtained within thirty (30) days
after receipt by the Swap Administrator of a Swap Termination Payment paid by a terminated
Swap Provider, the Swap Administrator shall deposit such Swap Termination Payment into a
separate, non-interest bearing account established by the Swap Administrator and the Swap
Administrator shall, on each Distribution Date following receipt of such Swap Termination
Payment (unless a replacement swap agreement has been entered into) withdraw from such
account, an amount equal to the Net Swap Payment, if any, that would have been paid to the
Trust by the original Swap Provider (computed in accordance with Section 2 of the original
Swap Agreement) and distribute such amount in accordance with Section 2(a) of this
Agreement. On the Distribution Date immediately after the termination date of an original
Swap Agreement, the Swap Administrator shall withdraw any funds remaining in the related
account and distribute such amount in accordance with Section 2(a)(iii) of this Agreement.

2

 

     4. Representations and Warranties of the Swap Administrator. Wells Fargo represents
and warrants as follows:

     (a) Wells Fargo is duly organized and validly existing national banking association
under the laws of the United States and has all requisite power and authority to execute and
deliver this Agreement, to perform its obligations as Swap Administrator hereunder.

     (b) The execution, delivery and performance of this Agreement by Wells Fargo as Swap
Administrator has been duly authorized by Wells Fargo.

     (c) This Agreement has been duly executed and delivered by Wells Fargo as Swap
Administrator and is enforceable against Wells Fargo in accordance with its terms, except as
enforceability may be affected by bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting creditors’ rights
generally, general equitable principles (whether considered in a proceeding in equity or at
law).

     (d) No consent of any Person and no consent, license, permit, approval or authorization
of, exemption by, notice or report to, or registration, filing or declaration with, any
governmental instrumentality is required in connection with the execution, delivery,
performance, validity or enforceability of this Agreement by Wells Fargo as Swap
Administrator.

     (e) The execution, delivery and performance of this Agreement by Wells Fargo as Swap
Administrator does not conflict with or result in a violation of (i) any law or regulation
applicable to Wells Fargo, (ii) Wells Fargo’s charter or (iii) any other agreement or
instrument to which Wells Fargo is a party or by which its assets are bound.

     (f) There is no litigation pending or threatened against Wells Fargo that would
materially and adversely affect the execution, delivery or enforceability of this Agreement
or the ability of the Swap Administrator to perform any of its other obligations hereunder
in accordance with the terms hereof.

     5. Certain Matters Relating to the Swap Administrator.

     (a) The rights, duties and liabilities of the Swap Administrator in respect of this
Agreement shall be as follows:

          (i) The Swap Administrator shall have the full power and authority that it may deem
advisable in order to enforce the provisions of this Agreement that it may deem advisable in
order to enforce the provisions hereof. The Swap Administrator shall not be answerable or
accountable except for its own bad faith, willful misconduct or negligence. The Swap
Administrator shall not be required to take any action to exercise or enforce any of its
rights or powers hereunder which, in the opinion of the Swap Administrator, shall be likely
to involve expense or liability to the Swap Administrator, unless the Swap Administrator
shall have received an agreement satisfactory to it in its sole discretion to indemnify it
against such liability and expense.

3

 

          (ii) The Swap Administrator shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of any party hereto
or otherwise as provided herein, relating to the time, method and place of conducting any
proceeding for any remedy available to the Swap Administrator under this Agreement.

          (iii) The Swap Administrator may perform any duties hereunder either directly or by or
through agents or attorneys of the Swap Administrator. The Swap Administrator shall not be
liable for the acts or omissions of its agents or attorneys so long as the Swap
Administrator chose such Persons with due care.

     (b) The Swap Administrator shall be entitled to the same rights, protections and
indemnities afforded to the Trustee and Trust Administrator under the Pooling and Servicing
Agreement, as if specifically set forth herein with respect to the Swap Administrator.

     6. Replacement of Swap Administrator.

          Any corporation, bank, trust company or association into which the Swap Administrator may be
merged or converted or with which it may be consolidated, or any corporation, bank, trust company
or association resulting from any merger, conversion or consolidation to which the Swap
Administrator shall be a party, or any corporation, bank trust company or association succeeding to
all or substantially all the corporate trust business of the Swap Administrator, shall be the
successor of the Swap Administrator hereunder, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, except to the extent that assumption of its
duties and obligations, as such, is not effected by operation of law.

          No resignation or removal of the Swap Administrator and no appointment of a successor Swap
Administrator shall become effective until the appointment by Fremont of a successor swap
administrator. Any successor swap administrator shall execute such documents or instruments
necessary or appropriate to vest in and confirm to such successor swap administrator all such
rights and powers conferred by this Agreement.

          The Swap Administrator may resign at any time by giving written notice thereof to the other
parties thereto. If a successor swap administrator shall not have accepted the appointment
hereunder within thirty (30) days after the giving by the resigning Swap Administrator of such
notice of resignation, the resigning Swap Administrator may petition any court of competent
jurisdiction for the appointment of a successor swap administrator.

          In the event of a resignation or removal of the Swap Administrator, Fremont shall promptly
appoint a success Swap Administrator.

     7. Miscellaneous.

     (a) This Agreement shall be governed by and construed in accordance with the laws of
the State of New York.

4

 

     (b) Any action or proceeding against any of the parties hereto relating in any way to
this Agreement may be brought and enforced in the courts of the State of New York sitting in
the borough of Manhattan or of the United States District Court for the Southern District of
New York and the Swap Administrator irrevocably submits to the jurisdiction of each such
court in respect of any such action or proceeding. The Swap Administrator waives, to the
fullest extent permitted by law, any right to remove any such action or proceeding by reason
of improper venue or inconvenient forum.

     (c) This Agreement may be amended, supplemented or modified in writing by the parties
hereto.

     (d) This Agreement may be executed by one or more of the parties to this Agreement on
any number of separate counterparts (including by facsimile transmission), and all such
counterparts taken together shall be deemed to constitute one and the same instrument.

     (e) Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     (f) The representations and warranties made by the parties to this Agreement shall
survive the execution and delivery of this Agreement. No act or omission on the part of any
party hereto shall constitute a waiver of any such representation or warranty

     (g) The article and section headings herein are for convenience of reference only, and
shall not limit or otherwise affect the meaning hereof.

     8. Nonpetition.

          Notwithstanding any prior termination of this Agreement, each of the Swap Administrator, the
Trust Administrator and the Trustee agrees that it shall not acquiesce, petition or otherwise
invoke or cause Fremont Home Loan Trust 2006-D (the “Trust”) to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against the Trust under any
federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Trust or any
substantial part of the property of the Trust, or ordering the winding up or liquidation of the
affairs of the Trust.

     9. Third Party Beneficiaries.

          Fremont, the indenture trustee under the NIM Trust, if any, and the NIM Insurer, if any, shall
each be deemed a third-party beneficiary of this Agreement to the same extent as if it were a party
hereto, and shall have the right to enforce the provisions of this Agreement.

5

 

          IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
as of the day and year first above written.

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.,

as Swap Administrator and, not in its individual capacity

but solely as Trust Administrator

 	 
	 	By:  	 	 
	 	Name:  	Graham Oglesby 	 
	 	Title:  	Assistant Vice President 	 
	 

	 	 	 	 	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION,

not in its individual capacity but solely as trustee for

the Fremont Home Loan Trust 2006-D

 	 
	 	By:  	 	 
	 	Name:  	Elena Zheng 	 
	 	Title:  	Assistant Vice President 	 
	 

(Signature Page to Swap Administration Agreement — Fremont 2006-D)

6

 

EXHIBIT A

SWAP AGREEMENT

7

 

	 	 	 
	DATE:

	 	November 3, 2006
	 
	 	 
	TO:

	 	WELLS FARGO BANK, N.A., NOT INDIVIDUALLY, BUT SOLELY
AS THE TRUST ADMINISTRATOR ON BEHALF OF FREMONT HOME
LOAN TRUST, SERIES 2006-D
	ATTENTION:

	 	Client Manager — Fremont 2006-D
	TELEPHONE:

	 	410-884-2000
	FACSIMILE:

	 	410-715-2380
	 
	 	 
	SUBJECT:

	 	Interest Rate Swap Transaction
	 
	 	 
	REFERENCE NUMBER:

	 	N525157N

The purpose of this letter agreement (“Agreement”) is to confirm the terms and conditions of
the current Transaction entered into on the Trade Date specified below (the “Transaction”) between
Deutsche Bank AG, New York Branch (the “Swap Provider” or “Party A”) and Wells Fargo Bank, N.A.,
not individually, but solely as the Trust Administrator on behalf of Fremont Home Loan Trust,
Series 2006-D (“Party B”) created under the Pooling and Servicing Agreement, dated as of November
1, 2006, among Fremont Mortgage Securities Corporation (the “Depositor”), Fremont Investment & Loan
(the “Servicer”), Wells Fargo Bank, National Association (as the “Master Servicer”, “Trust
Administrator”, and “Swap Administrator”), and HSBC Bank USA, National Association (the “Trustee”)
(the “Pooling and Servicing Agreement”). This Agreement, which evidences a complete and binding
agreement between you and us to enter into the Transaction on the terms set forth below,
constitutes a “Confirmation” as referred to in the “ISDA Form Master Agreement” (as defined below),
as well as a “Schedule” as referred to in the ISDA Form Master Agreement.

	1.	 	This Agreement is subject to the 2000 ISDA Definitions (the “Definitions”), as published by
the International Swaps and Derivatives Association, Inc. (“ISDA”). Any reference to a “Swap
Transaction” in the Definitions is deemed to be a reference to a “Transaction” for purposes of
this Agreement, and any reference to a “Transaction” in this Agreement is deemed to be a
reference to a “Swap Transaction” for purposes of the Definitions. You and we have agreed to
enter into this Agreement in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement
(Multicurrency—Cross Border) form (the “ISDA Form Master Agreement”) but, rather, an ISDA Form
Master Agreement shall be deemed to have been executed by you and us on the date we entered
into the Transaction, and this Agreement shall form part of, supplement and be subject to such
ISDA Form Master Agreement. For the avoidance of doubt, the Transaction described herein shall
be the sole Transaction governed by such ISDA Form Master Agreement. Each term capitalized
but not defined herein or in the Definitions shall have the meaning assigned thereto in the
Pooling and Servicing Agreement. Each reference to a “Section” (unless specifically
referencing the Pooling and Servicing Agreement) or to a “Section” “of this Agreement” will be
construed as a reference to a Section of the ISDA Form Master Agreement, and each reference to
a “Part” will be construed as a reference to the provisions herein deemed incorporated in a
Schedule to the ISDA Form Master Agreement.
	 
	 	 	In the event of any inconsistency between any of the following documents, the relevant
document first listed below shall govern: (i) a Confirmation; (ii) the Schedule and
Paragraph 13 of an ISDA Credit Support Annex (as applicable); (iii) the ISDA Definitions;
and (iv) the ISDA Form Master Agreement and ISDA Credit Support Annex (as applicable).
	 
	2.	 	The terms of the particular Transaction to which this Confirmation relates are as follows:

	 	 	 	 	 
	 

	 	Type of Transaction:
	 	Interest Rate Swap
	 
	 	 	 	 
	 

	 	Notional Amount:
	 	With respect to each Calculation Period, the lesser of (i) the Calculation
Amount for such Calculation Period as set out in the Schedule I attached hereto and
(ii) the product of (a) a ratio, the numerator of which is 1 and the denominator of
which is 250 and (b) the aggregate outstanding principal balance of the Senior
Certificates and Subordinate Certificates immediately preceding the Distribution Date
which occurs in the calendar month of the

 

 

Page 2 of 1

	 	 	 	 	 
	 

	 	 	 	Floating Rate Payer Payment Date for such Calculation
Period (determined for this purpose without regard to
any adjustment of the Floating Rate Payer Payment Date
or Distribution Date relating to business days).
	 
	 	 	 	 
	 

	 	Trade Date:
	 	October 23, 2006
	 
	 	 	 	 
	 

	 	Effective Date:
	 	December 25, 2006
	 
	 	 	 	 
	 

	 	Termination Date:
	 	The earlier of (i) the date on which the Notional Amount is zero and (ii)
November 25, 2012, subject to adjustment in accordance with the Business Day
Convention; provided, however that the final Fixed Rate Payer Period End Date shall be
subject to No Adjustment.
	 
	 	 	 	 
	 

	 	Fixed Amounts:	 	 
	 
	 	 	 	 
	 

	 	Fixed Rate Payer:

	 	Party B
	 
	 	 	 	 
	 

	 	Fixed Rate Payer
	 	 
	 

	 	Period End Dates:

	 	The 25th calendar day of each month during the Term of
this Transaction, commencing January 25, 2007, and ending on the Termination
Date, with No Adjustment.
	 
	 	 	 	 
	 

	 	Fixed Rate Payer
	 	 
	 

	 	Payment Dates:

	 	Early Payment shall be applicable. For each Calculation Period, the
Fixed Rate Payer Payment Date shall be the first Business Day prior to the
related Fixed Rate Payer Period End Date.
	 
	 	 	 	 
	 

	 	Fixed Rate:

	 	5.30% per annum
	 
	 	 	 	 
	 

	 	Fixed Amount:

	 	To be determined in accordance with the following formula:
	 
	 	 	 	 
	 

	 	 	 	250*Fixed Rate*Notional Amount*Fixed Rate Day Count

Fraction
	 
	 	 	 	 
	 

	 	Fixed Rate Day
	 	 
	 

	 	Count Fraction:

	 	30/360
	 
	 	 	 	 
	 

	 	Floating Amounts:	 	 
	 
	 	 	 	 
	 

	 	Floating Rate Payer:

	 	Party A
	 
	 	 	 	 
	 

	 	Floating Rate Payer
	 	 
	 

	 	Period End Dates:

	 	The 25th calendar day of each month during the Term of
this Transaction, commencing January 25, 2007, and ending on the Termination
Date, subject to adjustment in accordance with the Business Day Convention.
	 
	 	 	 	 
	 

	 	Floating Rate Payer
	 	 
	 

	 	Payment Dates:

	 	Early Payment shall be applicable. For each Calculation Period, the
Floating Rate Payer Payment Date shall be the first Business Day prior to the
related Floating Rate Payer Period End Date.
	 
	 	 	 	 
	 

	 	Floating Rate Option:

	 	USD-LIBOR-BBA
	 
	 	 	 	 
	 

	 	Floating Amount:

	 	To be determined in accordance with the following formula:

 

 

Page 3 of 1

	 	 	 	 	 
	 

	 	 	 	250*Floating Rate Option*Notional Amount*Floating Rate

Day Count Fraction
	 
	 	 	 	 
	 

	 	Designated Maturity:

	 	One month
	 
	 	 	 	 
	 

	 	Floating Rate Day
	 	 
	 

	 	Count Fraction:

	 	Actual/360
	 
	 	 	 	 
	 

	 	Reset Dates:

	 	The first day of each Calculation Period.
	 
	 	 	 	 
	 

	 	Compounding:

	 	Inapplicable
	 
	 	 	 	 
	 

	 	Business Days:

	 	New York, Maryland, California
	 
	 	 	 	 
	 

	 	Business Day Convention:

	 	Following
	 
	 	 	 	 
	 

	 	Calculation Agent:

	 	Party A

	3.	 	Provisions Deemed Incorporated in a Schedule to the Master Agreement:

Part 1. Termination Provisions.

For the purposes of this Agreement:-

	(a)	 	“Specified Entity” is not applicable to Party A or Party B for any purpose.
	 
	(b)	 	“Specified Transaction” is not applicable to Party A or Party B for any purpose, and,
accordingly, Section 5(a)(v) shall not apply to Party A or Party B.
	 
	(c)	 	Events of Default:

	 	(i)	 	The “Breach of Agreement” provision of Section 5(a)(ii) will not apply to Party
A or Party B.
	 
	 	(ii)	 	The “Credit Support Default” provisions of Section 5(a)(iii) will apply to
Party A (if Party A posts collateral or provides a guarantee or other contingent
agreement pursuant to Part 5(h) below) and will not apply to Party B.
	 
	 	(iii)	 	The “Misrepresentation” provisions of Section 5(a)(iv) will not apply to Party
A or Party B.
	 
	 	(iv)	 	The “Cross Default” provisions of Section 5(a)(vi) will not apply to Party A or
to Party B.
	 
	 	(v)	 	The “Bankruptcy” provision of Section 5(a)(vii)(2) will not apply to Party B.
	 
	 	(vi)	 	The “Merger Without Assumption” provisions of Section 5(a)(viii) will not apply
to Party B.

	(d)	 	Termination Events:

	 	(i)	 	The “Tax Event upon Merger” provisions of Section 5(b)(iii) will apply to Party
A and will not apply to Party B; provided for clarification that Party B may be a
Burdened Party for purpose of this provision.
	 
	 	(ii)	 	The “Credit Event Upon Merger” provisions of Section 5(b)(iv) will not apply to
Party A or Party B.

	(e)	 	The “Automatic Early Termination” provision of Section 6(a) will not apply to Party A or to
Party B.
	 
	(f)	 	Payments on Early Termination. For the purpose of Section 6(e) of this Agreement:

 

 

Page 4 of 1

	 	(i)	 	Market Quotation will apply.
	 
	 	(ii)	 	The Second Method will apply.

	(g)	 	“Termination Currency” means United States Dollars.
	 
	(h)	 	Additional Termination Events. Additional Termination Events will apply as provided in Part
5(h).

 

 

Page 5 of 1

Part 2. Tax Representations.

	(a)	 	Payer Representations. For the purpose of Section 3(e) of this Agreement, each of Party A
and Party B makes 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) by reason of material prejudice to its legal or
commercial position.

	(b)	 	Payee Representations. For the purpose of Section 3(f) of this Agreement:

	 	(i)	 	Party A makes the following representation(s):
	 
	 	 	 	DBAG represents that it is a “foreign person” within the meaning of the applicable
U.S. Treasury Regulations concerning information reporting and backup withholding
tax (as in effect on January 1, 2001), unless DBAG provides written notice to
Counterparty that it is no longer a foreign person. In respect of this Transaction
it enters into through an office or discretionary agent in the United States or
which otherwise is allocated for United States federal income tax purposes to such
United States trade or business, each payment received or to be received by it under
such Transaction will be effectively connected with its conduct of a trade or
business in the United States.
	 
	 	(ii)	 	Party B makes the following representation(s):
	 
	 	 	 	Party B represents that it is the Trust Administrator, not in its individual
capacity, but solely as Trust Administrator for Fremont Home Loan Trust 2006-D,
Mortgage-Backed Certificates, Series 2006-D under the Pooling and Servicing
Agreement

 

 

Page 6 of 1

Part 3. Agreement to Deliver Documents.

	(a)	 	For the purpose of Section 4(a)(i), tax forms, documents, or certificates to be delivered
are:

	 	 	 	 	 
	Party required to	 	Form/Document/	 	Date by which to
	deliver document	 	Certificate	 	be delivered
	Party A and Party B

	 	Any form or document
required or reasonably
requested to allow the
other party to make
payments under the
Agreement without any
deduction or
withholding for or on
account of any Tax, or
with such deduction or
withholding at a
reduced rate.
	 	Promptly upon
reasonable demand by
the other party.

 

 

Page 7 of 1

	(b)	 	For the purpose of Section 4(a)(ii), other documents to be delivered (unless otherwise publicly
available) are:

	 	 	 	 	 	 	 
	Party required	 	 	 	 	 	Covered by
	to deliver	 	Form/Document/	 	Date by which to	 	Section 3(d)
	document	 	Certificate	 	be delivered	 	Representation
	Party A and
Party B

	 	Any documents
required by the
receiving party to
evidence the
authority of the
delivering party or
its Credit Support
Provider, if any,
for it to execute
and deliver this
Agreement, any
Confirmation, and
any Credit Support
Documents to which
it is a party, and
to evidence the
authority of the
delivering party or
its Credit Support
Provider to perform
its obligations
under this
Agreement, such
Confirmation and/or
Credit Support
Document, as the
case may be
	 	Upon the execution
and delivery of
this Agreement
	 	Yes
	 
	 	 	 	 	 	 
	Party A and
Party B

	 	A certificate of an
authorized officer
of the party, as to
the incumbency and
authority of the
respective officers
of the party
signing this
Agreement, any
relevant Credit
Support Document,
or any
Confirmation, as
the case may be
	 	Upon the execution
and delivery of
this Agreement
	 	Yes
	 
	 	 	 	 	 	 
	Party A

	 	Annual Report of Party A
containing consolidated
financial statements
certified by independent
certified public
accountants and prepared
in accordance with
generally accepted
accounting principles in
the country in which such
party is organized
	 	Promptly after request by

Party B
	 	Yes
	 
	 	 	 	 	 	 
	Party A

	 	Quarterly Financial
Statements of Party A
Corporation containing
unaudited, consolidated
financial statements of
such party’s fiscal
quarter prepared in
accordance with generally
accepted accounting
principles in the country
in which such party is
organized
	 	Promptly after request by

Party B
	 	Yes
	 
	 	 	 	 	 	 
	Party A

	 	Opinions of counsel of
Party A reasonably
satisfactory to Party B.
	 	Concurrently with the
execution and delivery of
the Confirmation.
	 	No
	 
	 	 	 	 	 	 
	Party B

	 	Opinions of counsel of
Party B reasonably
satisfactory to Party A.
	 	Concurrently with the
execution and delivery of
the Confirmation.
	 	No
	 
	 	 	 	 	 	 
	Party B

	 	An executed copy of the
Pooling and Servicing
Agreement.
	 	Within 30 days after the
date of this Agreement.
	 	No

 

 

Page 8 of 1

Part 4. Miscellaneous.

	(a)	 	Address for Notices: For the purposes of Section 12(a) of this Agreement:
	 
	 	 	Address for notices or communications to Party A:

	 	 	 	 	 
	 

	 	Address:
	 	60 Wall Street
	 

	 	 	 	New York, NY 10005
	 

	 	Attention:
	 	Fixed Income Derivatives
	 

	 	Facsimile:
	 	212-250-7760
	 
	 

	 	(For all purposes)	 	 

       Address for notices or communications to Party B:

	 	 	 	 	 
	 

	 	Address:
	 	Wells Fargo Bank, N.A.
	 

	 	 	 	9062 Old Annapolis Road
	 

	 	 	 	Columbia, MD 21045
	 

	 	Attention:
	 	Client Manager — Fremont 2006-D
	 

	 	Facsimile:
	 	410-715-2380
	 

	 	Phone:
	 	410-884-2000

       (For all purposes)

	(b)	 	Process Agent. For the purpose of Section 13(c):

	 	 	 	 	 
	 

	 	Party A appoints as its
	 	 
	 

	 	Process Agent:
	 	 Not Applicable
	 
	 

	 	Party B appoints as its
	 	 
	 

	 	Process Agent:
	 	 Not Applicable

	(c)	 	Offices. With respect to Party A, the provisions of Section 10(a) will apply to this
Agreement.
	 
	(d)	 	Multibranch Party. For the purpose of Section 10(c) of this Agreement:
	 
	 	 	Party A is not a Multibranch Party.
	 
	 	 	Party B is not a Multibranch Party.
	 
	(e)	 	Calculation Agent. The Calculation Agent is Party A, provided, however, that if an Event of
Default shall have occurred with respect to Party A, Party B shall have the right to appoint
as Calculation Agent a third party, reasonably acceptable to Party A, the cost for which shall
be borne by Party A.
	 
	(f)	 	Credit Support Document.

	 	 	 	 	 
	 

	 	Party A:
	 	None or, in that event that Party A posts collateral under a Credit Support
Annex or provides a guarantee or other contingent agreement pursuant to Part 5(i)
below, such Credit Support Annex or guarantee or other contingent agreement.
	 
	 	 	 	 
	 

	 	Party B:
	 	None

	(g)	 	Credit Support Provider.

	 	 	 	 	 
	 

	 	Party A:
	 	None or, in that event that Party A provides a guarantee or other
contingent agreement pursuant to Part 5(i) below, such guarantor or other provider of
credit support.
	 
	 

	 	Party B:
	 	None

 

 

Page 9 of 1

	(h)	 	Governing Law. The parties to this Agreement hereby agree that the law of the State of New
York shall govern their rights and duties in whole, without regard to the conflict of law
provisions thereof other than New York General Obligations Law Sections 5-1401 and 5-1402.
	 
	(i)	 	Netting of Payments. The parties agree that subparagraph (ii) of Section 2(c) of the ISDA
Form Master Agreement will apply to any Transaction.
	 
	(j)	 	“Affiliate.” Party B shall be deemed to have no Affiliates for purposes of this Agreement,
including for purposes of Section 6(b)(ii).
	 
	(k)	 	Jurisdiction. Section 13(b) is hereby amended by: (i) deleting in the second line of
subparagraph (i) thereof the word “non-”, (ii) deleting “; and” from the end of subparagraph 1
and inserting “.” at the end of such provision, and (iii) deleting the final paragraph
thereof.

 

 

Page 10 of 1

Part 5. Others Provisions.

	(a)	 	Amendments to ISDA Form Master Agreement.

	 	(i)	 	Section 3 of the ISDA Form Master Agreement is hereby amended by adding at the
end thereof the following subsection (g):

	 	“(g)	 	Relationship Between Parties.
	 
	 	 	 	Each party represents to the other party on each date when it enters into a
Transaction that:—

	 	(1)	 	Nonreliance. (i) It is not relying on any
statement or representation of the other party regarding the Transaction
(whether written or oral), other than the representations expressly made
in this Agreement or the Confirmation in respect of that Transaction and
(ii) it has consulted with its own legal, regulatory, tax, business,
investment, financial and accounting advisors to the extent it has
deemed necessary, and it has made its own investment, hedging and
trading decisions based upon its own judgment and upon any advice from
such advisors as it has deemed necessary and not upon any view expressed
by the other party.
	 
	 	(2)	 	Evaluation and Understanding. (i) It has the
capacity to evaluate (internally or through independent professional
advice) the Transaction and has made its own decision subject to Section
6(n) of this Agreement to enter into the Transaction and (ii) It
understands the terms, conditions and risks of the Transaction and is
willing and able to accept those terms and conditions and to assume
those risks, financially and otherwise.
	 
	 	(3)	 	Purpose. It is entering into the Transaction for
the purposes of managing its borrowings or investments, hedging its
underlying assets or liabilities or in connection with a line of
business.
	 
	 	(4)	 	Status of Parties. The other party is not acting
as an agent, fiduciary or advisor for it in respect of the Transaction.
	 
	 	(5)	 	Eligible Contract Participant. It is an
“eligible swap participant” as such term is defined in, Section
35.1(b)(2) of the regulations (17 C.F.R. 35) promulgated under, and an
“eligible contract participant” as defined in Section 1(a)(12) of the
Commodity Exchange Act, as amended.”

	 	(ii)	 	Section 5(a)(i) of the ISDA Form Master Agreement is hereby amended by
replacing the word “third” with the word “first” in the third line thereof.

	(b)	 	Set-Off. The provisions for Set-off set forth in Section 6(e) of the ISDA Form Master
Agreement shall not apply for purposes of this Transaction. Notwithstanding any provision of
this Agreement or any other existing or future agreement, each party irrevocably waives any
and all rights it may have to set off, net, recoup or otherwise withhold or suspend or
condition payment or performance of any obligation between it and the other party hereunder
against any obligation between it and the other party under any other agreements.

	(c)	 	Consent to Recording. Each party hereto consents to the monitoring or recording, at any time
and from time to time, by the other party of any and all communications between trading,
marketing, and operations personnel of the parties and their Affiliates, waives any further
notice of such monitoring or recording, and agrees to notify such personnel of such monitoring
or recording.

	(d)	 	Waiver of Jury Trial. Each party waives any right it may have to a trial by jury in respect
of any Proceedings relating to this Agreement or any Credit Support Document.

	(e)	 	Non-Recourse. Notwithstanding any provision herein or in the ISDA Form Master Agreement to
the contrary, the obligations of Party B hereunder are limited recourse obligations of Party
B, payable solely from the Swap Account and the proceeds thereof, in accordance with the
priority of payments and other terms of the Pooling

 

 

Page 11 of 1

	 	 	and Servicing Agreement. In the event that the Swap Account and the proceeds thereof, should
be insufficient to satisfy all claims outstanding and following the realization of the Swap
Account and the proceeds thereof, any claims against or obligations of Party B under the
ISDA Form Master Agreement or any other confirmation thereunder still outstanding shall be
extinguished and thereafter not revive. The Trust Administrator shall not have liability
for any failure or delay in making a payment hereunder to Party A due to any failure or
delay in receiving amounts in the Swap Account from the Trust created pursuant to the
Pooling and Servicing Agreement.
	 
	(f)	 	Transfer, Amendment and Assignment. No transfer, amendment or assignment of this Agreement
shall be permitted by either party unless Moody’s, S&P, Fitch, and DBRS have been provided
prior notice of the same and confirms in writing (including by facsimile transmission) that it
will not downgrade, withdraw or otherwise modify its then-current ratings of any Certificates
or Notes.
	 
	(g)	 	Gross Up. Section 2(d)(i)(4) shall not apply to Party B as X, and Section 2(d)(ii) shall not
apply to Party B as Y, such that Party B shall not be required to pay any additional amounts
referred to therein.
	 
	(h)	 	Additional Termination Events. The following Additional Termination Events will apply:

	 	(i)	 	If a Rating Agency Downgrade has occurred and Party A has not complied with
Part 5(i) below, then an Additional Termination Event shall have occurred with respect
to Party A and Party A shall be the sole Affected Party with respect to such Additional
Termination Event.
	 
	 	(ii)	 	If, upon the occurrence of a Swap Disclosure Event (as defined in Part 5(j)
below) Party A has not, within 10 calendar days after such Swap Disclosure Event
complied with any of the provisions set forth in clause (iii) of Part 5(n) below, then
an Additional Termination Event shall have occurred with respect to Party A and Party A
shall be the sole Affected Party with respect to such Additional Termination Event.
	 
	 	(iii)	 	If, at any time, the Servicer or the Nim Insurer, as applicable, purchases the
Mortgage Loans (and REO Properties) pursuant to Section 9.01 of the Pooling and
Servicing Agreement, then an Additional Termination Event shall have occurred and Party
B shall be the sole Affected Party with respect thereto; provided, however, that
notwithstanding Section 6(b)(iv) of the ISDA Form Master Agreement, both Party A and
Party B shall have the right to designate an Early Termination Date in respect of this
Additional Termination Event; provided, further, that such Early Termination Date shall
be on the final Distribution Date. If such an Additional Termination Event occurs
then, for purposes of calculating payments on Early Termination pursuant to Section
6(e), the definition of Notional Amount in the Confirmation shall be deleted in its
entirety and replaced with the following:
	 
	 	 	 	“With respect to each Calculation Period, the product of (i) Calculation Amount
as set forth in Schedule A attached hereto multiplied by
(ii) 250.”

	 
	 	(iv)	 	If, without the prior written consent of Party A where such consent is required
under the Pooling and Servicing Agreement (such consent not to be unreasonably
withheld), an amendment is made to the Pooling and Servicing Agreement which amendment
could reasonably be expected to have a material adverse effect on the interests of
Party A under this Agreement, an Additional Termination Event shall have occurred with
respect to Party B and Party B shall be the sole Affected Party with respect to such
Additional Termination Event.

	(i)	 	Rating Agency Downgrade. In the event that (i) Party A’s short-term unsecured and
unsubordinated debt rating is reduced below “A-1” by S&P, or, in the event that Party A does
not have a short-term rating from S&P, if Party A’s long-term unsecured and unsubordinated
debt rating is reduced below “A+” by S&P, (ii) Party A’s long-term unsecured and
unsubordinated debt rating is reduced below “A1” by Moody’s or its short-term unsecured and
unsubordinated debt rating is reduced below “P1” by Moody’s, or, in the event that Party A
does not have a short-term rating from Moody’s, if Party A’s long-term unsecured and
unsubordinated debt rating is reduced below “Aa3” by Moody’s or (iii) Party A’s long-term
unsecured and unsubordinated debt rating is withdrawn or reduced below “A” by Fitch or its
short-term unsecured and unsubordinated debt rating is withdrawn or reduced below “F1” by
Fitch (and together with S&P, Moody’s, and DBRS the “Swap Rating Agencies” and such rating
thresholds, “Approved Rating Thresholds” and any such reduction below the

 

 

Page 12 of 1

	 	 	Approved Rating Thresholds, a “Collateral Rating Downgrade Event”), then within 30 days
after such rating withdrawal or downgrade (unless, within 30 days after such withdrawal or
downgrade, each such Swap Rating Agency, as applicable, has reconfirmed the rating of the
Mortgage-Backed Certificates, Series 2006-D (the “Certificates”) and any notes backed by the
Certificates (the “Notes”), which was in effect immediately prior to such withdrawal or
downgrade), Party A shall, at its own expense, subject to the Rating Agency Condition,
either (i) seek another entity to replace Party A as party to this Agreement that meets or
exceeds the Approved Rating Thresholds on terms substantially similar to this Agreement,
(ii) obtain a guaranty of, or a contingent agreement of another person with the Approved
Rating Thresholds, to honor, Party A’s obligations under this Agreement, or (iii) post
collateral which will be sufficient to restore the immediately prior ratings of the
Certificates and any Notes. In the event that Party A’s long-term unsecured and
unsubordinated debt rating is withdrawn or reduced below “BBB-” by S&P (a “Required Rating
Downgrade Event”), then within 10 Business Days after such rating withdrawal or downgrade,
Party A shall, subject to the Rating Agency Condition and at its own expense, either (i)
secure another entity to replace Party A as party to this Agreement that meets or exceeds
the Approved Rating Thresholds on terms substantially similar to this Agreement or (ii)
obtain a guaranty of, or a contingent agreement of another person with the Approved Rating
Thresholds, to honor, Party A’s obligations under this Agreement. For purposes of this
provision, “Rating Agency Condition” means, with respect to any particular proposed act or
omission to act hereunder that the party acting or failing to act must consult with each of
the Swap Rating Agencies then providing a rating of the Certificates and any Notes and
receive from each of the Swap Rating Agencies a prior written confirmation that the proposed
action or inaction would not cause a downgrade or withdrawal of the then-current rating of
any Certificates or Notes. For purposes of this Agreement, the occurrence of either a
Collateral Rating Downgrade Event or a Required Rating Downgrade Event may be referred to as
a rating agency downgrade (a “Rating Agency Downgrade”).

	(j)	 	Compliance with Regulation AB.

	 	(i)	 	Party A agrees and acknowledges that the Depositor may be required under
Regulation AB, as defined in the Pooling and Servicing Agreement, to disclose certain
financial information regarding Party A or its group of affiliated entities, if
applicable, depending on the aggregate “significance percentage” of this Agreement and
any other derivative contracts between Party A or its group of affiliated entities, if
applicable, and Party B, as calculated from time to time in accordance with Item 1115
of Regulation AB.
	 
	 	(ii)	 	It shall be a swap disclosure event (“Swap Disclosure Event”) if, on any
Business Day after the date hereof for so long as the Issuing Entity is required to
file periodic reports under the Exchange Act with respect to the Certificates, Party B
or the Depositor requests from Party A the applicable financial information described
in Item 1115(b) of Regulation AB (such request to be based on a reasonable
determination by the Depositor, based on “significance estimates” made in substantially
the same manner as that used in the Sponsor’s internal risk management process in
respect of similar instruments and furnished by the Sponsor to the Depositor, or if the
Sponsor does not furnish such significance estimates to the Depositor, based on a
determination of such significance estimates by the Depositor in a manner that it deems
reasonable) (the “Swap Financial Disclosure”).
	 
	 	(iii)	 	Upon the occurrence of a Swap Disclosure Event, Party A, at its own expense,
shall either (1)(a) either (i) provide to the Depositor the current Swap Financial
Disclosure in an EDGAR-compatible format (for example, such information may be provided
in Microsoft Word® or Microsoft Excel® format but not in .pdf format) or (ii) provide
written consent to the Depositor to incorporation by reference of such current Swap
Financial Disclosure that are filed with the Securities and Exchange Commission in the
Exchange Act Reports of the Depositor, (b) if applicable, cause its outside accounting
firm to provide its consent to filing or incorporation by reference in the Exchange Act
Reports of the Depositor of such accounting firm’s report relating to their audits of
such current Swap Financial Disclosure, and (c) provide to the Depositor any updated
Swap Financial Disclosure with respect to Party A or any entity that consolidates Party
A within five days of the release of any such updated Swap Financial Disclosure; (2)
secure another entity to replace Party A as party to this Agreement on terms
substantially similar to this Agreement, which entity (or a guarantor therefor) meets
or exceeds the Approved Rating Thresholds and which entity complies with the
requirements of Item 1115 of Regulation AB and clause (1) above, or (3) obtain a
guaranty of Party A’s obligations under this Agreement from an affiliate of Party A
that complies with the financial information disclosure requirements of Item 1115 of
Regulation AB, and cause such affiliate to provide Swap Financial Disclosure and any
future Swap Financial Disclosure and other information pursuant to clause (1),

 

 

Page 13 of 1

	 	 	 	such that disclosure provided in respect of such affiliate will satisfy any
disclosure requirements applicable to the Swap Provider.

	 	(iv)	 	Party A agrees that, in the event that Party A provides Swap Financial
Disclosure to the Depositor in accordance with clause (iii)(1) above or causes its
affiliate to provide Swap Financial Disclosure to the Depositor in accordance with
clause (iii)(3) above, it will indemnify and hold harmless the Depositor, its
respective directors or officers and any person controlling the Depositor, from and
against any and all losses, claims, damages and liabilities caused by any untrue
statement or alleged untrue statement of a material fact contained in such Swap
Financial Disclosure or caused by any omission or alleged omission to state in such
Swap Financial Disclosure a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made,
not misleading.
	 
	 	(v)	 	Depositor shall be an express third party beneficiary of this Agreement as if a
party hereto to the extent of Depositor’s rights explicitly specified herein.

	(k)	 	Proceedings. Party A shall not institute against, or cause any other person to institute
against, or join any other person in instituting against Party B or the trust formed pursuant
to the Pooling and Servicing Agreement, in any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other proceedings under any federal or state
bankruptcy or similar law for a period of one year (or, if longer, the applicable preference
period) and one day following payment in full of the Certificates and any Notes. This
provision will survive the termination of this Agreement.

	(l)	 	Payment Instructions. Party A hereby agrees that, unless notified in writing by the Trust
Administrator of other payment instructions, any and all amounts payable by Party A to Party B
under this Agreement shall be paid to the account specified in paragraph 4 below.

	(m)	 	Trustee Administrator 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,
but solely as the Trust Administrator on behalf of Fremont Home Loan Trust, Series 2006-D, 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 Fremont Home Loan Trust, Series 2006-D 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 Fremont Home Loan Trust, Series 2006-D, (iii)
nothing herein contained shall be construed as creating 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 Party B under this
Agreement or any other related documents.

	(n)	 	Additional Definitions.
	 
	 	 	As used in this Agreement, the following terms shall have the meanings set forth below,
unless the context clearly requires otherwise:

“Moody’s” means Moody’s Investors Service, Inc., or any successor.

“S&P” means Standard & Poor’s Ratings Services, or any successor.

“Fitch” means Fitch Ratings Ltd., or any successor.

“DBRS” means Dominion Bond Rating Service Limited, or any successor.

	(o)	 	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 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 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;
provided, however, that this severability provision shall not be applicable if any provision
of Section 2, 5, 6, or 13 (or any definition or provision in Section 14 to 

 

 

Page 14 of 1

	 	 	the extent it relates to, or is used in or in connection with any such Section) shall be so held
to be invalid or unenforceable.
	 
	 	 	The parties shall endeavor to engage in good faith negotiations to replace any invalid or
unenforceable term, provision, covenant or condition with a valid or enforceable term,
provision, covenant or condition, the economic effect of which comes as close as possible to
that of the invalid or unenforceable term, provision, covenant or condition.

	(p)	 	Payments by Party B upon Early Termination. Notwithstanding anything to the contrary in the
ISDA Form Master Agreement, if an amount is calculated as being due in respect of any Early
Termination Date under Section 6(e) from Party B to Party A, then such payment shall be due on
the next subsequent Distribution Date (or if such Early Termination Date is the final
Distribution Date, on such final Distribution Date), and on any subsequent Distribution Dates
until paid in full.

	(q)	 	Swap Administrator. The parties acknowledge that Wells Fargo Bank, N.A. has been appointed
as “Swap Administrator” under the Swap Administration Agreement, dated as of November 3, 2006,
among Wells Fargo Bank, N.A., not in its individual capacity but solely as the Trust
Administrator for Fremont Home Loan Trust 2006-D, Mortgage Backed Certificates, Series 2006-D
and HSBC Bank USA, National Association, as Trustee (the “Swap Administration Agreement”) to
receive all Net Swap Payments (as defined in the Pooling and Servicing Agreement) to be made
by Party A under this Agreement. Party A agrees that it will make Net Swap Payments to the
Swap Administration Account (as defined in the Swap Administration Agreement) established by
the Swap Administrator.

	(r)	 	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”

	(s)	 	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.

 

 

Page 15 of 1

	4.	 	Account Details and Settlement Information:

Payments to Party A:

	 	 	 	 	 
	 	 	USD DBAG Payment Instructions:
	 

	 	Account with:
	 	DB Trust Co. Americas, New York
	 

	 	Swift Code:
	 	BKTRUS33
	 

	 	Favor of:
	 	Deutsche Bank AG, New York
	 

	 	Account Number:
	 	01 473 969

Payments to Party B:

	 	 	 	 	 
	 

	 	Wells Fargo Bank, NA	 	 	 	 
	 

	 	ABA 121-000-248	 	 	 	 
	 

	 	Account Number:
	 	3970771416	 
	 

	 	Account Name:
	 	Corporate Trust Clearing

	 

	 	FFC:
	 	50955502, Fremont 2006-D Swap Account

This Agreement may be executed in several counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same instrument.

 

 

Page 16 of 1

We are very pleased to have executed this Transaction with you and we look forward to completing
other transactions with you in the near future.

Very truly yours,

DEUTSCHE BANK AG, NEW YORK BRANCH

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

Party B, acting through its duly authorized signatory, hereby agrees to, accepts and confirms the
terms of the foregoing as of the Trade Date.

WELLS FARGO BANK, N.A., NOT INDIVIDUALLY, BUT SOLELY AS THE TRUST ADMINISTRATOR ON BEHALF OF
FREMONT HOME LOAN TRUST, SERIES 2006-D

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

 

 

Page 17 of 1

SCHEDULE I

(all such dates subject to No Adjustment with respect to Fixed Rate Payer Period End Dates and
adjustment in accordance with the Following Business Day Convention with respect to Floating Rate
Payer Period End Dates)

	 	 	 	 	 
	 
	 	 	 	 
	From and including
	 	To but excluding	 	Calculation Amount (USD)
	Effective Date
	 	January 25, 2007	 	6,152,202.57
	January 25, 2007
	 	February 25, 2007	 	6,082,543.08
	February 25, 2007
	 	March 25, 2007	 	6,002,280.47
	March 25, 2007
	 	April 25, 2007	 	5,911,597.08
	April 25, 2007
	 	May 25, 2007	 	5,810,736.66
	May 25, 2007
	 	June 25, 2007	 	5,700,002.91
	June 25, 2007
	 	July 25, 2007	 	5,579,747.24
	July 25, 2007
	 	August 25, 2007	 	5,450,463.76
	August 25, 2007
	 	September 25, 2007	 	5,312,858.78
	September 25, 2007
	 	October 25, 2007	 	5,167,811.88
	October 25, 2007
	 	November 25, 2007	 	5,020,150.30
	November 25, 2007
	 	December 25, 2007	 	4,876,620.60
	December 25, 2007
	 	January 25, 2008	 	4,737,106.04
	January 25, 2008
	 	February 25, 2008	 	4,601,469.03
	February 25, 2008
	 	March 25, 2008	 	4,469,534.84
	March 25, 2008
	 	April 25, 2008	 	4,341,148.76
	April 25, 2008
	 	May 25, 2008	 	4,216,290.17
	May 25, 2008
	 	June 25, 2008	 	4,093,876.22
	June 25, 2008
	 	July 25, 2008	 	3,972,078.72
	July 25, 2008
	 	August 25, 2008	 	3,849,627.24
	August 25, 2008
	 	September 25, 2008	 	3,665,456.41
	September 25, 2008
	 	October 25, 2008	 	2,694,662.29
	October 25, 2008
	 	November 25, 2008	 	1,261,910.79
	November 25, 2008
	 	December 25, 2008	 	1,223,049.17
	December 25, 2008
	 	January 25, 2009	 	1,185,940.31
	January 25, 2009
	 	February 25, 2009	 	1,151,745.65
	February 25, 2009
	 	March 25, 2009	 	1,123,422.42
	March 25, 2009
	 	April 25, 2009	 	1,095,823.07
	April 25, 2009
	 	May 25, 2009	 	1,068,928.13
	May 25, 2009
	 	June 25, 2009	 	1,042,718.69
	June 25, 2009
	 	July 25, 2009	 	1,017,025.87
	July 25, 2009
	 	August 25, 2009	 	991,446.75
	August 25, 2009
	 	September 25, 2009	 	963,150.68
	September 25, 2009
	 	October 25, 2009	 	909,160.21
	October 25, 2009
	 	November 25, 2009	 	779,307.29
	November 25, 2009
	 	December 25, 2009	 	761,898.34
	December 25, 2009
	 	January 25, 2010	 	744,877.06
	January 25, 2010
	 	February 25, 2010	 	728,234.77
	February 25, 2010
	 	March 25, 2010	 	711,963.00
	March 25, 2010
	 	April 25, 2010	 	696,053.48
	April 25, 2010
	 	May 25, 2010	 	680,498.13
	May 25, 2010
	 	June 25, 2010	 	665,289.03
	June 25, 2010
	 	July 25, 2010	 	650,418.45
	July 25, 2010
	 	August 25, 2010	 	635,878.84
	August 25, 2010
	 	September 25, 2010	 	621,662.82
	September 25, 2010
	 	October 25, 2010	 	607,763.17

 

 

Page 18 of 1

	 	 	 	 	 
	 
	 	 	 	 
	From and including
	 	To but excluding	 	Calculation Amount (USD)
	October 25, 2010
	 	November 25, 2010	 	594,172.82
	November 25, 2010
	 	December 25, 2010	 	580,884.89
	December 25, 2010
	 	January 25, 2011	 	567,892.64
	January 25, 2011
	 	February 25, 2011	 	555,189.47
	February 25, 2011
	 	March 25, 2011	 	542,768.94
	March 25, 2011
	 	April 25, 2011	 	530,624.75
	April 25, 2011
	 	May 25, 2011	 	518,750.75
	May 25, 2011
	 	June 25, 2011	 	507,140.92
	June 25, 2011
	 	July 25, 2011	 	495,789.38
	July 25, 2011
	 	August 25, 2011	 	484,690.38
	August 25, 2011
	 	September 25, 2011	 	473,585.08
	September 25, 2011
	 	October 25, 2011	 	460,713.35
	October 25, 2011
	 	November 25, 2011	 	447,649.68
	November 25, 2011
	 	December 25, 2011	 	437,691.06
	December 25, 2011
	 	January 25, 2012	 	427,951.52
	January 25, 2012
	 	February 25, 2012	 	418,426.29
	February 25, 2012
	 	March 25, 2012	 	409,110.66
	March 25, 2012
	 	April 25, 2012	 	400,000.07
	April 25, 2012
	 	May 25, 2012	 	391,090.04
	May 25, 2012
	 	June 25, 2012	 	382,376.17
	June 25, 2012
	 	July 25, 2012	 	373,854.19
	July 25, 2012
	 	August 25, 2012	 	365,519.90
	August 25, 2012
	 	September 25, 2012	 	357,369.19
	September 25, 2012
	 	October 25, 2012	 	349,398.05
	October 25, 2012
	 	Termination Date	 	341,602.56

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]