Document:

EXECUTION

     

    TRUST
      AGREEMENT

     

    among

    

    HMB
      ACCEPTANCE CORP.,

    as
      Depositor,

    

    WILMINGTON
      TRUST COMPANY,

    as
      Owner
      Trustee

     

    and

    

    WELLS
      FARGO BANK, N.A.,

    as
      Securities Administrator

    

    Dated
      as
      of November 1, 2006

    

    HOMEBANC
      MORTGAGE TRUST 2006-2

    Mortgage
      Backed Notes

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    TABLE
      OF
      CONTENTS

    

    
      	 	 	 	 	
              Page

            	 
	 	 	 	
              ARTICLE
                I DEFINITIONS 

            	 	 	 	 
	
              Section
                1.01.

            	 	 	
              Definitions.

            	 	 	
              1

            	 
	
              Section
                1.02.

            	 	 	
              Other
                Definitional Provisions.

            	 	 	
              4

            	 
	 	 	 	 	 	 	 	 
	
               

            	 	 	
              
                 ARTICLE
                  II ORGANIZATION

              

            	 	 	 	 
	 	 	 	 	 	 	 	 
	
              Section
                2.01.

            	 	 	
              Name.

            	 	 	
              5

            	 
	
              Section
                2.02.

            	 	 	
              Office.

            	 	 	
              5

            	 
	
              Section
                2.03.

            	 	 	
              Purpose
                and Powers.

            	 	 	
              5

            	 
	
              Section
                2.04.

            	 	 	
              Appointment
                of the Owner Trustee.

            	 	 	
              6

            	 
	
              Section
                2.05.

            	 	 	
              Initial
                Capital Contribution; Declaration of Trust.

            	 	 	
              6

            	 
	
              Section
                2.06.

            	 	 	
              Initial
                Beneficiary.

            	 	 	
              7

            	 
	
              Section
                2.07.

            	 	 	
              Liability
                of the Holder of the Ownership Certificate.

            	 	 	
              7

            	 
	
              Section
                2.08.

            	 	 	
              Situs
                of Trust.

            	 	 	
              7

            	 
	
              Section
                2.09.

            	 	 	
              Title
                to Trust Property.

            	 	 	
              7

            	 
	
              Section
                2.10.

            	 	 	
              Representations
                and Warranties of the Depositor.

            	 	 	
              7

            	 
	
              Section
                2.11.

            	 	 	
              Tax
                Treatment.

            	 	 	
              9

            	 
	
              Section
                2.12.

            	 	 	
              Investment
                Company.

            	 	 	
              9

            	 
	 	 	 	 	 	 	 	 
	
               

            	 	 	
              
                 ARTICLE
                  III THE OWNERSHIP CERTIFICATE AND
                  TRANSFERS OF INTERESTS

              

            	 	 	 	 
	 	 	 	 	 	 	 	 
	
              Section
                3.01.

            	 	 	
              The
                Ownership Certificate.

            	 	 	
              9

            	 
	
              Section
                3.02.

            	 	 	
              Execution,
                Authentication and Delivery of the Ownership Certificate.

            	 	 	
              9

            	 
	
              Section
                3.03.

            	 	 	
              Registration
                of and Limitations on Transfers and Exchanges of the Ownership
                Certificate.

            	 	 	
              10

            	 
	
              Section
                3.04.

            	 	 	
              Lost,
                Stolen, Mutilated or Destroyed Ownership Certificate.

            	 	 	
              12

            	 
	
              Section
                3.05.

            	 	 	
              Persons
                Deemed Certificateholders.

            	 	 	
              12

            	 
	
              Section
                3.06.

            	 	 	
              Access
                to List of Certificateholders’ Names and Addresses.

            	 	 	
              12

            	 
	
              Section
                3.07.

            	 	 	
              Maintenance
                of Office or Agency.

            	 	 	
              13

            	 
	
              Section
                3.08.

            	 	 	
              Certificate
                Paying Agent.

            	 	 	
              13

            	 
	 	 	 	 	 	 	 	 
	
               

            	 	 	
              ARTICLE
                IV APPLICATION OF TRUST FUNDS; CERTAIN
                DUTIES

            	 	 	 	 
	 	 	 	 	 	 	 	 
	
              Section
                4.01.

            	 	 	
              Certificate
                Distribution Account.

            	 	 	
              14

            	 
	
              Section
                4.02.

            	 	 	
              Application
                of Trust Funds.

            	 	 	
              15

            	 
	
              Section
                4.03.

            	 	 	
              Method
                of Payment.

            	 	 	
              15

            	 
	
              Section
                4.04.

            	 	 	
              Segregation
                of Moneys; No Interest.

            	 	 	
              15

            	 

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
            	 	 	
              
                 ARTICLE
                  V AUTHORITY AND DUTIES OF THE OWNER TRUSTEE; ACTION BY
                  CERTIFICATEHOLDERS

              

            	 	 	 	 
	 	 	 	 	 	 	 	 
	
              Section
                5.01.

            	 	 	
              General
                Authority.

            	 	 	
              16

            	 
	
              Section
                5.02.

            	 	 	
              General
                Duties.

            	 	 	
              16

            	 
	
              Section
                5.03.

            	 	 	
              Action
                Upon Instruction.

            	 	 	
              16

            	 
	
              Section
                5.04.

            	 	 	
              No
                Duties Except as Specified under Specified Documents or in
                Instructions.

            	 	 	
              17

            	 
	
              Section
                5.05.

            	 	 	
              Restrictions.

            	 	 	
              17

            	 
	
              Section
                5.06.

            	 	 	
              Prior
                Notice to the Holder with Respect to Certain Matters; Separateness
                Covenants.

            	 	 	
              18

            	 
	
              Section
                5.07.

            	 	 	
              Action
                by the Holder with Respect to Bankruptcy.

            	 	 	
              20

            	 
	
              Section
                5.08.

            	 	 	
              Restrictions
                on the Holder’s Power.

            	 	 	
              20

            	 
	 	 	 	 	 	 	 	 
	
               

            	 	 	
              
                 ARTICLE
                  VI CONCERNING THE OWNER TRUSTEE

              

            	 	 	 	 
	 	 	 	 	 	 	 	 
	
              Section
                6.01.

            	 	 	
              Acceptance
                of Trusts and Duties.

            	 	 	
              21

            	 
	
              Section
                6.02.

            	 	 	
              Furnishing
                of Documents.

            	 	 	
              21

            	 
	
              Section
                6.03.

            	 	 	
              Books
                and Records.

            	 	 	
              22

            	 
	
              Section
                6.04.

            	 	 	
              Representations
                and Warranties.

            	 	 	
              22

            	 
	
              Section
                6.05.

            	 	 	
              Reliance;
                Advice of Counsel.

            	 	 	
              23

            	 
	
              Section
                6.06.

            	 	 	
              Not
                Acting in Individual Capacity.

            	 	 	
              24

            	 
	
              Section
                6.07.

            	 	 	
              Owner
                Trustee Not Liable for Ownership Certificate or
                Collateral.

            	 	 	
              24

            	 
	
              Section
                6.08.

            	 	 	
              Owner
                Trustee May Own Ownership Certificate and Notes.

            	 	 	
              24

            	 
	
              Section
                6.09.

            	 	 	
              Licenses.

            	 	 	
              25

            	 
	
              Section
                6.10.

            	 	 	
              Doing
                Business in Other Jurisdictions.

            	 	 	
              25

            	 
	
              Section
                6.11.

            	 	 	
              Reporting
                Requirements of the Commission.

            	 	 	
              25

            	 
	 	 	 	 	 	 	 	 
	
            	 	 	
              
                 ARTICLE
                  VII INDEMNIFICATION AND COMPENSATION

              

            	 	 	 	 
	 	 	 	 	 	 	 	 
	
              Section
                7.01.

            	 	 	
              Trust
                Expenses.

            	 	 	
              27

            	 
	
              Section
                7.02.

            	 	 	
              Indemnification.

            	 	 	
              27

            	 
	
              Section
                7.03.

            	 	 	
              Compensation.

            	 	 	
              28

            	 
	
              Section
                7.04.

            	 	 	
              Lien
                on Trust Estate.

            	 	 	
              28

            	 
	
               

            	 	 	
              ARTICLE
                VIII TERMINATION OF
                AGREEMENT

            	 	 	 	 
	
              Section
                8.01.

            	 	 	
              Termination
                of Agreement.

            	 	 	
              28

            	 
	 	 	 	 	 	 	 	 
	
            	 	 	
              
                 ARTICLE
                  IX SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER
                  TRUSTEES

              

            	 	 	 	 
	 	 	 	 	 	 	 	 
	
              Section
                9.01.

            	 	 	
              Eligibility
                Requirements for Owner Trustee.

            	 	 	
              29

            	 
	
              Section
                9.02.

            	 	 	
              Resignation
                or Removal of Owner Trustee.

            	 	 	
              29

            	 
	
              Section
                9.03.

            	 	 	
              Successor
                Owner Trustee.

            	 	 	
              30

            	 
	
              Section
                9.04.

            	 	 	
              Merger
                or Consolidation of Owner Trustee.

            	 	 	
              30

            	 
	
              Section
                9.05.

            	 	 	
              Appointment
                of Co-Trustee or Separate Trustee.

            	 	 	
              31

            	 

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
            	 	 	
              
                 ARTICLE
                  X MISCELLANEOUS

              

            	 	 	 	 
	 	 	 	 	 	 	 	 
	
              Section
                10.01.

            	 	 	
              Supplements
                and Amendments.

            	 	 	
              32

            	 
	
              Section
                10.02.

            	 	 	
              No
                Legal Title to Trust Estate in Holder.

            	 	 	
              33

            	 
	
              Section
                10.03.

            	 	 	
              Pledge
                of Collateral by Owner Trustee is Binding.

            	 	 	
              33

            	 
	
              Section
                10.04.

            	 	 	
              Limitations
                on Rights of Others.

            	 	 	
              33

            	 
	
              Section
                10.05.

            	 	 	
              Notices.

            	 	 	
              33

            	 
	
              Section
                10.06.

            	 	 	
              Severability.

            	 	 	
              34

            	 
	
              Section
                10.07.

            	 	 	
              Separate
                Counterparts.

            	 	 	
              34

            	 
	
              Section
                10.08.

            	 	 	
              Successors
                and Assigns.

            	 	 	
              34

            	 
	
              Section
                10.09.

            	 	 	
              Headings.

            	 	 	
              34

            	 
	
              Section
                10.10.

            	 	 	
              Governing
                Law.

            	 	 	
              34

            	 
	
              Section
                10.11.

            	 	 	
              No
                Petition.

            	 	 	
              34

            	 
	
              Section
                10.12.

            	 	 	
              No
                Recourse.

            	 	 	
              35

            	 
	 	 	 	 	 	 	 	 
	
            	 	 	
              
                 ARTICLE
                  XI OFFICERS

              

            	 	 	 	 
	 	 	 	 	 	 	 	 
	
              Section
                11.01.

            	 	 	
              Appointment
                of Officers.

            	 	 	
              35

            	 
	
              Section
                11.02.

            	 	 	
              Officers
                to Provide Information to the Owner Trustee.

            	 	 	
              35

            	 

    

     

    
      	 EXHIBITS:	 	 	 	 
	 	 	 	 	 
	
              Exhibit
                A

            	 	 	
              Form
                of Ownership Certificate

            	 
	
              Exhibit
                B

            	 	 	
              Form
                of Certificate of Trust

            	 
	
              Exhibit
                C

            	 	 	
              Form
                of Rule 144A Investment Letter

            	 
	
              Exhibit
                D

            	 	 	
              Owner
                Trustee Fee Letter Agreement

            	 
	
              Exhibit
                E

            	 	 	
              Form
                of Representation and Warranty Regarding Transferee’s Status as a REIT,
                Qualified REIT Subsidiary or Disregarded Entity

            	 
	
              Exhibit
                F

            	 	 	
              Transaction
                Parties

            	 

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    This
      TRUST AGREEMENT dated as of November 1, 2006, is by and among HMB ACCEPTANCE
      CORP., a Delaware corporation (the “Depositor”), WILMINGTON TRUST COMPANY, a
      Delaware banking corporation, as owner trustee (the “Owner Trustee”) and WELLS
      FARGO BANK, N.A., a national banking association, as securities administrator
      (the “Securities Administrator”).

     

    WHEREAS,
      pursuant to the Transfer and Servicing Agreement entered into simultaneously
      with this Trust Agreement, Depositor intends to sell, transfer and assign to
      a
      Delaware statutory trust created hereunder certain Mortgage Loans and related
      assets (collectively, the “Collateral”), which statutory trust would then pledge
      such Collateral under an indenture in order to secure the issuance of the
      HomeBanc Mortgage Trust 2006-2 Mortgage-Backed Notes (the “Notes”), the net
      proceeds of which would be applied toward the purchase of the
      Collateral.

     

    WHEREAS,
      the Depositor, the Owner Trustee and the Initial Holder intend that the Trust
      be
      treated as a Qualified REIT Subsidiary for federal income tax
      purposes.

     

    WHEREAS,
      the Depositor, the Owner Trustee and the Securities Administrator desire to
      enter into this Agreement in order to effect the foregoing.

     

    NOW
      THEREFORE, in consideration of the premises and mutual agreements herein
      contained, the parties hereto hereby agree as follows:

     

    ARTICLE
      I

    DEFINITIONS

     

    Section
      1.01. Definitions. 
      For
      all
      purposes of this Agreement, the following terms shall have the meanings set
      forth below.

     

    Actual
      Knowledge:
      With
      respect to the Owner Trustee, any officer within the Corporate Trust Office
      of
      the Owner Trustee responsible for administering the Trust hereunder, or under
      the Operative Agreements, who has actual knowledge of an action taken or an
      action not taken with regard to the Trust. Actions taken or actions not taken
      of
      which the Owner Trustee should have had knowledge, or has constructive
      knowledge, do not meet the definition of Actual Knowledge hereunder. With
      respect to the Securities Administrator, any Responsible Officer of the
      Securities Administrator who has actual knowledge of an action taken or an
      action not taken with regard to the Trust.

     

    Agreement
      or Trust Agreement:
      This
      Trust Agreement and any amendments or modifications hereof.

     

    Authorized
      Officer:
      With
      respect to the Trust, any officer of the Owner Trustee who is authorized to
      act
      for the Owner Trustee in matters relating to the Trust and who is identified
      on
      the list of Authorized Officers delivered by the Owner Trustee to the Indenture
      Trustee on the Closing Date (as such list may be modified or supplemented from
      time to time thereafter) and, so long as the Administration Agreement is in
      effect, any Vice President, Assistant Vice President, Trust Officer, or more
      senior officer of the Securities Administrator who is authorized to act for
      the
      Securities Administrator in matters relating to the Trust and to be acted upon
      by the Securities Administrator pursuant to the Administration Agreement and
      who
      is identified on the list of Authorized Officers delivered by the Securities
      Administrator to the Indenture Trustee on the Closing Date (as such list may
      be
      modified or supplemented from time to time thereafter).

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    Bank:
      Wilmington Trust Company in its individual capacity and not as Owner Trustee
      under this Agreement.

     

    Certificate:
      Any
      Ownership Certificate issued pursuant to this Agreement.

     

    Certificate
      Distribution Account:
      The
      certificate distribution account maintained by or on behalf of the Securities
      Administrator for the benefit of the Trust
      and
      the Certificateholders pursuant to Section 4.01.

     

    Certificate
      of Trust:
      The
      Certificate of Trust to be filed by the Owner Trustee for the Trust pursuant
      to
      Section 3810(a) of the Delaware Trust Statute in the form of Exhibit B
      hereto.

     

    Certificate
      Paying Agent:
      Initially, the Securities Administrator, in its capacity as Certificate Paying
      Agent, or any successor to the Securities Administrator in such
      capacity.

     

    Certificate
      Register:
      The
      register maintained by the Certificate Registrar in which the Certificate
      Registrar shall provide for the registration of the Ownership Certificate and
      of
      transfers and exchanges of such Ownership Certificate.

     

    Certificate
      Registrar:
      Initially, the Securities Administrator, in its capacity as Certificate
      Registrar, or any successor to the Securities Administrator in such
      capacity.

     

    Certificateholder
      or Holder:
      The
      Person in whose name an Ownership Certificate is registered in the Certificate
      Register.

     

    Collateral:
      As
      defined in the Indenture.

     

    Corporate
      Trust Office:
      With
      respect to (i) the Owner Trustee, the principal corporate trust office of the
      Owner Trustee located at Rodney Square North, 1100 North Market Street,
      Wilmington, Delaware 19890-0001, or at such other address in the State of
      Delaware as the Owner Trustee may designate by notice to the Securities
      Administrator and the Certificateholder, or the principal corporate trust office
      of any successor Owner Trustee (the address (which shall be in the State of
      Delaware) of which the successor owner trustee will notify the Securities
      Administrator and the Certificateholder); (ii) the Securities Administrator,
      the
      principal corporate trust office of the Securities Administrator at which,
      at
      any particular time, its corporate trust business shall be administered, which
      office at the date hereof for purposes of transfers and exchanges and for
      presentment and surrender of the Ownership Certificate and for payment thereof
      is located at Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, Attention: Client Manager (HomeBanc Mortgage
      Trust
      2006-2), and for all other purposes is located at Wells Fargo Bank, N.A., P.O.
      Box 98, Columbia, Maryland 21046, Attention: Corporate Trust Group (HomeBanc
      Mortgage Trust 2006-2) (or for overnight deliveries, at 9062 Old Annapolis
      Road,
      Columbia, Maryland 21045, Attention: Client Manager (HomeBanc Mortgage Trust
      2006-2)); and (iii) the Certificate Registrar, the principal office of the
      Certificate Registrar at which at any particular time its corporate trust
      business shall be administered, which office at the date of execution of this
      Agreement is located at the Corporate Trust Office of the Securities
      Administrator, or at such other address as the Certificate Registrar may
      designate from time to time by notice to the Securityholders and the Trust,
      or
      the principal corporate trust office of any successor Certificate Registrar
      at
      the address designated by such successor Certificate Registrar by notice to
      the
      Securityholders and the Trust.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Delaware
      Trust Statute:
      Chapter
      38 of Title 12 of the Delaware Code, 12 Del.C. Section 3801 et
      seq.,
      as the
      same may be amended from time to time.

     

    Depositor:
      HMB
      Acceptance Corp., a Delaware corporation.

     

    Disregarded
      Entity:
      An
      entity that is both (a) solely owned by a REIT or Qualified REIT Subsidiary
      and
      (b) disregarded as an entity separate from its owner within the meaning of
      Section 301.7701-2(c)(2) of the Treasury Regulations.

     

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

     

    Indenture:
      The
      indenture dated as of November 1, 2006, among the Issuer, the Indenture Trustee
      and the Securities Administrator, as such may be amended or supplemented from
      time to time.

     

    Indenture
      Trustee:
      U.S.
      Bank National Association, not in its individual capacity but solely as
      Indenture Trustee, or any successor in interest.

     

    Initial
      Holder:
      HMB
      Acceptance Corp., or any successor in interest.

     

    Liabilities:
      The
      meaning specified in Section 7.02.

     

    Master
      Servicer:
      Wells
      Fargo Bank, N.A., or any successor in interest.

     

    Net
      Proceeds from the Notes:
      The
      proceeds received by the Trust from time to time from the issuance and sale
      of
      its Notes, less the costs and expenses incurred in connection with the issuance
      and sale of such Notes.

     

    Non-U.S.
      Person:
      Any
      person other than a “United States person” as defined in Section 7701(a)(30) of
      the Code.

     

    Officer:
      Those
      officers of the Trust referred to in Article XI.

     

    Opinion
      of Counsel:
      One or
      more written opinions of counsel who may, except as otherwise expressly provided
      in this Agreement, be employees of or counsel to the Depositor and who shall
      be
      satisfactory to the Owner Trustee and the Securities Administrator, which
      opinion shall be addressed to the Owner Trustee and the Securities
      Administrator.

     

    Ownership
      Certificate:
      An
      equity certificate representing a 100% undivided beneficial interest in the
      Trust in substantially the form annexed hereto as Exhibit A.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Owner
      Trustee:
      Wilmington Trust Company, a Delaware banking corporation, and any successor
      in
      interest, not in its individual capacity, but solely as owner trustee under
      the
      Trust Agreement.

     

    Percentage
      Interest:
      With
      respect to any Ownership Certificate, the percentage set forth on the face
      thereof.

     

    Proposer:
      The
      Certificateholder making a written request pursuant to Section
      5.07.

     

    Prospective
      Holder:
      Each
      prospective purchaser and any subsequent transferee of the Ownership
      Certificate.

     

    Qualified
      REIT Subsidiary:
      A
      direct
      or indirect 100% owned subsidiary of a REIT that satisfies the requirements
      of
      Section 856(i) of the Code.

     

    REIT:
      A real
      estate investment trust within the meaning of Sections 856 and 857 of the
      Code.

     

    Responsible
      Officer:
      With
      respect to (i) the Owner Trustee, any officer within the Corporate Trust Office
      of the Owner Trustee with direct responsibility for the administration of the
      Trust and also, with respect to a particular matter, any other officer to whom
      such matter is referred because of such officer’s knowledge of, and familiarity
      with, the particular subject; and (ii) the Securities Administrator, any officer
      within the Corporate Trust Office of the Securities Administrator with direct
      responsibility for the administration of the Trust and also, with respect to
      a
      particular matter, any other officer to whom such matter is referred because
      of
      such officer’s knowledge of, and familiarity with, the particular
      subject.

     

    Secretary
      of State:
      The
      Secretary of State of the State of Delaware.

     

    Securities
      Administrator:
      Wells
      Fargo Bank, N.A., or any successor in interest.

     

    Seller:
      HomeBanc Corp.

     

    Single
      Certificate:
      An
      Ownership Certificate representing a 100% Percentage Interest.

     

    Transfer
      and Servicing Agreement:
      The
      Transfer and Servicing Agreement dated as of November 1, 2006, by and among
      the
      Trust, as Issuer, HMB Acceptance Corp., as Depositor, HomeBanc Corp., as Seller
      and Servicer, Wells Fargo Bank, N.A., as Master Servicer and Securities
      Administrator, and U.S. Bank National Association, as Indenture Trustee, as
      such
      may be amended or supplemented from time to time.

     

    Trust:
      The
      trust established pursuant to this Agreement which shall carry on its business
      operations under the name of “HomeBanc Mortgage Trust 2006-2.”

     

    Section
      1.02. Other Definitional Provisions.

     

    Capitalized
      terms used herein and not defined herein shall have the same meanings assigned
      to them in the Transfer and Servicing Agreement or in the Indenture, as
      applicable.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (a) All
      terms
      defined in this Agreement shall have the defined meanings when used in any
      certificate or other document made or delivered pursuant hereto unless otherwise
      defined therein.

     

    (b) As
      used
      in this Agreement and in any certificate or other document made or delivered
      pursuant hereto or thereto, accounting terms not defined in this Agreement
      or in
      any such certificate or other document, and accounting terms partly defined
      in
      this Agreement or in any such certificate or other document to the extent not
      defined, shall have the respective meanings given to them under generally
      accepted accounting principles. To the extent that the definitions of accounting
      terms in this Agreement or in any such certificate or other document are
      inconsistent with the meanings of such terms under generally accepted accounting
      principles, the definitions contained in this Agreement or in any such
      certificate or other document shall control.

     

    (c) The
      words
“hereof,” “herein,” “hereunder” and words of similar import when used in this
      Agreement shall refer to this Agreement as a whole and not to any particular
      provision of this Agreement; Section and Exhibit references contained in this
      Agreement are references to Sections and Exhibits in or to this Agreement unless
      otherwise specified; and the term “including” shall mean “including without
      limitation.”

     

    (d) The
      definitions contained in this Agreement are applicable to the singular as well
      as the plural forms of such terms and to the masculine as well as the feminine
      and neuter genders of such terms.

     

    (e) Any
      agreement, instrument or statute defined or referred to herein or in any
      instrument or certificate delivered in connection herewith means such agreement,
      instrument or statute as from time to time amended, modified or supplemented
      and
      includes (in the case of agreements or instruments) references to all
      attachments thereto and instruments incorporated therein; references to a Person
      are also to its permitted successors and assigns.

     

    ARTICLE
      II

    ORGANIZATION

     

    Section
      2.01. Name. 
      The
      trust
      established under this Agreement shall be referred to as “HomeBanc Mortgage
      Trust 2006-2” in which name the Owner Trustee and the Officers may conduct the
      activities contemplated hereby, including the making and executing of contracts
      and other instruments on behalf of the Trust and sue and be sued.

     

    Section
      2.02. Office. 
      The
      principal office of the Trust shall be in care of the Owner Trustee, at its
      Corporate Trust Office. The Trust shall also have an office in care of the
      Securities Administrator at its Corporate Trust Office.

     

    Section
      2.03. Purpose
      and Powers. 
      The
      purpose of the Trust is, and the Trust shall have the power and authority,
      to
      engage in any of the following activities:

     

    (a) to
      issue
      one or more Classes of Notes from time to time pursuant to the Indenture and
      the
      Ownership Certificate pursuant to this Agreement and to sell, transfer and
      exchange such Notes and such Ownership Certificate;

     

    
      
        
        

      

      
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    (b) with
      the
      proceeds of the sale of the Notes and the Ownership Certificate, to pay the
      organizational, start-up and transactional expenses of the Trust and to pay
      the
      balance of the Net Proceeds from the Notes to the Depositor in consideration
      of
      the transfer to the Trust of the Collateral;

     

    (c) to
      assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant
      to the Indenture and to hold, manage and distribute to the Certificateholder
      pursuant to the terms of the Transfer and Servicing Agreement any portion of
      the
      Collateral released from the lien of, and remitted to the Trust pursuant to,
      the
      Indenture;

     

    (d) to
      enter
      into and perform its obligations under the Operative Agreements and any Cap
      Agreement to which it is to be a party;

     

    (e) to
      engage
      in those activities, including entering into agreements, that are necessary,
      suitable or convenient to accomplish the foregoing or are incidental thereto
      or
      connected therewith; and

     

    (f) subject
      to compliance with the Operative Agreements, to engage in such other activities
      as may be required in connection with conservation of the Trust Estate and
      the
      making of distributions and payments to the Certificateholders and the
      Noteholders.

     

    The
      Trust
      is hereby authorized to engage in the foregoing activities. The Trust shall
      not
      engage in any activity other than in connection with the foregoing or other
      than
      as required or authorized by the terms of this Agreement or the Operative
      Agreements.

     

    Section
      2.04. Appointment
      of the Owner Trustee. 
      The
      Depositor hereby appoints the Bank to act as owner trustee (the “Owner Trustee”)
      of the Trust effective as of the date hereof to have all the rights, powers
      and
      duties set forth herein with respect to accomplishing the purposes of the
      Trust.

     

    The
      Owner
      Trustee is hereby authorized to execute this Agreement, the Indenture, the
      Administration Agreement, the Transfer and Servicing Agreement and any other
      Operative Agreement on behalf of the Trust. The Owner Trustee is hereby
      authorized to take all actions required or permitted to be taken by it in
      accordance with the terms of this Agreement.

     

    Section
      2.05. Initial Capital Contribution; Declaration of Trust.

     

    (a) The
      Depositor hereby sells, assigns, transfers, conveys and sets over to the Trust,
      as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges
      receipt in trust from the Depositor, as of the Closing Date, of the foregoing
      contribution which shall constitute the initial corpus of the Trust Estate
      and
      shall be deposited in the Certificate Distribution Account. The Depositor shall
      pay organizational expenses of the Trust as they may arise or shall, upon the
      request of the Owner Trustee, promptly reimburse the Owner Trustee for any
      such
      expenses paid by the Owner Trustee.

     

    (b) The
      Owner
      Trustee hereby declares that it will hold the Trust Estate in trust upon and
      subject to the conditions set forth herein for the use and benefit of the
      Certificateholders, subject to the obligations of the Trust under the Operative
      Agreements. It is the intention of the parties hereto that the Trust constitute
      a statutory trust under the Delaware Trust Statute and that this Agreement
      constitute the governing instrument of such statutory trust. No later than
      the
      Closing Date, the Owner Trustee shall cause the filing of the Certificate of
      Trust with the Secretary of State. Except as otherwise provided in this
      Agreement, the rights of the Certificateholders will be those of beneficial
      owners of the Trust.

     

    
      
        
        

      

      
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    Section
      2.06. Initial
      Beneficiary. 
      Upon
      the
      formation of the Trust by the contribution by the Depositor pursuant to Section
      2.05 and until the issuance of the Ownership Certificate, the Depositor shall
      be
      the sole beneficiary of the Trust.

     

    Section
      2.07. Liability
      of the Holder of the Ownership Certificate. 
      To
      the
      fullest extent permitted by applicable law, no Certificateholder shall have
      any
      personal liability for any liability or obligation of the Trust or, except
      as
      otherwise provided herein, to the Owner Trustee.

     

    Section
      2.08. Situs
      of Trust. 
      The
      Trust
      will be located in the State of Delaware. All bank accounts maintained by the
      Owner Trustee on behalf of the Trust shall be located in the States of Delaware,
      New York or the jurisdiction where the Securities Administrator maintains bank
      accounts with respect to collections on the Collateral. The only offices of
      the
      Trust will be as described in Section 2.02 hereof. The Trust shall not have
      any
      employees; provided,
      however,
      that
      nothing herein shall restrict or prohibit the Owner Trustee from having
      employees within or without the State of Delaware. Payments will be received
      by
      the Trust only in Delaware, New York, the jurisdiction in which the Securities
      Administrator maintains the Certificate Distribution Account or such other
      jurisdiction designated by the Depositor, and payments will be made by the
      Trust
      only from the Trust Accounts or from Delaware, New York or such other
      jurisdiction designated by the Depositor.

     

    Section
      2.09. Title to Trust Property. 

     

    (a) Subject
      to the Indenture, title to all of the Trust Estate shall be vested at all times
      in the Trust as a separate legal entity until this Agreement terminates pursuant
      to Article VIII hereof; provided,
      however,
      that if
      the laws of any jurisdiction require that title to any part of the Trust Estate
      be vested in the trustee of the Trust, then title to that part of the Trust
      Estate shall be deemed to be vested in the Owner Trustee or any co-trustee
      or
      separate trustee, as the case may be, appointed pursuant to Article IX of this
      Agreement.

     

    (b) The
      Certificateholders shall have no legal title to any part of the Trust Estate.
      No
      transfer by operation of law or otherwise of any interest of the
      Certificateholders shall operate to terminate this Agreement or the trusts
      created hereunder or entitle any transferee to an accounting or to the transfer
      to it of any part of the Trust Estate.

     

    Section
      2.10. Representations
      and Warranties of the Depositor. 
      The
      Depositor hereby represents and warrants to the Owner Trustee and the Securities
      Administrator as of the Closing Date, as follows:

     

    (a) The
      Depositor is duly organized and validly existing as a corporation in good
      standing under the laws of the State of Delaware, with power and authority
      to
      own its properties and to conduct its business as such properties are currently
      owned and such business is presently conducted and had at all relevant times,
      and now has, power, authority and the legal right to acquire and own the
      Mortgage Loans.

     

    
      
        
        

      

      
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    (b) The
      Depositor is duly qualified to do business as a foreign corporation in good
      standing and has obtained all necessary licenses and approvals in all
      jurisdictions in which the ownership or lease of property or the conduct of
      its
      business shall require such qualifications.

     

    (c) The
      Depositor has the power and authority to execute and deliver any Operative
      Agreement to which it is a party and to carry out its terms; the Depositor
      has
      full power and authority to sell and assign the Collateral to be sold and
      assigned to and deposited with the Trust and the Depositor has duly authorized
      such assignment and deposit to the Trust by all necessary corporate action;
      and
      the execution, delivery and performance of this Agreement or any other Operative
      Agreement to which it is a party has been duly authorized by the Depositor
      by
      all necessary corporate action and, assuming the due authorization, execution
      and delivery of each such agreement by the other parties thereto, each such
      agreement constitutes a valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, except as
      enforcement thereof may be subject to or limited by bankruptcy, insolvency,
      moratorium, reorganization or other similar laws relating to or affecting
      creditors’ rights generally and by general equitable principles.

     

    (d) The
      consummation of the transactions contemplated by this Agreement and the
      fulfillment of the terms hereof and thereof do not conflict with, result in
      any
      breach of any of the terms and provisions of, or constitute (with or without
      notice or lapse of time) a default under, the certificate of incorporation
      or
      by-laws of the Depositor, or any indenture, agreement or other instrument to
      which the Depositor is a party or by which it is bound; nor result in the
      creation or imposition of any lien upon any of its properties pursuant to the
      terms of any such indenture, agreement or other instrument (other than pursuant
      to the Operative Agreements); nor violate any law or, to the best of the
      Depositor’s knowledge, any order, rule or regulation applicable to the Depositor
      of any court or of any Federal or state regulatory body, administrative agency
      or other governmental instrumentality having jurisdiction over the Depositor
      or
      its properties.

     

    (e) There
      are
      no proceedings or investigations, pending or, to the best knowledge of the
      Depositor, threatened before any court, regulatory body, administrative agency
      or other governmental instrumentality having jurisdiction over the Depositor
      or
      its properties: (i) asserting the invalidity of this Agreement or any other
      Operative Agreement to which the Depositor is a party, (ii) seeking to prevent
      the consummation of any of the transactions contemplated by this Agreement
      or
      any other Operative Agreement to which the Depositor is a party or (iii) seeking
      any determination or ruling that might materially and adversely affect the
      performance by the Depositor of its obligations under, or the validity or
      enforceability of, this Agreement or any other Operative Agreement to which
      the
      Depositor is a party.

     

    (f) The
      representations and warranties of the Depositor made pursuant to the Transfer
      and Servicing Agreement are true and correct.

     

    (g) This
      Agreement is not required to be qualified under the Trust Indenture Act of
      1939,
      as amended, and the Trust is not required to be registered as an “investment
      company” under the Investment Company Act of 1940, as amended.

     

    
      
        
        

      

      
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    Section
      2.11. Tax
      Treatment.  The
      Depositor, the Owner Trustee and the Initial Holder intend that the Trust be
      treated for federal income tax purposes as a Qualified REIT Subsidiary. In
      accordance with Section 5.08(c) of the Transfer and Servicing Agreement and
      Section 6.06 of the Indenture, the Securities Administrator will perform the
      calculation of accrual of original issue discount and the amortization of
      premium on the Securities and will prepare and make any necessary tax filings
      under the Code with respect to the payments on the Notes.

     

    Section
      2.12. Investment
      Company. 
      Neither
      the Depositor nor any holder of an Ownership Certificate shall take any action
      which would cause the Trust to become an “investment company” which would be
      required to register under the Investment Company Act of 1940, as
      amended.

     

    ARTICLE
      III

    THE
      OWNERSHIP CERTIFICATE AND TRANSFERS OF INTERESTS

     

    Section
      3.01. The
      Ownership Certificate. 
      The
      Ownership Certificate shall initially be issued as a single certificate in
      definitive, fully registered form and shall initially be registered in the
      name
      of the Initial Holder. No Ownership Certificate shall be issued in authorized
      denominations of less than a 100% Percentage Interest in such Certificate.
      The
      Ownership Certificate shall be executed on behalf of the Trust by manual or
      facsimile signature of an Authorized Officer of the Owner Trustee and
      authenticated in the manner provided in Section 3.02. An Ownership Certificate
      bearing the manual signatures of individuals who were, at the time when such
      signatures shall have been affixed, authorized to sign on behalf of the Trust,
      shall be validly issued and entitled to the benefit of this Agreement,
      notwithstanding that such individuals or any of them shall have ceased to be
      so
      authorized prior to the authentication and delivery of such Ownership
      Certificate or did not hold such offices at the date of authentication and
      delivery of such Ownership Certificate. A Person shall become a
      Certificateholder and shall be entitled to the rights and subject to the
      obligations of a Certificateholder hereunder upon such Person’s acceptance of an
      Ownership Certificate duly registered in such Person’s name pursuant to Section
      3.03.

     

    Section
      3.02. Execution, Authentication and Delivery of the Ownership
      Certificate.

     

    Concurrently
      with the sale of the Collateral to the Trust pursuant to the Transfer and
      Servicing Agreement, the Owner Trustee shall cause the Ownership Certificate
      issued hereunder to be executed and authenticated on behalf of the Trust and
      authenticated and delivered to the Initial Holder or upon the written order
      of
      the Depositor, signed by its chairman of the board, its president or any vice
      president, without further corporate action by the Depositor. The Ownership
      Certificate shall not entitle its Holder to any benefits under this Agreement
      or
      be valid for any purpose unless there shall appear on such Ownership Certificate
      a certificate of authentication substantially in the form set forth in Exhibit
      A
      hereto, executed by the Certificate Registrar, as the Owner Trustee’s
      authenticating agent, by manual signature; such authentication shall constitute
      conclusive evidence that such Ownership Certificate shall have been duly
      authenticated and delivered hereunder. An Ownership Certificate shall be dated
      the date of its authentication.

     

    
      
        
        

      

      
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    Section
      3.03. Registration
      of and Limitations on Transfers and Exchanges of the Ownership
      Certificate. 
      The
      Certificate Registrar shall keep or cause to be kept, at the office or agency
      maintained pursuant to Section 3.07, a Certificate Register in which, subject
      to
      such reasonable regulations as it may prescribe, the Certificate Registrar
      shall
      provide for the registration of the Ownership Certificate and of transfers
      and
      exchanges of the Ownership Certificate as herein provided; provided,
      however,
      that no
      Ownership Certificate shall be issued in any such transfer and exchange
      representing less than a 100% Percentage Interest in such Certificate; and
      provided,
      further,
      that no
      Ownership Certificate shall be issued in any such transfer and exchange except
      in accordance with the provisions and conditions set forth below in this Section
      3.03. The Securities Administrator shall be the initial Certificate Registrar.
      If the Certificate Registrar resigns or is removed, the Owner Trustee, with
      the
      consent of the Depositor, shall appoint a successor Certificate
      Registrar.

     

    Subject
      to satisfaction of the conditions set forth below, upon surrender for
      registration of transfer of an Ownership Certificate at the office or agency
      maintained pursuant to Section 3.07, the Owner Trustee shall execute,
      authenticate and deliver (or cause the Securities Administrator as its
      authenticating agent to authenticate and deliver), in the name of the designated
      transferee, a new Ownership Certificate evidencing the Percentage Interest
      of
      the Ownership Certificate so surrendered and dated the date of authentication
      by
      the Owner Trustee or the Certificate Registrar.

     

    Every
      Ownership Certificate presented or surrendered for registration of transfer
      or
      exchange shall be accompanied by a written instrument of transfer in form
      satisfactory to the Owner Trustee and the Certificate Registrar duly executed
      by
      the Holder or such Holder’s attorney duly authorized in writing. Each Ownership
      Certificate surrendered for registration of transfer or exchange shall be
      cancelled and subsequently disposed of by the Certificate Registrar in
      accordance with its customary practice.

     

    No
      service charge shall be made for any registration of transfer or exchange of
      the
      Ownership Certificate, but the Owner Trustee or the Certificate Registrar may
      require payment of a sum sufficient to cover any tax or governmental charge
      that
      may be imposed in connection with any transfer or exchange of the Ownership
      Certificate or any other expense arising as a result of any registration of
      transfer or exchange.

     

    The
      preceding provisions of this Section notwithstanding, the Owner Trustee shall
      not make and the Certificate Registrar shall not register transfer or exchanges
      of an Ownership Certificate for a period of 15 days preceding the due date
      for
      any payment with respect to the Ownership Certificate.

     

    No
      transfer of an Ownership Certificate shall be made unless such transfer is
      exempt from the registration requirements of the Securities Act and any
      applicable state securities laws or is made in accordance with said Act and
      laws. Except in the case of the initial transfer to the Initial Holder, in
      the
      event of any such transfer, the Certificate Registrar or the Depositor shall
      prior to such transfer require the transferee to execute an investment letter
      (in the form attached hereto as Exhibit C) certifying to the Trust, the Owner
      Trustee, the Securities Administrator, the Certificate Registrar and the
      Depositor that such transferee is a “qualified institutional buyer” under Rule
      144A under the Securities Act, and any expense associated with the preparation
      and execution of any such investment letter shall not be an expense of the
      Trust, the Owner Trustee, the Securities Administrator, the Certificate
      Registrar or the Depositor. A Holder desiring to effect the transfer of an
      Ownership Certificate shall, and does hereby agree to, indemnify the Trust,
      the
      Owner Trustee, the Securities Administrator, the Certificate Registrar and
      the
      Depositor against any and all liability that may result if the transfer is
      not
      so exempt or is not made in accordance with such federal and state
      laws.

     

    
      
        
        

      

      
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    Except
      in
      the case of the initial transfer to the Initial Holder, no transfer of an
      Ownership Certificate shall be made unless the Certificate Registrar shall
      have
      received a representation letter (in the form attached hereto as Exhibit C)
      from
      the proposed transferee of such Ownership Certificate to the effect that such
      proposed transferee is not an employee benefit plan or other retirement
      arrangement subject to Section 406 of ERISA, or Section 4975 of the Code, or
      any
      substantially similar applicable law, or a Person acting on behalf of or using
      the assets of any such plan, which representation letter shall not be an expense
      of the Trust, the Owner Trustee, the Securities Administrator, the Certificate
      Registrar or the Depositor.

     

    Prior
      to
      and as a condition of the registration of any transfer, sale or other
      disposition of the Ownership Certificate, the Initial Holder of the Ownership
      Certificate and each Prospective Holder of the Ownership Certificate shall
      represent and warrant in writing, in substantially the form set forth in Exhibit
      F hereto, to the Owner Trustee, the Securities Administrator and the Certificate
      Registrar and any of their respective successors that:

     

    (i) Such
      Person is duly authorized to purchase the Ownership Certificate and its purchase
      of investments having the characteristics of the Ownership Certificate is
      authorized under, and not directly or indirectly in contravention of, any law,
      charter, trust instrument or other operative document, investment guidelines
      or
      list of permissible or impermissible investments that is applicable to the
      investor;

     

    (ii) Such
      Person understands that each holder of an Ownership Certificate, by virtue
      of
      its acceptance thereof, assents to the terms, provisions and conditions of
      the
      Agreement; and

     

    (iii) Such
      Person is a REIT, a Qualified REIT Subsidiary or a Disregarded
      Entity.

     

    The
      Trust
      shall cause each Certificate to contain a legend, substantially in the form
      of
      the applicable legends provided in Exhibit A hereto, stating that transfer
      of
      such Certificate is subject to certain restrictions and referring prospective
      purchasers of the Certificates to this Section 3.03 with respect to such
      restrictions.

     

    Notwithstanding
      anything to the contrary herein, no transfer, pledge or encumbrance of any
      Ownership Certificate shall be made to any Person unless the Owner Trustee
      and
      the Certificate Registrar have received an Opinion of Counsel (which shall
      not
      be an expense of the Owner Trustee or the Certificate Registrar) to the effect
      that such transfer, pledge or encumbrance would not have any adverse effect
      of
      the status of the Notes as debt for federal income tax purposes and would not
      result in the Trust’s becoming taxable for federal income tax
      purposes.

     

    
      
        
        

      

      
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    If
      any
      purported transferee shall become a Holder in violation of the provisions of
      this Section, then upon receipt of written notice to the Certificate Registrar
      and the Certificate Paying Agent that the registration of transfer of the
      Ownership Certificate to such Holder was not in fact permitted by this Section,
      then the transfer to that Holder shall be void
      ab
      initio
      and the
      last preceding Holder that was and that continues to be an eligible Holder
      in
      accordance with the provisions of this Section shall be restored to all rights
      as Holder thereof retroactive to the date of such registration of transfer
      of
      the Ownership Certificate. The Certificate Registrar shall be under no liability
      to any Person for any registration of transfer of an Ownership Certificate
      that
      is in fact not permitted by this Section, for making any payment due on such
      Certificate to the Holder thereof or for taking any other action with respect
      to
      such Holder under the provisions of this Agreement so long as the transfer
      was
      registered upon receipt of the affidavit described in the immediately preceding
      paragraph.

     

    Section
      3.04. Lost,
      Stolen, Mutilated or Destroyed Ownership Certificate. 
      If
      (a) a
      mutilated Ownership Certificate is surrendered to the Certificate Registrar,
      or
      (b) the Certificate Registrar receives evidence to its satisfaction that an
      Ownership Certificate has been destroyed, lost or stolen, and there is delivered
      to the Certificate Registrar proof of ownership satisfactory to the Certificate
      Registrar, together with such security or indemnity as required by the
      Certificate Registrar and the Owner Trustee to save each of them harmless,
      then
      in the absence of notice to the Certificate Registrar or the Owner Trustee
      that
      such Ownership Certificate has been acquired by a protected purchaser, the
      Owner
      Trustee shall execute on behalf of the Trust, and the Owner Trustee or the
      Certificate Registrar shall authenticate and deliver, in exchange for or in
      lieu
      of any such mutilated, destroyed, lost or stolen Ownership Certificate, a new
      Ownership Certificate of like tenor and Percentage Interest. In connection
      with
      the issuance of any new Ownership Certificate under this Section 3.04, the
      Owner
      Trustee or the Certificate Registrar may require the payment of a sum sufficient
      to cover any expenses of the Owner Trustee or the Certificate Registrar
      (including any fees and expenses of counsel) and any tax or other governmental
      charge that may be imposed in connection therewith. Any duplicate Ownership
      Certificate issued pursuant to this Section 3.04 shall constitute conclusive
      evidence of ownership in the Trust, as if originally issued, whether or not
      the
      lost, stolen or destroyed Ownership Certificate shall be found at any
      time.

     

    Section
      3.05. Persons
      Deemed Certificateholders. 
      Prior
      to
      due presentation of an Ownership Certificate for registration of transfer,
      the
      Owner Trustee, the Certificate Registrar or any Certificate Paying Agent may
      treat the Holder as the owner of such Ownership Certificate for the purpose
      of
      receiving distributions pursuant to Section 4.02 and for all other purposes
      whatsoever, and none of the Trust, the Owner Trustee, the Certificate Registrar
      or any Certificate Paying Agent shall be bound by any notice to the
      contrary.

     

    Section
      3.06. Access
      to List of Certificateholders’ Names and Addresses. 
      The
      Certificate Registrar shall furnish or cause to be furnished to the Depositor,
      the Certificate Paying Agent or the Owner Trustee, within 15 days after receipt
      by the Certificate Registrar of a written request therefor from the Depositor,
      the Certificate Paying Agent or the Owner Trustee, in such form as the Depositor
      or the Owner Trustee, as the case may be, may reasonably require, of the name
      and address of the Holder as of the most recent Record Date. A Holder, by
      receiving and holding an Ownership Certificate, shall be deemed to have agreed
      not to hold any of the Trust, the Depositor, the Certificate Registrar, the
      Certificate Paying Agent or the Owner Trustee accountable or liable for damages
      by reason of the disclosure of its name and address, regardless of the source
      from which such information was derived.

     

    
      
        
        

      

      
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    Section
      3.07. Maintenance
      of Office or Agency. 
      The
      Certificate Registrar on behalf of the Trust, shall maintain an office or
      offices or agency or agencies where an Ownership Certificate may be surrendered
      for registration of transfer or exchange and where notices and demands to or
      upon the Owner Trustee in respect of the Ownership Certificate and the Operative
      Agreements may be served. The Certificate Registrar shall give the Owner Trustee
      prompt notice, in writing, of any such notice or demand. The Certificate
      Registrar initially designates the Corporate Trust Office of the Securities
      Administrator as its office for such purposes. The Certificate Registrar shall
      give prompt written notice to the Depositor, the Owner Trustee, the Certificate
      Paying Agent and the Certificateholders of any change in the location of the
      Certificate Register or any such office or agency.

     

    Section
      3.08. Certificate Paying Agent.

     

    (a) The
      Owner
      Trustee may appoint, and hereby appoints, the Securities Administrator as
      Certificate Paying Agent under this Agreement. The Certificate Paying Agent
      shall make distributions to the Holder from the Certificate Distribution Account
      pursuant to Section 4.02 hereof and Section 6.02 of the Transfer and Servicing
      Agreement and, upon request, shall report the amounts of such distributions
      to
      the Owner Trustee. The Certificate Paying Agent shall have the revocable power
      to withdraw funds from the Certificate Distribution Account for the purpose
      of
      making the distributions referred to above. The Securities Administrator hereby
      accepts such appointment and further agrees that it will be bound by the
      provisions of this Agreement and the Transfer and Servicing Agreement relating
      to the Certificate Paying Agent and shall:

     

    (i) hold
      all
      sums held by it for the payment of amounts due with respect to the Ownership
      Certificate in trust for the benefit of the Person entitled thereto until such
      sums shall be paid to such Person or otherwise disposed of as herein
      provided;

     

    (ii) give
      the
      Owner Trustee notice of any default by the Trust of which a Responsible Officer
      of the Securities Administrator has actual knowledge in the making of any
      payment required to be made with respect to the Ownership
      Certificate;

     

    (iii) at
      any
      time during the continuance of any such default, upon the written request of
      the
      Owner Trustee forthwith pay to the Owner Trustee on behalf of the Trust all
      sums
      so held in Trust by such Certificate Paying Agent;

     

    (iv) immediately
      resign as Certificate Paying Agent and forthwith pay to the Owner Trustee on
      behalf of the Trust all sums held by it in trust for the payment of Ownership
      Certificate if at any time it ceases to meet the standards under this Section
      3.08 required to be met by the Certificate Paying Agent at the time of its
      appointment; and

     

    (v) comply
      with all requirements of the Code with respect to the withholding from any
      payments made by it on the Ownership Certificate of any applicable withholding
      taxes imposed thereon and with respect to any applicable reporting requirements
      in connection therewith; provided,
      however,
      that
      with respect to reporting requirements applicable to original issue discount,
      the accrual of market discount or the amortization of premium on the Ownership
      Certificate, the Securities Administrator shall have first provided the
      calculations pertaining thereto and the amount of any resulting withholding
      taxes to the Securities Administrator and the Certificate Paying
      Agent.

     

    
      
        
        

      

      
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    (vi) not
      institute bankruptcy proceedings against the Trust in connection with this
      Agreement.

     

    (b) In
      the
      event that the Securities Administrator shall no longer be the Certificate
      Paying Agent hereunder, the Owner Trustee, with the consent of the Depositor,
      shall appoint a successor to act as Certificate Paying Agent (which shall be
      a
      bank or trust company). The Owner Trustee shall cause such successor Certificate
      Paying Agent or any additional Certificate Paying Agent appointed by the Owner
      Trustee to execute and deliver to the Owner Trustee an instrument in which
      such
      successor Certificate Paying Agent or additional Certificate Paying Agent shall
      agree with the Owner Trustee that as Certificate Paying Agent, such successor
      Certificate Paying Agent or additional Certificate Paying Agent will hold all
      sums, if any, held by it for payment in trust for the benefit of the Holder
      entitled thereto until such sums shall be paid to such Holder. The Certificate
      Paying Agent shall return all unclaimed funds to the Owner Trustee, and upon
      removal of a Certificate Paying Agent, such Certificate Paying Agent shall
      also
      return all funds in its possession to the Owner Trustee. The provisions of
      Sections 5.03, 5.04, 6.01, 6.05, 6.07, 6.08, 7.01 and 7.02 shall apply to the
      Securities Administrator, as though it had been named in such sections, also
      in
      its roles as Certificate Paying Agent and as Certificate Registrar for so long
      as the Securities Administrator shall act as Certificate Paying Agent and as
      Certificate Registrar and, to the extent applicable, to any other Certificate
      Paying Agent or Certificate Registrar appointed hereunder. Any reference in
      this
      Agreement to the Certificate Paying Agent shall include any co-paying agent
      unless the context requires otherwise.

     

    ARTICLE
      IV

    APPLICATION
      OF TRUST FUNDS; CERTAIN DUTIES

     

    Section
      4.01. Certificate
      Distribution Account.

     

    (a) The
      Securities Administrator shall establish and maintain on behalf of the Trust
      and
      the Certificateholder, the Certificate Distribution Account.

     

    (b) The
      Certificate Distribution Account shall be an Eligible Account. If the
      Certificate Distribution Account ceases to be an Eligible Account, the
      Securities Administrator shall establish a new Certificate Distribution Account
      that is an Eligible Account within 10 days and transfer all funds and investment
      property on deposit in such existing Certificate Distribution Account into
      such
      new Certificate Distribution Account.

     

    
      
        
        

      

      
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    (c) The
      Certificate Paying Agent shall withdraw funds from the Certificate Distribution
      Account for payments to the Certificateholder in the manner specified in this
      Agreement. In addition, the Securities Administrator may prior to making the
      payment required pursuant to Section 4.02 from time to time make withdrawals
      from the Certificate Distribution Account for the following
      purposes:

     

    (i) to
      withdraw funds deposited in error in the Certificate Distribution Account;
      and

     

    (ii) to
      clear
      and terminate the Certificate Distribution Account upon the termination of
      the
      Trust.

     

    (d) All
      of
      the right, title and interest of the Trust in all funds on deposit from time
      to
      time in the Certificate Distribution Account and in all proceeds thereof shall
      be held for the benefit of the Holder and such other persons entitled to
      payments therefrom. Except as otherwise expressly provided herein, the
      Certificate Distribution Account shall be under the sole dominion and control
      of
      the Owner Trustee for the benefit of the Certificateholder.

     

    Section
      4.02. Application of Trust Funds.

     

    (a) On
      each
      Payment Date, the Owner Trustee shall direct the Certificate Paying Agent to
      distribute to the Holder, from amounts on deposit in the Certificate
      Distribution Account, after payment of any amounts required to be paid pursuant
      to Section 7.02, the distributions as provided in Section 6.02 of the Transfer
      and Servicing Agreement with respect to such Payment Date. The Owner Trustee
      hereby directs the Certificate Paying Agent to distribute on each Payment Date
      to the Holder amounts on deposit in the Certificate Distribution Account in
      accordance with Section 6.02 of the Transfer and Servicing Agreement and the
      Certificate Paying Agent hereby acknowledges such direction.

     

    (b) All
      payments to be made under this Agreement by the Certificate Paying Agent shall
      be made only from the income and proceeds of the Trust Estate and only to the
      extent that the Certificate Paying Agent has received such income or proceeds.
      The Certificate Paying Agent shall not be liable to any Holder, the Indenture
      Trustee or the Owner Trustee for any amounts payable pursuant to this Section
      4.02 except to the extent that non-payment is due to the Certificate Paying
      Agent’s acts or omissions amounting to willful misconduct or gross
      negligence.

     

    (c) Distributions
      to the Holder shall be subordinated to the creditors of the Trust, including,
      without limitation, the Noteholders.

     

    Section
      4.03. Method
      of Payment. 
      Subject
      to Section 8.01(c), distributions required to be made to the Holder on any
      Payment Date as provided in Section 4.02 shall be made to the Person who was
      the
      Holder on the preceding Record Date either by wire transfer, in immediately
      available funds, to the account of such Holder at a bank or other entity having
      appropriate facilities therefor, if the Holder shall have provided to the
      Certificate Registrar appropriate written instructions at least five Business
      Days prior to such Payment Date or, if not, by check mailed to such Holder
      at
      the address of such Holder appearing in the Certificate Register.

     

    Section
      4.04. Segregation
      of Moneys; No Interest. 
      Moneys
      received by or on behalf of the Owner Trustee hereunder and deposited into
      the
      Certificate Distribution Account will be segregated except to the extent
      required otherwise by law or the provisions of the Transfer and Servicing
      Agreement. The Owner Trustee shall not be liable for payment of any interest
      in
      respect of such moneys.

     

    
      
        
        

      

      
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    ARTICLE
      V

    AUTHORITY
      AND DUTIES OF THE OWNER TRUSTEE;

    ACTION
      BY
      CERTIFICATEHOLDERS

     

    Section
      5.01. General
      Authority. 
      The
      Owner
      Trustee is authorized and directed to execute and deliver the Notes, the
      Ownership Certificate, and the other Operative Agreements, including each Cap
      Agreement, to which the Trust is to be a party and each certificate or other
      document attached as an exhibit to or contemplated by the Operative Agreements
      to which the Trust is to be a party and any amendment or other agreement or
      instrument described herein, as evidenced conclusively by the Owner Trustee’s
      execution thereof, and, on behalf of the Trust, to direct the Owner Trustee
      to
      authenticate the Notes. In addition to the foregoing, the Owner Trustee is
      authorized, but shall not be obligated, to take all actions required of the
      Trust pursuant to the Operative Agreements.

     

    Section
      5.02. General Duties.

     

    (a) It
      shall
      be the duty of the Owner Trustee to discharge (or cause to be discharged) all
      of
      its responsibilities pursuant to the terms of this Agreement and the other
      Operative Agreements to which the Trust is a party and to administer the Trust
      in the interest of the Certificateholders, subject to the Operative Agreements
      and in accordance with the provisions of this Agreement. Notwithstanding the
      foregoing, the Owner Trustee shall be deemed to have discharged its duties
      and
      responsibilities hereunder and under the Operative Agreements to the extent
      the
      Securities Administrator has agreed in the Administration Agreement, the
      Transfer and Servicing Agreement or this Agreement, respectively, to perform
      any
      act or to discharge any duty of the Owner Trustee or the Trust hereunder or
      under any Operative Agreement, and the Owner Trustee shall not be held liable
      for the default or failure of the Securities Administrator to carry out its
      obligations under the Administration Agreement, this Agreement, the Transfer
      and
      Servicing Agreement, or any other Operative Agreement, respectively;
      and

     

    (b) It
      shall
      be the duty of the Depositor under the Administration Agreement to obtain and
      preserve the Trust’s qualification to do business in each jurisdiction in which
      such qualification is or shall be necessary to protect the validity and
      enforceability of the Indenture, the Notes, the Collateral and each other
      instrument and agreement included in the Trust Estate. It shall be the duty
      of
      the Owner Trustee to cooperate with the Depositor with respect to such
      matters.

     

    Section
      5.03. Action Upon Instruction.

     

    (a) Subject
      to this Article V and in accordance with the terms of the Operative Agreements,
      the Holder may by written instruction direct the Owner Trustee in the management
      of the Trust, but only to the extent consistent with the limited purpose of
      the
      Trust. Such direction may be exercised at any time by written instruction of
      the
      Holder pursuant to this Article V.

     

    (b) Notwithstanding
      the foregoing, the Owner Trustee shall not be required to take any action
      hereunder or under any Operative Agreement if the Owner Trustee shall have
      reasonably determined, or shall have been advised by counsel, that such action
      is likely to result in liability on the part of the Owner Trustee or is contrary
      to the terms hereof or of any Operative Agreement or is otherwise contrary
      to
      law.

     

    
      
        
        

      

      
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    (c) Whenever
      the Owner Trustee is unable to decide between alternative courses of action
      permitted or required by the terms of this Agreement or under any other
      Operative Agreement, or in the event that the Owner Trustee is unsure as to
      the
      application of any provision of this Agreement or any other Operative Agreement
      or any such provision is ambiguous as to its application, or is, or appears
      to
      be, in conflict with any other applicable provision, or in the event that this
      Agreement permits any determination by the Owner Trustee or is silent or is
      incomplete as to the course of action that the Owner Trustee is required to
      take
      with respect to a particular set of facts, the Owner Trustee may promptly give
      notice (in such form as shall be appropriate under the circumstances) to the
      Holder requesting instruction as to the course of action to be adopted, and
      to
      the extent the Owner Trustee acts in good faith in accordance with any written
      instruction of the Holder, the Owner Trustee shall not be liable on account
      of
      such action to any Person. If the Owner Trustee shall not have received
      appropriate instruction within 10 days of such notice (or within such shorter
      period of time as reasonably may be specified in such notice or may be necessary
      under the circumstances) it may, but shall be under no duty to, take or refrain
      from taking such action not inconsistent with this Agreement or any other
      Operative Agreement, as it shall deem to be in the best interests of the Holder,
      and the Owner Trustee shall have no liability to any Person for such action
      or
      inaction.

     

    Section
      5.04. No
      Duties Except as Specified under Specified Documents or in
      Instructions. 
      The
      Owner
      Trustee shall not have any duty or obligation to manage, make any payment with
      respect to, register, record, sell, dispose of, or otherwise deal with the
      Trust
      Estate, or to otherwise take or refrain from taking any action under, or in
      connection with, any document contemplated hereby to which the Owner Trustee
      or
      the Issuer is a party, except as expressly provided (i) in accordance with
      the
      powers granted to and the authority conferred upon the Owner Trustee pursuant
      to
      this Agreement, and (ii) in accordance with any document or instruction
      delivered to the Owner Trustee pursuant to Section 5.03; and no implied duties
      or obligations shall be read into this Agreement or any Operative Agreement
      against the Owner Trustee. The Owner Trustee shall have no responsibility for
      filing any financing or continuation statement in any public office at any
      time
      or to otherwise perfect or maintain the perfection of any security interest
      or
      lien granted to the Trust or to prepare or file any Securities and Exchange
      Commission filing for the Trust or to record this Agreement or any Operative
      Agreement or to prepare or file any tax return for the Trust. The Owner Trustee
      nevertheless agrees that it will, at its own cost and expense, promptly take
      all
      action as may be necessary to discharge any liens on any part of the Trust
      Estate that result from actions by, or claims against the Bank that are not
      related to the ownership or the administration of the Trust Estate.

     

    Section
      5.05. Restrictions.

     

    (a) The
      Owner
      Trustee shall not take any action that is inconsistent with the purposes of
      the
      Trust set forth in Section 2.03. The Holder shall not direct the Owner Trustee
      to take action that would violate the provisions of this Section
      5.05.

     

    
      
        
        

      

      
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    (b) The
      Owner
      Trustee shall not, except as provided herein, convey or transfer any of the
      Trust’s properties or assets, including those included in the Trust Estate, to
      any person unless such conveyance or transfer shall not violate the provisions
      of the Indenture.

     

    Section
      5.06. Prior
      Notice to the Holder with Respect to Certain Matters;
      Separateness Covenants.  With
      respect to the following matters, the Owner Trustee shall not take action unless
      at least 30 days before the taking of such action, the Owner Trustee shall
      have
      notified the Holder in writing of the proposed action and the Holder shall
      have
      notified the Owner Trustee in writing prior to the 30th day after such notice
      is
      given that such Holder has consented to such action or provided alternative
      direction:

     

    (a) The
      initiation of any claim or lawsuit by the Trust (except claims or lawsuits
      brought in connection with the collection of cash distributions due and owing
      under the Collateral) and the compromise of any action, claim or lawsuit brought
      by or against the Trust (except with respect to the aforementioned claims or
      lawsuits for collection of cash distributions due and owing under the
      Collateral);

     

    (b) The
      election by the Trust to file an amendment to the Certificate of Trust (unless
      such amendment is required to be filed under the Delaware Trust
      Statute);

     

    (c) The
      amendment of the Indenture by a supplemental indenture or of this Agreement
      or
      any other Operative Agreement in circumstances where the consent of any
      Noteholder is required;

     

    (d) The
      amendment or other change of the Indenture by a supplemental indenture or of
      this Agreement, any Cap Agreement or any other Operative Agreement in
      circumstances where the consent of any Noteholder is not required and such
      amendment materially adversely affects the interests of the Holder;

     

    (e) The
      amendment of the Transfer and Servicing Agreement in circumstances where the
      consent of any Securityholder is required;

     

    (f) The
      amendment, change or modification of the Administration Agreement, except to
      cure any ambiguity or to amend or supplement any provision in a manner or add
      any provision that would not materially and adversely affect the interests
      of
      the Holder;

     

    (g) The
      appointment pursuant to the Indenture of a successor Note Registrar, Paying
      Agent or Indenture Trustee or pursuant to this Agreement of a successor
      Certificate Registrar or Certificate Paying Agent or the consent to the
      assignment by the Note Registrar, Paying Agent, Indenture Trustee, Certificate
      Registrar or Certificate Paying Agent of its obligations under the Indenture
      or
      this Agreement, as applicable;

     

    (h) The
      consent to the calling or waiver of any default of any Operative
      Agreement;

     

    (i) The
      consent to the assignment by the Indenture Trustee of its obligations under
      any
      Operative Agreement;

     

    
      
        
        

      

      
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    (j) Except
      as
      provided in Article VIII hereof, the dissolution, termination or liquidation
      of
      the Trust in whole or in part;

     

    (k) The
      merger, conversion or consolidation of the Trust with or into any other entity,
      or conveyance or transfer of all or substantially all of the Trust’s assets to
      any other entity;

     

    (l) The
      incurrence, assumption or guaranty by the Trust of any indebtedness other than
      as set forth in this Agreement;

     

    (m) The
      taking of any action which conflicts with any Operative Agreement or would
      make
      it impossible to carry on the ordinary business of the Trust or change the
      Trust’s purpose and powers set forth in this Agreement;

     

    (n) The
      confession of a judgment against the Trust;

     

    (o) The
      possession of the Trust assets, or assignment of the Trust’s right to property,
      for other than a Trust purpose; or

     

    (p) The
      lending of funds by the Trust to any entity.

     

    In
      addition, the Trust shall not commingle its assets with those of any other
      entity. The Trust shall maintain its financial and accounting books and records
      separate from those of any other entity. Except as expressly set forth herein,
      the Trust shall pay its indebtedness, operating expenses and liabilities from
      its own funds, and the Trust shall neither incur any indebtedness nor pay the
      indebtedness, operating expenses and liabilities of any other entity nor
      guarantee nor become obligated for the debts of any other person. Except as
      expressly set forth herein, the Trust shall not engage in any dissolution,
      liquidation, consolidation, merger or sale of assets. The Trust shall maintain
      appropriate minutes or other records of all appropriate actions and shall
      maintain its office and bank accounts separate from the offices and bank
      accounts of the Depositor or any of its Affiliates. The Trust shall not engage
      in any business activity in which it is not currently engaged other than as
      contemplated by the Operative Agreements and related documentation. The Trust
      shall not form, or cause to be formed, any subsidiaries and shall not own or
      acquire any asset other than as contemplated by the Operative Agreements and
      related documentation. Other than as contemplated by the Operative Agreements
      and related documentation, the Trust shall not follow the directions or
      instructions of the Depositor. The Trust shall hold itself out as a separate
      entity from the Depositor, the Certificateholder, and any of their affiliates,
      conduct its own business in its own name and use stationery, invoices, checks
      or
      other business forms under its own name and not that of any Certificateholder,
      Affiliate, or other person. The Trust shall observe all formalities required
      under the Delaware Trust Statute. The Trust shall not hold out its credit as
      being available to satisfy the obligations of any other person or entity. The
      Trust shall not acquire the obligations or securities of its Affiliates or
      the
      Seller. Other than as contemplated by the Operative Agreements and related
      documentation, the Trust shall not pledge its assets for the benefit of any
      other person or entity. The Trust shall correct any known misunderstanding
      regarding its separate identity. The Trust shall not identify itself as a
      division of any other person or entity. The Trust shall maintain adequate
      capital in light of its contemplated business operations. The Trust shall
      conduct business with its affiliates on an arm’s-length basis.

     

    
      
        
        

      

      
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    For
      accounting purposes, the Trust shall be treated as an entity separate and
      distinct from the Holder. The pricing and other material terms of all
      transactions and agreements to which the Trust is a party shall be intrinsically
      fair to all parties thereto. This Agreement is and shall be the only agreement
      among the parties thereto with respect to the creation, operation and
      termination of the Trust.

     

    The
      Owner
      Trustee shall not have the power, except upon the written direction of the
      Holder, and to the extent otherwise consistent with the Operative Agreements,
      to
      (i) remove or replace the Indenture Trustee, or (ii) institute a
      bankruptcy against the Trust. So long as the Indenture remains in effect, to
      the
      extent permitted by applicable law, the Holder shall have no power to commence,
      and shall not commence, any bankruptcy with respect to the Trust or direct
      the
      Owner Trustee to commence any bankruptcy with respect to the Trust.

     

    (q) The
      Owner
      Trustee shall not have the power, except upon the written direction of the
      Holder, to (i) remove the Securities Administrator under the Administration
      Agreement pursuant to Section 9 thereof, (ii) appoint a successor Securities
      Administrator pursuant to Section 9 of the Administration Agreement, or (iii)
      except as expressly provided in the Indenture, to sell the Collateral after
      the
      termination of the Indenture. The Owner Trustee shall take the actions referred
      to in the preceding sentence only upon written instructions signed and
      authorized by the Holder.

     

    Section
      5.07. Action
      by the Holder with Respect to Bankruptcy. 
      The
      Owner
      Trustee shall not have the power to commence or consent to a bankruptcy relating
      to the Trust without the prior approval of the Holder and the delivery to the
      Owner Trustee by the Holder of a certificate certifying that the Holder
      reasonably believes that the Trust is insolvent. This paragraph shall survive
      for one year and one day following termination of this Agreement. So long as
      the
      Indenture remains in effect, the Holder shall not have the power to institute,
      and shall not institute, any bankruptcy with respect to the Trust or direct
      the
      Owner Trustee to take such action.

     

    Section
      5.08. Restrictions
      on the Holder’s Power. 
      The
      Holder shall not direct the Owner Trustee to take or to refrain from taking
      any
      action if such action or inaction would be contrary to any obligation of the
      Trust or the Owner Trustee under this Agreement or any of the Operative
      Agreements or would be contrary to Section 2.03 nor shall the Owner Trustee
      be
      obligated to follow any such direction, if given. The Holder shall not guarantee
      any obligations of the Trust.

     

    
      
        
        

      

      
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    ARTICLE
      VI

    CONCERNING
      THE OWNER TRUSTEE

     

    Section
      6.01. Acceptance
      of Trusts and Duties. 
      The
      Owner
      Trustee accepts the trusts hereby created and agrees to perform the same but
      only upon the terms of this Agreement. The Owner Trustee also agrees to disburse
      all moneys actually received by it constituting part of the Trust Estate upon
      the terms of this Agreement. The Bank shall not be answerable or accountable
      hereunder or under any other Operative Agreements under any circumstances,
      except (i) for its own willful misconduct, gross negligence or bad faith, (ii)
      in the case of the inaccuracy of any representation or warranty contained in
      Section 6.04, (iii) for liabilities arising from the failure by the Bank to
      perform obligations expressly undertaken by it in the last sentence of Section
      5.04, or (iv) for taxes, fees or other charges based on or measured by any
      fees,
      commissions or compensation received by the Bank in connection with any of
      the
      transactions contemplated by this Agreement, any other Operative Agreements
      or
      the Notes. In particular, but not by way of limitation:

     

    (a) The
      Bank
      shall not be liable for any error of judgment made in good faith by a
      Responsible Officer of the Owner Trustee;

     

    (b) The
      Bank
      shall not be liable with respect to any action taken or omitted to be taken
      by
      the Owner Trustee in accordance with the instructions of the
      Holder;

     

    (c) No
      provision of this Agreement shall require the Bank to expend or risk funds
      or
      otherwise incur any financial liability in the performance of any of the Owner
      Trustee’s rights or powers hereunder or under any other Operative Agreements if
      the Bank shall have reasonable grounds for believing that repayment of such
      funds or adequate indemnity against such risk or liability is not reasonably
      assured or provided to it;

     

    (d) Under
      no
      circumstance shall the Bank be liable for indebtedness evidenced by or arising
      under any of the Operative Agreements, including the principal of and interest
      on the Notes;

     

    (e) The
      Bank
      shall not be liable with respect to any action taken or omitted to be taken
      by
      the Depositor, the Securities Administrator, the Master Servicer, the Indenture
      Trustee, any Officer or the Certificate Paying Agent under this Agreement or
      any
      other Operative Agreement or otherwise and the Bank shall not be obligated
      to
      perform or monitor the performance of any obligations or duties under this
      Agreement or the other Operative Agreements which are to be performed by the
      Certificate Paying Agent under this Agreement, the Securities Administrator
      under the Administration Agreement, the Indenture Trustee under the Indenture
      or
      by any other Person under any of the Operative Agreements; and

     

    (f) The
      Bank
      shall not be responsible for or in respect of the recitals herein, the validity
      or sufficiency of this Agreement or for the due execution hereof by the
      Depositor or for the form, character, genuineness, sufficiency, value or
      validity of any of the Trust Estate or for or in respect of the validity or
      sufficiency of the Operative Agreements, other than the certificate of
      authentication on the Ownership Certificate, and the Bank shall in no event
      assume or incur any liability, duty or obligation to any Noteholder, the
      Depositor or to the Holder, other than as expressly provided for
      herein.

     

    Section
      6.02. Furnishing
      of Documents. 
      The
      Owner
      Trustee will furnish to the Securities Administrator (for distribution to the
      Holder), promptly upon receipt of a written request therefor, duplicates or
      copies of all reports, notices, requests, demands, certificates, financial
      statements and any other instruments furnished to the Owner Trustee hereunder
      or
      under the Operative Agreements unless the Securities Administrator shall have
      already received the same.

     

    
      
        
        

      

      
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    Section
      6.03. Books
      and Records. 
      The
      Owner
      Trustee shall keep or cause to be kept proper books of record and account of
      all
      the transactions under this Agreement, including a record of the name and
      address of the Holder. The Owner Trustee shall be deemed to have complied with
      this Section 6.03 by the appointment of the Securities Administrator and the
      Certificate Paying Agent to perform the duties hereunder.

     

    Section
      6.04. Representations and Warranties.

     

    (a) The
      Bank
      represents and warrants to the Depositor, for the benefit of the Holder, as
      follows:

     

    (i) the
      Bank
      is a banking corporation duly organized, validly existing and in good standing
      under the laws of the State of Delaware and has the power and authority to
      execute, deliver and perform its obligations under this Agreement and (assuming
      due authorization, execution and delivery of this Agreement by the Depositor
      and
      Securities Administrator), has the power and authority as Owner Trustee to
      execute and deliver the Operative Agreements and to perform its obligations
      thereunder and, assuming the due authorization, execution and delivery hereof
      by
      the other parties hereto, this Agreement constitutes a legal, valid and binding
      obligation of the Bank or the Owner Trustee, as the case may be, enforceable
      against the Bank or the Owner Trustee, as the case may be, in accordance with
      its terms, except that (a) the enforceability thereof may be limited by
      bankruptcy, insolvency, moratorium, receivership and other similar laws relating
      to creditors’ rights generally and (b) the remedy of specific performance and
      injunctive and other forms of equitable relief may be subject to equitable
      defenses and to the discretion of the court before which any proceeding therefor
      may be brought;

     

    (ii) the
      Bank
      has no reason to believe that anyone authorized to act on its behalf has offered
      any interest in and to the Trust for sale to, or solicited any offer to acquire
      any of the same from, anyone;

     

    (iii) the
      execution, delivery and performance by the Bank, either in its individual
      capacity or as Owner Trustee, as the case may be, of the Operative Agreements
      will not result in any violation of, or be in any conflict with, or constitute
      a
      default under any of the provisions of any indenture, mortgage, chattel
      mortgage, deed of trust, conditional sales contract, lease, note or bond
      purchase agreement, license, judgment, order or other agreement to which the
      Bank is a party or by which it or any of its properties is bound;

     

    (iv) the
      execution and delivery by the Bank of this Agreement, and the performance of
      its
      duties as Owner Trustee hereunder, do not require the consent or approval of,
      the giving of notice to, or the registration with, or the taking of any other
      action with respect to, any governmental authority or agency of the State of
      Delaware (except as may be required by the Delaware Trust Statute);
      and

     

    (v) there
      are
      no pending or, to the best of its knowledge, threatened actions or proceedings
      against the Bank before any court, administrative agency or tribunal which,
      if
      determined adversely to it, would materially and adversely affect its ability,
      either in its individual capacity or as Owner Trustee, as the case may be,
      to
      perform its obligations under this Agreement or the Operative
      Agreements.

     

    
      
        
        

      

      
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    (b) Wells
      Fargo Bank, N.A., as Securities Administrator, hereby represents and warrants
      to
      the Depositor, for the benefit of the Holder, that:

     

    (i) it
      is a
      national banking association duly organized and validly existing in good
      standing under the laws of the United States, and has the power and authority
      to
      execute, deliver and perform its obligations under this Agreement and, assuming
      the due authorization, execution and delivery hereof by the other parties
      hereto, this Agreement constitutes a legal, valid and binding obligation of
      the
      Securities Administrator, enforceable against the Securities Administrator
      in
      accordance with its terms, except that (a) the enforceability thereof may be
      limited by bankruptcy, insolvency, moratorium, receivership and other similar
      laws relating to creditors’ rights generally and (b) the remedy of specific
      performance and injunctive and other forms of equitable relief may be subject
      to
      equitable defenses and to the discretion of the court before which any
      proceeding therefor may be brought;

     

    (ii) it
      has
      taken all action necessary to authorize the execution and delivery by it of
      this
      Agreement, and this Agreement will be executed and delivered by one of its
      officers who is duly authorized to execute and deliver this Agreement on its
      behalf; and

     

    (iii) neither
      the execution nor the delivery by it of this Agreement nor the consummation
      by
      it of the transactions contemplated hereby nor compliance by it with any of
      the
      terms or provisions hereof will contravene any federal, governmental rule or
      regulation governing the banking or trust powers of the Securities Administrator
      or any judgment or order binding on it, or constitute any default under its
      charter documents or by-laws or any indenture, mortgage, contract, agreement
      or
      instrument to which it is a party or by which any of its properties may be
      bound.

     

    Section
      6.05. Reliance; Advice of Counsel.

     

    (a) Except
      as
      provided in Section 6.01, the Owner Trustee shall incur no liability to anyone
      in acting upon any signature, instrument, notice, resolution, request, consent,
      order, certificate, report, opinion, bond or other document or paper believed
      by
      it to be genuine and believed by it to be signed by the proper party or parties.
      The Owner Trustee may accept a certified copy of a resolution of the board
      of
      directors or other governing body of any corporate or partnership entity as
      conclusive evidence that such resolution has been duly adopted by such body
      and
      that the same is in full force and effect. As to any fact or matter the manner
      of ascertainment of which is not specifically prescribed herein, the Owner
      Trustee may for all purposes hereof rely on a certificate, signed by the
      president or any vice president (or the general partner, in the case of a
      partnership) and by the treasurer or any assistant treasurer or the secretary
      or
      any assistant secretary of the relevant party, as to such fact or matter, and
      such certificate shall constitute full protection to the Owner Trustee for
      any
      action taken or omitted to be taken by it in good faith in reliance
      thereon.

     

    
      
        
        

      

      
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    (b) In
      its
      exercise or administration of the trusts and powers hereunder, including its
      obligations under Section 5.02(b), and in the performance of its duties and
      obligations under this Agreement or the other Operative Agreements, the Owner
      Trustee may employ agents and attorneys and enter into agreements (including
      the
      Administration Agreement) with any of them, and the Owner Trustee shall not
      be
      answerable for the default or misconduct of any such agents or attorneys if
      such
      agents or attorneys shall have been selected by the Owner Trustee with
      reasonable care. If, and to the extent, the Depositor shall have failed to
      reimburse the Owner Trustee for all reasonable expenses and indemnities incurred
      pursuant to this Section 6.05(b), as provided in Sections 7.01 and 7.02, the
      Owner Trustee may seek reimbursement therefor from the Trust
      Estate.

     

    (c) In
      the
      administration of the trusts and performance of its duties hereunder, the Owner
      Trustee may consult with counsel, accountants and other skilled Persons to
      be
      selected and employed by it, and the Owner Trustee shall not be liable for
      anything done, suffered or omitted in good faith by it in accordance with the
      reasonable advice or opinion of any such counsel, accountants or other skilled
      Persons. If, and to the extent, the Depositor shall have failed to reimburse
      the
      Owner Trustee for all reasonable expenses and indemnities incurred pursuant
      to
      this Section 6.05(c), as provided in Sections 7.01 and 7.02, the Owner Trustee
      may seek reimbursement therefor from the Trust Estate.

     

    Section
      6.06. Not
      Acting in Individual Capacity. 
      Except
      as
      provided in this Article VI, in accepting the trusts hereby created the Owner
      Trustee acts solely as trustee hereunder and not in its individual capacity,
      and
      all persons having any claim against the Owner Trustee by reason of the
      transactions contemplated by the Operative Agreements shall look only to the
      Trust Estate for payment or satisfaction thereof.

     

    Section
      6.07. Owner
      Trustee Not Liable for Ownership Certificate or Collateral. 
      The recitals contained herein and in the Ownership Certificate (other than
      the
      signature and countersignature of the Owner Trustee on the Ownership
      Certificate) shall be taken as the statements of the Depositor, and the Owner
      Trustee assumes no responsibility for the correctness thereof. The Owner Trustee
      makes no representations as to the validity or sufficiency of this Agreement,
      of
      any Operative Agreement or of the Ownership Certificate (other than the
      signature and countersignature of the Owner Trustee on the Ownership
      Certificate) or the Notes, or of any Collateral or related documents. The Owner
      Trustee shall at no time have any responsibility or liability for or with
      respect to the legality, validity and enforceability of any Collateral, or
      the
      perfection and priority of any security interest created by any Collateral
      or
      the maintenance of any such perfection and priority, or for or with respect
      to
      the sufficiency of the Trust Estate or its ability to generate the payments
      to
      be distributed to Certificateholders under this Agreement or the Noteholders
      under the Indenture, including, without limitation: the existence, condition
      and
      ownership of any Collateral; the existence and enforceability of any insurance
      thereon; the existence and contents of any Collateral on any computer or other
      record thereof; the validity of the assignment of any Collateral to the Trust
      or
      of any intervening assignment; the completeness of any Collateral; the
      performance or enforcement of any Collateral; the compliance by the Depositor
      with any warranty or representation made under any Operative Agreements or
      in
      any related document or the accuracy of any such warranty or representation
      or
      any action of the Securities Administrator or the Indenture Trustee taken in
      the
      name of the Owner Trustee.

     

    Section
      6.08. Owner
      Trustee May Own Ownership Certificate and Notes. 
      The
      Owner
      Trustee in its individual capacity may become the Holder (provided
      that if
      the Owner Trustee should acquire the Ownership Certificate, it shall be a REIT,
      a Qualified REIT Subsidiary or a Disregarded Entity) or the owner or pledgee
      of
      Notes and may deal with the Depositor, the Securities Administrator and the
      Indenture Trustee in banking transactions with the same rights as it would
      have
      if it were not Owner Trustee.

     

    
      
        
        

      

      
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    Section
      6.09. Licenses. 
      The
      Depositor shall cause the Trust to use its best efforts to obtain and maintain
      the effectiveness of any licenses required in connection with this Agreement
      and
      the other Operative Agreements and the transactions contemplated hereby and
      thereby until such time as the Trust shall terminate in accordance with the
      terms hereof. It shall be the duty of the Owner Trustee to cooperate with the
      Depositor with respect to such matters.

     

    Section
      6.10. Doing
      Business in Other Jurisdictions. 
      Notwithstanding
      anything contained herein to the contrary, neither the Bank nor the Owner
      Trustee shall be required to take any action in any jurisdiction other than
      in
      the State of Delaware if the taking of such action will (i) require the consent
      or approval or authorization or order of or the giving of notice to, or the
      registration with or the taking of any other action in respect of, any state
      or
      other governmental authority or agency of any jurisdiction other than the State
      of Delaware; (ii) result in any fee, tax or other governmental charge under
      the
      laws of any jurisdiction or any political subdivisions thereof in existence
      on
      the date hereof other than the State of Delaware becoming payable by the Bank
      or
      the Owner Trustee; or (iii) subject the Bank or the Owner Trustee to personal
      jurisdiction in any jurisdiction other than the State of Delaware for causes
      of
      action arising from acts unrelated to the consummation of the transactions
      by
      the Bank or the Owner Trustee, as the case may be, contemplated hereby. The
      Owner Trustee shall be entitled to obtain advice of counsel (which advice shall
      be an expense of the Trust) to determine whether any action required to be
      taken
      pursuant to this Agreement results in the consequences described in clauses
      (i),
      (ii) and (iii) of the preceding sentence. In the event that such counsel advises
      the Owner Trustee that such action will result in such consequences, the Owner
      Trustee will appoint a co-trustee pursuant to Section 9.05 hereof to proceed
      with such action.

     

    Section
      6.11. Reporting
      Requirements of the Commission.

     

    (a) The
      Depositor, the Securities Administrator and the Owner Trustee acknowledge and
      agree that the purpose of this Section 6.11 is to facilitate compliance by
      the
      Depositor with the provisions of Regulation AB. Neither the Depositor nor the
      Securities Administrator shall exercise its right to request delivery of
      information or other performance under these provisions other than in good
      faith, or for purposes other than the Depositor’s compliance with Regulation AB.
      The Owner Trustee agrees to cooperate in good faith with any reasonable request
      made by the Depositor or the Securities Administrator for information regarding
      the Owner Trustee which is required in order to enable the Depositor to comply
      with the provisions of Regulation AB, including, without limitation, Items
      1109(a), 1109(b), 1117 and 1119(a) and (b) of Regulation AB as it relates to
      the
      Owner Trustee or to the Owner Trustee’s obligations under this Trust
      Agreement.

     

    
      
        
        

      

      
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    (b) For
      so
      long as the Depositor is required to file reports with respect to the Notes
      under Regulation AB, the Owner Trustee shall, as promptly as practicable, notify
      the Depositor and the Securities Administrator, in writing, of: (i) the
      commencement of or, if applicable, the termination of, any and all legal
      proceedings pending against the Owner Trustee or any and all proceedings of
      which any property of the Owner Trustee is the subject, that is material to
      Securityholders; and (ii) any such proceedings known to be contemplated by
      governmental authorities. The Owner Trustee shall also notify the Depositor
      and
      the Securities Administrator in writing, as promptly as practicable following
      notice to or discovery by a Responsible Officer of the Owner Trustee of any
      material changes to proceedings described in the preceding sentence. In
      addition, the Owner Trustee shall furnish to the Depositor and the Securities
      Administrator, in writing, the necessary disclosure regarding the Owner Trustee
      describing such proceedings required to be disclosed under Item 1117 of
      Regulation AB, for inclusion in reports filed by or on behalf of the Depositor
      with the Commission.

     

    For
      so
      long as the Notes are outstanding and the Depositor is required to report under
      Regulation AB with respect to the Notes, the Owner Trustee shall, no later
      than
      January 31st
      of each
      calendar year, provide to the Depositor and the Securities Administrator such
      information regarding the Owner Trustee as is required for the purpose of
      compliance with Items 1109(a), 1109(b), 1119(a) and 1119(b) of Regulation AB;
      and (ii) as promptly as practicable following notice to or discovery by a
      Responsible Officer of the Owner Trustee of any changes to such information,
      provide to the Depositor and the Securities Administrator, in writing, such
      updated information. Such information shall include, at a minimum:

     

    (A) the
      Owner
      Trustee’s name and form of organization;

     

    (B) a
      description of the extent to which the Owner Trustee has had prior experience
      serving as a trustee for asset-backed securities transactions involving mortgage
      backed securities; and

     

    (C) a
      description of any affiliation between the Owner Trustee and any of the parties
      identified in Exhibit F.

     

    In
      addition, the Owner Trustee shall provide a description of whether there is,
      and
      if so the general character of, any business relationship, agreement,
      arrangement, transaction or understanding between the Owner Trustee and any
      of
      the parties identified in Exhibit F that is entered into outside the ordinary
      course of business or is on terms other than would be obtained in an arm’s
      length transaction with an unrelated third party, apart from this transaction,
      that currently exists or that existed during the past two years and that is
      material to an investor’s understanding of the Notes.

     

    With
      respect to the information required to be provided under this Section 6.11(b),
      the Owner Trustee shall not be required to provide such information in the
      event
      that there has been no change to the information previously provided by the
      Owner Trustee to the Depositor. In connection with each report on Form 10-K
      with
      respect to the Notes and each report on Form 10-D with respect to the Notes
      filed by or on behalf of the Depositor, the Owner Trustee shall be deemed to
      represent and warrant, as of March 15th
      for the
      report on Form 10-K and as of the related Payment Date for the report on Form
      10-D, that any information previously provided by the Owner Trustee under this
      Section 6.11 is materially correct and does not contain any material omissions
      unless the Owner Trustee has provided an update to such
      information.

     

    
      
        
        

      

      
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    ARTICLE
      VII

    INDEMNIFICATION
      AND COMPENSATION

     

    Section
      7.01. Trust
      Expenses. 
      The
      Owner
      Trustee shall be reimbursed from amounts on deposit in the Collection Account
      in
      accordance with Section 5.07(viii) of the Transfer and Servicing Agreement
      for
      the reasonable expenses of the Owner Trustee hereunder, including, without
      limitation, the reasonable compensation, expenses and disbursements of such
      agents, representatives, experts and counsel as the Owner Trustee may employ
      in
      connection with the exercise and performance of its rights and duties under
      the
      Operative Agreements.

     

    Section
      7.02. Indemnification.

     

    (a) The
      Bank
      shall be entitled to be indemnified and held harmless from and against any
      and
      all liabilities, obligations, indemnity obligations, losses (excluding loss
      of
      anticipated profits), damages, claims, actions, suits, judgments, out-of-pocket
      costs, expenses and disbursements (including legal and consultants’ fees and
      expenses) and taxes of any kind and nature whatsoever (collectively, the
“Liabilities”) that may be imposed on, incurred by or asserted at any time
      against the Bank or the Owner Trustee in any way relating to or arising out
      of
      the Trust Estate, any of the properties included therein, the administration
      of
      the Trust Estate or any action or inaction of the Owner Trustee hereunder or
      under the Operative Agreements, except to the extent that such Liabilities
      arise
      out of or result from (i) the Owner Trustee’s own willful misconduct, fraud or
      gross negligence, (ii) the inaccuracy of any of the Owner Trustee’s
      representations or warranties contained in Section 6.04 of this Agreement,
      (iii)
      the Owner Trustee’s failure to perform obligations expressly undertaken by it in
      this Agreement; (iv) taxes based on or measured by any fees, commissions or
      compensation received by the Owner Trustee for acting as such in connection
      with
      any of the transactions contemplated by this Agreement or any other Operative
      Agreement and (v) the Owner Trustee’s failure to use due care to receive, manage
      and disburse moneys actually received by it in accordance with the terms hereof.
      The indemnities contained in this Section 7.02(a) shall survive the termination
      of this Agreement and the removal or resignation of the Owner Trustee
      hereunder.

     

    (b) Any
      fees,
      reimbursements and indemnities to the Bank or the Owner Trustee pursuant to
      this
      Section 7.02 shall be payable: first,
      out of
      amounts on deposit in the Certificate Distribution Account prior to payments
      on
      the Ownership Certificate; second,
      to the
      extent not paid pursuant to clause first within 60 days of first being incurred,
      by the Certificateholder; and third,
      to the
      extent not paid pursuant to clause first and second within 60 days of first
      being incurred, by HomeBanc Corp. If any amounts shall be on deposit in the
      Certificate Distribution Account subsequent to the payment of any reimbursement
      or indemnification amounts pursuant to clauses second or third of the preceding
      sentence, then reimbursement for such payment shall be payable out of amounts
      on
      deposit in the Certificate Distribution Account prior to payments on the
      Ownership Certificate on any Payment Date first to HomeBanc Corp. and second
      to
      the Certificateholder who made payment pursuant to clause second of the
      preceding sentence, in each case to the extent of the payment made by it to
      the
      Owner Trustee pursuant to the preceding sentence.

     

    
      
        
        

      

      
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    The
      indemnities contained in this Section 7.02 shall survive the resignation or
      termination of the Owner Trustee or the termination of this Agreement. In the
      event of any claim, action or proceeding for which indemnity will be sought
      pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be
      subject to the approval of HomeBanc Corp., which approval shall not be
      unreasonably withheld.

     

    Section
      7.03. Compensation. 
      The
      Bank
      shall receive as compensation for its services hereunder from the Master
      Servicer an annual fee pursuant to the terms of a separate fee agreement between
      the Master Servicer and the Owner Trustee.

     

    Section
      7.04. Lien
      on Trust Estate. 
      The
      Bank
      shall have a lien on the Trust Estate for any compensation or indemnity due
      hereunder, such lien to be subject only to prior liens of the Indenture. The
      Bank shall not bring any proceedings to foreclose on such lien if and to the
      extent the Trust Estate is subject to the lien of the Indenture. Any amount
      paid
      to the Owner Trustee pursuant to this Article VII shall be deemed not to be
      part
      of the Trust Estate immediately after such payment.

     

    ARTICLE
      VIII

    TERMINATION
      OF AGREEMENT

     

    Section
      8.01. Termination of Agreement.

     

    (a) This
      Agreement (other than Article VII) shall terminate and the trusts created hereby
      shall dissolve and terminate and the Trust Estate shall, subject to the
      Indenture and Sections 4.01 and 7.04 and Section 3808 of the Delaware Trust
      Statute, be distributed to the Holder, and this Agreement shall be of no further
      force or effect, upon the earlier of (i) the full payment of principal and
      interest due on all Classes of the Notes; and (ii) the sale or other final
      disposition by the Indenture Trustee or the Owner Trustee, as the case may
      be,
      of all the Trust Estate and the final distribution by the Securities
      Administrator or the Owner Trustee, as the case may be, of all moneys or other
      property or proceeds of the Trust Estate in accordance with the terms of the
      Indenture, the Transfer and Servicing Agreement and Section 4.02. The
      bankruptcy, liquidation or dissolution of the Holder shall not operate to
      terminate this Agreement, nor entitle such Holder’s legal representatives to
      claim an accounting or to take any action or proceeding in any court for a
      partition or winding up of the Trust Estate, nor otherwise affect the rights,
      obligations and liabilities of the parties hereto.

     

    (b) Except
      as
      provided in Section 8.01(a), neither the Depositor nor the Holder shall be
      entitled to revoke or terminate the Trust established hereunder.

     

    (c) Notice
      of
      any termination of the Trust, specifying the Payment Date upon which the Holder
      shall surrender its Ownership Certificate to the Certificate Paying Agent for
      payment of the final distribution and cancellation, shall be given by the
      Certificate Paying Agent by letter to the Holder and the Rating Agencies mailed
      within five Business Days of receipt of notice of the final payment on the
      Notes
      pursuant to the Transfer and Servicing Agreement, stating (i) the Payment Date
      upon or with respect to which final payment of the Ownership Certificate shall
      be made upon presentation and surrender of the Ownership Certificate at the
      office of the Certificate Paying Agent therein designated, (ii) the amount
      of
      any such final payment and (iii) that the Record Date otherwise applicable
      to
      such Payment Date is not applicable, payments being made only upon presentation
      and surrender of the Ownership Certificate at the office of the Certificate
      Paying Agent therein specified. The Certificate Paying Agent shall give such
      notice to the Owner Trustee and the Certificate Registrar at the time such
      notice is given to the Holder. Upon presentation and surrender of the Ownership
      Certificate, the Certificate Paying Agent shall cause to be distributed to
      the
      Holder amounts distributable on such Payment Date pursuant to Section 4.1 of
      the
      Transfer and Servicing Agreement.

     

    
      
        
        

      

      
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    (d) Upon
      the
      winding up of the Trust and its termination, the Owner Trustee shall upon the
      written request of the Depositor cause the Certificate of Trust to be cancelled
      by filing a certificate of cancellation with the Secretary of State in
      accordance with the provisions of Section 3810 of the Delaware Trust
      Statute.

     

    ARTICLE
      IX

    SUCCESSOR
      OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

     

    Section
      9.01. Eligibility
      Requirements for Owner Trustee. 
      The
      Owner
      Trustee shall at all times be a corporation satisfying the provisions of Section
      3807(a) of the Delaware Trust Statute; authorized to exercise corporate powers;
      having a combined capital and surplus of at least $50,000,000 and subject to
      supervision or examination by Federal or state authorities; and having (or
      having a parent which has) a short-term debt rating of at least “A-1” or the
      equivalent by, or which is otherwise acceptable to, the Rating Agencies. If
      such
      corporation shall publish reports of condition at least annually, pursuant
      to
      law or to the requirements of the aforesaid supervising or examining authority,
      then for the purpose of this Section, the combined capital and surplus of such
      corporation shall be deemed to be its combined capital and surplus as set forth
      in its most recent report of condition so published. In case at any time the
      Owner Trustee shall cease to be eligible in accordance with the provisions
      of
      this Section, the Owner Trustee shall resign immediately in the manner and
      with
      the effect specified in Section 9.02.

     

    Section
      9.02. Resignation
      or Removal of Owner Trustee. 
      The
      Owner
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving 30 days’ prior written notice thereof to the Depositor, the Holder and
      the Indenture Trustee. Upon receiving such notice of resignation, the Depositor
      shall promptly appoint a successor Owner Trustee by written instrument, in
      duplicate, one copy of which instrument shall be delivered to the resigning
      Owner Trustee and one copy to the successor Owner Trustee. If no successor
      Owner
      Trustee shall have been so appointed and have accepted appointment within 30
      days after the giving of such notice of resignation, the resigning Owner Trustee
      may petition any court of competent jurisdiction for the appointment of a
      successor Owner Trustee.

     

    If
      at any
      time the Owner Trustee shall cease to be eligible in accordance with the
      provisions of Section 9.01 and shall fail to resign after written request
      therefor by the Depositor, or if at any time the Owner Trustee shall be legally
      unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of
      the
      Owner Trustee or of its property shall be appointed, or any public officer
      shall
      take charge or control of the Owner Trustee or of its property or affairs for
      the purpose of rehabilitation, conservation or liquidation, then the Depositor
      may remove the Owner Trustee. If the Depositor shall remove the Owner Trustee
      under the authority of the immediately preceding sentence, the Depositor shall
      promptly appoint a successor Owner Trustee by written instrument in duplicate,
      one copy of which instrument shall be delivered to the outgoing Owner Trustee
      so
      removed and one copy to the successor Owner Trustee and payment of all fees
      owed
      to the outgoing Owner Trustee.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    Any
      resignation or removal of the Owner Trustee and appointment of a successor
      Owner
      Trustee pursuant to any of the provisions of this Section shall not become
      effective until acceptance of appointment by the successor Owner Trustee
      pursuant to Section 9.03 and payment of all fees and expenses owed to the
      outgoing Owner Trustee. The Securities Administrator shall provide notice of
      such resignation or removal of the Owner Trustee to the Rating
      Agencies.

     

    Section
      9.03. Successor
      Owner Trustee. 
      Any successor Owner Trustee appointed pursuant to Section 9.02 shall execute,
      acknowledge and deliver to the Depositor and the Securities Administrator and
      to
      its predecessor Owner Trustee an instrument accepting such appointment under
      this Agreement, and thereupon the resignation or removal of the predecessor
      Owner Trustee shall become effective and such successor Owner Trustee without
      any further act, deed or conveyance, shall become fully vested with all the
      rights, powers, duties, and obligations of its predecessor under this Agreement,
      with like effect as if originally named as Owner Trustee. The predecessor Owner
      Trustee shall upon payment of its fees and expenses deliver to the successor
      Owner Trustee all documents and statements and monies held by it under this
      Agreement; and the Depositor, the Securities Administrator and the predecessor
      Owner Trustee shall execute and deliver such instruments and do such other
      things as may reasonably be required for fully and certainly vesting and
      confirming in the successor Owner Trustee all such rights, powers, duties,
      and
      obligations.

     

    No
      successor Owner Trustee shall accept appointment as provided in this Section
      unless at the time of such acceptance such successor Owner Trustee shall be
      eligible pursuant to Section 9.01.

     

    Upon
      acceptance of appointment by a successor Owner Trustee pursuant to this Section,
      the Securities Administrator shall mail notice of the successor of such Owner
      Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and
      the Rating Agencies. If the Securities Administrator fails to mail such notice
      within 10 days after acceptance of appointment by the successor Owner Trustee,
      the successor Owner Trustee shall cause such notice to be mailed at the expense
      of the Securities Administrator.

     

    Section
      9.04. Merger
      or Consolidation of Owner Trustee. 
      Any
      Person into which the Owner Trustee may be merged or converted or with which
      it
      may be consolidated or any Person resulting from any merger, conversion or
      consolidation to which the Owner Trustee shall be a party, or any Person
      succeeding to all or substantially all of the corporate trust business of the
      Owner Trustee, shall be the successor of the Owner Trustee hereunder,
provided
      such
      Person shall be eligible pursuant to Section 9.01, without the execution or
      filing of any instrument or any further act on the part of any of the parties
      hereto, anything herein to the contrary notwithstanding.

     

    
      
        
        

      

      
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    Section
      9.05. Appointment
      of Co-Trustee or Separate Trustee. 
      Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust Estate
      or any Collateral may at the time be located, and for the purpose of performing
      certain duties and obligations of the Owner Trustee with respect to the Trust
      and the Certificates under the Transfer and Servicing Agreement, the Owner
      Trustee shall have the power and shall execute and deliver all instruments
      to
      appoint one or more Persons approved by the Owner Trustee to act as co-trustee,
      jointly with the Owner Trustee, or separate trustee or separate trustees, of
      all
      or any part of the Trust Estate, and to vest in such Person, in such capacity,
      such title to the Trust, or any part thereof, and, subject to the other
      provisions of this Section, such powers, duties, obligations, rights and trusts
      as the Owner Trustee may consider necessary or desirable. No co-trustee or
      separate trustee under this Agreement shall be required to meet the terms of
      eligibility as a successor trustee pursuant to Section 9.01 and no notice of
      the
      appointment of any co-trustee or separate trustee shall be required pursuant
      to
      Section 9.03.

     

    The
      Owner
      Trustee hereby appoints the Securities Administrator for the purpose of
      establishing and maintaining the Certificate Distribution Account and making
      the
      distributions therefrom to the Persons entitled thereto pursuant to Section
      6.02
      of the Transfer and Servicing Agreement.

     

    Each
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provision and
      conditions:

     

    (a) all
      rights, powers, duties and obligations conferred or imposed upon the Owner
      Trustee shall be conferred upon and exercised or performed by the Owner Trustee
      and such separate trustee or co-trustee jointly (it being understood that such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Owner Trustee joining in such act), except to the extent that under any law
      of
      any jurisdiction in which any particular act or acts are to be performed, the
      Owner Trustee shall be incompetent or unqualified to perform such act or acts,
      in which event such rights, powers, duties, and obligations (including the
      holding of title to the Trust or any portion thereof in any such jurisdiction)
      shall be exercised and performed singly by such separate trustee or co-trustee,
      but solely at the direction of the Owner Trustee;

     

    (b) no
      trustee under this Agreement shall be personally liable by reason of any act
      or
      omission of any other trustee under this Agreement; and

     

    (c) the
      Owner
      Trustee may at any time accept the resignation of or remove any separate trustee
      or co-trustee.

     

    Any
      notice, request or other writing given to the Owner Trustee shall be deemed
      to
      have been given to the separate trustees and co-trustees, as if given to each
      of
      them. Every instrument appointing any separate trustee or co-trustee, other
      than
      this Agreement, shall refer to this Agreement and to the conditions of this
      Article. Each separate trustee and co-trustee, upon its acceptance of
      appointment, shall be vested with the estates specified in its instrument of
      appointment, either jointly with the Owner Trustee or separately, as may be
      provided therein, subject to all the provisions of this Agreement, specifically
      including every provision of this Agreement relating to the conduct of,
      affecting the liability of, or affording protection to, the Owner Trustee.
      Each
      such instrument shall be filed with the Owner Trustee and a copy thereof given
      to the Securities Administrator.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    Any
      separate trustee or co-trustee may at any time appoint the Owner Trustee as
      its
      Agent or attorney-in-fact with full power and authority, to the extent not
      prohibited by law, to do any lawful act under or in respect of this Agreement
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Owner Trustee, to the extent permitted by law, without the appointment of a
      new
      or successor trustee.

     

    ARTICLE
      X

    MISCELLANEOUS

     

    Section
      10.01. Supplements
      and Amendments. This
      Agreement may be amended by the Depositor, the Securities Administrator and
      the
      Owner Trustee, with the consent of the Holder and with prior written notice
      to
      the Rating Agencies, but without the consent of any of the Noteholders or the
      Indenture Trustee, to (a) cure any ambiguity, to correct or supplement any
      provisions in this Agreement or for the purpose of adding any provisions to or
      changing in any manner or eliminating any of the provisions in this Agreement
      or
      of modifying in any manner the rights of the Noteholders or the Holder or (b)
      to
      comply with Regulation AB under Section 6.11 hereof; provided,
      however, that
      such
      action shall not, as evidenced by an Opinion of Counsel, adversely affect in
      any
      material respect the interests of any Noteholder or the Holder or adversely
      affect the tax status of the Trust. An amendment shall not be deemed to
      adversely affect in any material respect the interests of any Noteholder or
      the
      Holder and no opinion referred to in the preceding proviso shall be required
      to
      be delivered if the Person requesting the amendment obtains a letter from each
      Rating Agencies stating that the amendment would not result in the downgrading
      or withdrawal of the respective ratings then assigned to each Class of Notes.
      Notwithstanding the preceding sentence, an opinion shall be required with
      respect to tax matters as set forth in this paragraph. Notwithstanding the
      foregoing, neither an Opinion of Counsel nor any letters from any Rating Agency
      referred to above shall be required if such amendment is made pursuant to (b)
      above.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Securities
      Administrator and the Owner Trustee, with the prior written consent of the
      Rating Agencies and with the prior written consent of the Indenture Trustee,
      the
      Holders (as defined in the Indenture) of Notes evidencing more than
      662/3%
      of the
      Outstanding Balance of the Notes, and the consent of the Holder, for the purpose
      of adding any provisions to or changing in any manner or eliminating any of
      the
      provisions of this Agreement or of modifying in any manner the rights of the
      Holder; provided,
      however,
      that no
      such amendment shall, as evidenced by an Opinion of Counsel, adversely affect
      the tax status of the Trust; and provided,
      further,
      that no
      such amendment shall (a) increase or reduce in any manner the amount of, or
      accelerate or delay the timing of, collections of payments on the Collateral
      or
      payments that shall be required to be made for the benefit of the Noteholders
      or
      the Holder or (b) reduce the aforesaid percentage of the Outstanding
      Balance of the Notes required to consent to or to waive the requirement for
      the
      Holder to consent to any such amendment, in either case of clause (a) or
      (b) without the consent of the holders of all the outstanding Notes and the
      Holder.

     

    Notwithstanding
      the foregoing, no provision of Sections 2.03 or 5.06 hereof may be amended
      in
      any manner unless (i) 100% of the Outstanding Balance of the Noteholders have
      consented in writing thereto, (ii) the Rating Agencies have consent in writing
      thereto or (iii) the Notes have been paid in full and the Indenture has been
      discharged.

    
      
        
        

      

      
        32

        
          

        

      

       

    

     

    Promptly
      after the execution of any such amendment or consent, the Owner Trustee shall
      furnish written notification of the substance of such amendment or consent
      to
      the Holder, the Indenture Trustee and the Rating Agencies.

     

    It
      shall
      not be necessary for the consent of the Holder, the Noteholders or the Indenture
      Trustee pursuant to this Section 10.01 to approve the particular form of any
      proposed amendment or consent, but it shall be sufficient if such consent shall
      approve the substance thereof. The manner of obtaining such consents (and any
      other consents of the Holder provided for in this Agreement or in any other
      Operative Agreement) and of evidencing the authorization of the execution
      thereof by the Holder shall be subject to such reasonable requirements as the
      Owner Trustee may prescribe.

     

    Promptly
      after the execution of any amendment to the Certificate of Trust, the Owner
      Trustee shall cause the filing of such amendment with the Secretary of
      State.

     

    Prior
      to
      the execution of any amendment to this Agreement or the Certificate of Trust,
      the Owner Trustee shall be entitled to receive and rely upon an Opinion of
      Counsel, at the expense of the Trust, stating that the execution of such
      amendment is authorized or permitted by this Agreement. Neither the Owner
      Trustee nor the Securities Administrator shall be obligated to enter into any
      such amendment which affects the Owner Trustee’s or Securities Administrator’s
      own rights, duties or immunities under this Agreement or otherwise.

     

    Section
      10.02. No
      Legal Title to Trust Estate in Holder. The
      Holder shall not have legal title to any part of the Trust Estate and shall
      only
      be entitled to receive distributions pursuant to Section 4.02 once all amounts
      then owing with respect to the Notes have been paid in accordance with the
      Indenture. No transfer, by operation of law of any right, title and interest
      of
      the Holder in and to its undivided beneficial interest in the Trust Estate
      or
      hereunder shall operate to terminate this Agreement or the trusts hereunder
      or
      entitle any successor transferee to an accounting or to the transfer to it
      of
      legal title to any part of the Trust Estate.

     

    Section
      10.03. Pledge
      of Collateral by Owner Trustee is Binding. The
      pledge of the Collateral to the Indenture Trustee by the Trust made under the
      Indenture and pursuant to the terms of this Agreement shall bind the Holder
      and
      shall be effective to transfer or convey the rights of the Trust and the Holder
      in and to such Collateral to the extent set forth in the Indenture. No purchaser
      or other grantee shall be required to inquire as to the authorization,
      necessity, expediency or regularity of such pledge or as to the application
      of
      any proceeds with respect thereto by the Owner Trustee.

     

    Section
      10.04. Limitations
      on Rights of Others. Nothing
      in this Agreement, whether express or implied (except for Section 7.04), shall
      be construed to give to any Person other than the Owner Trustee and the Holder
      any legal or equitable right in the Trust Estate or under or in respect of
      this
      Agreement or any covenants, conditions or provisions contained
      herein.

     

    Section
      10.05. Notices. Unless
      otherwise expressly specified or permitted by the terms hereof, all notices
      shall be in writing and delivered by hand, by courier or mailed by certified
      mail, postage prepaid, (a) if to the Owner Trustee or the Trust, addressed
      to it
      at the Corporate Trust Office of the Owner Trustee or to such other address
      as
      the Owner Trustee may have set forth in a written notice to the Holder and
      the
      Depositor addressed to it at the address set forth for such Certificateholders
      in the Certificate Register; (b) if to the Securities Administrator, addressed
      to it at the Corporate Trust Office of the Securities Administrator; and (c)
      if
      to the Certificate Registrar, addressed to it at the Corporate Trust office
      of
      the Certificate Registrar; and (d) if to the Depositor, addressed to it at
      HMB Acceptance Corp., 2002 Summit Boulevard, Suite 100, Atlanta, Georgia 30319,
      Attention: HomeBanc 2006-2. Whenever any notice in writing is required to be
      given by the Owner Trustee or the Securities Administrator, such notice shall
      be
      deemed given and such requirement satisfied if such notice is mailed by
      certified mail, postage prepaid, addressed as provided above.

    
      
        
        

      

      
        33

        
          

        

      

       

    

     

    Section
      10.06. Severability. 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.

     

    Section
      10.07. Separate
      Counterparts. This
      Agreement may be executed by the parties hereto in separate counterparts, each
      of which when so executed and delivered shall be an original, but all such
      counterparts shall together constitute but one and the same
      instrument.

     

    Section
      10.08. Successors
      and Assigns. All
      representations, warranties, covenants and agreements contained herein shall
      be
      binding upon, and inure to the benefit of, the Owner Trustee and its successors
      and assigns and the Depositor and the Holder and its respective successors,
      all
      as herein provided. Any request, notice, direction, consent, waiver or other
      instrument or action by the Holder shall bind the successors of such
      Holder.

     

    Section
      10.09. Headings. The
      headings of the various Articles and Sections herein are for convenience of
      reference only and shall not define or limit any of the terms or provisions
      hereof.

     

    Section
      10.10. Governing
      Law. THIS
      AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
      WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO THE CONFLICT OF
      LAWS PROVISIONS THEREOF, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND
      PERFORMANCE, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
      SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section
      10.11. No Petition. 

     

    (a) The
      Owner
      Trustee and the Securities Administrator, by entering into this Agreement,
      the
      Holder, by accepting the Ownership Certificate, and the Indenture Trustee and
      each Noteholder, by accepting the benefits of this Agreement, hereby covenant
      and agree that they will not at any time institute against the Depositor or
      the
      Trust, or join in any institution against the Depositor or the Trust of, any
      bankruptcy under any United States federal or state bankruptcy or similar law
      in
      connection with any obligations relating to the Ownership Certificate, the
      Notes, this Agreement or any of the other Operative Agreements.

    
      
        
        

      

      
        34

        
          

        

      

       

    

     

    (b) The
      Depositor shall not be liable for the default or misconduct of the Securities
      Administrator, the Owner Trustee, the Indenture Trustee or the Certificate
      Paying Agent under any of the Operative Agreements or otherwise and the
      Depositor shall have no obligation or liability to perform the obligations
      of
      the Trust under this Agreement or the Operative Agreements that are required
      to
      be performed by the Securities Administrator under the Administration Agreement
      or the Indenture Trustee under the Indenture.

     

    Section
      10.12. No
      Recourse. The
      Holder by accepting an Ownership Certificate acknowledges that such Certificate
      represents a beneficial interest in the Trust only and does not represent an
      interest in or an obligation of the Depositor, the Securities Administrator,
      the
      Owner Trustee, any co-trustee, the Bank or any Affiliate thereof (other than
      the
      Trust) and no recourse may be had against such parties or their assets, except
      as may be expressly set forth or contemplated in this Agreement, the Ownership
      Certificate or the other Operative Agreements.

     

    ARTICLE
      XI

    OFFICERS

     

    Section
      11.01. Appointment
      of Officers. The
      Trust
      may have one or more Officers who are hereby empowered to take and are
      responsible for performing all ministerial duties on behalf of the Trust
      pursuant to this Agreement and the other Operative Agreements, including,
      without limitation, the execution of the Officers’ Certificate (as defined in
      the Indenture), the Trust Order (as defined in the Indenture), the Trust Request
      (as defined in the Indenture), the annual compliance report required under
      Section 3.09 of the Indenture, and any annual reports, documents and other
      reports which the Trust is required to file with the Securities and Exchange
      Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of
      1934, as amended. Each of the Chairman of the Board, the Chief Executive
      Officer, the President, each Senior Vice President and each Vice President
      of
      the Depositor is hereby appointed as an Officer of the Trust. The Depositor
      shall promptly deliver to the Owner Trustee and the Indenture Trustee a list
      of
      its officers who shall become the Officers of the Trust pursuant to this Section
      11.01.

     

    Section
      11.02. Officers
      to Provide Information to the Owner Trustee. It
      shall
      be the duty of each Officer to keep the Owner Trustee reasonably and promptly
      informed as to material events relating to the Trust, including, without
      limitation, all claims pending or threatened against the Trust, the purchase
      and
      sale of any material portion of the Trust Estate and the execution by such
      Officer on behalf of the Trust of any material agreements or
      instruments.

    
      
        
        

      

      
        35

        
          

        

      

       

    

     

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

     

    
      	 	 	 
	 	
              HMB
                ACCEPTANCE CORP., as Depositor

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Debra F. Watkins
	 	
              
                

              

              Name:
                Debra
                F. Watkins

              Title:  
                Executive Vice President

            

    

    

    
      	 	 	 
	 	
              
                WILMINGTON
                  TRUST COMPANY,

                not
                  in its individual capacity but solely as 

                Owner
                  Trustee

              

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Michele Harra
	 	
              
                

              

              Name:
                Michele Harra

              Title:  
                Financial Services Officer

            

    

    
       

    

    
      	 	 	 
	 	
              
                
                  WELLS
                    FARGO BANK, N.A.,

                  not
                    in its individual capacity but solely as Securities 

                  Administrator

                

              

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Stacey Taylor
	 	
              
                

              

              Name:
                Stacey Taylor

              Title:  
                Vice President

            

       

      
        Acknowledged
          and Agreed, solely

        for
          purposes of Section 7.02:

         

      

      HOMEBANC
        CORP.

      	 	 	 	 
	 	 	 	 
	 	 	 	 
	By:
              /s/ Debra F. Watkins	 	 	
            
	
              
                

              

              Name:
                Debra
                F. Watkins

              Title:  
                Executive Vice President

            	 	 	
            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    EXHIBIT
      A

     

    [FORM
      OF
      OWNERSHIP CERTIFICATE]

     

    [Face]

    

    THIS
      OWNERSHIP CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
      STATE. THIS OWNERSHIP CERTIFICATE MAY BE DIRECTLY OR INDIRECTLY OFFERED OR
      SOLD
      OR OTHERWISE DISPOSED OF (INCLUDING PLEDGED) BY THE HOLDER HEREOF ONLY TO A
      “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE ACT, IN A
      TRANSACTION THAT IS REGISTERED UNDER THE ACT AND APPLICABLE STATE SECURITIES
      LAWS OR THAT IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT PURSUANT
      TO
      RULE 144A. NO PERSON IS OBLIGATED TO REGISTER THIS OWNERSHIP CERTIFICATE UNDER
      THE ACT OR ANY STATE SECURITIES LAWS.

     

    THIS
      OWNERSHIP CERTIFICATE MAY NOT BE ACQUIRED BY A TRANSFEREE FOR, OR ON BEHALF
      OF,
      AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT IS SUBJECT TO
      SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) OR ANY SUBSTANTIALLY SIMILAR LAW, OR ANY ENTITY DEEMED TO HOLD THE PLAN
      ASSETS OF THE FOREGOING. EACH INVESTOR IN THIS CERTIFICATE WILL BE DEEMED TO
      MAKE THE FOREGOING REPRESENTATIONS AND WILL FURTHER BE DEEMED TO REPRESENT,
      WARRANT AND COVENANT THAT IT WILL NOT SELL, PLEDGE OR OTHERWISE TRANSFER THIS
      CERTIFICATE IN VIOLATION OF THE FOREGOING.

     

    THIS
      OWNERSHIP CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE
      DEPOSITOR, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE, THE SECURITIES
      ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY
      PROVIDED IN THE TRUST AGREEMENT OR THE OTHER OPERATIVE AGREEMENTS.

     

    THIS
      OWNERSHIP CERTIFICATE IS SUBORDINATE IN RIGHT OF PAYMENT AS DESCRIBED IN THE
      TRANSFER AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS OWNERSHIP CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE
      REGISTRAR SHALL HAVE RECEIVED AN AFFIDAVIT FROM THE PROPOSED TRANSFEREE IN
      WHICH
      THE PROPOSED TRANSFEREE DECLARES THAT IT IS A REAL ESTATE INVESTMENT TRUST
      (A
“REIT”) WITHIN THE MEANING OF SECTIONS 856 AND 857 OF THE CODE, A QUALIFIED REIT
      SUBSIDIARY WITHIN THE MEANING OF SECTION 856(i) OF THE CODE OR AN ENTITY THAT
      IS
      BOTH (A) SOLELY OWNED BY A REIT OR QUALIFIED REIT SUBSIDIARY AND (B) DISREGARDED
      AS AN ENTITY SEPARATE FROM ITS OWNER WITHIN THE MEANING OF SECTION
      301.7701-2(C)(2) OF THE TREASURY REGULATIONS (A “DISREGARDED ENTITY”). MOREOVER,
      ANY ATTEMPTED TRANSFER OF THIS OWNERSHIP CERTIFICATE TO A PERSON OTHER THAN
      A
      REIT, A QUALIFIED REIT SUBSIDIARY OR A DISREGARDED ENTITY SHALL BE
      VOID
      AB
      INITIO
      AND THE
      PURPORTED TRANSFEREE SHALL ACQUIRE NO RIGHTS IN THIS OWNERSHIP
      CERTIFICATE.

    
      
        
        

      

      
        A-1

        
          

        

      

       

    

    HOMEBANC
      MORTGAGE TRUST 2006-2

    

    Certificate
      No. _________ Percentage
      Interest: 100%

     

    First
      Payment Date: December 26, 2006

     

    Evidencing
      a fractional undivided equity interest in the Trust Estate, the property of
      which consists primarily of the Collateral in HomeBanc Mortgage Trust 2006-2
      (the “Trust” or the “Issuer”), a Delaware statutory trust formed by HMB
      Acceptance Corp., a Delaware corporation, as depositor (the “Depositor”),
      pursuant to the Agreement referred to below.

     

    This
      certifies that [insert name of Holder] is the registered owner of the Percentage
      Interest referred to above.

     

    The
      Trust
      was created pursuant to a trust agreement dated as of November 1, 2006 (as
      amended and supplemented from time to time, the “Agreement” or “Trust
      Agreement”), among the Depositor, Wilmington Trust Company, as owner trustee
      (the “Owner Trustee,” which term includes any successor entity under the
      Agreement), and Wells Fargo Bank, N.A., as securities administrator (in such
      capacity, the “Securities Administrator”), a summary of certain of the pertinent
      provisions of which is set forth hereinafter. This Ownership Certificate is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Ownership Certificate by virtue
      of the acceptance hereof assents and by which such Holder is bound, and the
      transfer and servicing agreement dated as of November 1, 2006 (as amended and
      supplemented from time to time, the “Transfer and Servicing Agreement”), among
      the Issuer, the Depositor, HomeBanc Corp., as seller and servicer, Wells Fargo
      Bank, N.A., as master servicer and Securities Administrator, and U.S. Bank
      National Association, as indenture trustee (the “Indenture Trustee”).
      Distributions on this Ownership Certificate shall be made by the Securities
      Administrator, in its capacity as Certificate Paying Agent under the
      Agreement.

     

    This
      Ownership Certificate is issued under the Agreement to which reference is hereby
      made for a statement of the respective rights thereunder of the Depositor,
      the
      Owner Trustee and the Holder of the Ownership Certificate and the terms upon
      which the Ownership Certificate is executed and delivered. The Trust Estate
      consists of the Collateral in the HomeBanc Mortgage Trust 2006-2. To the extent
      not otherwise defined herein, capitalized terms used herein have the meanings
      assigned to such terms in the Agreement or the Transfer and Servicing Agreement.
      The rights of the Holder are subordinated to the rights of the Noteholders,
      as
      set forth in the indenture dated as of November 1, 2006 (as amended and
      supplemented from time to time, the “Indenture”), among the Issuer, the
      Indenture Trustee and the Securities Administrator.

     

    There
      will be distributed on the 25th
      day of
      each month or, if such 25th
      day is
      not a Business Day, the next Business Day (each, a “Payment Date”), commencing
      in December 2006,
      to
      the Holder at the close of business on the last Business Day of the month
      preceding the month of such Payment Date (the “Record Date”), the amount to be
      distributed to the Holder on such Payment Date, all as provided in the Transfer
      and Servicing Agreement and the Trust Agreement.

    
      
        
        

      

      
        A-2

        
          

        

      

       

    

     

    The
      Holder, by its acceptance of this Ownership Certificate, agrees that it will
      look solely to the funds on deposit in the Certificate Distribution Account
      that
      have been released from the lien of the Indenture for payment hereunder and
      that
      neither the Owner Trustee, the Securities Administrator or the Certificate
      Paying Agent in their individual capacities nor the Depositor is personally
      liable to the Holder for any amount payable under this Ownership Certificate
      or
      the Agreement or, except as expressly provided in the Agreement, subject to
      any
      liability under the Agreement.

     

    The
      Holder acknowledges and agrees that its rights to receive distributions in
      respect of this Ownership Certificate are subordinated to the rights of the
      Noteholders as described in the Indenture and the rights of the Owner Trustee
      as
      described in the Trust Agreement.

     

    The
      Depositor and the Holder, by acceptance of an Ownership Certificate, agree
      to
      treat, and to take no action inconsistent with the treatment of, the Ownership
      Certificate for federal, state and local income tax purposes as an equity
      interest in the Trust.

     

    The
      Holder, by its acceptance of an Ownership Certificate, covenants and agrees
      that
      it will not at any time institute against the Depositor or the Trust, or join
      in
      any institution against the Depositor or the Trust of, any bankruptcy,
      reorganization, arrangement, insolvency or liquidation proceedings, or other
      proceedings under any United States federal or state bankruptcy or similar
      law
      in connection with any obligations relating to the Ownership Certificate, the
      Notes, the Agreement or any other of the Operative Agreements.

     

    Distributions
      on this Ownership Certificate will be made as provided in the Agreement by
      the
      Certificate Paying Agent by wire transfer or check mailed to the Holder without
      the presentation or surrender of this Ownership Certificate or the making of
      any
      notation hereon. Except as otherwise provided in the Agreement and
      notwithstanding the above, the final distribution on this Ownership Certificate
      will be made after due notice by the Certificate Paying Agent of the pendency
      of
      such distribution and only upon presentation and surrender of this Ownership
      Certificate at the office or agency maintained by the Certificate Registrar
      for
      that purpose.

     

    Reference
      is hereby made to the further provisions of this Ownership Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    Unless
      the certificate of authentication hereon shall have been executed by an
      authorized officer of the Owner Trustee, or an authenticating agent by manual
      signature, this Ownership Certificate shall not entitle the Holder hereof to
      any
      benefit under the Agreement or be valid for any purpose.

     

    THIS
      OWNERSHIP CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
      STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS, AND
      THE
      OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
      IN
      ACCORDANCE WITH SUCH LAWS.

    
      
        
        

      

      
        A-3

        
          

        

      

       

    

    IN
      WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its
      individual capacity, has caused this Ownership Certificate to be duly
      executed.

     

    
      	 	 	 
	 	
              HOMEBANC
                MORTGAGE TRUST 2006-2

               

              
                By:
                  WILMINGTON TRUST COMPANY, not in 

                its
                  individual capacity but solely as Owner 

                Trustee

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Authorized
              Signatory

    

    

    Dated:
      _________________________

     

    
      
        
        

      

      
        A-4

        
          

        

      

       

    

     

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      the Ownership Certificate referred to in the within-mentioned Trust
      Agreement.

     

    
      	 	 	 
	 	
              
                WELLS
                  FARGO BANK, N.A., not in its individual 

                capacity
                  but solely as Securities Administrator

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	 	
              
Authorized
              Signatory
	 	 	 
	 	 	 
	 	
              Dated:
                _________________________

            

    

     

    
      
        
        

      

      
        A-5

        
          

        

      

       

    

    [REVERSE
      OF OWNERSHIP CERTIFICATE]

    

    HOMEBANC
      MORTGAGE TRUST 2006-2 OWNERSHIP CERTIFICATE

    

    The
      Ownership Certificate does not represent an obligation of, or an interest in,
      the Depositor, the Seller, the Indenture Trustee, the Owner Trustee, the
      Securities Administrator, the Securities Administrator or any Affiliates of
      any
      of them and no recourse may be had against any such parties or their assets,
      except as expressly set forth or contemplated herein or in the Agreement or
      the
      other Operative Agreements. In addition, this Ownership Certificate is not
      guaranteed by any governmental agency or instrumentality and is limited in
      right
      of payment to certain collections and recoveries with respect to the Collateral,
      all as more specifically set forth herein. A copy of the Agreement may be
      examined by any Certificateholder upon written request during normal business
      hours at the principal office of the Depositor and at such other places, if
      any,
      designated by the Depositor.

     

    The
      Agreement permits the amendment thereof as specified below, provided that any
      amendment be accompanied by an Opinion of Counsel to the effect that such
      amendment complies with the provisions of the Agreement and would not cause
      the
      Trust to be subject to an entity level tax. If the purpose of the amendment
      is
      to correct any mistake, eliminate any inconsistency, cure any ambiguity or
      deal
      with any matter not covered, it shall not be necessary to obtain the consent
      of
      any Noteholder or the Indenture Trustee. If the purpose of the amendment is
      to
      add or eliminate or change any provision of the Agreement, other than as
      specified in the preceding sentence, the amendment shall require the consent
      of
      the Holder and the consent of Noteholders evidencing more than 662/3%
      of the
      Outstanding Balance of the Notes and the Indenture Trustee; provided,
      however,
      that no
      such amendment shall, as evidenced by an Opinion of Counsel, adversely affect
      the tax status of the Trust; and provided,
      further,
      that no
      such amendment shall (a) increase or reduce in any manner the amount of, or
      accelerate or delay the timing of, collections of payments on the Collateral
      or
      distributions that shall be required to be made for the benefit of the
      Noteholders or the Holder or (b) reduce the aforesaid percentage of the
      Outstanding Balance of the Notes required to consent to or to waive the
      requirement for the Holder to consent to any such amendment, in either case
      of
      clause (a) or (b) without the consent of the holders of all the outstanding
      Securities and the Indenture Trustee.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Ownership Certificate is registerable in the Certificate
      Register upon surrender of this Ownership Certificate for registration of
      transfer at the offices or agencies of the Certificate Registrar, accompanied
      by
      a written instrument of transfer in form satisfactory to the Certificate
      Registrar duly executed by the Holder hereof or such Holder’s attorney duly
      authorized in writing, and thereupon a new Ownership Certificate will be issued
      to the designated transferee. The initial Certificate Registrar appointed under
      the Agreement is the Securities Administrator.

     

    Except
      as
      provided in the Agreement, the Ownership Certificate is issuable only in a
      minimum Percentage Interest of 100%. No service charge will be made for any
      such
      registration of transfer or exchange, but the Owner Trustee or the Certificate
      Registrar may require payment of a sum sufficient to cover any tax or
      governmental charge payable in connection therewith or any expense incurred
      thereby.

    
      
        
        

      

      
        A-6

        
          

        

      

       

    

     

    The
      Owner
      Trustee, the Certificate Paying Agent, the Certificate Registrar, the Securities
      Administrator and any agent of the Owner Trustee, the Certificate Paying Agent,
      the Certificate Registrar and the Securities Administrator may treat the Holder
      as the owner hereof for all purposes, and none of the Owner Trustee, the
      Certificate Paying Agent, the Certificate Registrar, the Securities
      Administrator or any such agent shall be affected by any notice to the
      contrary.

     

    The
      obligations and responsibilities created by the Agreement and the Trust created
      thereby shall terminate upon the satisfaction and discharge of the Indenture
      pursuant to Section 4.01 thereof and the termination of the Transfer and
      Servicing Agreement.

    
      
        
        

      

      
        A-7

        
          

        

      

       

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s) and assign(s) and transfer(s)
      unto

     

    
      

    

     

    
      

    

     

    (Please
      print or type name and address, including postal zip code, of assignee and
      social security number or employer identification number)

    
       

      
        

      

    

     

    the
      within Ownership Certificate, and all rights thereunder, hereby irrevocably
      constituting and appointing

     

    
      
 

    to
      transfer said Ownership Certificate on the books of the Certificate Registrar,
      with full power of substitution in the premises.

     

    I
      [we]
      further direct the Certificate Registrar to issue a new Ownership Certificate
      to
      the above-named assignee and deliver such Ownership Certificate to the following
      address:

     

    
      
 

    
      
 

      	 	 	 	 
	Dated:____________________ 	 	 	
            
	 	 	 	Signature by or on behalf of
              Assignor
	 	 	 	 
	
              
Authorized
              Officer	 	 	 
	 	 	 	
              Signature
                Guaranteed

            
	 	 	 	 
	 	 	 	 
	Name of Institution 	 	 	
              NOTICE:
The
                signature(s) of this assignment must correspond with the name(s)
                on the
                face of this Certificate without alteration or any change whatsoever.
                The
                signature must be guaranteed by a participant in the Securities Transfer
                Agents Medallion Program, the New York Stock Exchange Medallion Signature
                Program or the Stock Exchanges Medallion Program. Notarized or witnessed
                signatures are not acceptable as guaranteed
                signatures.

            

    

     

    
      
        
        

      

      
        A-8

        
          

        

      

       

    

     

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for the information of the Certificate
      Paying Agent. Distributions shall be made by wire transfer in immediately
      available funds to

     

    ______________________________________________________________________________

     

    for
      the
      account of
      _______________________________________________________________

     

    account
      number __________________ or, if mailed by check, to
      _________________________

     

    _____________________________________________________________________________.

     

    Applicable
      reports and statements should be mailed to
      _________________________________

     

    _____________________________________________________________________________.

     

    This
      information is provided by
      _____________________________________________,

     

    the
      assignee named above, or ____________________________________ as its
      agent.

     

    
      	 	 	 
	
            	
            	
            
	 	
              
                

              

              Signature
                of assignee or agent 

              (for
                authorization of wire transfer
                only)

            

    

    
      
        
        

      

      
        A-9

        
          

        

      

       

    

    EXHIBIT
      B

    

    FORM
      OF
      CERTIFICATE OF TRUST OF

     

    HOMEBANC
      MORTGAGE TRUST 2006-2

    

    This
      Certificate of Trust of HomeBanc Mortgage Trust 2006-2 (the “Trust”), is being
      duly executed and filed by the undersigned, as trustee, to form a statutory
      trust under the Delaware Statutory Trust Act (12 DEL. CODE, Sections 3801 et
      seq.) (the “Act”)

     

    1. NAME.
      The
      name of the statutory trust formed hereby is “HOMEBANC MORTGAGE TRUST
      2006-2.”

     

    2. DELAWARE
      TRUSTEE. The name and business address of the trustee of the Trust in the State
      of Delaware are Wilmington Trust Company, Rodney Square North, 1100 North Market
      Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust
      Administration.

     

    3. EFFECTIVE
      DATE. This Certificate of Trust shall be effective on [             
      ],
      2006.

     

    IN
      WITNESS WHEREOF, the undersigned, being the owner trustee of the Trust, has
      executed this Certificate of Trust in accordance with Section 3811(a) of the
      Act.

     

    
      	 	 	 
	 	
              WILMINGTON
                TRUST COMPANY,

              as
                Owner Trustee

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
                

              

              Name:
                

              Title:

            

    

     

    
      
        
        

      

      
        B-1

        
          

        

      

       

    

    EXHIBIT
      C

     

    FORM
      OF
      RULE 144A INVESTMENT LETTER

    

    __________________

    Date

    

    Wells
      Fargo Bank, NA

    as
      Certificate Registrar

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    

    Attention:
      Corporate Trust Department

    

    Re:    
      HomeBanc
      Mortgage Trust 2006-2 

    Ownership
      Certificate 

    

    Ladies
      and Gentlemen:

    

    In
      connection with our acquisition of the HomeBanc Mortgage Trust 2006-2 Ownership
      Certificate (the “Certificate”), we certify that (a) we understand that the
      Certificate has not been registered under the Securities Act of 1933, as amended
      (the “Act”), or any state securities laws and is being transferred to us in a
      transaction that is exempt from the registration requirements of the Act and
      any
      such laws, (b) we have such knowledge and experience in financial and
      business matters that we are capable of evaluating the merits and risks of
      investment in the Certificate, (c) we have had the opportunity to ask questions
      of and receive answers from the HMB Acceptance Corp. (the “Depositor”)
      concerning the purchase of the Certificate and all matters relating thereto
      or
      any additional information deemed necessary to our decision to purchase the
      Certificate, (d) we have not, nor has anyone acting on our behalf, offered,
      transferred, pledged, sold or otherwise disposed of the Certificate or any
      interest in the Certificate, or solicited any offer to buy, transfer, pledge
      or
      otherwise dispose of the Certificate or any interest in the Certificate from
      any
      person in any manner, or made any general solicitation by means of general
      advertising or in any other manner, or taken any other action that would
      constitute a distribution of the Certificate under the Act or that would render
      the disposition of the Certificate a violation of Section 5 of the Act or any
      state securities laws or require registration pursuant thereto, and we will
      not
      act, or authorize any person to act, in such manner with respect to the
      Certificate and (e) we are a “qualified institutional buyer” as that term is
      defined in Rule 144A under the Act (“Rule 144A”). We are aware that the sale to
      us is being made in reliance on Rule 144A.

     

    We
      are
      acquiring the Certificate for our own account or for resale pursuant to Rule
      144A and understand that such Certificate may be resold, pledged or transferred
      only (1) to a person reasonably believed to be a qualified institutional buyer
      that purchases for its own account or for the account of a qualified
      institutional buyer to whom notice is given that the resale, pledge or transfer
      is being made in reliance on Rule 144A or (2) pursuant to another exemption
      from
      registration under the Act.

    
      
        
        

      

      
        C-1

        
          

        

      

       

    

     

    In
      addition, we hereby certify that we are not an employee benefit plan or other
      retirement arrangement subject to Section 406 of the Employee Retirement Income
      Security Act of 1974, as amended (“ERISA”), or to Section 4975 of the Internal
      Revenue Code of 1986, as amended (or to any other substantially similar law)
      or
      any entity deemed to hold the plan assets of the foregoing.

     

    We
      hereby
      acknowledge that under the terms of the Trust Agreement among HMB Acceptance
      Corp., as Depositor, Wilmington Trust Company, as Owner Trustee, and Wells
      Fargo
      Bank, N.A., as Securities Administrator, dated as of November 1, 2006, no
      transfer of the Certificate shall be permitted to be made to any person unless
      the Certificate Registrar has received a certificate from such transferee in
      the
      form hereof.

     

    We
      hereby
      indemnify the Depositor, Certificate Registrar and the Owner Trustee against
      any
      liability that may result to either of them if our transfer or other disposition
      of the Certificate (or any interest therein) is not exempt from the registration
      requirements of the Act and any applicable state securities laws or is not
      made
      in accordance with such federal and state laws, the provisions of this
      certificate or the applicable provisions of the Indenture.

     

    
      	 	 	 
	 	
              Very
                truly yours,

               

              [Name
                of Transferee]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
                

              

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        C-2

        
          

        

      

       

    

    EXHIBIT
      D

     

    OWNER
      TRUSTEE FEE LETTER AGREEMENT

     

    [Retained
      on file at: 

     

    Wilmington
      Trust Company

    Rodney
      Square North

    1100
      North Market Street

    Wilmington,
      Delaware 19890]

    
      
        
        

      

      
        D-1

        
          

        

      

       

    

    EXHIBIT
      E

    

    FORM
      OF
      REPRESENTATION AND WARRANTY REGARDING TRANSFEREE’S 

    STATUS
      AS
      A REIT OR QUALIFIED REIT SUBSIDIARY

    

    Wilmington
      Trust Company

    Rodney
      Square North

    1100
      North Market Street

    Wilmington,
      Delaware 19890-1600

    Attention:
      HomeBanc 2006-2

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      HomeBanc 2006-2

    

    Re:    HomeBanc
      Mortgage Trust 2006-2

                     
      Ownership
      Certificate

     

    This
      representation and warranty is delivered pursuant to Section 3.03 of the Trust
      Agreement dated as of November 1, 2006 (the “Agreement”), among HMB Acceptance
      Corp., as depositor (the “Depositor”), Wilmington Trust Company, as owner
      trustee (the “Owner Trustee”), and Wells Fargo Bank, N.A., as Securities
      Administrator (the “Securities Administrator”), in connection with the transfer
      by [HomeBanc Mortgage Trust 2006-2 (the “Trust”) to the undersigned] [the
      [transferor] to the undersigned] as beneficial owner (the “Beneficial Owner”) of
      a 100% Percentage Interest in the Ownership Certificate. Capitalized terms
      used
      but not defined in this document have the meanings ascribed to them in the
      Agreement.

     

    The
      Beneficial Owner hereby certifies that it has received a copy of the Agreement
      and that it understands the restrictions on transferability of the Ownership
      Certificate set forth in Section 3.03 of the Agreement and the indemnity
      provisions set forth in Section 7.02 of the Agreement. In connection with the
      transfer of the Ownership Certificate to the Beneficial Owner, the Beneficial
      Owner represents and warrants that:

     

    (1) The
      Beneficial Owner either (i) qualifies for taxation as a real estate investment
      trust (a “REIT”) within the meaning of Sections 856 and 857 of the Internal
      Revenue Code of 1986, as amended (the “Code”), (ii) is a qualified REIT
      subsidiary within the meaning of Section 856(i) of the Code (a “Qualified REIT
      Subsidiary”) or (iii) is an entity (a “Disregarded Entity”) that is both (A)
      solely owned by an entity described in (i) or (ii) and (B) is disregarded as
      an
      entity separate from its owner within the meaning of Section 301.7701-2(c)(2)
      of
      the Treasury Regulations.

     

    (2) The
      Beneficial Owner hereby agrees to be subject to the indemnification provisions
      set out in Section 7.02 of the Agreement, and hereby warrants that the
      Beneficial Owner shall indemnify the Trust for any income tax imposed upon
      the
      Trust due to the Beneficial Owner’s failure to qualify as a REIT, a Qualified
      REIT Subsidiary or a Disregarded Entity at any time at which such Beneficial
      Owner owns the Ownership Certificate.

    
      
        
        

      

      
        E-1

        
          

        

      

       

    

     

    (3) The
      Beneficial Owner hereby agrees to be subject to the provisions governing events
      of default set out in the Indenture among HomeBanc Mortgage Trust 2006-2 (the
      “Trust”), as issuer, U.S. Bank National Association, as indenture trustee, and
      Wells Fargo Bank, N.A., as Securities Administrator, dated as of November 1,
      2006.

     

    (4) The
      Beneficial Owner hereby agrees to notify the Trust within sixty (60) days of
      the
      date on which the Beneficial Owner discovers that it has failed to qualify
      as a
      REIT, a Qualified REIT Subsidiary or a Disregarded Entity at any time at which
      the Beneficial Owner owns the Ownership Certificate.

     

    (5) The
      Beneficial Owner is not, and on _________ [date of transfer] will not be, an
      employee benefit plan or other retirement arrangement subject to Section 406
      of
      the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or
      Section 4975 of the Code or any substantially similar applicable law
      (collectively, a “Plan”) or a person acting on behalf of or investing the assets
      of any such Plan to acquire the Ownership Certificate.

     

    (6) The
      Beneficial Owner hereby acknowledges that under the terms of the Agreement,
      no
      transfer of the Ownership Certificate shall be permitted to be made to any
      person unless the Certificate Registrar has received a certificate from such
      transferee to the effect that such transferee (i) is not a Plan and is not
      using
      the assets of any Plan to acquire the Ownership Certificate and (ii) is a REIT,
      a Qualified REIT Subsidiary or a Disregarded Entity.

     

    (7) The
      Beneficial Owner will not transfer the Ownership Certificate to any person
      or
      entity (i) as to which the Purchaser has reason to believe does not satisfy
      the
      requirements set forth in this affidavit, and (ii) without obtaining from the
      prospective Purchaser an affidavit substantially in this form and providing
      to
      the Certificate Registrar a written statement substantially in the form of
      Exhibit E to the Agreement.

     

    The
      Holder of the Ownership Certificate will not take any action or inaction that
      would cause the Trust to be subject to any United States federal income
      taxation.

    
      
        
        

      

      
        E-2

        
          

        

      

       

    

    EXHIBIT
      F

    

    TRANSACTION
      PARTIES

    

    
      	
              Indenture
                Trustee

            	
              U.S.
                Bank National Association

            
	 	 
	
              Owner
                Trustee

            	
              Wilmington
                Trust Company

            
	 	 
	
              Securities
                Administrator

            	
              Wells
                Fargo Bank, N.A.

            
	 	 
	
              Master
                Servicer

            	
              Wells
                Fargo Bank, N.A.

            
	 	 
	
              Custodian

            	
              U.S.
                Bank National Association

            
	 	 
	
              Interest
                Rate Cap Counterparty

            	
              Bear
                Stearns Financial Products Inc.

            
	 	 
	
              Servicer

            	
              HomeBanc
                Corp.

            
	 	 
	
              Subservicer

            	
              HomeBanc
                Mortgage Corporation

            
	 	 
	
              Originator

            	
              HomeBanc
                Mortgage Corporation

            
	 	 
	
              Sponsor/Seller

            	
              HomeBanc
                Corp.

            

    

     

    
      
        
        

      

      
        F-1EXECUTION

    

     

    INDENTURE

     

    among

     

    HOMEBANC
      MORTGAGE TRUST 2006-2,

    Issuer,

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    Indenture
      Trustee

     

    and

     

    WELLS
      FARGO BANK, N.A.,
Securities
      Administrator

     

    Dated
      as
      of November 1, 2006

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

    

      
        	 	 	
                Page

              
	 	 
	
                ARTICLE
                  I 

                DEFINITIONS
                  AND INCORPORATION BY REFERENCE

              	 
	
                Section
                  1.01

              	
                Definitions

              	
                2

              
	
                Section
                  1.02

              	
                Rules
                  of Construction

              	
                7

              
	 	 
	
                ARTICLE
                  II
THE NOTES

              	 
	 	 	 
	
                Section
                  2.01

              	
                Form

              	
                8

              
	
                Section
                  2.02

              	
                Execution,
                  Authentication and Delivery

              	
                9

              
	
                Section
                  2.03

              	
                Limitations
                  on Transfer of the Notes

              	
                9

              
	
                Section
                  2.04

              	
                Registration;
                  Registration of Transfer and Exchange

              	
                12

              
	
                Section
                  2.05

              	
                Mutilated,
                  Destroyed, Lost or Stolen Notes

              	
                13

              
	
                Section
                  2.06

              	
                Persons
                  Deemed Owners

              	
                14

              
	
                Section
                  2.07

              	
                Payment
                  of Principal and Interest

              	
                14

              
	
                Section
                  2.08

              	
                Cancellation

              	
                15

              
	
                Section
                  2.09

              	
                Release
                  of Collateral

              	
                15

              
	
                Section
                  2.10

              	
                Book-Entry
                  Notes

              	
                16

              
	
                Section
                  2.11

              	
                Notices
                  to Clearing Agency

              	
                17

              
	
                Section
                  2.12

              	
                Definitive
                  Notes

              	
                17

              
	
                Section
                  2.13

              	
                Tax
                  Treatment

              	
                17

              
	
                Section
                  2.14

              	
                Restrictions
                  on Transfer and Retention of Beneficial Ownership Interest in the
                  Retained
                  Notes

              	
                17

              
	 	 
	
                ARTICLE
                  III
COVENANTS

              	 
	 	 
	
                Section
                  3.01

              	
                Payment
                  of Principal and Interest

              	
                18

              
	
                Section
                  3.02

              	
                Maintenance
                  of Office or Agency

              	
                18

              
	
                Section
                  3.03

              	
                Money
                  for Payments to be Held in Trust

              	
                19

              
	
                Section
                  3.04

              	
                Existence

              	
                20

              
	
                Section
                  3.05

              	
                Protection
                  of Collateral

              	
                21

              
	
                Section
                  3.06

              	
                Opinions
                  as to Collateral

              	
                21

              
	
                Section
                  3.07

              	
                Performance
                  of Obligations

              	
                21

              
	
                Section
                  3.08

              	
                Negative
                  Covenants

              	
                23

              
	
                Section
                  3.09

              	
                Annual
                  Statement as to Compliance

              	
                23

              
	
                Section
                  3.10

              	
                Treatment
                  of Notes as Debt for Tax Purposes

              	
                24

              
	
                Section
                  3.11

              	
                No
                  Other Business

              	
                24

              
	
                Section
                  3.12

              	
                No
                  Borrowing

              	
                24

              
	
                Section
                  3.13

              	
                Guarantees,
                  Loans, Advances and Other Liabilities

              	
                24

              
	
                Section
                  3.14

              	
                Capital
                  Expenditures

              	
                24

              
	
                Section
                  3.15

              	
                Removal
                  of Administrator

              	
                24

              
	
                Section
                  3.16

              	
                Restricted
                  Payments

              	
                24

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
                  3.17

              	
                Notice
                  of Events of Default

              	
                25

              
	
                Section
                  3.18

              	
                Further
                  Instruments and Acts

              	
                25

              
	
                Section
                  3.19

              	
                Covenants
                  of the Issuer

              	
                25

              
	
                Section
                  3.20

              	
                Representations
                  and Warranties of the Issuer

              	
                25

              
	 	 
	
                ARTICLE
                  IV
SATISFACTION AND DISCHARGE

              	 
	 	 
	
                Section
                  4.01

              	
                Satisfaction
                  and Discharge of Indenture

              	
                26

              
	
                Section
                  4.02

              	
                Application
                  of Trust Money

              	
                27

              
	
                Section
                  4.03

              	
                Repayment
                  of Moneys Held by Paying Agent

              	
                27

              
	
                Section
                  4.04

              	
                Trust
                  Money Received by Indenture Trustee

              	
                27

              
	 	 
	
                ARTICLE
                  V
EVENTS OF DEFAULT; REMEDIES

              	 
	 	 
	
                Section
                  5.01

              	
                Events
                  of Default

              	
                28

              
	
                Section
                  5.02

              	
                Acceleration
                  of Maturity; Rescission and Annulment

              	
                29

              
	
                Section
                  5.03

              	
                Collection
                  of Indebtedness and Suits for Enforcement by Indenture
                  Trustee

              	
                30

              
	
                Section
                  5.04

              	
                Remedies;
                  Priorities

              	
                32

              
	
                Section
                  5.05

              	
                Optional
                  Preservation of the Collateral

              	
                33

              
	
                Section
                  5.06

              	
                Limitation
                  of Suits

              	
                33

              
	
                Section
                  5.07

              	
                Unconditional
                  Rights of Noteholders To Receive Principal and Interest

              	
                34

              
	
                Section
                  5.08

              	
                Restoration
                  of Rights and Remedies

              	
                34

              
	
                Section
                  5.09

              	
                Rights
                  and Remedies Cumulative

              	
                35

              
	
                Section
                  5.10

              	
                Delay
                  or Omission Not a Waiver

              	
                35

              
	
                Section
                  5.11

              	
                Control
                  by Noteholders

              	
                35

              
	
                Section
                  5.12

              	
                Waiver
                  of Past Defaults

              	
                36

              
	
                Section
                  5.13

              	
                Undertaking
                  for Costs

              	
                36

              
	
                Section
                  5.14

              	
                Waiver
                  of Stay or Extension Laws

              	
                36

              
	
                Section
                  5.15

              	
                Action
                  on Notes

              	
                36

              
	
                Section
                  5.16

              	
                Performance
                  and Enforcement of Certain Obligations

              	
                37

              
	 	 
	
                ARTICLE
                  VI
THE INDENTURE TRUSTEE

              	 
	 	 
	
                Section
                  6.01

              	
                Duties
                  of Indenture Trustee

              	
                37

              
	
                Section
                  6.02

              	
                Rights
                  of Indenture Trustee

              	
                39

              
	
                Section
                  6.03

              	
                Individual
                  Rights of Indenture Trustee

              	
                40

              
	
                Section
                  6.04

              	
                Indenture
                  Trustee’s Disclaimer

              	
                41

              
	
                Section
                  6.05

              	
                Notice
                  of Defaults

              	
                41

              
	
                Section
                  6.06

              	
                Reports
                  by Indenture Trustee to Holders

              	
                41

              
	
                Section
                  6.07

              	
                Compensation
                  and Indemnity

              	
                41

              
	
                Section
                  6.08

              	
                Replacement
                  of Indenture Trustee

              	
                42

              
	
                Section
                  6.09

              	
                Successor
                  Indenture Trustee by Merger

              	
                42

              
	
                Section
                  6.10

              	
                Appointment
                  of Co-Indenture Trustee or Separate Indenture Trustee

              	
                43

              
	
                Section
                  6.11

              	
                Eligibility;
                  Disqualification

              	
                44

              

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  6.12

              	
                Representations
                  and Warranties

              	
                44

              
	
                Section
                  6.13

              	
                Preferential
                  Collection of Claims Against Issuer

              	
                45

              
	
                Section
                  6.14

              	
                Reporting
                  Requirements of the Commission

              	
                45

              
	 	 
	
                ARTICLE
                  VII
NOTEHOLDERS’ LISTS AND REPORTS

              	 
	 	 
	
                Section
                  7.01

              	
                Issuer
                  To Furnish Indenture Trustee Names and Addresses of
                  Noteholders

              	
                47

              
	
                Section
                  7.02

              	
                Preservation
                  of Information; Communications to Noteholders

              	
                47

              
	
                Section
                  7.03

              	
                Reports
                  by Issuer

              	
                48

              
	
                Section
                  7.04

              	
                Reports
                  by Indenture Trustee

              	
                48

              
	 	 
	
                ARTICLE
                  VIII
ACCOUNTS, DISBURSEMENTS AND RELEASES

              	 
	 	 
	
                Section
                  8.01

              	
                Collection
                  of Money

              	
                49

              
	
                Section
                  8.02

              	
                Note
                  Payment Account and Certificate Distribution Account

              	
                49

              
	
                Section
                  8.03

              	
                General
                  Provisions Regarding Accounts

              	
                49

              
	
                Section
                  8.04

              	
                Release
                  of Collateral

              	
                49

              
	 	 
	
                ARTICLE
                  IX
SUPPLEMENTAL INDENTURES

              	 
	 	 
	
                Section
                  9.01

              	
                Supplemental
                  Indentures Without Consent of Noteholders

              	
                50

              
	
                Section
                  9.02

              	
                Supplemental
                  Indentures with Consent of Noteholders

              	
                51

              
	
                Section
                  9.03

              	
                Execution
                  of Supplemental Indentures

              	
                52

              
	
                Section
                  9.04

              	
                Effect
                  of Supplemental Indenture

              	
                52

              
	
                Section
                  9.05

              	
                Conformity
                  with Trust Indenture Act

              	
                53

              
	
                Section
                  9.06

              	
                Reference
                  in Notes to Supplemental Indentures

              	
                53

              
	
                Section
                  9.07

              	
                Opinion
                  of Counsel

              	
                53

              
	 	 
	
                ARTICLE
                  X

                REDEMPTION
                  OF NOTES

              	 
	 	 
	
                Section
                  10.01

              	
                Redemption

              	
                53

              
	
                Section
                  10.02

              	
                Form
                  of Redemption Notice

              	
                54

              
	
                Section
                  10.03

              	
                Notes
                  Payable on Redemption Date

              	
                54

              
	 	 
	
                ARTICLE
                  XI
MISCELLANEOUS

              	 
	 	 
	
                Section
                  11.01

              	
                Compliance
                  Certificates and Opinions, etc.

              	
                54

              
	
                Section
                  11.02

              	
                Form
                  of Documents Delivered to Indenture Trustee

              	
                55

              
	
                Section
                  11.03

              	
                Acts
                  of Noteholders

              	
                56

              
	
                Section
                  11.04

              	
                Notices,
                  etc., to Indenture Trustee, Issuer and Rating Agencies

              	
                56

              
	
                Section
                  11.05

              	
                Notices
                  to Noteholders; Waiver

              	
                57

              
	
                Section
                  11.06

              	
                Conflict
                  with Trust Indenture Act

              	
                57

              
	
                Section
                  11.07

              	
                Effect
                  of Headings and Table of Contents

              	
                58

              

      

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  11.08

              	
                Successors
                  and Assigns

              	
                58

              
	
                Section
                  11.09

              	
                Severability

              	
                58

              
	
                Section
                  11.10

              	
                Benefits
                  of Indenture and Consents of Noteholders

              	
                58

              
	
                Section
                  11.11

              	
                Legal
                  Holidays

              	
                58

              
	
                Section
                  11.12

              	
                Governing
                  Law

              	
                58

              
	
                Section
                  11.13

              	
                Counterparts

              	
                58

              
	
                Section
                  11.14

              	
                Recording
                  of Indenture

              	
                58

              
	
                Section
                  11.15

              	
                Trust
                  Obligations

              	
                59

              
	
                Section
                  11.16

              	
                No
                  Petition

              	
                59

              
	
                Section
                  11.17

              	
                Inspection

              	
                59

              
	
                Section
                  11.18

              	
                Agreements
                  of Noteholders

              	
                60

              

      

    

     

    EXHIBITS

     

    
      	
              EXHIBIT
                A

            	
              Forms
                of Notes

            

    

    
      	
              EXHIBIT
                B-1

            	
              Form
                of Rule 144A Investment Letter

            

    

    
      	
              EXHIBIT
                B-2

            	
              Form
                of Non-Rule 144A Investment Letter

            

    

    
      	
              EXHIBIT
                C

            	
              Form
                of ERISA Transfer Affidavit

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

       

    

    This
      INDENTURE, dated as of November 1, 2006, is by and between HOMEBANC MORTGAGE
      TRUST 2006-2, a Delaware statutory trust (the “Issuer”), U.S. BANK NATIONAL
      ASSOCIATION, a national banking association, as indenture trustee and not in
      its
      individual capacity (the “Indenture Trustee”) and WELLS FARGO BANK, N.A., a
      national banking association, as securities administrator and not in its
      individual capacity (the “Securities Administrator”).

     

    Each
      party agrees as follows for the benefit of the other party and for the equal
      and
      ratable benefit of the Holders of the Issuer’s Mortgage Backed Notes (the
“Notes”) in the Classes specified herein:

     

    GRANTING
      CLAUSE

     

    The
      Issuer hereby Grants to the Indenture Trustee on the Closing Date, as Indenture
      Trustee for the benefit of the Holders of the Notes, all of the Issuer’s right,
      title and interest, whether now owned or hereafter acquired, in and to: (i)
      the
      Trust Estate (as defined in the Transfer and Servicing Agreement); (ii) the
      Issuer’s rights and benefits but none of its obligations under the Transfer and
      Servicing Agreement (including the Issuer’s right to cause the Depositor to
      repurchase Mortgage Loans from the Issuer under the circumstances described
      therein); (iii) the Issuer’s rights and benefits but none of its obligations
      under the Administration Agreement; (v) the Issuer’s rights and benefits but
      none of its obligations under the Mortgage Loan Purchase Agreement; (vi) the
      Issuer’s rights and benefits but none of its obligations under the Cap
      Agreements; (vii) the Trust Accounts, all amounts and property in the Trust
      Accounts from time to time, and the Security Entitlements to all Financial
      Assets credited to the Trust Accounts from time to time; (viii) all Holdback
      Amounts on deposit in custodial accounts established by the Servicer for the
      benefit of the Issuer; (ix) all other property of the Trust from time to time;
      and (x) all present and future claims, demands, causes of action and choses
      in
      action in respect of any or all of the foregoing and all payments on or under
      and all proceeds of every kind and nature whatsoever in respect of any or all
      of
      the foregoing, including all proceeds of the conversion thereof, voluntary
      or
      involuntary, into cash or other liquid property, all cash proceeds, accounts,
      accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit
      accounts, insurance proceeds, condemnation awards, rights to payment of any
      and
      every kind and other forms of obligations and receivables, instruments and
      other
      property which at any time constitute all or part of or are included in the
      proceeds of any of the foregoing (collectively, the “Collateral”).

     

    The
      foregoing Grant is made in trust to secure the payment of principal of and
      interest on, and any other amounts owing in respect of, the Notes, and to secure
      (i) the payment of all amounts due on the Notes in accordance with their terms,
      (ii) the payment of all other sums payable under the Indenture with respect
      to
      the Notes and (iii) compliance with the provisions of this Indenture, all as
      provided in this Indenture.

     

    The
      Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes,
      acknowledges such Grant, accepts the trusts under this Indenture in accordance
      with the provisions of this Indenture and agrees to perform its duties required
      in this Indenture to the best of its ability to the end that the interests
      of
      the Holders of the Notes may be adequately and effectively
      protected.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I

     

    DEFINITIONS
      AND INCORPORATION BY REFERENCE

     

    Section
      1.01. Definitions.
      (a)
      Except as otherwise specified herein or as the context may otherwise require,
      the following terms have the respective meanings set forth below for all
      purposes of this Indenture.

     

    Act:
      The
      meaning specified in Section 11.03(a).

     

    Authorized
      Officer:
      With
      respect to the Issuer, any officer of the Owner Trustee who is authorized to
      act
      for the Owner Trustee in matters relating to the Issuer and who is identified
      on
      the list of Authorized Officers delivered by the Owner Trustee to the Indenture
      Trustee on the Closing Date (as such list may be modified or supplemented from
      time to time thereafter) and, so long as the Administration Agreement is in
      effect, any Vice President, Assistant Vice President, Trust Officer or more
      senior officer of the Securities Administrator who is authorized to act for
      the
      Securities Administrator in matters relating to the Issuer and to be acted
      upon
      by the Securities Administrator pursuant to the Administration Agreement and
      who
      is identified on the list of Authorized Officers delivered by the Securities
      Administrator to the Indenture Trustee on the Closing Date (as such list may
      be
      modified or supplemented from time to time thereafter).

     

    Book-Entry
      Notes:
      Beneficial interests in Notes designated as “Book-Entry Notes” in this
      Indenture, ownership and transfers of which shall be evidenced or made through
      book entries by a Clearing Agency as described in Section 2.10; provided,
      that
      after the occurrence of a condition whereupon Definitive Notes are to be issued
      to Note Owners, such Book-Entry Notes shall no longer be “Book-Entry
      Notes.”

     

    Certificate
      of Trust:
      The
      certificate of trust of the Issuer substantially in the form of Exhibit B to
      the
      Trust Agreement.

     

    Clearing
      Agency:
      An
      organization registered as a “clearing agency” pursuant to Section 17A of the
      Exchange Act, as amended. As of the Closing Date, the Clearing Agency shall
      be
      The Depository Trust Company.

     

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

     

    Collateral:
      The
      meaning specified in the Granting Clause of this Indenture.

     

    Commission:
      The
      Securities and Exchange Commission.

     

    Default:
      Any
      occurrence that is, or with notice or the lapse of time or both would become,
      an
      Event of Default.

     

    Definitive
      Notes:
      The
      meaning specified in Section 2.10.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    Depository
      Institution:
      Any
      depository institution or trust company, including the Indenture Trustee and
      the
      Securities Administrator, that (a) is incorporated under the laws of the United
      States of America or any State thereof, (b) is subject to supervision and
      examination by federal or state banking authorities and (c) has outstanding
      unsecured commercial paper or other short-term unsecured debt obligations that
      are rated in the highest rating category by each Rating Agency, or is otherwise
      acceptable to each Rating Agency.

     

    Disregarded
      Entity:
      The
      meaning specified in the Trust Agreement.

     

    Event
      of Default:
      The
      meaning specified in Section 5.01.

     

    Exchange
      Act:
      The
      Securities Exchange Act of 1934, as amended.

     

    Executive
      Officer:
      With
      respect to any corporation or limited liability company, the Chief Executive
      Officer, Chief Operating Officer, Chief Financial Officer, President, Manager,
      Executive Vice President, any Vice President, the Secretary or the Treasurer
      of
      such entity; and with respect to any partnership, any general partner
      thereof.

     

    Global
      Securities:
      The
      meaning specified in Section 2.01(a).

     

    Grant:
      Mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey,
      assign, transfer, create and grant a lien upon and a security interest in and
      a
      right of set-off against, deposit, set over and confirm pursuant to this
      Indenture. A Grant of the Collateral or of any other agreement or instrument
      shall include all rights, powers and options (but none of the obligations)
      of
      the granting party thereunder, including the immediate and continuing right
      to
      claim for, collect, receive and give receipt for principal and interest payments
      in respect of the Collateral and all other moneys payable thereunder, to give
      and receive notices and other communications, to make waivers or other
      agreements, to exercise all rights and options, to bring Proceedings in the
      name
      of the granting party or otherwise and generally to do and receive anything
      that
      the granting party is or may be entitled to do or receive thereunder or with
      respect thereto.

     

    Holdback
      Amount:
      With
      respect to any Holdback Mortgage Loan, any portion of the indebtedness evidenced
      by the related Mortgage Note that is not disbursed to the related Mortgagor,
      and
      is held in a custodial account established by the Servicer for the benefit
      of
      the Trust.

     

    Holder
      or
Noteholder:
      A
      Person in whose name a Note is registered on the Note Register.

     

    Independent:
      When
      used with respect to any specified Person, that such Person (a) is in fact
      independent of the Issuer, any other obligor on the Notes, the Seller and any
      Affiliate of any of the foregoing Persons, (b) does not have any direct
      financial interest or any material indirect financial interest in the Issuer,
      any such other obligor, the Seller or any Affiliate of any of the foregoing
      Persons and (c) is not connected with the Issuer, any such other obligor, the
      Seller or any Affiliate of any of the foregoing Persons as an officer, employee,
      promoter, underwriter, trustee, partner, director or person performing similar
      functions.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    Independent
      Certificate:
      A
      certificate or opinion to be delivered to the Indenture Trustee under the
      circumstances described in, and otherwise complying with, the applicable
      requirements of Section 11.01, made by an Independent appraiser or other expert
      appointed by an Issuer Order and approved by the Indenture Trustee in the
      exercise of reasonable care, and such opinion or certificate shall state that
      the signer has read the definition of “Independent” in this Indenture and that
      the signer is Independent within the meaning thereof.

     

    Issuer:
      HomeBanc Mortgage Trust 2006-2, a Delaware statutory trust, or any successor
      and, for purposes of any provision contained herein and required by the TIA,
      each other obligor on the Notes.

     

    Issuer
      Order
      or
Issuer
      Request:
      A
      written order or request signed in the name of the Issuer by any one of its
      Authorized Officers and delivered to the Indenture Trustee.

     

    Non-Priority
      Class Note:
      As of
      any date of determination, any Outstanding Note other than the Priority Class
      Notes.

     

    Note:
      Any of
      the Class A-1, Class A-2, Class M-1, Class M-2 or Class B-1 Notes issued
      pursuant to this Indenture, substantially in the forms attached hereto as
      Exhibit A.

     

    Note
      Depository Agreement:
      The
      agreement dated November 30, 2006, between the Issuer and The Depository Trust
      Company, as the initial Clearing Agency, relating to the Notes.

     

    Note
      Owner
      or
Owner:
      With
      respect to a Book-Entry Note, the Person that is the beneficial owner of such
      Book-Entry Note, as reflected on the books of the Clearing Agency or on the
      books of a Person maintaining an account with such Clearing Agency (directly
      as
      a Clearing Agency Participant or as an indirect participant, in each case in
      accordance with the rules of such Clearing Agency), and with respect to a
      Definitive Note, the Person that is the registered owner of such Note as
      reflected in the Note Register.

     

    Note
      Register
      and
Note
      Registrar:
      The
      respective meanings specified in Section 2.04. The initial Note Registrar shall
      be the Securities Administrator. 

     

    Officer’s
      Certificate:
      A
      certificate signed by any Authorized Officer of the Issuer, under the
      circumstances described in, and otherwise complying with, the applicable
      requirements of Section 11.01, and delivered to the Indenture Trustee. Unless
      otherwise specified, any reference in this Indenture to an Officer’s Certificate
      shall be to an Officer’s Certificate of any Authorized Officer of the
      Issuer.

     

    Outstanding:
      As of
      the date of determination, all Notes theretofore authenticated and delivered
      under this Indenture except:

     

    (i) Notes
      theretofore cancelled by the Note Registrar or delivered to the Note Registrar
      for cancellation;

     

    (ii) Notes
      the
      payment for which money in the necessary amount has been theretofore deposited
      with the Indenture Trustee, the Securities Administrator or any Paying Agent
      in
      trust for the Holders of such Notes (provided,
      however,
      that if
      such Notes are to be redeemed, notice of such redemption has been duly given
      pursuant to this Indenture or provision for such notice has been made,
      satisfactory to the Indenture Trustee and the Securities Administrator);
      and

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    (iii) Notes
      in
      exchange for or in lieu of which other Notes have been authenticated and
      delivered pursuant to this Indenture unless proof satisfactory to the Indenture
      Trustee and the Securities Administrator is presented that any such Notes are
      held by a bona fide purchaser;

     

    provided,
      that in
      determining whether the Holders of the requisite Outstanding Balance of the
      Notes have given any request, demand, authorization, direction, notice, consent
      or waiver hereunder or under any Operative Agreement, Notes owned by the Issuer,
      any other obligor upon the Notes, the Depositor, the Owner Trustee, the
      Indenture Trustee, the Master Servicer, the Servicer, the Securities
      Administrator or any Affiliate of any of the foregoing Persons shall be
      disregarded and deemed not to be Outstanding, except that, in determining
      whether the Indenture Trustee shall be protected in relying upon any such
      request, demand, authorization, direction, notice, consent or waiver, only
      Notes
      that the Indenture Trustee or the Securities Administrator knows to be so owned
      shall be so disregarded (unless such action requires the consent, waiver,
      request or demand of 100% of the Outstanding Balance represented by a particular
      Class and 100% of the Outstanding Balance represented by such Class is
      registered in the name of one or more of the foregoing entities). Notes so
      owned
      that have been pledged in good faith may be regarded as Outstanding if the
      pledgee establishes to the satisfaction of the Indenture Trustee or the
      Securities Administrator the pledgee’s right so to act with respect to such
      Notes and that the pledgee is not the Issuer, any other obligor upon the Notes,
      the Depositor, the Owner Trustee, the Indenture Trustee, the Master Servicer,
      the Servicer, the Securities Administrator or any Affiliate of any of the
      foregoing Persons.

     

    Outstanding
      Balance:
      The
      aggregate principal or notional amount of the Notes Outstanding as of the date
      of determination.

     

    Paying
      Agent:
      Initially, the Securities Administrator or any other Person that meets the
      eligibility standards for the Indenture Trustee specified in Section 6.11 and
      is
      authorized by the Issuer to make payments to and from the Note Payment Account,
      including payments of principal of or interest on the Notes on behalf of the
      Issuer. 

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

    Predecessor
      Note:
      With
      respect to any particular Note, every previous Note evidencing all or a portion
      of the same debt as that evidenced by such particular Note; and, for the purpose
      of this definition, any Note authenticated and delivered under Section 2.05
      in
      lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence
      the same debt as the mutilated, lost, destroyed or stolen Note.

     

    Priority
      Class Note:
      Until
      the Class Principal Amounts of the Class A-1 and Class A-2 Notes are reduced
      to
      zero and all sums payable to the Holders of the Class A-1 and Class A-2 Notes
      have been paid in full, the Class A-1 and Class A-2 Notes; when the Class
      Principal Amounts of the Class A-1 and Class A-2 Notes are reduced to zero
      and
      all sums payable to the Holders of the Class A-1 and Class A-2 Notes have been
      paid in full, the Class M-1 Notes; when the Class Principal Amounts of the
      Class
      A-1, Class A-2 and Class M-1 Notes are reduced to zero and all sums payable
      to
      the Holders of such Classes have been paid in full, the Class M-2 Notes; and
      when the Class Principal Amounts of the Class A-1, Class A-2, Class M-1 and
      Class M-2 Notes are reduced to zero and all sums payable to the Holders of
      such
      Classes have been paid in full, the Class B-1 Notes.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Privately
      Offered Notes:
      Not
      applicable.

     

    Proceeding:
      Any
      suit in equity, action at law or other judicial or administrative
      proceeding.

     

    Prospective
      Owner:
      Each
      prospective purchaser and any subsequent transferee of a Note.

     

    Qualified
      REIT Subsidiary:
      The
      meaning specified in the Trust Agreement.

     

    Rating
      Agency Condition:
      With
      respect to any action to which the Rating Agency Condition applies, that each
      Rating Agency shall have been given 10 days (or such shorter period as is
      acceptable to each Rating Agency) prior notice thereof and that each Rating
      Agency shall have notified the Depositor, the Issuer, the Securities
      Administrator and the Indenture Trustee in writing that such action will not
      result in a reduction or withdrawal of the then current rating of the rated
      Notes.

     

    Redemption
      Date:
      In the
      case of a redemption of the Notes pursuant to Section 10.01, the Payment Date
      specified by the Indenture Trustee or the Securities Administrator in the notice
      delivered pursuant to Section 10.02. 

     

    Redemption
      Price:
      In the
      case of a redemption of the Notes pursuant to Section 10.01 hereof, (i) an
      amount equal to the outstanding Class Principal Amount of such Notes together
      with accrued interest thereon (at the applicable Note Interest Rates), to the
      extent unpaid and (ii) any unpaid fees and unreimbursed expenses owed to
      the Owner Trustee, the Indenture Trustee or the Securities
      Administrator.

     

    Responsible
      Officer:
      Any
      Vice President, any Assistant Vice President, any Assistant Secretary, any
      Assistant Treasurer, any Corporate Trust officer or any other officer of the
      Indenture Trustee customarily performing functions similar to those performed
      by
      any of the above-designated officers and also, with respect to a particular
      matter, any other officer to whom such matter is referred because of such
      officer’s knowledge of and familiarity with the particular subject. With respect
      to the Securities Administrator, any officer in the corporate trust department
      or similar group of the Securities Administrator with direct responsibility
      for
      the administration of this Agreement and also, with respect to a particular
      corporate trust matter, any other officer to whom such matter is referred
      because of his or her knowledge of and familiarity with the particular
      subject.

     

    Retained
      Notes:
      Not
      applicable.

     

    State:
      Any one
      of the 50 States of the United States of America or the District of
      Columbia.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Transfer
      and Servicing Agreement:
      The
      Transfer and Servicing Agreement dated as of November 1, 2006, among the Issuer,
      HMB Acceptance Corp., as depositor, HomeBanc Corp., as seller and servicer,
      Wells Fargo Bank, N.A., as master servicer and securities administrator, and
      U.S. Bank National Association, as indenture trustee, as such may be amended
      or
      supplemented from time to time.

     

    Trust
      Indenture Act or TIA:
      The
      Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise
      specifically provided.

     

    (b) Except
      as
      otherwise specified herein or as the context may otherwise require, capitalized
      terms used but not otherwise defined herein shall have the meanings assigned
      to
      them in the Transfer and Servicing Agreement.

     

    Section
      1.02. Incorporation
      by Reference of Trust Indenture Act. 

     

    (a) Whenever
      this Indenture refers to a provision of the TIA, the provision is incorporated
      by reference in and made a part of this Indenture. The following TIA terms
      used
      in this Indenture have the following meanings:

     

    “Commission”
      means the Securities and Exchange Commission. 

     

    “indenture
      securities” means the Notes.

     

    “indenture
      security holder” means a Noteholder. 

     

    “indenture
      to be qualified” means this Indenture. 

     

    “indenture
      trustee” or “institutional trustee” means the Indenture Trustee.

     

    “obligor”
      on the indenture securities means the Issuer and any other obligor on the
      indenture securities.

     

    (b) All
      other
      TIA terms used in this Indenture that are defined in the TIA, defined by TIA
      reference to another statute or defined by rule of the Securities and Exchange
      Commission have the respective meanings assigned to them by such
      definitions.

     

    Section
      1.03. Rules
      of Construction.
      Unless
      the context otherwise requires:

     

    (i) a
      term
      has the meaning assigned to it;

     

    (ii) an
      accounting term not otherwise defined has the meaning assigned to it in
      accordance with generally accepted accounting principles as in effect from
      time
      to time;

     

    (iii) “or”
is
      not exclusive;

     

    (iv) “including”
      means including without limitation;

     

    (v) words
      in
      the singular include the plural and words in the plural include the singular;
      

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (vi) any
      agreement, instrument or statute defined or referred to herein or in any
      instrument or certificate delivered in connection herewith means such agreement,
      instrument or statute as from time to time amended, modified or supplemented
      and
      includes (in the case of agreements or instruments) references to all
      attachments thereto and instruments incorporated therein; references to a Person
      are also to its permitted successors and assigns;

     

    (vii) terms
      defined in the UCC and not otherwise defined herein shall have the meaning
      assigned to them in the UCC; and

     

    (viii) to
“U.S.
      dollars”, “dollars”, or the sign “$” shall be construed as references to United
      States dollars which are freely transferable by residents and non-residents
      of
      the United States of America and convertible by such persons into any other
      freely convertible currency unless such transferability or convertibility is
      restricted by any law or regulation of general application in which event
      references to “U.S. dollars”, “dollars”, or the sign “$” shall be construed as
      references to such coin or currency of the United States of America as at the
      time of payment shall be legal tender for the payment of public and private
      debts in the United States of America, and “cents” shall be construed
      accordingly.

     

    ARTICLE
      II

     

    THE
      NOTES

     

    Section
      2.01. Form.
      (a) The
      Notes shall be designated as the “HomeBanc Mortgage Trust 2006-2 Mortgage
      Backed Notes.” The Notes, together with the Securities Administrator’s
      certificate of authentication, shall be in substantially the forms set forth
      in
      Exhibit A with such appropriate insertions, omissions, substitutions and other
      variations as are required or permitted by this Indenture, and may have such
      letters, numbers or other marks of identification and such legends or
      endorsements placed thereon as may, consistently herewith, be determined by
      the
      officers executing such Notes, as evidenced by their execution of the Notes.
      Any
      portion of the text of any Note may be set forth on the reverse thereof, with
      an
      appropriate reference thereto on the face of the Note.

     

    The
      Definitive Notes and the global certificates (“Global Securities”) representing
      the Book-Entry Notes shall be typewritten, printed, lithographed or engraved
      or
      produced by any combination of these methods (with or without steel engraved
      borders), all as determined by the officers executing such Notes, as evidenced
      by their execution of such Notes.

     

    Each
      Note
      shall be dated the date of its authentication. The terms of the Notes set forth
      in Exhibit A are part of the terms of this Indenture.

     

    (b)
      The
      Privately Offered Notes offered and sold in reliance on the exemption from
      registration under Rule 144A shall be issued initially in the form of one or
      more permanent global certificates in definitive, fully registered form with
      the
      applicable legends set forth in Exhibit A added to the forms of such Privately
      Offered Notes, which Notes shall be held by the Note Registrar, on behalf of
      the
      Indenture Trustee, as custodian for the Depository and registered in the name
      of
      a nominee of the Depository, duly executed by the Issuer and authenticated
      by
      the Note Registrar, on behalf of the Indenture Trustee, as hereinafter
      provided.

     

    
      
        
        

      

      
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    Section
      2.02. Execution,
      Authentication and Delivery.
      The
      Notes shall be executed on behalf of the Issuer by any Authorized Officer of
      the
      Owner Trustee. The signature of any such Authorized Officer on the Notes may
      be
      manual or facsimile.

     

    Notes
      bearing the manual or facsimile signature of individuals who were at any time
      Authorized Officers of the Owner Trustee or the Note Registrar shall bind the
      Issuer, notwithstanding that such individuals or any of them have ceased to
      hold
      such offices prior to the authentication and delivery of such Notes or did
      not
      hold such offices at the date of such Notes.

     

    The
      Securities Administrator shall, upon Issuer Order, authenticate and deliver
      the
      Notes for original issue in the aggregate principal or notional amounts with
      respect to each Class as specified below: 

     

    
      	
              Class

            	 	
              Class
                Principal Amount

            	 
	 	 	 	 
	
              A-1

            	 	
              $

            	
              375,337,000

            	 
	
              A-2

            	 	
              $

            	
              45,634,000

            	 
	
              M-1

            	 	
              $

            	
              13,234,000

            	 
	
              M-2

            	 	
              $

            	
              8,670,000

            	 
	
              B-1

            	 	
              $

            	
              5,249,000

            	 

    

    

    The
      aggregate principal amounts of such Classes of Notes outstanding at any time
      may
      not exceed such respective amounts.

     

    The
      Notes
      will each be issued in minimum principal amount denominations of $100,000 and
      integral multiples of $1 in excess thereof.

     

    No
      Note
      shall be entitled to any benefit under this Indenture or be valid or obligatory
      for any purpose, unless there appears on such Note a certificate of
      authentication substantially in the form provided for herein executed by the
      Note Registrar by the manual signature of one of its authorized signatories,
      and
      such certificate upon any Note shall be conclusive evidence, and the only
      evidence, that such Note has been duly authenticated and delivered
      hereunder.

     

    Section
      2.03. Limitations
      on Transfer of the Notes.
      a)
      No
      Privately Offered Note may be offered, sold, delivered or transferred
      (including, without limitation, by pledge or hypothecation) except under Rule
      144A under the Securities Act to qualified institutional buyers or “QIBs”
purchasing for their own account. Each Privately Offered Note shall bear a
      restrictive legend to the foregoing effect substantially in the form of the
      legends on the face of the form of Note at Exhibit A. 

     

    (b) Each
      Prospective Owner of a Privately Offered Note in the form of a Book-Entry Note
      shall be deemed to have represented and warranted, and each Prospective Owner
      of
      a Privately Offered Note in the form of a Definitive Note shall represent and
      warrant in writing in substantially the form set forth in Exhibit B-1 or Exhibit
      B-2 hereto, as applicable, to the Indenture Trustee and the Note Registrar
      and
      any of their respective successors that:

     

    
      
        
        

      

      
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    (i) Such
      Person is duly authorized to purchase such Notes and its purchase of investments
      having the characteristics of such Notes is authorized under, and not directly
      or indirectly in contravention of, any law, charter, trust instrument or other
      operative document, investment guidelines or list of permissible or
      impermissible investments that is applicable to the investor; and

     

    (ii) Such
      Person understands that each holder of such Note, by virtue of its acceptance
      thereof, assents to the terms, provisions and conditions of this
      Indenture.

     

    (c) Subject
      to subsection (f) below, each Prospective Owner of a Privately Offered Note
      in
      the form of a Book-Entry Note shall be deemed to have represented and warranted,
      and each Prospective Owner of a Privately Offered Note in the form of a
      Definitive Note shall represent and warrant in writing, in substantially the
      form set forth in Exhibit B-1 or Exhibit B-2 hereto, as applicable, to the
      Indenture Trustee and the Note Registrar and any of their respective successors
      that:

     

    (i) Such
      Person is a QIB as defined in Rule 144A under the Securities Act (“Rule 144A”)
      and is aware that the seller of such Note may be relying on the exemption from
      the registration requirements of the Securities Act provided by Rule 144A and
      is
      acquiring such Note for its own account or for the account of one or more QIBs
      for whom it is authorized to act; and

     

    (ii) Such
      Person understands that such Notes have not been registered under the Securities
      Act, and that, if in the future it decides to offer, resell, pledge or otherwise
      transfer such Notes, such Notes may be offered, resold, pledged or otherwise
      transferred only (A) pursuant to a registration statement which has been
      declared effective under the Securities Act or (B) for so long as such Notes
      are
      eligible for resale pursuant to Rule 144A under the Securities Act, to a person
      whom the seller reasonably believes is a QIB that is purchasing such Notes
      for
      its own account or for the account of a QIB to whom notice is given that the
      transfer is being made in reliance on Rule 144A, in each case in compliance
      with
      the requirements of this Indenture.

     

    (d) No
      transfer of a Note in the form of a Definitive Note shall be made unless the
      Note Registrar shall have received a representation from the transferee of
      such
      Note, acceptable to and in form and substance satisfactory to the Note Registrar
      and the Depositor (such requirement is satisfied only by the Note Registrar’s
      receipt of a transfer affidavit from the transferee substantially in the form
      of
      Exhibit C hereto), to the effect that such transferee (i) is not acquiring
      such
      note for, or with the assets of, an employee benefit plan or other retirement
      arrangement that is subject to Section 406 of ERISA or to Section 4975 of the
      Code or to any substantially similar law (“Similar Law”), or any entity deemed
      to hold the plan assets of the foregoing (collectively, “Benefit Plans”), or
      (ii) its acquisition and holding of such Notes for, or with the assets of,
      a
      Benefit Plan will not result in a non-exempt prohibited transaction under
      Section 406 of ERISA or Section 4975 of the Code which is not covered under
      Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38,
      PTCE 95-60, PTCE 96-23, the non-fiduciary service provider exemption under
      Section 408(b)(17) of ERISA or some other applicable exemption, and will not
      result in a non-exempt violation of any Similar Law.

     

    
      
        
        

      

      
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    In
      the
      case of a Note that is a Book-Entry Note, for purposes of clauses (i) or (ii)
      of
      the preceding paragraph, such representations shall be deemed to have been
      made
      to the Note Registrar by the transferee’s acceptance of such Note that is also a
      Book-Entry Note (or the acceptance by a Note Holder of the beneficial interest
      in such Note).

     

    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      none of the Indenture Trustee, the Securities Administrator, the Note Registrar
      or the Depositor shall have any liability to any Person for any registration
      of
      transfer of any Note that is in fact not permitted by this Section 2.03(d)
      or
      for the Indenture Trustee (or any Paying Agent on its behalf) making any
      payments due on such Note to the Holder thereof or taking any other action
      with
      respect to such Holder under the provisions of this Agreement so long as the
      transfer was registered by the Note Registrar in accordance with the foregoing
      requirements. In addition, none of the Indenture Trustee, the Securities
      Administrator, the Note Registrar or the Depositor shall be required to monitor,
      determine or inquire as to compliance with the transfer restrictions with
      respect to any Note in the form of a Book-Entry Note, and none of the Indenture
      Trustee, Securities Administrator, the Note Registrar or the Depositor shall
      have any liability for transfers of Book-Entry Notes or any interests therein
      made in violation of the restrictions on transfer described in the Prospectus
      and this Agreement.

     

    In
      the
      event that a Note is transferred to a Person that does not meet the requirements
      of this Section 2.03, such transfer shall be of no force and effect, shall
      be
      void ab
      initio,
      and
      shall not operate to transfer any rights to such Person, notwithstanding any
      instructions to the contrary to the Issuer, the Indenture Trustee or any
      intermediary; and neither the Indenture Trustee nor the Securities Administrator
      shall make any payments on such Note for as long as such Person is the Holder
      of
      such Note.

     

    The
      Note
      Registrar on behalf of the Depositor shall provide to any Holder of a Privately
      Offered Note (or Note Owner) and any prospective transferee designated by any
      such Holder (or Note Owner), information regarding such Privately Offered Note
      and the Mortgage Loans and such other information as shall be necessary to
      satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer
      of any such Note without registration thereof under the Securities Act pursuant
      to the registration exemption provided by Rule 144A. Each Holder of a Privately
      Offered Note (or Note Owner) desiring to effect such a transfer shall, and
      does
      hereby agree to, indemnify the Issuer, the Owner Trustee, the Indenture Trustee,
      the Note Registrar and the Depositor against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with federal and
      state securities laws and any other restrictions specified in this Section
      2.03.
      Each holder of a Privately Offered Note in the form of a Book-Entry Note shall
      be deemed to have consented to such transfer restrictions.

     

    The
      Note
      Registrar shall cause each Note to contain a legend substantially similar to
      the
      applicable legend provided in Exhibit A hereto stating that transfer of such
      Notes is subject to certain restrictions as set forth herein. 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (e) Any
      purported transfer of a Note (or any interest therein) not in accordance with
      this Section 2.03 shall be null and void and shall not be given effect for
      any
      purpose hereunder.

     

    (f) None
      of
      the Indenture Trustee, the Securities Administrator or the Note Registrar will
      have the ability to monitor transfers of the Notes while they are in book-entry
      form and neither will have any liability for transfers of Book-Entry Notes
      in
      violation of any of the transfer restrictions described in this Section
      2.03.

     

    Section
      2.04. Registration;
      Registration of Transfer and Exchange.
      The
      Issuer shall cause the Note Registrar to keep a register (the “Note Register”)
      in which, subject to such reasonable regulations as it may prescribe and the
      restrictions on transfers of the Notes set forth herein, the Issuer shall
      provide for the registration of Notes and the registration of transfers of
      Notes. The Securities Administrator initially shall be the “Note Registrar” for
      the purpose of registering Notes and transfers of Notes as herein provided,
      and
      the Indenture Trustee shall have the right to inspect the Note Register at
      all
      reasonable times and to obtain copies thereof, and the Indenture Trustee shall
      have the right to rely upon a certificate executed on behalf of the Note
      Registrar by a Responsible Officer thereof as to the names and addresses of
      the
      Holders of the Notes and the principal amounts and number of such Notes. Upon
      any resignation of any Note Registrar, the Issuer shall promptly appoint a
      successor or, if it elects not to make such an appointment, assume the duties
      of
      Note Registrar.

     

    If
      a
      Person other than the Securities Administrator is appointed by the Issuer as
      Note Registrar, the Issuer will give the Indenture Trustee and the Securities
      Administrator prompt written notice of the appointment of such Note Registrar
      and of the location, and any change in the location, of the Note Register,
      and
      the Indenture Trustee and the Securities Administrator shall have the right
      to
      inspect the Note Register at all reasonable times and to obtain copies thereof,
      and the Indenture Trustee and the Securities Administrator shall have the right
      to rely upon a certificate executed on behalf of the Note Registrar by an
      Executive Officer thereof as to the names and addresses of the Holders of the
      Notes and the principal amounts and number of such Notes.

     

    Subject
      to Section 2.03, upon surrender for registration of transfer of any Note at
      the
      office or agency of the Issuer to be maintained as provided in Section 3.02,
      the
      Issuer shall execute, and the Indenture Trustee or the Note Registrar on its
      behalf shall authenticate and the Noteholder shall be entitled to obtain from
      the Indenture Trustee or the Note Registrar on its behalf, in the name of the
      designated transferee or transferees, one or more new Notes of the same Class
      in
      any authorized denominations, of a like aggregate principal amount or Percentage
      Interest.

     

    At
      the
      option of the Holder, Notes may be exchanged for other Notes of the same Class
      in any authorized denominations, of a like aggregate principal amount or
      Percentage Interest, upon surrender of the Notes to be exchanged at such office
      or agency. Whenever any Notes are so surrendered for exchange, the Issuer shall
      execute, and the Indenture Trustee or the Note Registrar on its behalf shall
      authenticate and the Noteholder shall be entitled to obtain from the Indenture
      Trustee or the Note Registrar on its behalf, the Notes which the Noteholder
      making the exchange is entitled to receive.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    All
      Notes
      issued upon any registration of transfer or exchange of Notes shall be the
      valid
      obligations of the Issuer, evidencing the same debt, and entitled to the same
      benefits under this Indenture, as the Notes surrendered upon such registration
      of transfer or exchange.

     

    Every
      Note presented or surrendered for registration of transfer or exchange shall
      be
      duly endorsed by, or be accompanied by a written instrument of transfer in
      form
      satisfactory to the Note Registrar duly executed by, the Holder thereof or
      such
      Holder’s attorney duly authorized in writing, with such signature guaranteed by
      an “eligible guarantor institution” meeting the requirements of the Note
      Registrar, which requirements include membership or participation in the
      Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
      guarantee program” as may be determined by the Note Registrar in addition to, or
      in substitution for, STAMP.

     

    No
      service charge shall be made to a Holder for any registration of transfer or
      exchange of Notes, but the Issuer or the Note Registrar may require payment
      of a
      sum sufficient to cover any tax or other governmental charge that may be imposed
      in connection with any registration of transfer or exchange of Notes, other
      than
      exchanges pursuant to Section 2.05 or 9.06 not involving any
      transfer.

     

    The
      preceding provisions of this Section notwithstanding, the Issuer shall not
      be
      required to make and the Note Registrar need not register transfers or exchanges
      of Notes selected for redemption or of any Note for a period of 15 days
      preceding the due date for any payment with respect to such Note.

     

    Section
      2.05. Mutilated,
      Destroyed, Lost or Stolen Notes.
      If (i)
      any mutilated Note is surrendered to the Indenture Trustee or the Note Registrar
      on its behalf, or the Indenture Trustee or the Note Registrar on its behalf
      receives evidence to its satisfaction of the destruction, loss or theft of
      any
      Note, and (ii) there is delivered to the Indenture Trustee or the Note Registrar
      on its behalf such security or indemnity as may be required by it to hold the
      Issuer, the Indenture Trustee and the Note Registrar harmless, then, in the
      absence of actual notice to the Issuer, the Note Registrar, the Indenture
      Trustee or the Note Registrar that such Note has been acquired by a bona fide
      purchaser, and upon certification provided by the Holder of such Note that
      the
      requirements of Section 8-405 of the Relevant UCC are met, the Issuer shall
      execute, and upon its request the Indenture Trustee or the Note Registrar on
      its
      behalf shall authenticate and deliver, in exchange for or in lieu of any such
      mutilated, destroyed, lost or stolen Note, a replacement Note; provided,
      however,
      that if
      any such destroyed, lost or stolen Note, but not a mutilated Note, shall have
      become or within seven days shall be due and payable, or shall have been called
      for redemption, instead of issuing a replacement Note, the Issuer may pay such
      destroyed, lost or stolen Note when so due or payable or upon the Redemption
      Date without surrender thereof. If, after the delivery of such replacement
      Note
      or payment of a destroyed, lost or stolen Note pursuant to the proviso to the
      preceding sentence, a bona fide purchaser of the original Note in lieu of which
      such replacement Note was issued presents for payment such original Note, the
      Issuer and the Indenture Trustee or the Note Registrar on its behalf shall
      be
      entitled to recover such replacement Note (or such payment) from the Person
      to
      whom it was delivered or any Person taking such replacement Note from such
      Person to whom such replacement Note was delivered or any assignee of such
      Person, except a bona fide purchaser, and shall be entitled to recover upon
      the
      security or indemnity provided therefor to the extent of any loss, damage,
      cost
      or expense incurred by the Issuer, the Indenture Trustee or the Note Registrar
      in connection therewith.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Upon
      the
      issuance of any replacement Note under this Section, the Issuer, the Indenture
      Trustee or the Note Registrar on its behalf or the Note Registrar may require
      the payment by the Holder of such Note of a sum sufficient to cover any tax
      or
      other governmental charge that may be imposed in relation thereto and any other
      reasonable expenses (including the fees and expenses of the Indenture Trustee
      or
      the Note Registrar) connected therewith.

     

    Every
      replacement Note issued pursuant to this Section in replacement of any
      mutilated, destroyed, lost or stolen Note shall constitute an original
      additional contractual obligation of the Issuer, whether or not the mutilated,
      destroyed, lost or stolen Note shall be at any time enforceable by anyone,
      and
      shall be entitled to all the benefits of this Indenture equally and
      proportionately with any and all other Notes duly issued hereunder.

     

    The
      provisions of this Section are exclusive and shall preclude (to the extent
      lawful) all other rights and remedies with respect to the replacement or payment
      of mutilated, destroyed, lost or stolen Notes.

     

    Section
      2.06. Persons
      Deemed Owners.
      Prior
      to due presentment for registration of transfer of any Note, the Issuer, the
      Securities Administrator, the Indenture Trustee and any agent of the Issuer,
      the
      Securities Administrator or the Indenture Trustee may treat the Person in whose
      name any Note is registered (as of the day of determination) as the owner of
      such Note for the purpose of receiving payments of principal of and interest,
      if
      any, on such Note and for all other purposes whatsoever, whether or not such
      Note be overdue, and none of the Issuer, the Securities Administrator, the
      Indenture Trustee or any agent of the Issuer, the Securities Administrator
      or
      the Indenture Trustee shall be affected by notice to the contrary.

     

    Section
      2.07. Payment
      of Principal and Interest.
      (a)
      Each
      Class of Notes shall accrue interest at the Note Interest Rate as set forth
      in
      the Transfer and Servicing Agreement, and such interest shall be payable on
      each
      Payment Date, subject to Section 3.01. Interest shall be computed on each
      Class of Notes on the basis of a 360-day year and the actual number of days
      elapsed in each Accrual Period. With respect to each outstanding Class of Notes,
      the Securities Administrator shall determine LIBOR for each applicable Accrual
      Period on the LIBOR Determination Date, in accordance with the provisions of
      the
      Transfer and Servicing Agreement. All interest payments on each Class of Notes
      shall be made to the Noteholders of each such Class entitled thereto in the
      order of priority as set forth in Section 6.02 of the Transfer and Servicing
      Agreement. Any installment of interest or principal payable on any Note shall
      be
      paid on the applicable Payment Date to the Person in whose name such Note (or
      one or more Predecessor Notes) is registered on the Record Date by check mailed
      first-class postage prepaid to such Person’s address as it appears on the Note
      Register on such Record Date or, upon written request made to the Paying Agent
      with a copy to the Indenture Trustee, if the Indentured Trustee is not the
      Paying Agent, at least five Business Days prior to the related Record Date,
      by
      the Holder of a Note having an initial Note Principal Amount of not less than
      $2,500,000 by wire transfer in immediately available funds to an account
      specified in the request and at the expense of such Noteholder, except that,
      unless Definitive Notes have been issued pursuant to Section 2.12, with respect
      to Notes registered on the Record Date in the name of the nominee of the
      Clearing Agency (initially, such nominee to be Cede & Co.), payment will be
      made by wire transfer in immediately available funds to the account designated
      by such nominee, except for the final installment of principal payable with
      respect to such Note on a Payment Date or on the applicable Maturity Date for
      such Class of Notes (and except for the Redemption Price for any Note called
      for
      redemption pursuant to Section 10.01), which shall be payable as provided below.
      The funds represented by any such checks returned undelivered shall be held
      in
      accordance with Section 3.03.

     

    
      
        
        

      

      
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    (b) The
      principal of the Notes shall be payable in installments on each Payment Date
      as
      provided herein and in such Notes, subject to Section 3.01. Notwithstanding
      the
      foregoing, the entire unpaid principal amount of the Notes shall be due and
      payable, if not previously paid, on the date on which an Event of Default shall
      have occurred and be continuing, if the Indenture Trustee, or Holders of the
      Notes representing not less than a majority of the Outstanding Balance of the
      Priority Class Notes, have declared the Notes to be immediately due and payable
      in the manner provided in Section 5.02. All principal payments on each Class
      of
      Notes shall be made to the Noteholders of each such Class entitled thereto
      in
      the order of priority as set forth in Section 6.02 of the Transfer and Servicing
      Agreement. The Indenture Trustee or the Paying Agent on its behalf, if the
      Indenture Trustee is not the Paying Agent, shall notify the Person in whose
      name
      a Note is registered at the close of business on the Record Date preceding
      the
      Payment Date on which the Issuer expects that the final installment of principal
      of and interest on such Note will be paid. Such notice shall be mailed or
      transmitted by facsimile no later than five Business Days prior to such final
      Payment Date and shall specify that such final installment will be payable
      only
      upon presentation and surrender of such Note and shall specify the place where
      such Note may be presented and surrendered for payment of such installment.
      Notices in connection with redemptions of Notes shall be mailed to Noteholders
      as provided in Section 10.02.

     

    Section
      2.08. Cancellation.
      All
      Notes surrendered for payment, registration of transfer, exchange or redemption
      shall be delivered to the Note Registrar and shall be promptly cancelled by
      the
      Note Registrar. The Issuer may at any time deliver to the Note Registrar for
      cancellation any Notes previously authenticated and delivered hereunder which
      the Issuer may have acquired in any manner whatsoever, and all Notes so
      delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall
      be authenticated in lieu of or in exchange for any Notes cancelled as provided
      in this Section, except as expressly permitted by this Indenture. All cancelled
      Notes may be held or disposed of by the Note Registrar in accordance with its
      standard retention or disposal policy as in effect at the time unless the Issuer
      shall direct by an Issuer Order that they be destroyed or returned to it;
provided,
      that
      such Issuer Order is timely and the Notes have not been previously disposed
      of
      by the Note Registrar.

     

    Section
      2.09. Release
      of Collateral.
      (a)
      Except
      as otherwise provided in subsection (b) of this Section and the terms of the
      Operative Agreements, the Indenture Trustee shall release property from the
      lien
      of this Indenture only upon receipt by it of an Issuer Request accompanied
      by
      (i) an Officer’s Certificate, (ii) an Opinion of Counsel, (iii) certificates in
      accordance with TIA Sections 314(c) and (d)(1), and (iv)(A) Independent
      Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or (B) an
      Opinion of Counsel in lieu of such Independent Certificates to the effect that
      the TIA does not require any such Independent Certificates; provided
      that no
      such Independent Certificates or Opinion of Counsel in lieu of such Independent
      Certificates shall be necessary in respect of property released from the lien
      of
      the Indenture in accordance with the provisions hereof if such property consists
      solely of cash. 

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (b) The
      Servicer (or if the Servicer does not do so, the Master Servicer), on behalf
      of
      the Issuer, shall be entitled to obtain a release from the lien of this
      Indenture for any Mortgage Loan and the Mortgaged Property at any time (i)
      after
      a payment by the Seller or the Issuer of the Purchase Price of the Mortgage
      Loan, (ii) after a Qualified Substitute Mortgage Loan is substituted for such
      Mortgage Loan and payment of the Substitution Amount, if any, (iii) after
      liquidation of the Mortgage Loan in accordance with the Transfer and Servicing
      Agreement and the deposit of all Liquidation Proceeds, Condemnation Proceeds
      and
      Insurance Proceeds in the Collection Account, (iv) upon the termination of
      a
      Mortgage Loan (due to, among other causes, a prepayment in full of the Mortgage
      Loan and sale or other disposition of the related Mortgaged Property), or (v)
      as
      contemplated by Article IX of the Transfer and Servicing
      Agreement.

     

    (c) The
      Indenture Trustee shall, if requested by the Servicer or the Master Servicer,
      temporarily release or cause the Custodian temporarily to release to such party
      the Mortgage File pursuant to the provisions of Section 5.12 of the Transfer
      and
      Servicing Agreement; provided,
      however,
      that
      the Mortgage File shall have been stamped to signify the Issuer’s pledge to the
      Indenture Trustee under the Indenture.

     

    Section
      2.10. Book-Entry
      Notes.
      Each
      Class of Notes will be issued in the form of typewritten Notes or Global
      Securities representing Book-Entry Notes, to be delivered to the Note Registrar,
      as custodian for, the initial Clearing Agency, by, or on behalf of, the Issuer.
      The Book-Entry Notes shall be registered initially on the Note Register in
      the
      name of Cede & Co., the nominee of the initial Clearing Agency, and no Owner
      of Book-Entry Notes thereof will receive a Definitive Note representing such
      Note Owner’s interest in such Book-Entry Note, except as provided in Section
      2.12. Unless and until definitive, fully registered Notes (the “Definitive
      Notes”) have been issued to such Owners of Book-Entry Notes pursuant to
      Section 2.12:

     

    (i) the
      provisions of this Section shall be in full force and effect;

     

    (ii) the
      Note
      Registrar, the Indenture Trustee and the Securities Administrator shall be
      entitled to deal with the Clearing Agency for all purposes of this Indenture
      (including the payment of principal of and interest on the Book-Entry Notes
      and
      the giving of instructions or directions hereunder) as the sole holder of the
      Book-Entry Notes, and shall have no obligation to the Owners of Book-Entry
      Notes;

     

    (iii) to
      the
      extent that the provisions of this Section conflict with any other provisions
      of
      this Indenture, the provisions of this Section shall control;

     

    (iv) the
      rights of Owners of Book-Entry Notes shall be exercised only through the
      Clearing Agency and shall be limited to those established by law and agreements
      between such Owners of Book-Entry Notes and the Clearing Agency and/or the
      Clearing Agency Participants pursuant to the Note Depository Agreement. Unless
      and until Definitive Notes are issued pursuant to Section 2.12, neither the
      Indenture Trustee nor the Note Registrar shall register any transfer of a
      beneficial interest in a Book-Entry Note; and the initial Clearing Agency will
      make book-entry transfers among the Clearing Agency Participants and receive
      and
      transmit payments of principal of and interest on the Book-Entry Notes to such
      Clearing Agency Participants; and

     

    
      
        
        

      

      
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    (v) whenever
      this Indenture requires or permits actions to be taken based upon instructions
      or directions of Holders of Notes evidencing a specified percentage of the
      Outstanding Balance of the Notes (or the Priority Class Notes), the Clearing
      Agency shall be deemed to represent such percentage only to the extent that
      it
      has received instructions to such effect from Owners of Book-Entry Notes and/or
      Clearing Agency Participants owning or representing, respectively, such required
      percentage of the beneficial interest in the Book-Entry Notes and has delivered
      such instructions to the Indenture Trustee.

     

    Section
      2.11. Notices
      to Clearing Agency.
      Whenever a notice or other communication to the Noteholders is required under
      this Indenture, unless and until Definitive Notes shall have been issued to
      such
      Owners of Book-Entry Notes pursuant to Section 2.12, the Indenture Trustee
      shall
      give all such notices and communications specified herein to be given to Owners
      of Book-Entry Notes to the Clearing Agency, and shall have no obligation to
      such
      Note Owners.

     

    Section
      2.12. Definitive
      Notes.
      If (i)
      the Clearing Agency is no longer willing or able to properly discharge its
      responsibilities with respect to the Book-Entry Notes and the Issuer is unable
      to locate a qualified successor or (ii) after the occurrence of an Event of
      Default hereunder, Note Owners of the Book-Entry Notes representing beneficial
      interests aggregating at least a majority of the Outstanding Balance of the
      Book-Entry Notes advise the Clearing Agency in writing that the continuation
      of
      a book-entry system through the Clearing Agency is no longer in the best
      interests of such Note Owners, then the Clearing Agency shall notify all Owners
      of Book-Entry Notes, the Indenture Trustee and the Note Registrar of the
      occurrence of any such event and of the availability of Definitive Notes to
      Owners of Book-Entry Notes requesting the same. Upon surrender to the Note
      Registrar of the typewritten Notes representing the Book-Entry Notes by the
      Clearing Agency, accompanied by registration instructions, the Issuer shall
      execute and the Note Registrar shall authenticate the Definitive Notes in
      accordance with the instructions of the Clearing Agency. None of the Issuer,
      the
      Note Registrar, the Securities Administrator or the Indenture Trustee shall
      be
      liable for any delay in delivery of such instructions and may conclusively
      rely
      on, and shall be protected in relying on, such instructions. Upon the issuance
      of Definitive Notes, the Indenture Trustee, the Securities Administrator and
      the
      Note Registrar shall recognize the Holders of such Definitive Notes as
      Noteholders.

     

    Section
      2.13. Tax
      Treatment.
      The
      Issuer has entered into this Indenture, and the Notes will be issued, with
      the
      intention that, for federal, state and local income, single business and
      franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
      secured by the Collateral. The Issuer, by entering into this Indenture, and
      each
      Noteholder (other than a Holder of a Retained Note or Privately Offered Note),
      by its acceptance of a Note (and each applicable Note Owner by its acceptance
      of
      an interest in the related Book-Entry Note), agree to treat the Notes for
      federal, state and local income, single business and franchise tax purposes
      as
      indebtedness of the Issuer.

     

    Section
      2.14. Restrictions
      on Transfer and Retention of Beneficial Ownership Interest in the Retained
      Notes.
      The
      Seller will be the initial Note Owner of a 100% Percentage Interest in the
      Retained Notes. The Seller (or any other Holder of the Ownership Certificate)
      is
      hereby prohibited from transferring any beneficial ownership interest in any
      class of Retained Notes that would cause a person other than the Seller (or
      such
      other Holder of the Ownership Certificate) to be considered the beneficial
      owner
      of any class of the Retained Notes for federal income tax purposes, unless
      (i)
      the transferee simultaneously acquires beneficial ownership of the Ownership
      Certificate, or (ii) at the time of such transfer of a class of Retained Notes,
      the Indenture Trustee and the Note Registrar receive an Opinion of Counsel
      concluding that, at the time of transfer, the related class of Retained Notes
      will be classified as indebtedness for federal income tax purposes.

     

    
      
        
        

      

      
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    The
      Seller (or any other Holder of the Ownership Certificate) is hereby required
      to
      transfer its entire beneficial ownership interest in all class of Retained
      Notes
      simultaneously with any transfer of the Ownership Certificate pursuant to the
      Trust Agreement to the transferee of the Ownership Certificate, unless the
      Indenture Trustee and the Note Registrar receive an Opinion of Counsel
      concluding that, at the time of such transfer of the Ownership Certificate,
      the
      Retained Notes will be classified as indebtedness for federal income tax
      purposes. The Seller (or such other Holder of the Ownership Certificate) is
      hereby required to notify the Indenture Trustee and the Note Registrar of any
      transfer or retention of the Retained Notes in contravention of these
      restrictions.

     

    ARTICLE
      III

     

    COVENANTS

     

    Section
      3.01. Payment
      of Principal and Interest.
      The
      Issuer will duly and punctually pay (or will cause to be duly and punctually
      paid) the principal of and interest on, and any other amounts due in respect
      of,
      the Notes in accordance with the terms of the Notes and this Indenture. Without
      limiting the foregoing, in accordance with Section 8.02(c), the Issuer will
      cause to be distributed all amounts on deposit in the Note Payment Account
      on a
      Payment Date and deposited therein pursuant to the Transfer and Servicing
      Agreement for the benefit of the Notes, to the Noteholders. Amounts properly
      withheld under the Code by any Person from a payment to any Noteholder of
      interest and/or principal shall be considered as having been paid by the Issuer
      to such Noteholder for all purposes of this Indenture.

     

    The
      Notes
      shall be non-recourse obligations of the Issuer and shall be limited in right
      of
      payment to amounts available from the Collateral as provided in this Indenture.
      The Issuer shall not otherwise be liable for payments of the Notes, and none
      of
      the owners, agents, officers, directors, employees, or successors or assigns
      of
      the Issuer shall be personally liable for any amounts payable, or performance
      due, under the Notes or this Indenture. If any other provision of this Indenture
      shall be deemed to conflict with the provisions of this Section 3.01, the
      provisions of this Section 3.01 shall control.

     

    Section
      3.02. Maintenance
      of Office or Agency.
      The
      Note Registrar on behalf of the Issuer will maintain an office or agency where
      Notes may be surrendered for registration of transfer or exchange, and where
      notices and demands to or upon the Issuer in respect of the Notes and this
      Indenture may be served. 

     

    
      
        
        

      

      
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    Section
      3.03. Money
      for Payments to be Held in Trust.
      As
      provided in Section 8.02, all payments of amounts due and payable with respect
      to any Notes that are to be made from amounts withdrawn from the Note Payment
      Account pursuant to Section 6.02 of the Transfer and Servicing Agreement shall
      be made on behalf of the Issuer by the Securities Administrator or by another
      Paying Agent, and no amounts so withdrawn from the such account for payments
      of
      Notes shall be paid over to the Issuer except as provided in this
      Section.

     

    On
      or
      before the Business Day preceding each Payment Date, the Issuer shall deposit
      or
      cause to be deposited in the Collection Account an aggregate sum sufficient
      to
      pay the amounts then becoming due under the Notes, such sum to be held in trust
      for the benefit of the Persons entitled thereto, and (unless the Paying Agent
      is
      the Securities Administrator) shall promptly notify the Securities Administrator
      of its action or failure so to act.

     

    The
      Securities Administrator is hereby appointed the initial Paying Agent. Any
      successor Paying Agent shall be appointed by Issuer Order with written notice
      thereof to the Indenture Trustee and the Securities Administrator. Any Paying
      Agent appointed by the Issuer shall be a Person that would be eligible to be
      an
      indenture trustee hereunder as provided in Section 6.11. The Issuer shall not
      appoint any Paying Agent (other than the Indenture Trustee or the Securities
      Administrator) that is not, at the time of such appointment, a Depository
      Institution.

     

    The
      Issuer shall cause each Paying Agent other than the Indenture Trustee or the
      Securities Administrator, as initial Paying Agent, to execute and deliver to
      the
      Indenture Trustee and the Securities Administrator an instrument in which such
      Paying Agent shall agree with the Indenture Trustee (and if the Indenture
      Trustee or the Securities Administrator acts as Paying Agent, it hereby so
      agrees), subject to the provisions of this Section, that such Paying Agent
      will:

     

    (i) hold
      all
      sums held by it for the payment of amounts due with respect to the Notes in
      trust for the benefit of the Persons entitled thereto until such sums shall
      be
      paid to such Persons or otherwise disposed of as herein provided and pay such
      sums to such Persons as herein provided and as is provided in the Transfer
      and
      Servicing Agreement;

     

    (ii) give
      the
      Indenture Trustee notice of any default by the Issuer of which the Paying Agent
      has actual knowledge in the making of any payment required to be made with
      respect to the Notes;

     

    (iii) at
      any
      time during the continuance of any such default, upon the written request of
      the
      Indenture Trustee, forthwith pay to the Securities Administrator all sums so
      held in trust by such Paying Agent;

     

    (iv) immediately
      resign as a Paying Agent and forthwith pay to the Securities Administrator
      all
      sums held by it in trust for the payment of Notes if at any time it ceases
      to
      meet the standards required to be met by a Paying Agent at the time of its
      appointment; and

     

    (v) comply
      with all requirements of the Code with respect to the withholding from any
      payments made by it on any Notes of any applicable withholding taxes imposed
      thereon and with respect to any applicable reporting requirements in connection
      therewith; provided,
      however,
      that
      with respect to reporting requirements applicable to original issue discount,
      the accrual of market discount or the amortization of premium on the Notes,
      the
      Securities Administrator shall have first provided the calculations pertaining
      thereto and the amount of any resulting withholding taxes to the Indenture
      Trustee and the Paying Agent.

     

    
      
        
        

      

      
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    The
      Issuer may at any time, for the purpose of obtaining the satisfaction and
      discharge of this Indenture or for any other purpose, by Issuer Order direct
      any
      Paying Agent to pay to the Securities Administrator all sums held in trust
      by
      such Paying Agent, such sums to be held by the Securities Administrator upon
      the
      same trusts as those upon which the sums were held by such Paying Agent; and
      upon such payment by any Paying Agent to the Securities Administrator, such
      Paying Agent shall be released from all further liability with respect to such
      money.

     

    Subject
      to applicable laws with respect to escheat of funds, any money held by the
      Securities Administrator or any Paying Agent in trust for the payment of any
      amount due with respect to any Note and remaining unclaimed for two years after
      such amount has become due and payable shall be discharged from such trust
      and
      be paid to the Issuer on Issuer Request; and the Holder of such Note shall
      thereafter, as an unsecured general creditor, look only to the Issuer for
      payment thereof (but only to the extent of the amounts so paid to the Issuer),
      and all liability of the Indenture Trustee, the Securities Administrator or
      such
      Paying Agent with respect to such trust money shall thereupon cease;
provided,
      however,
      that
      the Indenture Trustee, the Securities Administrator or such Paying Agent, before
      being required to make any such repayment, shall at the expense and direction
      of
      the Issuer cause to be published once, in a newspaper published in the English
      language, customarily published on each Business Day and of general circulation
      in The City of New York (including, but not limited to, The
      Bond Buyer),
      notice
      that such money remains unclaimed and that, after a date specified therein,
      which shall not be less than 30 days from the date of such publication, any
      unclaimed balance of such money then remaining will be repaid to the Issuer.
      The
      Indenture Trustee, the Securities Administrator or Paying Agent shall also
      adopt
      and employ, at the expense and direction of the Issuer, any other reasonable
      means of notification of such repayment (including, but not limited to, mailing
      notice of such repayment to Holders whose Notes have been called but have not
      been surrendered for redemption or whose right to or interest in moneys due
      and
      payable but not claimed is determinable from the records of the Indenture
      Trustee, the Securities Administrator or of any Paying Agent, at the last
      address of record for each such Holder).

     

    Section
      3.04. Existence.
      (a) The
      Issuer will keep in full effect its existence, rights and franchises as a
      statutory trust under the laws of the State of Delaware (unless it becomes,
      or
      any successor Issuer hereunder is or becomes, organized under the laws of any
      other State or of the United States of America, in which case the Issuer will
      keep in full effect its existence, rights and franchises under the laws of
      such
      other jurisdiction) and will obtain and preserve its qualification to do
      business in each jurisdiction in which such qualification is or shall be
      necessary to protect the validity and enforceability of this Indenture, the
      Notes, the Collateral and each other instrument or agreement included in the
      Collateral.

     

    (b) Any
      successor to the Owner Trustee appointed pursuant to Section 9.03 of the Trust
      Agreement shall be the successor Owner Trustee under this Indenture without
      the
      execution or filing of any paper, instrument or further act to be done on the
      part of the parties hereto.

     

    
      
        
        

      

      
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    (c) Upon
      any
      consolidation or merger of or other succession to the Owner Trustee, the Person
      succeeding to the Owner Trustee under the Trust Agreement may exercise every
      right and power of the Owner Trustee under this Indenture with the same effect
      as if such Person had been named as the Owner Trustee herein.

     

    Section
      3.05. Protection
      of Collateral.
      The
      Issuer will from time to time execute, deliver and file all such supplements
      and
      amendments hereto and all such financing statements, continuation statements,
      instruments of further assurance and other instruments solely at the expense
      of
      the Issuer, and will take such other action necessary or advisable
      to:

     

    (i) maintain
      or preserve the lien and security interest (and the priority thereof) of this
      Indenture or carry out more effectively the purposes hereof,

     

    (ii) perfect,
      publish notice of or protect the validity of any Grant made or to be made by
      this Indenture;

     

    (iii) enforce
      any rights with respect to the Collateral; or

     

    (iv) preserve
      and defend title to the Collateral and the rights of the Indenture Trustee
      and
      the Noteholders in such Collateral against the claims of all persons and
      parties.

     

    The
      Issuer hereby authorizes the Indenture Trustee to file in any filing office
      any
      financing statement, amendment to financing statement (to the extent a
      Responsible Officer of the Indenture Trustee has actual knowledge or receives
      written notice that an amendment is required to be filed) or continuation
      statement required to be executed pursuant to this Section 3.05.

     

    Section
      3.06. Opinions
      as to Collateral.
      On the
      Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion
      of
      Counsel to the effect that either, in the opinion of such counsel, such action
      has been taken with respect to the recording and filing of this Indenture,
      any
      indentures supplemental hereto, and any other requisite documents, and with
      respect to the execution and filing of any financing statements and continuation
      statements, as are necessary to make effective the lien and security interest
      of
      this Indenture, or stating that, in the opinion of such counsel, no such action
      is necessary to make such lien and security interest effective. In addition
      to
      any other requirements under the Trust Indenture Act, the Issuer shall furnish
      to the Indenture Trustee, at least once every two years and six months after
      the
      Closing Date, an Opinion of Counsel to the effect that either, in the opinion
      of
      such counsel, such action has been taken with respect to the recording, filing,
      refilling, re-recording and refilling of this Indenture as is necessary to
      maintain the lien of this Indenture, or stating that, in the opinion of such
      counsel, no such action is necessary to maintain such lien.

     

    Section
      3.07. Performance
      of Obligations.
      (a) The
      Issuer will not take any action and will use its best efforts not to permit
      any
      action to be taken by others that would release any Person from any of such
      Person’s material covenants or obligations under any instrument or agreement
      included in the Collateral or that would result in the amendment, hypothecation,
      subordination, termination or discharge of, or impair the validity or
      effectiveness of, any such instrument or agreement, except as expressly provided
      in this Indenture, the Transfer and Servicing Agreement or such other instrument
      or agreement.

     

    
      
        
        

      

      
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    (b) The
      Issuer may contract with other Persons to assist it in performing its duties
      under this Indenture, and any performance of such duties by a Person identified
      to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be
      deemed to be action taken by the Issuer. Initially, the Issuer has contracted
      with the Securities Administrator, the Indenture Trustee and the Depositor
      pursuant to the Administration Agreement to assist the Issuer in performing
      its
      duties under this Indenture.

     

    (c) The
      Issuer will punctually perform and observe all of its obligations and agreements
      contained in this Indenture, the Operative Agreements and in the instruments
      and
      agreements included in the Collateral, including but not limited to filing
      or
      causing to be filed all financing statements and continuation statements
      required to be filed by the terms of this Indenture and the Transfer and
      Servicing Agreement in accordance with and within the time periods provided
      for
      herein and therein.

     

    (d) If
      a
      responsible officer of the Owner Trustee shall have written notice or actual
      knowledge of the occurrence of an Event of Default under the Transfer and
      Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee
      and
      each Rating Agency thereof.

     

    (e) As
      promptly as possible after the giving of notice of termination to the Master
      Servicer of the Master Servicer’s rights and powers pursuant to Section 8.01 of
      the Transfer and Servicing Agreement, the Indenture Trustee shall proceed in
      accordance with Section 8.01 and 8.02 of the Transfer and Servicing Agreement
      

     

    (f) Without
      derogating from the absolute nature of the assignment granted to the Indenture
      Trustee under this Indenture or the rights of the Indenture Trustee hereunder,
      the Issuer agrees (i) that it will not, without the prior written consent of
      the
      Indenture Trustee or the Holders of at least a majority in Outstanding Balance
      or Percentage Interest of the Notes affected thereby, amend, modify, waive,
      supplement, terminate or surrender, or agree to any amendment, modification,
      supplement, termination, waiver or surrender of, the terms of any Collateral
      or
      the Operative Agreements (except to the extent otherwise provided in any such
      Operative Agreement), or waive timely performance or observance by the
      Securities Administrator, the Master Servicer, the Servicer or the Depositor
      of
      its respective duties under the Transfer and Servicing Agreement; and (ii)
      that
      any such amendment shall not (A) increase or reduce in any manner the amount
      of,
      or accelerate or delay the timing of, payments that are required to be made
      for
      the benefit of the Noteholders or (B) reduce the aforesaid percentage of the
      Notes that is required to consent to any such amendment, without the consent
      of
      the Holders of all the Outstanding Notes affected thereby. If any such
      amendment, modification, supplement or waiver shall be so consented to by the
      Indenture Trustee or such Holders, the Issuer agrees, promptly following a
      request by the Indenture Trustee to do so, to execute and deliver, in its own
      name and at its own expense, such agreements, instruments, consents and other
      documents as the Indenture Trustee may deem necessary or appropriate in the
      circumstances.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    Section
      3.08. Negative
      Covenants.
      So long
      as any Notes are Outstanding, the Issuer shall not:

     

    (i) except
      as
      expressly permitted by this Indenture, the Mortgage Loan Purchase Agreement
      or
      the Transfer and Servicing Agreement, sell, transfer, exchange or otherwise
      dispose of any of the properties or assets of the Issuer, including those
      included in the Collateral, unless directed to do so by the Indenture
      Trustee;

     

    (ii) claim
      any
      credit on, or make any deduction from the principal, interest or other amounts
      payable in respect of, the Notes (other than amounts properly withheld from
      such
      payments under the Code) or assert any claim against any present or former
      Noteholder by reason of the payment of the taxes levied or assessed upon any
      part of the Collateral;

     

    (iii) (A)
      permit the validity or effectiveness of this Indenture to be impaired, or permit
      the lien of this Indenture to be amended, hypothecated, subordinated, terminated
      or discharged, or permit any Person to be released from any covenants or
      obligations with respect to the Notes under this Indenture except as may be
      expressly permitted hereby, (B) permit any lien, charge, excise, claim, security
      interest, mortgage or other encumbrance (other than the lien of this Indenture)
      to be created on or extend to or otherwise arise upon or burden the Collateral
      or any part thereof or any interest therein or the proceeds thereof (other
      than
      tax liens, mechanics’ liens and other liens that arise by operation of law, in
      each case with respect to any Collateral and arising solely as a result of
      an
      action or omission of a Borrower or as otherwise permitted in the Transfer
      and
      Servicing Agreement) or (C) permit the lien of this Indenture not to constitute
      a valid first priority (other than with respect to any such tax, mechanics’ or
      other lien) or as otherwise permitted in the Transfer and Servicing Agreement)
      security interest in the Collateral;

     

    (iv) dissolve
      or liquidate in whole or in part or merge or consolidate with any other
      Person;

     

    (v) remove
      the Securities Administrator without cause unless the Rating Agency Condition
      shall have been satisfied in connection with such removal;

     

    (vi) take
      any
      action or fail to take any action that would jeopardize the status of the Holder
      of the Ownership Certificate as a REIT, a Qualified REIT Subsidiary or a
      Disregarded Entity or result in an imposition of tax on the Issuer; or

     

    (vii) except
      with the prior written consent of the Noteholders, take any action described
      in
      Section 5.06 of the Trust Agreement.

     

    Section
      3.09. Annual
      Statement as to Compliance.
      So long
      as the Notes are outstanding, the Issuer will deliver to the Indenture Trustee,
      within 120 days after the end of each fiscal year of the Issuer (commencing
      with
      the fiscal year 2006), an Officer’s Certificate stating, as to the Authorized
      Officer signing such Officer’s Certificate, that:

     

    
      
        
        

      

      
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    (i) a
      review
      of the activities of the Issuer during such year and of its performance under
      this Indenture has been made under such Authorized Officer’s supervision;
      and

     

    (ii) to
      the
      best of such Authorized Officer’s knowledge, based on such review, the Issuer
      has complied with all conditions and covenants under this Indenture throughout
      such year or, if there has been a default in its compliance with any such
      condition or covenant, specifying each such default known to such Authorized
      Officer and the nature and status thereof.

     

    Section
      3.10. Treatment
      of Notes as Debt for Tax Purposes.
      The
      Issuer shall, and shall cause the Securities Administrator and the Indenture
      Trustee to, treat the Notes (other than the Privately Offered Notes and the
      Retained Notes during the time they are retained by the holder of the Ownership
      Certificate) as indebtedness for all federal, state and local tax
      purposes.

     

    Section
      3.11. No
      Other Business.
      The
      Issuer shall not engage in any business other than financing, purchasing,
      owning, selling and managing the Collateral in the manner contemplated by this
      Indenture and the Operative Agreements and activities incidental
      thereto.

     

    Section
      3.12. No
      Borrowing.
      The
      Issuer shall not issue, incur, assume, guarantee or otherwise become liable,
      directly or indirectly, for any indebtedness other than the Notes.

     

    Section
      3.13. Guarantees,
      Loans, Advances and Other Liabilities.
      Except
      as contemplated by the Transfer and Servicing Agreement or this Indenture,
      the
      Issuer shall not make any loan or advance or credit to, or guarantee (directly
      or indirectly or by an instrument having the effect of assuring another’s
      payment or performance on any obligation or capability of so doing or
      otherwise), endorse or otherwise become contingently liable, directly or
      indirectly, in connection with the obligations, stocks or dividends of, or
      own,
      purchase, repurchase or acquire (or agree contingently to do so) any stock,
      obligations, assets or securities of, or any other interest in, or make any
      capital contribution to, any other Person.

     

    Section
      3.14. Capital
      Expenditures.
      The
      Issuer shall not make any expenditure (by long-term or operating lease or
      otherwise) for capital assets (either realty or personalty).

     

    Section
      3.15. Removal
      of Securities Administrator.
      So long
      as any Notes are Outstanding, the Issuer shall not remove the Securities
      Administrator without cause unless the Issuer has received a letter from each
      Rating Agency to the effect that such removal will not cause the then-current
      ratings on the Notes to be qualified, reduced or withdrawn. 

     

    Section
      3.16. Restricted
      Payments.
      The
      Issuer shall not, directly or indirectly, (i) pay any dividend or make any
      payment (by reduction of capital or otherwise), whether in cash, property,
      securities or a combination thereof, to the Owner Trustee or any owner of a
      beneficial interest in the Issuer or otherwise with respect to any ownership
      or
      equity interest or security in or of the Issuer, (ii) redeem, purchase, retire
      or otherwise acquire for value any such ownership or equity interest or security
      or (iii) set aside or otherwise segregate any amounts for any such purpose;
      provided, however,
      the
      Issuer may make, or cause to be made, payments and distributions as contemplated
      by, and to the extent funds are available for such purpose under, this Indenture
      or any other Operative Agreement. The Issuer will not, directly or indirectly,
      make payments to or from the Trust Accounts except in accordance with this
      Indenture and the Operative Agreements.

     

    
      
        
        

      

      
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    Section
      3.17. Notice
      of Events of Default.
      The
      Issuer shall promptly, and in no event more than three Business Days following
      such event, give the Indenture Trustee and each Rating Agency written notice
      of
      each Event of Default hereunder, and each default on the part of the Securities
      Administrator, the Master Servicer, the Servicer or the Depositor of its
      obligations under the Transfer and Servicing Agreement, to the extent a
      responsible officer of the Owner Trustee shall have written notice or actual
      knowledge thereof.

     

    Section
      3.18. Further
      Instruments and Acts.
      Upon
      request of the Indenture Trustee, the Issuer will execute and deliver such
      further instruments and do such further acts as may be reasonably necessary
      or
      proper to carry out more effectively the purpose of this Indenture.

     

    Section
      3.19. Covenants
      of the Issuer.
      All
      covenants of the Issuer in this Indenture are covenants of the Issuer and are
      not covenants of the Owner Trustee in its individual capacity. The Owner Trustee
      is, and any successor Owner Trustee under the Trust Agreement will be, executing
      this Indenture on behalf of the Issuer solely as Owner Trustee under the Trust
      Agreement and not in its respective individual capacity, and in no case
      whatsoever shall the Owner Trustee or any such successor Owner Trustee be
      personally liable on, or for any loss in respect of, any of the statements,
      representations, warranties or obligations of the Issuer hereunder, as to all
      of
      which the parties hereto agree to look solely to the property of the
      Issuer.

     

    Section
      3.20. Representations
      and Warranties of the Issuer.
      (a)
      With respect to the Mortgage Notes, the Issuer represents and warrants
      that:

     

    (i) This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable Uniform Commercial Code (the “UCC”) in the Mortgage Notes in favor of
      the Indenture Trustee, which security interest is prior to all other liens,
      and
      is enforceable as such against creditors of and purchasers from the
      Issuer;

     

    (ii) The
      Mortgage Notes constitute “instruments” within the meaning of the applicable
      UCC;

     

    (iii) The
      Issuer owns and has good title to the Mortgage Notes free and clear of any
      lien,
      claim or encumbrance of any Person;

     

    (iv) The
      Issuer has received all consents and approvals required by the terms of the
      Mortgage Notes to the pledge of the Mortgage Notes hereunder to the Indenture
      Trustee;

     

    (v) All
      original executed copies of each Mortgage Note have been or will be delivered
      to
      the Indenture Trustee (or its custodian), as set forth in the Transfer and
      Servicing Agreement;

     

    (vi) The
      Issuer has received a written acknowledgement from the Indenture Trustee (or
      its
      custodian) that it is holding the Mortgage Notes solely on behalf and for the
      benefit of the Indenture Trustee;

     

    
      
        
        

      

      
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    (vii) Other
      than the security interest granted to the Indenture Trustee pursuant to this
      Indenture, the Issuer has not pledged, assigned, sold, granted a security
      interest in, or otherwise conveyed any of the Mortgage Notes. The Issuer has
      not
      authorized the filing of and is not aware of any financing statements against
      the Issuer that include a description of the collateral covering the Mortgage
      Notes other than a financing statement relating to the security interest granted
      to the Indenture Trustee hereunder or that has been terminated. The Issuer
      is
      not aware of any judgment or tax lien filings against the Issuer;
      and

     

    (viii) None
      of
      the Mortgage Notes has any marks or notations indicating that they have been
      pledged, assigned or otherwise conveyed to any Person other than the Indenture
      Trustee.

     

    (b) The
      representations and warranties set forth in this Section 3.20 shall survive
      the
      Closing Date and shall not be waived.

     

    ARTICLE
      IV

     

    SATISFACTION
      AND DISCHARGE

     

    Section
      4.01. Satisfaction
      and Discharge of Indenture.
      This
      Indenture shall cease to be of further effect with respect to the Notes, except
      as to (i) rights of registration of transfer and exchange, (ii) substitution
      of
      mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
      receive payments of principal thereof and interest thereon, (iv) the rights,
      obligations and immunities of the Indenture Trustee hereunder (including the
      rights of the Indenture Trustee under Section 6.07 and the obligations of the
      Indenture Trustee under Sections 3.03 and 4.02) and (v) the rights of
      Noteholders as beneficiaries hereof with respect to the property so deposited
      with the Indenture Trustee or the Securities Administrator payable to all or
      any
      of them, and the Indenture Trustee, on demand of and at the expense of the
      Issuer, shall execute proper instruments acknowledging satisfaction and
      discharge of this Indenture with respect to the Notes, when either (I) the
      Transfer and Servicing Agreement has been terminated pursuant to Article IX
      thereof or (II)

     

    (A) either

     

    (1) all
      Notes
      theretofore authenticated and delivered (other than (i) Notes that have been
      destroyed, lost or stolen and that have been replaced or paid as provided in
      Section 2.05 and (ii) Notes for whose payment money has theretofore been
      deposited in trust or segregated and held in trust by the Issuer and thereafter
      repaid to the Issuer or discharged from such trust, as provided in Section
      3.03)
      have been delivered to the Securities Administrator for cancellation;
      or

     

    (2) all
      Notes
      not theretofore delivered to the Securities Administrator for
      cancellation

     

    (a) have
      become due and payable,

     

    
      
        
        

      

      
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    (b) will
      become due and payable at the applicable Maturity Date within one year,
      or

     

    (c) are
      to be
      called for redemption within one year under arrangements satisfactory to the
      Securities Administrator for the giving of notice of redemption by the
      Securities Administrator in the name, and at the expense, of the
      Issuer,

     

    and
      the
      Issuer, in the case of (a), (b) or (c) above, has irrevocably deposited or
      caused to be irrevocably deposited with the Securities Administrator cash or
      direct obligations of or obligations guaranteed by the United States of America
      (which will mature prior to the date such amounts are payable), in trust for
      such purpose, in an amount sufficient to pay and discharge the entire
      indebtedness on such Notes not theretofore delivered to the Securities
      Administrator or the Note Registrar for cancellation when due to the Maturity
      Date or Redemption Date (if the Notes are called for redemption pursuant to
      Section 10.01 hereof), as the case may be;

    

    (B) the
      Issuer has paid or caused to be paid all other sums payable hereunder by the
      Issuer;

     

    (C) the
      Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an
      Opinion of Counsel (at the Issuer’s expense) and (if required by the TIA or the
      Indenture Trustee) an Independent Certificate from a firm of certified public
      accountants, each meeting the applicable requirements of Section 11.01 hereof
      and, subject to Section 11.02 hereof, each stating that all conditions precedent
      herein provided for relating to the satisfaction and discharge of this Indenture
      with respect to the Notes have been complied with; and

     

    (D) the
      Issuer has delivered to each Rating Agency notice of such satisfaction and
      discharge.

     

    Section
      4.02. Application
      of Trust Money.
      All
      moneys deposited with the Securities Administrator pursuant to Sections 3.03
      and
      4.01 hereof shall be held in trust and applied by it, in accordance with the
      provisions of the Notes and this Indenture, to the payment, either directly
      or
      through any Paying Agent, as the Securities Administrator may determine, to
      the
      Holders of the particular Notes for the payment or redemption of which such
      moneys have been deposited with the Securities Administrator, of all sums due
      and to become due thereon for principal and interest; but such moneys need
      not
      be segregated from other funds except to the extent required herein or in the
      Transfer and Servicing Agreement or required by law.

     

    Section
      4.03. Repayment
      of Moneys Held by Paying Agent.
      In
      connection with the satisfaction and discharge of this Indenture with respect
      to
      the Notes, all moneys then held by any Paying Agent other than the Securities
      Administrator under the provisions of this Indenture with respect to such Notes
      shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held
      and applied according to Section 3.03 and thereupon such Paying Agent shall
      be
      released from all further liability with respect to such moneys.

     

    Section
      4.04. Trust
      Money Received by Indenture Trustee.
      If the
      Indenture Trustee receives any moneys in respect of the Collateral (other than
      with respect to any amounts in respect of any payments or reimbursements of
      fees, expenses or indemnity amounts properly owing to the Indenture Trustee
      pursuant to the terms of any of the Operative Agreements), the Indenture Trustee
      shall remit such funds promptly to the Securities Administrator.

     

    
      
        
        

      

      
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    ARTICLE
      V

     

    EVENTS
      OF
      DEFAULT; REMEDIES

     

    Section
      5.01. Events
      of Default.
“Event
      of Default,” wherever used herein, means any one of the following events
      (whatever the reason for such Event of Default and whether it shall be voluntary
      or involuntary or be effected by operation of law or pursuant to any judgment,
      decree or order of any court or any order, rule or regulation of any
      administrative or governmental body):

     

    (i) Default
      for one month or more in the payment of any Accrued Note Interest on the Notes
      when the same becomes due and payable under Section 6.02 of the Transfer and
      Servicing Agreement;

     

    (ii) failure
      to pay the entire principal of any Note when the same becomes due and payable
      under the Transfer and Servicing Agreement or on the applicable Maturity
      Date;

     

    (iii) failure
      to observe or perform any covenant or agreement of the Issuer made in this
      Indenture (other than a covenant or agreement, a default in the observance
      or
      performance of which is elsewhere in this Section specifically dealt with),
      or
      any representation or warranty of the Issuer made in this Indenture or in any
      certificate or other writing delivered pursuant hereto or in connection herewith
      proving to have been incorrect in any material respect as of the time when
      the
      same shall have been made, and such default shall continue or not be cured,
      or
      the circumstance or condition in respect of which such misrepresentation or
      warranty was incorrect shall not have been eliminated or otherwise cured, for
      a
      period of 30 days after there shall have been given, by registered or certified
      mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture
      Trustee by the Holders of at least 25% of the Outstanding Balance of the Notes,
      a written notice specifying such default or incorrect representation or warranty
      and requiring it to be remedied and stating that such notice is a notice of
      Default hereunder;

     

    (iv) the
      filing of a decree or order for relief by a court having jurisdiction in the
      premises in respect of the Issuer or any substantial part of the Collateral
      in
      an involuntary case under any applicable federal or state bankruptcy, insolvency
      or other similar law now or hereafter in effect, or appointing a receiver,
      liquidator, assignee, custodian, trustee, sequestrator or similar official
      of
      the Issuer or for any substantial part of the Collateral, or ordering the
      winding-up or liquidation of the Issuer’s affairs, and such decree or order
      shall remain unstayed and in effect for a period of 60 consecutive
      days;

     

    (v) the
      receipt of notice from the Holder of the Ownership Certificate to the Indenture
      Trustee of such Holder’s failure to qualify as a REIT, a Qualified REIT
      Subsidiary or a Disregarded Entity or of such Holder’s or the Seller’s transfer
      or retention of an interest in the Retained Notes, if any, in contravention
      of
      the transfer and retention restrictions applicable to the Retained Notes, if
      any, pursuant to Section 2.14; or

     

    
      
        
        

      

      
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    (vi) the
      commencement by the Issuer of a voluntary case under any applicable federal
      or
      state bankruptcy, insolvency or other similar law now or hereafter in effect,
      or
      the consent by the Issuer to the entry of an order for relief in an involuntary
      case under any such law, or the consent by the Issuer to the appointment or
      taking possession by a receiver, liquidator, assignee, custodian, trustee,
      sequestrator or similar official of the Issuer or for any substantial part
      of
      the Collateral, or the making by the Issuer of any general assignment for the
      benefit of creditors, or the failure by the Issuer generally to pay its debts
      as
      such debts become due, or the taking of any action by the Issuer in furtherance
      of any of the foregoing.

     

    The
      Issuer shall deliver to the Indenture Trustee, within five days after the
      occurrence thereof, written notice in the form of an Officer’s Certificate of
      any event which with the giving of notice and the lapse of time would become
      an
      Event of Default under clause (iii), its status and what action the Issuer
      is
      taking or proposes to take with respect thereto.

     

    Section
      5.02. Acceleration
      of Maturity; Rescission and Annulment.
      If an
      Event of Default should occur and be continuing, then and in every such case
      the
      Indenture Trustee may, or shall, at the direction of the Holders of Notes
      representing not less than a majority of the Outstanding Balance of the Priority
      Class Notes, declare all the Notes to be immediately due and payable, by a
      notice in writing to the Issuer (and to the Indenture Trustee if given by
      Noteholders), and upon any such declaration the unpaid principal amount of
      such
      Notes, together with accrued and unpaid interest on the Notes through the date
      of acceleration, shall become immediately due and payable.

     

    At
      any
      time after such declaration of acceleration of maturity has been made and before
      a judgment or decree for payment of the money due has been obtained by the
      Indenture Trustee as hereinafter in this Article V provided,
      the
      Holders of Notes representing a majority of the Outstanding Balance of the
      Priority Class Notes, by written notice to the Issuer and the Indenture Trustee,
      may rescind and annul such declaration and its consequences if:

     

    (i) the
      Issuer has paid or deposited with the Securities Administrator a sum sufficient
      to pay:

     

    (A) all
      payments of principal of and interest on all affected Priority Class Notes
      and
      all other amounts that would then be due hereunder or upon such Notes if the
      Event of Default giving rise to such acceleration had not occurred;
      and

     

    (B) all
      sums
      paid or advanced by the Indenture Trustee hereunder and the reasonable
      compensation, expenses, disbursements and advances of the Indenture Trustee
      and
      its agents and counsel; and

     

    
      
        
        

      

      
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    (ii) all
      Events of Default, other than the nonpayment of the principal of the Notes
      that
      has become due solely by such acceleration, have been cured or waived as
      provided in Section 5.12.

     

    No
      such
      rescission shall affect any subsequent default or impair any right consequent
      thereto.

     

    The
      Holders of Non-Priority Class Notes shall have no right to exercise any
      Noteholders’ rights referred to in this Article V, except to the extent
      expressly provided herein.

     

    Section
      5.03. Collection
      of Indebtedness and Suits for Enforcement by Indenture Trustee.
      (a) The
      Issuer covenants that if (i) default is made in the payment of any Accrued
      Note
      Interest on any Note when the same becomes due and payable, and such default
      continues for a period of five days, or (ii) default is made in the payment
      of
      the principal of any Note when the same becomes due and payable on the
      applicable Maturity Date, the Issuer will, upon demand of the Indenture Trustee,
      pay to the Securities Administrator, for the benefit of the Holders of the
      Notes, the whole amount then due and payable on such Notes for principal and
      interest, with interest on the overdue principal and, to the extent payment
      at
      such rate of interest shall be legally enforceable, on overdue installments
      of
      interest at the rate borne by such Notes and, in addition thereto, pay to the
      Indenture Trustee such further amount as shall be sufficient to cover the costs
      and expenses of collection, including the reasonable compensation, expenses,
      disbursements and advances of the Indenture Trustee and its agents and
      counsel.

     

    (b) In
      case
      the Issuer shall fail forthwith to pay such amounts upon such demand, the
      Indenture Trustee, in its own name and as trustee of an express trust, may
      institute a Proceeding for the collection of the sums so due and unpaid, and
      may
      prosecute such Proceeding to judgment or final decree, and may enforce the
      same
      against the Issuer upon such Notes and collect in the manner provided by law
      out
      of the property of the Issuer upon such Notes, wherever situated, the moneys
      adjudged or decreed to be payable.

     

    (c) If
      an
      Event of Default occurs and is continuing, the Indenture Trustee may, in its
      discretion, or shall, at the direction of the Holders of Priority Class Notes
      representing not less than a majority of the Outstanding Balance thereof, as
      more particularly provided in Section 5.04, proceed to protect and enforce
      its
      rights and the rights of the Noteholders, by such appropriate Proceedings as
      the
      Indenture Trustee shall deem most effective to protect and enforce any such
      rights, whether for the specific enforcement of any covenant or agreement in
      this Indenture or in aid of the exercise of any power granted herein, or to
      enforce any other proper remedy or legal or equitable right vested in the
      Indenture Trustee by this Indenture or by law.

     

    (d) In
      case
      there shall be pending, relative to the Issuer or any other obligor upon the
      Notes or any Person having or claiming an ownership interest in the Collateral,
      Proceedings under Title 11 of the United States Code or any other applicable
      federal or state bankruptcy, insolvency or other similar law, or in case a
      receiver, assignee or trustee in bankruptcy or reorganization, or liquidator,
      sequestrator or similar official shall have been appointed for or taken
      possession of the Issuer or its property or such other obligor or Person, or
      in
      case of any other comparable judicial Proceedings relative to the Issuer or
      other obligor upon the Notes, or to the creditors or property of the Issuer
      or
      such other obligor, the Indenture Trustee, irrespective of whether the principal
      of any Notes shall then be due and payable as therein expressed or by
      declaration or otherwise and irrespective of whether the Indenture Trustee
      shall
      have made any demand pursuant to the provisions of this Section, shall be
      entitled and empowered, by intervention in such Proceedings or
      otherwise:

     

    
      
        
        

      

      
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    (i) to
      file
      and prove a claim or claims for the whole amount of principal and interest
      owing
      and unpaid in respect of the Notes and to file such other papers or documents
      as
      may be necessary or advisable in order to have the claims of the Indenture
      Trustee (including any claim for reasonable compensation to the Indenture
      Trustee and each predecessor Indenture Trustee, and their respective agents,
      attorneys and counsel, and for reimbursement of all expenses and liabilities
      incurred, and all advances made, by the Indenture Trustee and each predecessor
      Indenture Trustee, except as a result of negligence or bad faith) and of the
      Noteholders allowed in such Proceedings;

     

    (ii) unless
      prohibited by applicable law and regulations, to vote on behalf of the Holders
      of Notes in any election of a trustee, a standby trustee or Person performing
      similar functions in any such Proceedings;

     

    (iii) to
      collect and receive any moneys or other property payable or deliverable on
      any
      such claims and to distribute all amounts received with respect to the claims
      of
      the Noteholders and of the Indenture Trustee on their behalf;

     

    (iv) to
      file
      such proofs of claim and other papers or documents as may be necessary or
      advisable in order to have the claims of the Indenture Trustee or the Holders
      of
      Notes allowed in any Proceedings relative to the Issuer, its creditors and
      its
      property; and

     

    (v) to
      participate as a member of any official committee of creditors in the matters
      as
      it deems necessary or advisable;

     

    and
      any
      trustee, receiver, liquidator, custodian or other similar official in any such
      Proceeding is hereby authorized by each of such Noteholders to make payments
      to
      the Securities Administrator and, in such event or in the event that the
      Indenture Trustee shall consent to the making of payments directly to such
      Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient
      to cover reasonable compensation to the Indenture Trustee, each predecessor
      Indenture Trustee and their respective agents, attorneys and counsel, and all
      other expenses and liabilities incurred by it or its agents, and all advances
      made, by the Indenture Trustee and each predecessor Indenture Trustee except
      as
      a result of negligence or bad faith.

    

    (e) Nothing
      herein contained shall be deemed to authorize the Indenture Trustee to authorize
      or consent to or vote for or accept or adopt on behalf of any Noteholder any
      plan of reorganization, arrangement, adjustment or composition affecting the
      Notes or the rights of any Holder thereof or to authorize the Indenture Trustee
      to vote in respect of the claim of any Noteholder in any such proceeding except,
      as aforesaid, to vote for the election of a trustee in bankruptcy or similar
      Person.

     

    
      
        
        

      

      
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    (f) All
      rights of action and of asserting claims under this Indenture, or under any
      of
      the Notes, may be enforced by the Indenture Trustee without the possession
      of
      any of the Notes or the production thereof in any trial or other Proceedings
      relative thereto, and any such action or Proceedings instituted by the Indenture
      Trustee shall be brought in its own name as trustee of an express trust, and
      any
      recovery of judgment, subject to the payment of the expenses, disbursements
      and
      compensation of the Indenture Trustee, each predecessor Indenture Trustee and
      their respective agents and attorneys, shall be for the ratable benefit of
      the
      Holders of the Notes.

     

    (g) In
      any
      Proceedings brought by the Indenture Trustee (and also any Proceedings involving
      the interpretation of any provision of this Indenture to which the Indenture
      Trustee shall be a party), the Indenture Trustee shall be held to represent
      all
      the Holders of the Notes, and it shall not be necessary to make any Noteholder
      a
      party to any such Proceedings.

     

    Section
      5.04. Remedies;
      Priorities.
      (a) If
      an Event of Default shall have occurred and be continuing, the Indenture Trustee
      may, and at the direction of Holders of Priority Class Notes representing a
      majority of the Outstanding Balance thereof shall, do one or more of the
      following (subject to Section 5.05):

     

    (i) institute
      Proceedings in its own name and as trustee of an express trust for the
      collection of all amounts then payable on the Notes or under this Indenture
      with
      respect thereto, whether by declaration or otherwise, enforce any judgment
      obtained and collect from the Issuer and any other obligor upon such Notes
      moneys adjudged due;

     

    (ii) institute
      Proceedings from time to time for the complete or partial foreclosure of this
      Indenture with respect to the Collateral;

     

    (iii) exercise
      any remedies of a secured party under the Relevant UCC and take any other
      appropriate action to protect and enforce the rights and remedies of the
      Indenture Trustee and the Holders of the Notes; and

     

    (iv) sell
      the
      Collateral or any portion thereof or rights or interest therein, at one or
      more
      public or private sales called and conducted in any manner permitted by
      law;

     

    provided,
      however,
      that
      the Indenture Trustee may not sell or otherwise liquidate any Collateral
      following an Event of Default, other than an Event of Default described in
      Section 5.01(i) or (ii), unless (A) the Holders of 100% of the Outstanding
      Balance or Percentage Interest of the Notes consent thereto, (B) the proceeds
      of
      such sale or liquidation distributable to the Noteholders are sufficient to
      discharge in full all amounts then due and unpaid upon such Notes for principal
      and interest or (C) the Indenture Trustee determines based on information
      provided by the Securities Administrator that the Collateral will not continue
      to provide sufficient funds for the payment of principal of and interest on
      the
      Notes as they would have become due if the Notes had not been declared due
      and
      payable, and the Indenture Trustee obtains the consent of Holders of 66-2/3%
      of
      the Voting Interests of the Notes. In determining such sufficiency or
      insufficiency with respect to clauses (B) and (C), the Indenture Trustee may,
      but need not, obtain and rely upon an opinion of an Independent investment
      banking or accounting firm of national reputation as to the feasibility of
      such
      proposed action and as to the sufficiency of the Collateral for such
      purpose.

     

    
      
        
        

      

      
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    (b) If
      the
      Indenture Trustee collects any money or property pursuant to this Article V,
      it
      shall remit such money or property to the Securities Administrator and the
      Securities Administrator shall pay out such money or property in the following
      order:

     

    first:
      in the
      following order, to the Indenture Trustee, for any costs or expenses, including
      any reasonable out-of-pocket attorneys’ fees, incurred by it in connection with
      the enforcement of the remedies provided for in this Article V and for any
      other
      unpaid amounts due to the Indenture Trustee hereunder; to the Custodian, the
      Securities Administrator and the Master Servicer, to the extent of any fees
      and
      expenses due and owing to each of them under any Operative Agreement; and to
      the
      Owner Trustee, to the extent of any fees and expenses due and owing to it
      (including pursuant to Section 7.03 of the Trust Agreement) and for any other
      unpaid amounts due to the Owner Trustee hereunder or under the Transfer and
      Servicing Agreement;

     

    second:
      to
      the
      Master Servicer and the Servicer for any Servicing Fees then due and unpaid
      and
      any unreimbursed Monthly Advances and other servicing advances;

     

    third:
      to
      the
      applicable parties, any other outstanding expenses of the Trust remaining
      unpaid;

     

    fourth:
      to
      the
      Notes, all accrued and unpaid interest thereon and amounts in respect of
      principal paid to the Trust during the related Prepayment Period, in each case
      in according to the priorities set forth in Section 6.02 of the Transfer and
      Servicing Agreement; provided, however, that accrued and unpaid interest shall
      be paid to Noteholders of each Class of Notes before any payments in respect
      of
      principal; and

     

    fifth:
      to
      the
      Certificate Paying Agent for any amounts to be distributed to the Holder of
      the
      Ownership Certificate.

     

    The
      Securities Administrator may fix a record date and payment date for any payment
      to Noteholders pursuant to this Section. At least 15 days before such record
      date, the Issuer shall mail to each Noteholder and the Indenture Trustee a
      notice that states the record date, the payment date and the amount to be
      paid.

     

    Section
      5.05. Optional
      Preservation of the Collateral.
      If the
      Notes have been declared to be due and payable under Section 5.02 following
      an
      Event of Default and such declaration and its consequences have not been
      rescinded and annulled, the Indenture Trustee may, but need not, elect to
      maintain possession of the Collateral. It is the desire of the parties hereto
      and the Noteholders that there be at all times sufficient funds for the payment
      of principal of and interest on the Notes, and the Indenture Trustee shall
      take
      such desire into account when determining whether or not to maintain possession
      of the Collateral. In determining whether to maintain possession of the
      Collateral, the Indenture Trustee may, but need not, obtain and rely upon an
      opinion (at the expense of the Issuer) of an Independent investment banking
      or
      accounting firm of national reputation as to the feasibility of such proposed
      action and as to the sufficiency of the Collateral for such
      purpose.

     

    Section
      5.06. Limitation
      of Suits.
      Other
      than as otherwise expressly provided herein in the case of an Event of Default,
      no Holder of any Note shall have any right to institute any Proceeding, judicial
      or otherwise, with respect to this Indenture, or for the appointment of a
      receiver or trustee, or for any other remedy hereunder, unless:

     

    (i) such
      Holder has previously given written notice to the Indenture Trustee of a
      continuing Event of Default;

     

    
      
        
        

      

      
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    (ii) the
      Holders of not less than 25% of the Outstanding Balance of the Notes have made
      written request to the Indenture Trustee to institute such Proceeding in respect
      of such Event of Default in its own name as Indenture Trustee
      hereunder;

     

    (iii) such
      Holder or Holders have offered to the Indenture Trustee reasonable indemnity
      against the costs, expenses and liabilities to be incurred in complying with
      such request;

     

    (iv) the
      Indenture Trustee for 60 days after its receipt of such notice, request and
      offer of indemnity has failed to institute such Proceedings; and

     

    (v) no
      direction inconsistent with such written request has been given to the Indenture
      Trustee during such 60-day period by the Holders of a majority of the
      Outstanding Balance of the Notes.

     

    It
      is
      understood and intended that no one or more Holders of Notes shall have any
      right in any manner whatever by virtue of, or by availing of, any provision
      of
      this Indenture to affect, disturb or prejudice the rights of any other Holders
      of Notes or to obtain or to seek to obtain priority or preference over any
      other
      Holders or to enforce any right under this Indenture, except in the manner
      herein provided.

     

    In
      the
      event the Indenture Trustee shall receive conflicting or inconsistent requests
      and indemnity from two or more groups of Holders of Notes, each representing
      less than a majority of the Outstanding Balance of the Notes, the Indenture
      Trustee shall take the action requested by the Holders of the largest percentage
      in Outstanding Balance of the Notes and, if there is no single largest
      percentage in Outstanding Balance of the Notes, in its sole discretion may
      determine what action, if any, shall be taken, notwithstanding any other
      provisions of this Indenture.

     

    Section
      5.07. Unconditional
      Rights of Noteholders To Receive Principal and Interest.
      Notwithstanding any other provisions in this Indenture, the Holder of any Note
      shall have the right, which is absolute and unconditional, to receive payment
      of
      the principal of and interest, if any, on such Note on or after the respective
      due dates thereof expressed in such Note or in this Indenture (or, in the case
      of redemption, on or after the Redemption Date) to institute suit for the
      enforcement of any such payment, and such right shall not be impaired without
      the consent of such Holder.

     

    Section
      5.08. Restoration
      of Rights and Remedies.
      If the
      Indenture Trustee or any Noteholder has instituted any Proceeding to enforce
      any
      right or remedy under this Indenture and such Proceeding has been discontinued
      or abandoned for any reason or has been determined adversely to the Indenture
      Trustee or to such Noteholder, then and in every such case the Issuer, the
      Indenture Trustee and the Noteholders shall, subject to any determination in
      such Proceeding, be restored severally and respectively to their former
      positions hereunder, and thereafter all rights and remedies of the Indenture
      Trustee and the Noteholders shall continue as though no such Proceeding had
      been
      instituted.

     

    
      
        
        

      

      
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    Section
      5.09. Rights
      and Remedies Cumulative.
      No
      right or remedy herein conferred upon or reserved to the Indenture Trustee
      or to
      the Noteholders is intended to be exclusive of any other right or remedy, and
      every right and remedy shall, to the extent permitted by law, be cumulative
      and
      in addition to every other right and remedy given hereunder or now or hereafter
      existing at law or in equity or otherwise. The assertion or employment of any
      right or remedy hereunder, or otherwise, shall not prevent the concurrent
      assertion or employment of any other appropriate right or remedy.

     

    Section
      5.10. Delay
      or Omission Not a Waiver.
      No
      delay or omission of the Indenture Trustee or any Holder of any Note to exercise
      any right or remedy accruing upon any Default or Event of Default shall impair
      any such right or remedy or constitute a waiver of any such Default or Event
      of
      Default or an acquiescence therein. Every right and remedy given by this Article
      V or by law to the Indenture Trustee or to the Noteholders may be exercised
      from
      time to time, and as often as may be deemed expedient, by the Indenture Trustee
      or by the Noteholders, as the case may be.

     

    Section
      5.11. Control
      by Noteholders.
      Except
      as otherwise provided in Section 5.02, the Holders of a majority of the
      Outstanding Balance of the Notes shall have the right to direct the time, method
      and place of conducting any Proceeding for any remedy available to the Indenture
      Trustee with respect to the Notes or exercising any trust or power conferred
      on
      the Indenture Trustee; provided that:

     

    (i) such
      direction shall not be in conflict with any rule of law or with this
      Indenture;

     

    (ii) subject
      to the express terms of Section 5.04, any direction to the Indenture Trustee
      to
      sell or liquidate the Collateral shall be by Holders of Notes representing
      not
      less than 100% of the Outstanding Balance of the Notes;

     

    (iii) if
      the
      conditions set forth in Section 5.05 have been satisfied and the Indenture
      Trustee elects to retain the Collateral pursuant to such Section, then any
      direction to the Indenture Trustee by Holders of Notes representing less than
      100% of the Outstanding Balance of the Notes to sell or liquidate the Collateral
      shall be of no force and effect; and

     

    (iv) the
      Indenture Trustee may take any other action deemed proper by the Indenture
      Trustee that is not inconsistent with such direction.

     

    Notwithstanding
      the rights of the Noteholders set forth in this Section, subject to Section
      6.01(g), the Indenture Trustee need not take any action that it determines
      might
      involve it in liability or might materially adversely affect the rights of
      any
      Noteholders not consenting to such action. In the event the Indenture Trustee
      takes any action or follows any direction pursuant to this Indenture, the
      Indenture Trustee shall be entitled to indemnification against any loss or
      expense caused by taking such action or following such direction in accordance
      with Section 6.07.

     

    
      
        
        

      

      
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    Section
      5.12. Waiver
      of Past Defaults.
      Prior
      to the declaration of the acceleration of the maturity of the Notes as provided
      in Section 5.02, the Holders of Notes of not less than a majority of the
      Outstanding Balance of the Notes may waive, in writing, any past Default or
      Event of Default and its consequences except a Default (a) in payment of
      principal of or interest on any of the Notes or (b) in respect of a covenant
      or
      provision hereof which cannot be modified or amended without the consent of
      the
      Holder of each Note. In the case of any such waiver, the Issuer, the Indenture
      Trustee and the Holders of the Notes shall be restored to their former positions
      and rights hereunder, respectively; but no such waiver shall extend to any
      subsequent or other Default or impair any right consequent thereto.

     

    Upon
      any
      such waiver, such Default shall cease to exist and be deemed to have been cured
      and not to have occurred, and any Event of Default arising therefrom shall
      be
      deemed to have been cured and not to have occurred, for every purpose of this
      Indenture; but no such waiver shall extend to any subsequent or other Default
      or
      Event of Default or impair any right consequent thereto.

     

    Section
      5.13. Undertaking
      for Costs.
      All
      parties to this Indenture agree, and each Holder of a Note by such Holder’s
      acceptance thereof shall be deemed to have agreed, that any court may in its
      discretion require, in any suit for the enforcement of any right or remedy
      under
      this Indenture, or in any suit against the Indenture Trustee for any action
      taken, suffered or omitted by it as Indenture Trustee, the filing by any party
      litigant in such suit of an undertaking to pay the costs of such suit, and
      that
      such court may in its discretion assess reasonable costs, including reasonable
      attorneys’ fees, against any party litigant in such suit, having due regard to
      the merits and good faith of the claims or defenses made by such party litigant;
      but the provisions of this Section shall not apply to (a) any suit instituted
      by
      the Indenture Trustee, (b) any suit instituted by any Noteholder, or group
      of
      Noteholders, in each case holding in the aggregate more than 10% of the
      Outstanding Balance or Percentage Interest of the Notes or (c) any suit
      instituted by any Noteholder for the enforcement of the payment of principal
      of
      or interest on any Note on or after the respective due dates expressed in such
      Note and in this Indenture (or, in the case of redemption, on or after the
      Redemption Date).

     

    Section
      5.14. Waiver
      of Stay or Extension Laws.
      The
      Issuer covenants (to the extent that it may lawfully do so) that it will not
      at
      any time insist upon, or plead or in any manner whatsoever claim or take the
      benefit or advantage of, any stay or extension law wherever enacted, now or
      at
      any time hereafter in force, that may affect the covenants or the performance
      of
      this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
      expressly waives all benefit or advantage of any such law, and covenants that
      it
      will not hinder, delay or impede the execution of any power herein granted
      to
      the Indenture Trustee, but will suffer and permit the execution of every such
      power as though no such law had been enacted.

     

    Section
      5.15. Action
      on Notes.
      The
      Indenture Trustee’s right to seek and recover judgment on the Notes or under
      this Indenture shall not be affected by the seeking, obtaining or application
      of
      any other relief under or with respect to this Indenture. Neither the lien
      of
      this Indenture nor any rights or remedies of the Indenture Trustee or the
      Noteholders shall be impaired by the recovery of any judgment by the Indenture
      Trustee against the Issuer or by the levy of any execution under such judgment
      upon any portion of the Collateral or upon any of the assets of the Issuer.
      Any
      money or property collected by the Indenture Trustee and remitted to the
      Securities Administrator shall be applied by the Securities Administrator in
      accordance with Section 5.04(b).

     

    
      
        
        

      

      
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    Section
      5.16. Performance
      and Enforcement of Certain Obligations.
      (a)
      Promptly
      following a request from the Indenture Trustee to do so, the Issuer shall take
      all such lawful action as the Indenture Trustee may request to compel or secure
      the performance and observance by the Seller, the Depositor, the Securities
      Administrator, the Master Servicer or the Servicer, as applicable, of each
      of
      their obligations to the Issuer under or in connection with the Mortgage Loan
      Purchase Agreement and the Transfer and Servicing Agreement, and to exercise
      any
      and all rights, remedies, powers and privileges lawfully available to the Issuer
      under or in connection with the Transfer and Servicing Agreement to the extent
      and in the manner directed by the Indenture Trustee, including the transmission
      of notices of default on the part of the Seller, the Depositor, the Securities
      Administrator, the Master Servicer or the Servicer, as applicable, under the
      Mortgage Loan Purchase Agreement and Transfer and Servicing Agreement and the
      institution of legal or administrative actions or proceedings to compel or
      secure performance by the Seller, the Depositor, the Securities Administrator,
      the Master Servicer or the Servicer, as applicable, of each of their applicable
      obligations under the Mortgage Loan Purchase Agreement and the Transfer and
      Servicing Agreement. 

     

    (b) 
      If an
      Event of Default has occurred and is continuing, the Indenture Trustee may,
      and
      at the direction (which direction shall be in writing or by telephone (confirmed
      in writing promptly thereafter)) of the Holders of a majority of the Outstanding
      Balance of the Priority Class Notes shall, exercise all rights, remedies,
      powers, privileges and claims of the Issuer against the Depositor, the
      Securities Administrator, the Master Servicer or the Servicer under or in
      connection with the Transfer and Servicing Agreement or the Seller under or
      in
      connection with the Mortgage Loan Purchase Agreement, including the right or
      power to take any action to compel or secure performance or observance by the
      Seller, the Depositor, the Securities Administrator, the Master Servicer or
      the
      Servicer, of each of their respective obligations to the Issuer thereunder
      and
      to give any consent, request, notice, direction, approval, extension or waiver
      under the Transfer and Servicing Agreement, and any right of the Issuer to
      take
      such action shall be suspended.

     

    ARTICLE
      VI

     

    THE
      INDENTURE TRUSTEE

     

    Section
      6.01. Duties
      of Indenture Trustee.
      (a) If
      an Event of Default has occurred and is continuing, the Indenture Trustee shall
      exercise the rights and powers vested in it by this Indenture and use the same
      degree of care and skill in its exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own
      affairs.

     

    
      
        
        

      

      
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    (b) Except
      during the continuance of an Event of Default:

     

    (i) the
      Indenture Trustee undertakes to perform such duties and only such duties as
      are
      specifically set forth in this Indenture and shall not be liable except for
      the
      performance of such duties and obligations as are specifically set forth in
      this
      Indenture and no implied covenants or obligations shall be read into this
      Indenture against the Indenture Trustee; and

     

    (ii) in
      the
      absence of bad faith on its part, the Indenture Trustee may conclusively rely,
      as to the truth of the statements and the correctness of the opinions expressed
      therein, upon certificates or opinions furnished to the Indenture Trustee and
      on
      their face conforming to the requirements of this Indenture; however, the
      Indenture Trustee shall examine the certificates and opinions to determine
      whether or not they conform on their face to the requirements of this
      Indenture.

     

    (c) The
      Indenture Trustee may not be relieved from liability for its own negligent
      action, its own negligent failure to act, its own willful misconduct or its
      own
      bad faith, except that:

     

    (i) this
      paragraph does not limit the effect of paragraph (b) of this
      Section;

     

    (ii) the
      Indenture Trustee shall not be liable for any error of judgment made in good
      faith by a Responsible Officer unless it is proved that the Indenture Trustee
      was negligent in ascertaining the pertinent facts;

     

    (iii) the
      Indenture Trustee shall not be liable with respect to any action it takes or
      omits to take in good faith in accordance with this Indenture or upon a
      direction received by it from the requisite Noteholders pursuant to Article
      V;
      and

     

    (iv) the
      Indenture Trustee shall not be required to take notice or be deemed to have
      notice or knowledge of (a) any failure by the Issuer to comply with its
      obligations hereunder or in the Operative Agreements or (b) any Default or
      Event
      of Default, unless a Responsible Officer of the Indenture Trustee assigned
      to
      and working in its corporate trust department obtains actual knowledge of such
      Default or Event of Default or shall have received written notice thereof.
      In
      the absence of such actual knowledge or notice, the Indenture Trustee may
      conclusively assume that there is no Default or Event of Default.

     

    (d) Every
      provision of this Indenture that in any way relates to the Indenture Trustee
      is
      subject to the provisions of this Section.

     

    (e) The
      Indenture Trustee shall not be liable for indebtedness evidenced by or arising
      under any of the Operative Agreements, including principal of or interest on
      the
      Notes, or interest on any money received by it except as the Indenture Trustee
      may agree in writing with the Issuer.

     

    (f) Money
      held in trust by the Indenture Trustee need not be segregated from other funds
      except to the extent required by law or the terms of this Indenture or the
      Transfer and Servicing Agreement.

     

    
      
        
        

      

      
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    (g) No
      provision of this Indenture shall require the Indenture Trustee to expend,
      advance or risk its own funds or otherwise incur financial liability in the
      performance of any of its duties hereunder or in the exercise of any of its
      rights or powers, if it shall have reasonable grounds to believe that repayment
      of such funds or adequate indemnity against such risk or liability is not
      reasonably assured to it provided,
      however,
      that the
      Indenture Trustee shall not refuse or fail to perform any of its duties
      hereunder solely as a result of nonpayment of its normal fees and
      expenses.

     

    (h) Every
      provision of this Indenture or any Operative Agreement relating to the conduct
      or affecting the liability of or affording protection to the Indenture Trustee
      shall be subject to the provisions of this Section, Section 6.02 and to the
      provisions of the TIA.

     

    (i) The
      Indenture Trustee shall execute and deliver the Transfer and Servicing Agreement
      and such other documents and instruments as shall be necessary or appropriate
      in
      accordance with its duties and obligations under this Indenture.

     

    (j) The
      Indenture Trustee shall not have any duty or obligation to manage, make any
      payment with respect to, register, record, sell, dispose of, or otherwise deal
      with the Collateral, or to otherwise take or refrain from taking any action
      under, or in connection with, any document contemplated hereby to which the
      Indenture Trustee is a party, except as expressly provided (i) in accordance
      with the powers granted to and the authority conferred upon the Indenture
      Trustee pursuant to this Agreement or any other Operative Agreement, and (ii)
      in
      accordance with any document or instruction delivered to the Indenture Trustee
      pursuant to the terms of this Agreement; and no implied duties or obligations
      shall be read into this Agreement or any Operative Agreement against the
      Indenture Trustee. The Indenture Trustee agrees that it will, at its own cost
      and expense, promptly take all action as may be necessary to discharge any
      liens
      on any part of the Collateral that result from actions by, or claims against
      itself (in its individual capacity, and not in the capacity of Indenture
      Trustee) that are not related to the administration of the
      Collateral.

     

    (k) In
      the
      absence of bad faith, negligence or willful misconduct on the part of the
      Indenture Trustee or the Securities Administrator, neither the Indenture Trustee
      nor the Securities Administrator shall be responsible for the application of
      any
      money by any Paying Agent other than the Indenture Trustee or the Securities
      Administrator, respectively. Neither the Indenture Trustee nor the Securities
      Administrator shall have any liability or responsibility for the acts or
      omissions of the other Person, it being understood that this Indenture shall
      not
      be construed to render them agents of one another.

     

    Section
      6.02. Rights
      of Indenture Trustee.
      (a) The
      Indenture Trustee may rely on any document believed by it to be genuine and
      to
      have been signed or presented by the proper person. The Indenture Trustee need
      not investigate any fact or matter stated in the document.

     

    (b) Before
      the Indenture Trustee acts or refrains from acting, it may require an Officer’s
      Certificate or an Opinion of Counsel, which shall not be at the expense of
      the
      Indenture Trustee. The Indenture Trustee shall not be liable for any action
      it
      takes or omits to take in good faith in reliance on an Officer’s Certificate or
      Opinion of Counsel. The right of the Indenture Trustee to perform any
      discretionary act enumerated in this Indenture or in any Operative Agreement
      shall not be construed as a duty and the Indenture Trustee shall not be
      answerable for other than its negligence or willful misconduct in the
      performance of such act.

     

    
      
        
        

      

      
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    (c) The
      Indenture Trustee may execute any of the trusts or powers hereunder or perform
      any duties hereunder either directly or by or through agents or attorneys or
      a
      custodian or nominee.

     

    (d) The
      Indenture Trustee shall not be liable for any action it takes or omits to take
      in good faith which it believes to be authorized or within its rights or powers;
      provided, that the Indenture Trustee’s conduct does not constitute willful
      misconduct, negligence or bad faith.

     

    (e) The
      Indenture Trustee may consult with counsel, and any Opinion of Counsel with
      respect to legal matters relating to this Indenture, any Operative Agreement
      and
      the Notes shall be full and complete authorization and protection from liability
      in respect to any action taken, omitted or suffered by it hereunder in good
      faith and in accordance with any Opinion of Counsel of such
      counsel.

     

    (f) In
      the
      event that the Indenture Trustee is also acting as Paying Agent, Note Registrar
      or Administrator hereunder or under any Operative Agreement, the rights and
      protections afforded to the Indenture Trustee pursuant to this Article VI shall
      be afforded to such Paying Agent, Note Registrar and Administrator.

     

    (g) The
      Indenture Trustee shall be under no obligation to exercise any of its rights
      or
      powers vested in it by this Indenture at the request, order or direction of
      any
      of the Holders pursuant to the provisions of this Indenture, unless such Holders
      shall have offered to the Indenture Trustee reasonable security or indemnity
      satisfactory to it against the costs, expenses and liabilities which may be
      incurred therein or thereby. 

     

    (h) The
      Indenture Trustee shall not be bound to make any investigation into the facts
      or
      matters stated in any resolution, certificate (including any Officers’
Certificate), statement, instrument, opinion (including any Opinion of Counsel),
      notice, request, direction, consent, order, bond, debenture or other paper
      or
      document, unless requested to do so in writing by Holders of Notes representing
      not less than 25% of the Outstanding Balance of the Notes and provided that
      such
      Holders shall have offered to the Indenture Trustee reasonable security or
      indemnity satisfactory to it against the costs, expenses and liabilities which
      may be incurred thereby.

     

    (i) The
      Indenture Trustee shall not be required to give any bond or surety in respect
      of
      the performance of its powers and duties hereunder.

     

    (j) The
      permissive rights of the Indenture Trustee to do things enumerated in this
      Indenture shall not be construed as duties.

     

    Section
      6.03. Individual
      Rights of Indenture Trustee.
      The
      Indenture Trustee in its individual or any other capacity may become the owner
      or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates
      with the same rights it would have if it were not Indenture Trustee. Any Paying
      Agent, Note Registrar, co-registrar or co-paying agent may do the same with
      like
      rights. However, the Indenture Trustee must comply with Section
      6.11.

     

    
      
        
        

      

      
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    Section
      6.04. Indenture
      Trustee’s Disclaimer.
      The
      Indenture Trustee shall not be responsible for and makes no representation
      as to
      the validity or adequacy of any of the Operative Agreements or the Notes or
      the
      sufficiency of the Collateral; it shall not be accountable for the Issuer’s use
      of the proceeds from the Notes, and it shall not be responsible for any
      statement of the Issuer or the Servicer in this Indenture, any Operative
      Agreement or in any other document issued in connection with the sale of the
      Notes or in the Notes.

     

    Section
      6.05. Notice
      of Defaults.
      If a
      Default occurs and is continuing and if a Responsible Officer of the Indenture
      Trustee has actual knowledge thereof, the Indenture Trustee shall give prompt
      written notice thereof to each Noteholder.

     

    Section
      6.06. Reports
      by Indenture Trustee to Holders.
      The
      Indenture Trustee shall deliver or shall cause the Securities Administrator
      to
      deliver to each Noteholder such information with respect to the Notes as may
      be
      required to enable such holder to prepare its federal and state income tax
      returns and shall file such information returns with the Internal Revenue
      Service with respect to payments or accruals of interest on the Notes as are
      required to be filed under the Code or applicable Treasury
      Regulations.

     

    Section
      6.07. Compensation
      and Indemnity.
      The
      Indenture Trustee shall be entitled, as compensation for its services, the
      Indenture Trustee Fee to be paid by the Master Servicer as provided in the
      Transfer and Servicing Agreement. The Indenture Trustee’s compensation shall not
      be limited by any law on compensation of a trustee of an express trust. The
      Indenture Trustee and any co-trustee shall be reimbursed on behalf of the Issuer
      from funds in the Accounts, as provided in the Transfer and Servicing Agreement,
      for all reasonable ordinary out-of-pocket expenses incurred or made by it,
      including costs of collection, in addition to the compensation for its services
      (as provided in the Transfer and Servicing Agreement). Reimbursable expenses
      under this Section shall include the reasonable compensation and expenses,
      disbursements and advances of the Indenture Trustee’s agents, counsel,
      accountants and experts. The Issuer shall indemnify the Indenture Trustee,
      any
      co-trustee and their respective employees, directors and agents, as provided
      in
      the Transfer and Servicing Agreement and from funds in the Accounts, against
      any
      and all claim, loss, liability or expense (including attorneys’ fees) incurred
      by it in connection with the administration of this trust and the performance
      of
      its duties hereunder or under any Operative Agreement. The Indenture Trustee
      or
      co-trustee, as applicable, shall notify the Issuer promptly of any claim for
      which it may seek indemnity. Failure by the Indenture Trustee or the co-trustee,
      as applicable, to so notify the Issuer shall not relieve the Issuer of its
      obligations hereunder. The Issuer shall defend any such claim, and the Indenture
      Trustee and any co-trustee may have separate counsel fees and expenses of such
      counsel shall be payable on behalf of the Issuer from funds in the Accounts.
      The
      Issuer shall not be required to reimburse any expense or indemnify against
      any
      loss, liability or expense incurred by the Indenture Trustee or any co-trustee,
      as applicable, through the Indenture Trustee’s or co-trustee’s, as the case may
      be, own willful misconduct, negligence or bad faith.

     

    The
      Issuer’s obligations to the Indenture Trustee and any co-trustee pursuant to
      this Section shall survive the resignation or removal of the Indenture Trustee
      and the termination of this Indenture. When the Indenture Trustee or any
      co-trustee incurs expenses after the occurrence of a Default specified in
      Section 5.01(iv) or (v) with respect to the Issuer, the expenses are intended
      to
      constitute expenses of administration under Title 11 of the United States Code
      or any other applicable federal or state bankruptcy, insolvency or similar
      law.

     

    
      
        
        

      

      
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    Section
      6.08. Replacement
      of Indenture Trustee.
      No
      resignation or removal of the Indenture Trustee and no appointment of a
      successor Indenture Trustee shall become effective until the acceptance of
      appointment by the successor Indenture Trustee pursuant to this Section. The
      Indenture Trustee may resign at any time by giving 90 days’ written notice
      thereof to the Depositor, the Issuer, each Noteholder and each Rating Agency.
      The Issuer shall remove the Indenture Trustee if:

     

    (i) the
      Indenture Trustee fails to comply with Section 6.11;

     

    (ii) the
      Indenture Trustee is adjudged bankrupt or insolvent;

     

    (iii) a
      receiver or other public officer takes charge of the Indenture Trustee or its
      property; or

     

    (iv) the
      Indenture Trustee otherwise becomes incapable of acting.

     

    If
      the
      Indenture Trustee resigns or is removed or if a vacancy exists in the office
      of
      the Indenture Trustee for any reason (the Indenture Trustee in such event being
      referred to herein as the retiring Indenture Trustee), the Issuer shall promptly
      appoint a successor Indenture Trustee that satisfies the eligibility
      requirements of Section 6.11.

     

    The
      resigning or removed Indenture Trustee agrees to cooperate with any successor
      Indenture Trustee in effecting the termination of the resigning or removed
      Indenture Trustee’s responsibilities and rights hereunder and shall promptly
      provide such successor Indenture Trustee all documents and records reasonably
      requested by it to enable it to assume the Indenture Trustee’s functions
      hereunder.

     

    A
      successor Indenture Trustee shall deliver a written acceptance of its
      appointment to the retiring Indenture Trustee and to the Issuer. Thereupon
      the
      resignation or removal of the retiring Indenture Trustee shall become effective,
      and the successor Indenture Trustee shall have all the rights, powers and duties
      of the Indenture Trustee under this Indenture. The successor Indenture Trustee
      shall mail a notice of its succession to Noteholders. The retiring Indenture
      Trustee shall promptly transfer all property held by it as Indenture Trustee
      to
      the successor Indenture Trustee.

     

    If
      a
      successor Indenture Trustee does not take office within 30 days after the
      retiring Indenture Trustee resigns or is removed, the retiring Indenture
      Trustee, the Issuer or the Holders of a majority in Outstanding Balance of
      the
      Notes may petition any court of competent jurisdiction for the appointment
      of a
      successor Indenture Trustee.

     

    If
      the
      Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition
      any court of competent jurisdiction for the removal of the Indenture Trustee
      and
      the appointment of a successor Indenture Trustee.

     

    Section
      6.09. Successor
      Indenture Trustee or the Securities Administrator by Merger.
      (a) If
      the Indenture Trustee or the Securities Administrator consolidates with, merges
      or converts into, or transfers all or substantially all its corporate trust
      business or assets to, another corporation or banking association, as
      applicable, the resulting, surviving or transferee corporation without any
      further act shall be the successor Indenture Trustee or successor Securities
      Administrator, as the case may be; provided
      that
      such corporation or banking association shall be otherwise qualified and
      eligible hereunder and under any other Operative Agreement. The Indenture
      Trustee or the Securities Administrator, as applicable, shall provide each
      Rating Agency prior written notice of any such transaction.

     

    
      
        
        

      

      
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    In
      case
      at the time such successor or successors by merger, conversion or consolidation
      to the Securities Administrator shall succeed to the obligations of the
      Securities Administrator under this Indenture any of the Notes which shall
      have
      been authenticated by the Securities Administrator but not delivered, any such
      successor to the Securities Administrator may adopt the certificate of
      authentication of any predecessor securities administrator and deliver such
      Notes so authenticated; and in case at that time any of the Notes shall not
      have
      been authenticated, any successor to the Securities Administrator may
      authenticate such Notes either in the name of any predecessor hereunder or
      in
      the name of the successor to the Securities Administrator; and in all such
      cases
      such certificates shall have the full force which it is anywhere in the Notes
      or
      in this Indenture provided that the certificate of the Securities Administrator
      shall have.

     

    Section
      6.10. Appointment
      of Co-Indenture Trustee or Separate Indenture Trustee.
      (a)
      Notwithstanding any other provisions of this Indenture, at any time, for the
      purpose of meeting any legal requirement of any jurisdiction in which any part
      of the Collateral may at the time be located, the Indenture Trustee shall have
      the power and may execute and deliver all instruments to appoint one or more
      Persons to act as a co-trustee or co-trustees, or separate trustee or separate
      trustees, of all or any part of the Trust, and to vest in such Person or
      Persons, in such capacity and for the benefit of the Noteholders, such title
      to
      the Collateral, or any part hereof, and, subject to the other provisions of
      this
      Section, such powers, duties, obligations, rights and trusts as the Indenture
      Trustee may consider necessary or desirable. No co-trustee or separate trustee
      hereunder shall be required to meet the terms of eligibility as a successor
      trustee under Section 6.11 and no notice to Noteholders of the appointment
      of
      any co-trustee or separate trustee shall be required under Section 6.08
      hereof.

     

    (b) Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i) all
      rights, powers, duties and obligations conferred or imposed upon the Indenture
      Trustee shall be conferred or imposed upon and exercised or performed by the
      Indenture Trustee and such separate trustee or co-trustee jointly (it being
      understood that such separate trustee or co-trustee is not authorized to act
      separately without the Indenture Trustee joining in such act), except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed the Indenture Trustee shall be incompetent or
      unqualified to perform such act or acts, in which event such rights, powers,
      duties and obligations (including the holding of title to the Collateral or
      any
      portion thereof in any such jurisdiction) shall be exercised and performed
      singly by such separate trustee or co-trustee, but solely at the direction
      of
      the Indenture Trustee;

     

    
      
        
        

      

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

     

    (iii) the
      Indenture Trustee may at any time accept the resignation of or remove any
      separate trustee or co-trustee.

     

    (c) Any
      notice, request or other writing given to the Indenture Trustee shall be deemed
      to have been given to each of the then separate trustees and co-trustees, as
      effectively as if given to each of them. Every instrument appointing any
      separate trustee or co-trustee shall refer to this Indenture and the conditions
      of this Article VI. Each separate trustee and co-trustee, upon its acceptance
      of
      the trusts conferred, shall be vested with the estates or property specified
      in
      its instrument of appointment, either jointly with the Indenture Trustee or
      separately, as may be provided therein, subject to all the provisions of this
      Indenture, specifically including every provision of this Indenture relating
      to
      the conduct of, affecting the liability of, or affording protection to, the
      Indenture Trustee. Every such instrument shall be filed with the Indenture
      Trustee.

     

    (d) Any
      separate trustee or co-trustee may at any time constitute the Indenture Trustee,
      its agent or attorney-in-fact with full power and authority, to the extent
      not
      prohibited by law, to do any lawful act under or in respect of this Indenture
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Indenture Trustee, to the extent permitted by law, without the appointment
      of a
      new or successor trustee.

     

    (e) Notwithstanding
      the foregoing, no such co-trustee or separate trustee shall be vested with
      any
      powers, rights or remedies under this Indenture unless such party has agreed
      to
      comply with Section 6.14 of this Indenture.

     

    Section
      6.11. Eligibility;
      Disqualification.
      The
      Indenture Trustee shall at all times (i) satisfy the requirements of TIA Section
      310(a), (ii) have a combined capital and surplus of at least $100,000,000 as
      set
      forth in its most recently published annual report of condition, (iii) have
      a
      long-term debt rating equivalent to “A” or better by the Rating Agencies or be
      otherwise acceptable to the Rating Agencies and (iv) not be an Affiliate of
      the
      Issuer or the Owner Trustee. The Indenture Trustee shall comply with TIA Section
      310(b), including the optional provision permitted by the second sentence of
      TIA
      Section 310(b)(9); provided, however, that there shall be excluded from the
      operation of TIA Section 310(b)(1) any indenture or indentures under which
      other
      securities of the Issuer are outstanding if the requirements for such exclusion
      set forth in TIA Section 310(b)(1) are met.

     

    Section
      6.12. Representations
      and Warranties.
      The
      Indenture Trustee hereby represents that:

     

    (a) the
      Indenture Trustee is duly organized and validly existing as a national banking
      association in good standing under the laws of the United States with power
      and
      authority to own its properties and to conduct its business as such properties
      are currently owned and such business is presently conducted;

     

    
      
        
        

      

      
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    (b) the
      Indenture Trustee has the power and authority to execute and deliver this
      Indenture and to carry out its terms; and the execution, delivery and
      performance of this Indenture have been duly authorized by the Indenture Trustee
      by all necessary corporate action;

     

    (c) the
      consummation of the transactions contemplated by this Indenture and the
      fulfillment of the terms hereof do not conflict with, result in any breach
      of
      any of the terms and provisions of, or constitute (with or without notice or
      lapse of time) a default under the articles of organization or bylaws of the
      Indenture Trustee or any agreement or other instrument to which the Indenture
      Trustee is a party or by which it is bound; and

     

    (d) to
      the
      Indenture Trustee’s knowledge, there are no proceedings or investigations
      pending or threatened before any court, regulatory body, administrative agency
      or other governmental instrumentality having jurisdiction over the Indenture
      Trustee or its properties: (i) asserting the invalidity of this Indenture,
      (ii)
      seeking to prevent the consummation of any of the transactions contemplated
      by
      this Indenture or (iii) seeking any determination or ruling that might
      materially and adversely affect the performance by the Indenture Trustee of
      its
      obligations under, or the validity or enforceability of, this
      Indenture.

     

    Section
      6.13. Preferential
      Collection of Claims Against Issuer.
      

     

    The
      Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
      relationship listed in TIA Section 311(b). An Indenture Trustee which has
      resigned or been removed shall be subject to TIA Section 311(a) to the extent
      indicated.

     

    Section
      6.14. Reporting
      Requirements of the Commission.
      

     

    The
      Paying Agent shall provide the assessments, attestations, certificates and
      other
      notices required by this section 6.14. Notwithstanding the foregoing after
      the
      occurrence of such event and provided the Depositor is not otherwise provided
      with such reports or copies of such reports, the Paying Agent shall be obligated
      to provide a copy of such reports by March 15 of each year to the Depositor.
      

     

    (a) Assessment
      of Compliance. 

     

    (i) By
      March
      15 of each year, commencing in March 2007, the Paying Agent, at its own expense,
      shall furnish, and shall cause any Subservicer or Subcontractor engaged by
      it to
      furnish, at its own expense, to the Sponsor, the Depositor, the Owner Trustee
      and the Securities Administrator, a report on an assessment of compliance with
      the Relevant Servicing Criteria as set forth on Exhibit K to the Transfer and
      Servicing Agreement that contains (A) a statement by such party of its
      responsibility for assessing compliance with the Relevant Servicing Criteria,
      (B) a statement that such party used the Servicing Criteria to assess compliance
      with the Relevant Servicing Criteria, (C) such party’s assessment of compliance
      with the Relevant Servicing Criteria as of and for the fiscal year covered
      by
      the Form 10-K required to be filed pursuant to Section 8.04(b) of the Transfer
      and Servicing Agreement, including, if there has been any material instance
      of
      noncompliance with the Relevant Servicing Criteria, a discussion of each such
      failure and the nature and status thereof, and (D) a statement that a registered
      public accounting firm has issued an attestation report on such party’s
      assessment of compliance with the Relevant Servicing Criteria as of and for
      such
      period. The Depositor may rely on such certification provided by the Paying
      Agent in signing a Sarbanes Certification and causing such certification to
      be
      filed with the Commission. 

     

    
      
        
        

      

      
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    (ii) When
      the
      Paying Agent (and any Subservicer or Subcontractor engaged by such party) submit
      their assessments, such parties will also at such time include the assessment
      (and attestation pursuant to subsection (b) of this Section 6.14) of each
      Subservicer or Subcontractor engaged by such party and shall indicate what
      Relevant Servicing Criteria will be addressed in any such reports prepared
      by
      any such Subservicer or Subcontractor.

     

    (b) By
      March
      15 of each year, commencing in March 2007, the Paying Agent, at its own expense,
      shall cause, and shall cause any Subservicer or Subcontractor engaged by it
      to
      cause, at its own expense, a registered public accounting firm (which may also
      render other services to the Securities Administrator) that is a member of
      the
      American Institute of Certified Public Accountants to furnish a report to the
      Sponsor, the Depositor, the Securities Administrator and the Owner Trustee,
      to
      the effect that (A) it has obtained a representation regarding certain matters
      from the management of such party, which includes an assertion that such party
      has complied with the Relevant Servicing Criteria, and (B) on the basis of
      an
      examination conducted by such firm in accordance with standards for attestation
      engagements issued or adopted by the PCAOB, it is expressing an opinion as
      to
      whether such party’s compliance with the Relevant Servicing Criteria was fairly
      stated in all material respects, or it cannot express an overall opinion
      regarding such party’s assessment of compliance with the Relevant Servicing
      Criteria. In the event that an overall opinion cannot be expressed, such
      registered public accounting firm shall state in such report why it was unable
      to express such an opinion. Such report must be available for general use and
      not contain restricted use language.

     

    (c) Each
      of
      the Indenture
      Trustee and the Paying Agent shall promptly notify the Sponsor, the Owner
      Trustee, the
      Securities Administrator
      and the
      Depositor (i) of any legal proceedings pending against the Indenture Trustee
      or
      the Paying Agent of the type described in Item 1117 (§
      229.1117) of
      Regulation AB and (ii) if the Indenture Trustee or the Paying Agent shall become
      (but only to the extent not previously disclosed to the Master Servicer and
      the
      Depositor) at any time an affiliate of any of the parties listed on Exhibit
      Q to
      the Transfer and Servicing Agreement. 

     

    (d) The
      Paying Agent shall give prior written notice to the Sponsor, the Owner Trustee,
      the Securities Administrator and the Depositor of the appointment of any
      Subcontractor by such party and a written description (in form and substance
      satisfactory to the Sponsor and the Depositor) of the role and function of
      each
      Subcontractor utilized by such party specifying (A) the identity of each such
      Subcontractor and (B) which elements of the servicing criteria set forth under
      Item 1122(d) of Regulation AB will be addressed in assessments of compliance
      provided by each such Subcontractor. The Paying Agent agrees to indemnify the
      Sponsor, the Depositor, the Issuer, the Securities Administrator and the Master
      Servicer, and each of their respective directors, officers, employees and agents
      and hold each of them harmless from and against any losses, damages, penalties,
      fines, forfeitures, legal fees and expenses and related costs, judgments, and
      any other costs, fees and expenses that any of them may sustain arising out
      of
      or based upon the engagement of any Subcontractor in violation of this
      subsection or any failure by the Paying Agent, to deliver any information,
      report, certification, accountants’ letter or other material when and as
      required under this Section 11. 

     

    
      
        
        

      

      
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    (e) The
      Paying Agent shall deliver (and shall cause any Additional Servicer engaged
      by
      it to deliver) to the Sponsor, the Depositor, the Securities Administrator
      and
      the Owner Trustee on or before March 15 of each year, commencing on March 15,
      2007, an Officer’s Certificate, certifying that with respect to the period
      ending December 31 of the prior year: (i) such Servicing Officer has reviewed
      the activities of such party during the preceding calendar year or portion
      thereof and its performance under this Agreement, or such other applicable
      agreement in the case of an Additional Servicer, (ii) to the best of such
      Servicing Officer’s knowledge, based on such review, the Paying Agent has
      performed and fulfilled its duties, responsibilities and obligations under
      this
      Agreement, or such other applicable agreement in the case of an Additional
      Servicer, in all material respects throughout such year, or, if there has been
      a
      default in the fulfillment of any such duties, responsibilities or obligations,
      specifying each such default known to such Servicing Officer and the nature
      and
      status thereof, (iii) nothing has come to the attention of such Servicing
      Officer to lead such Servicing Officer to believe that the Paying Agent has
      failed to perform any of its duties, responsibilities and obligations under
      this
      Agreement, or such other applicable agreement in the case of an Additional
      Servicer, in all material respects throughout such year, or, if there has been
      a
      material default in the performance or fulfillment of any such duties,
      responsibilities or obligations, specifying each such default known to such
      Servicing Officer and the nature and status thereof. 

     

    ARTICLE
      VII

     

    NOTEHOLDERS’
      LISTS AND REPORTS

     

    Section
      7.01. Issuer
      To Furnish Names and Addresses of Noteholders.
      The
      Note Registrar will furnish or cause to be furnished to the Indenture Trustee
      or
      at the Indenture Trustee’s direction (a) not more than five days after each
      Record Date, a list, in such form as the Indenture Trustee may reasonably
      require, of the names and addresses of the Holders of Notes as of such Record
      Date, and (b) at such other times as the Indenture Trustee may request in
      writing, within 30 days after receipt by the Note Registrar of any such request,
      a list of similar form and content as of a date not more than 10 days prior
      to
      the time such list is furnished; provided,
      however,
      that so
      long as the Indenture Trustee is the Note Registrar, no such list shall be
      required to be furnished.

     

    Section
      7.02. Preservation
      of Information; Communications to Noteholders.
      a)
      The Note
      Registrar shall preserve, in as current a form as is reasonably practicable,
      the
      names and addresses of the Holders of Notes contained in the most recent list
      furnished to the Indenture Trustee as provided in Section 7.01 and the names
      and
      addresses of Holders of Notes received by the Securities Administrator in its
      capacity as Note Registrar. The Indenture Trustee may destroy any list furnished
      to it as provided in such Section 7.01 upon receipt of a new list so furnished.
      If three or more Noteholders, or one or more Holders of a Class of Notes
      evidencing not less than 25% of the Outstanding Balance thereof (hereinafter
      referred to as “Applicants”), apply in writing to the Indenture Trustee, and
      such application states that the Applicants desire to communicate with other
      holders with respect to their rights under this Indenture or under the Notes,
      then the Indenture Trustee shall, within five Business Days after the receipt
      of
      such application, afford such Applicants access, during normal business hours,
      to the current list of Holders. Every Holder, by receiving and holding a Note,
      agrees with the Issuer, the Securities Administrator, the Note Registrar and
      the
      Indenture Trustee that none of the Issuer, the Securities Administrator or
      the
      Indenture Trustee shall be held accountable by reason of the disclosure of
      any
      such information as to the names and addresses of the Holders under this
      Indenture, regardless of the source from which such information was
      derived.

     

    
      
        
        

      

      
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    (b) Noteholders
      may communicate pursuant to TIA Section 312(b) with other Noteholders with
      respect to their rights under this Indenture or under the Notes.

     

    (c) The
      Issuer, the Indenture Trustee, Securities Administrator and the Note Registrar
      shall have the protection of TIA Section 3l2(c).

     

    Section
      7.03. Reports
      by Issuer.
      (a) The
      Issuer shall:

     

    (i) file
      with
      the Indenture Trustee and the Commission in accordance with the rules and
      regulations prescribed from time to time by the Commission such additional
      information, documents and reports with respect to compliance by the Issuer
      with
      the conditions and covenants of this Indenture as may be required from time
      to
      time by such rules and regulations. Delivery of such information, documents
      and
      reports to the Indenture Trustee is for informational purposes only and the
      Indenture Trustee’s receipt of such reports shall not constitute constructive
      notice of any information contained therein or determinable from information
      contained therein, including the Issuer’s compliance with any of its covenants
      hereunder (as to which the Indenture Trustee is entitled to rely exclusively
      on
      Officers’ Certificates); and

     

    (ii) supply
      to
      the Indenture Trustee (and the Indenture Trustee shall, or shall cause the
      Securities Administrator on behalf of the Indenture Trustee to, transmit by
      mail
      to all Noteholders described in TIA Section 313(c) to the extent required by
      applicable law) such summaries of any information, documents and reports
      required to be filed by the Issuer pursuant to clause (i) of this Section
      7.03(a) and by rules and regulations prescribed from time to time by the
      Commission.

     

    (b) Unless
      the Issuer otherwise determines, the fiscal year of the Issuer shall end on
      December 31 of each year.

     

    Section
      7.04. Reports
      by Indenture Trustee.
      If
      required by TIA Section 313(a), within 60 days after each March 1, beginning
      with March 1, 2007, the Indenture Trustee shall mail to each Noteholder as
      required by TIA Section 313(c) a brief report dated as of such date that
      complies with TIA Section 313(a). The Indenture Trustee also shall comply with
      TIA Section 313(b).

     

    A
      copy of
      each report at the time of its mailing to Noteholders shall be filed by the
      Indenture Trustee with the Commission and each securities exchange, if any,
      on
      which the Notes are listed. The Issuer shall notify the Indenture Trustee if
      and
      when the Notes are listed on any securities exchange.

     

    
      
        
        

      

      
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    ARTICLE
      VIII

     

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    Section
      8.01. Collection
      of Money.
      Except
      as otherwise expressly provided herein, the Indenture Trustee may demand payment
      or delivery of, and shall receive and collect, directly and without intervention
      or assistance of any fiscal agent or other intermediary, all money and other
      property payable to or receivable by the Indenture Trustee pursuant to this
      Indenture. The Indenture Trustee shall apply all such money received by it
      as
      provided in this Indenture. Except as otherwise expressly provided in this
      Indenture, if any default occurs in the making of any payment or performance
      under any agreement or instrument that is part of the Collateral, the Indenture
      Trustee may take such action as may be appropriate to enforce such payment
      or
      performance, including the institution and prosecution of appropriate
      Proceedings. Any such action shall be without prejudice to any right to claim
      a
      Default or Event of Default under this Indenture and any right to proceed
      thereafter as provided in Article V.

     

    Section
      8.02. Note
      Payment Account and Certificate Distribution Account.
      b)
      On or
      prior to the Closing Date, the Securities Administrator shall establish and
      maintain in its name the Certificate Distribution Account (in its capacity
      as
      Securities Administrator), as provided in Article VI of the Transfer and
      Servicing Agreement and Article IV of the Trust Agreement, respectively.

     

    (b) On
      each
      Payment Date and Redemption Date, the Paying Agent (or, if the Securities
      Administrator acts as Paying Agent, the Securities Administrator) shall
      distribute all amounts on deposit in the Note Payment Account as provided in
      Section 6.02 of the Transfer and Servicing Agreement.

     

    (c) On
      each
      Payment Date and each Redemption Date, the Indenture Trustee hereby authorizes
      the Owner Trustee or the Certificate Paying Agent, as applicable, to make the
      distributions from the Certificate Distribution Account as required pursuant
      to
      Section 6.02 of the Transfer and Servicing Agreement and Section 4.02 of the
      Trust Agreement.

     

    Section
      8.03. General
      Provisions Regarding Accounts.
      Funds
      in the Note Payment Account maintained by the Securities Administrator shall
      be
      invested as provided in the Transfer and Servicing Agreement.

     

    Section
      8.04. Release
      of Collateral.
      c)
      Subject
      to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
      Trustee may, and when required by the provisions of this Indenture and the
      Transfer and Servicing Agreement shall, execute instruments to release property
      from the lien of this Indenture, or convey the Indenture Trustee’s interest in
      the same, in a manner and under circumstances that are not inconsistent with
      the
      provisions of this Indenture. No party relying upon an instrument executed
      by
      the Indenture Trustee as provided in this Article VIII shall be bound to
      ascertain the Indenture Trustee’s authority, inquire into the satisfaction of
      any conditions precedent or see to the application of any monies.

     

    (b) At
      such
      time as the Securities Administrator notifies the Indenture Trustee in writing
      that there are no Notes outstanding and all sums due to the Noteholders pursuant
      to the Transfer and Servicing Agreement and any fees and expenses of the
      Indenture Trustee, the Master Servicer, the Securities Administrator, the
      Custodian, the Owner Trustee and the Servicer pursuant to this Indenture or
      any
      other Operative Agreement have been paid, the Indenture Trustee shall release
      any remaining portion of the Collateral that secured the Notes from the lien
      of
      this Indenture, and the Securities Administrator shall release to the Issuer
      or
      any other Person entitled thereto any funds then on deposit in the Note Payment
      Account and the Indenture Trustee shall assign or transfer any outstanding
      Swap
      Agreements as directed by the Securities Administrator. The Indenture Trustee
      shall release property from the lien of this Indenture and the Securities
      Administrator shall release the remaining funds on deposit in the Note Payment
      Account pursuant to this subsection (b) only upon receipt of an Issuer Request
      accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required
      by the TIA) Independent Certificates in accordance with TIA Sections 314(c)
      and
      314(d)(1) meeting the applicable requirements of Section 11.01
      hereof.

     

    
      
        
        

      

      
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    ARTICLE
      IX

     

    SUPPLEMENTAL
      INDENTURES

     

    Section
      9.01. Supplemental
      Indentures Without Consent of Noteholders.
      (a)
      Without the consent of the Holders of any Notes but with prior notice to each
      Rating Agency, the Issuer and the Indenture Trustee, when authorized by an
      Issuer Order, at any time and from time to time, may enter into one or more
      indentures supplemental hereto (which shall conform to the provisions of the
      Trust Indenture Act as in force at the date of the execution thereof), in form
      satisfactory to the Indenture Trustee, for any of the following
      purposes:

     

    (i) to
      correct or amplify the description of any property at any time subject to the
      lien of this Indenture, or better to assure, convey and confirm unto the
      Indenture Trustee any property subject or required to be subjected to the lien
      of this Indenture, or to subject to the lien of this Indenture additional
      property;

     

    (ii) to
      evidence the succession, in compliance with the applicable provisions hereof,
      of
      another person to the Issuer, and the assumption by any such successor of the
      covenants of the Issuer herein and in the Notes contained;

     

    (iii) to
      add to
      the covenants of the Issuer, for the benefit of the Holders of the Notes, or
      to
      surrender any right or power herein conferred upon the Issuer;

     

    (iv) to
      convey, transfer, assign, mortgage or pledge any property to or with the
      Indenture Trustee;

     

    (v) (A)
      to
      cure any ambiguity, (B) to correct or supplement any provision herein or in
      any
      supplemental indenture that may be inconsistent with any other provisions herein
      or in any supplemental indenture or to conform the provisions hereof to those
      of
      the Offering Document, (C) to obtain or maintain a rating for a Class of Notes
      from a nationally recognized statistical rating organization, (D) to make any
      other provisions with respect to matters or questions arising under this
      Indenture; provided,
      however,
      that no
      such supplemental indenture entered into pursuant to clause (D) of this
      subparagraph (v) shall adversely affect in any material respect the interests
      of
      any Holder not consenting thereto; 

     

    
      
        
        

      

      
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    (vi) to
      evidence and provide for the acceptance of the appointment hereunder by a
      successor trustee with respect to the Notes and to add to or change any of
      the
      provisions of this Indenture as shall be necessary to facilitate the
      administration of the trusts hereunder by more than one trustee, pursuant to
      the
      requirements of Article VI;

     

    (vii) to
      issue
      a Class of Notes that is subordinate in rights of payment of interest and
      principal to each Class of Notes issued pursuant to this Indenture on the
      Closing Date; provided,
      however,
      that no
      such supplemental indenture entered into pursuant to this subparagraph (vii)
      or,
      issuance or sale of such Class of Notes, shall adversely affect in any material
      respect the interests of any Holder not consenting thereto; or

     

    (viii) to
      modify, eliminate or add to the provisions of this Indenture to such extent
      as
      shall be necessary to effect the qualification of this Indenture under the
      TIA
      or under any similar federal statute hereafter enacted and to add to this
      Indenture such other provisions as may be expressly required by the
      TIA.

     

    provided,
      however,
      that no
      such supplemental indenture shall be entered into unless the Indenture Trustee
      shall have received an Opinion of Counsel stating that as a result of such
      supplemental indenture, the Trust will not be subject to federal income tax
      as
      long as an entity that qualifies as a REIT under the Code holds directly, or
      indirectly through one or more Qualified REIT Subsidiaries or a Disregarded
      Entity, a 100% ownership interest in the Ownership Certificate and any Retained
      Notes, and the Indenture Trustee receives an Officer’s Certificate from the
      Holder of the Ownership Certificate that the Holder of the Ownership Certificate
      either qualifies as a REIT, a Qualified REIT Subsidiary or a Disregarded Entity
      under the Code and the Holder of the Ownership Certificate holds a 100%
      ownership Interest in the Ownership Certificate and any Retained
      Notes.

     

    The
      Indenture Trustee is hereby authorized to join in the execution of any such
      supplemental indenture and to make any further appropriate agreements and
      stipulations that may be therein contained.

     

    (b) A
      letter
      from each Rating Agency addressed and delivered to the Indenture Trustee to
      the
      effect that any supplemental indenture entered into pursuant to this Section
      9.01 will not cause the then-current ratings on the Notes to be qualified,
      reduced or withdrawn shall constitute conclusive evidence that such amendment
      does not adversely affect in any material respect the interests of the
      Noteholders.

     

    Section
      9.02. Supplemental
      Indentures with Consent of Noteholders.
      The
      Issuer and the Indenture Trustee, when authorized by an Issuer Order, also
      may,
      with prior notice to each Rating Agency and with the consent of the Holders
      of
      not less than 66-2/3% of the Voting Interests of the Notes, by Act of such
      Holders delivered to the Issuer and the Indenture Trustee, enter into an
      indenture or indentures supplemental hereto for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      this Indenture or of modifying in any manner the rights of the Holders of the
      Notes under this Indenture; provided, however,
      that no
      such supplemental indenture shall, adversely affect the interests of the
      Noteholders without the consent of the Holder of each Outstanding Note affected
      thereby (i) reduce in any manner the amount of, or delay the timing of, payments
      in respect of any Note, (ii) alter the obligations of the Servicer to make
      a
      Monthly Advance or alter the servicing standards set forth in the Transfer
      and
      Servicing Agreement or the Servicing Agreement, (iii) reduce the aforesaid
      percentages of Notes the Holders of which are required to consent to any such
      supplemental indenture, without the consent of the Holders of all Notes affected
      thereby, or (iv) permit the creation of any lien ranking prior to or on a parity
      with the lien of this Indenture with respect to any part of the Collateral
      or,
      except as otherwise permitted or contemplated herein, terminate the lien of
      this
      Indenture on any property at any time subject hereto or deprive the Holder
      of
      any Note of the security provided by the lien of this Indenture and provided,
      further,
      that
      such action shall not, as evidenced by an Opinion of Counsel, subject the Trust
      to federal income tax as long as an entity that qualifies as a REIT under the
      Code holds directly, or indirectly through one or more Qualified REIT
      Subsidiaries or Disregarded Entities, a 100% ownership interest in the Ownership
      Certificate and any Retained Notes, and provided,
      further,
      that
      the Indenture Trustee receives an Officer’s Certificate from the Holder of the
      Ownership Certificate that the Holder of the Ownership Certificate either
      qualifies as a REIT, a Qualified REIT Subsidiary or a Disregarded Entity under
      the Code and the Holder of the Ownership Certificate holds a 100% ownership
      Interest in the Ownership Certificate and any Retained Notes.

     

    
      
        
        

      

      
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    The
      Indenture Trustee shall be entitled to conclusively rely on an Opinion of
      Counsel to determine whether or not any Notes would be affected by any
      supplemental indenture and any such determination shall be conclusive upon
      the
      Holders of all Notes, whether theretofore or thereafter authenticated and
      delivered hereunder. 

     

    It
      shall
      not be necessary for any Act of Noteholders under this Section to approve the
      particular form of any proposed supplemental indenture, but it shall be
      sufficient if such Act shall approve the substance thereof.

     

    Promptly
      after the execution by the Issuer and the Indenture Trustee of any supplemental
      indenture pursuant to this Section, the Indenture Trustee shall mail or shall
      cause to be mailed to the Holders of the Notes to which such amendment or
      supplemental indenture relates and each Rating Agency a notice setting forth
      in
      general terms the substance of such supplemental indenture. Any failure of
      the
      Indenture Trustee to mail such notice, or any defect therein, shall not,
      however, in any way impair or affect the validity of any such supplemental
      indenture.

     

    Section
      9.03. Execution
      of Supplemental Indentures.
      In
      executing, or permitting the additional trusts created by, any supplemental
      indenture permitted by this Article IX or the modification thereby of the trusts
      created by this Indenture, the Indenture Trustee shall be entitled to receive,
      and subject to Section 6.02, shall be fully protected in relying upon, an
      Opinion of Counsel to the effect provided in Section 9.06. The Indenture Trustee
      may, but shall not be obligated to, enter into any such supplemental indenture
      that affects the Indenture Trustee’s own rights, duties, liabilities or
      immunities under this Indenture or otherwise.

     

    Section
      9.04. Effect
      of Supplemental Indenture.
      Upon
      the execution of any supplemental indenture pursuant to the provisions hereof,
      this Indenture shall be and shall be deemed to be modified and amended in
      accordance therewith with respect to the Notes affected thereby, and the
      respective rights, limitations of rights, obligations, duties, liabilities
      and
      immunities under this Indenture of the Indenture Trustee, the Issuer and the
      Holders of the Notes shall thereafter be determined, exercised and enforced
      hereunder subject in all respects to such modifications and amendments, and
      all
      the terms and conditions of any such supplemental indenture shall be and be
      deemed to be part of the terms and conditions of this Indenture for any and
      all
      purposes.

     

    
      
        
        

      

      
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    Section
      9.05. Conformity
      with Trust Indenture Act.
      Every
      amendment of this Indenture and every supplemental indenture executed pursuant
      to this Article IX shall conform to the requirements of the Trust Indenture
      Act
      as then in effect so long as this Indenture shall then be qualified under the
      Trust Indenture Act.

     

    Section
      9.06. Reference
      in Notes to Supplemental Indentures.
      Notes
      authenticated and delivered after the execution of any supplemental indenture
      pursuant to this Article IX may, and if required by the Securities Administrator
      shall, bear a notation in a form approved by the Securities Administrator as
      to
      any matter provided for in such supplemental indenture. If the Issuer or the
      Securities Administrator shall so determine, new Notes so modified as to
      conform, in the opinion of the Indenture Trustee and the Issuer, to any such
      supplemental indenture may be prepared and executed by the Issuer and
      authenticated and delivered by the Securities Administrator in exchange for
      Outstanding Notes.

     

    Section
      9.07. Opinion
      of Counsel.
      In
      connection with any supplemental indenture pursuant to this Article IX, the
      Indenture Trustee shall be entitled to receive an Opinion of Counsel to the
      effect that such supplemental indenture is authorized or permitted by this
      Indenture and that all conditions precedent to the execution of such
      supplemental indenture in accordance with the relevant provisions of this
      Article IX have been met.

     

    Nothing
      in this Section shall be construed to require that any Person obtain the consent
      of the Indenture Trustee to any amendment or waiver or any provision of any
      document where the making of such amendment or the giving of such waiver without
      obtaining the consent of the Indenture Trustee is not prohibited by this
      Indenture or by the terms of the document that is the subject of the proposed
      amendment or waiver.

     

    ARTICLE
      X

     

    REDEMPTION
      OF NOTES

     

    Section
      10.01. Redemption.
      The
      Notes are subject to redemption pursuant to Section 9.02 of the Transfer and
      Servicing Agreement. The Issuer shall furnish each Rating Agency and the
      Indenture Trustee and the Securities Administrator notice of such redemption.
      If
      any Notes are to be redeemed pursuant to Section 9.02 of the Transfer and
      Servicing Agreement, the holder of the Ownership Certificate shall furnish
      notice of its exercise of its option to redeem the applicable Notes to the
      Indenture Trustee and the Securities Administrator not later than 30 days prior
      to the applicable Redemption Date and the party exercising its option to redeem
      such Notes shall deposit by 10:00 A.M. New York City time on the applicable
      Redemption Date with the Securities Administrator in the Note Payment Account
      the Redemption Price of the Notes to be redeemed, whereupon all such applicable
      Notes shall be due and payable on the applicable Redemption Date upon the
      furnishing of a notice complying with Section 10.02 hereof to each Holder of
      the
      Notes.

     

    
      
        
        

      

      
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    Section
      10.02. Form
      of Redemption Notice.
      Notice
      of redemption under Section 10.01 shall be given by the Indenture Trustee or
      the
      Securities Administrator on its behalf by first-class mail, postage prepaid,
      or
      by facsimile mailed or transmitted not later than 5 days prior to the applicable
      Redemption Date to each Holder of Notes, as of the close of business on the
      Record Date preceding the applicable Redemption Date, at such Holder’s address
      or facsimile number appearing in the Note Register.

     

    All
      notices of redemption shall state:

     

    (i) the
      Redemption Date;

     

    (ii) the
      Redemption Price; and

     

    (iii) the
      place
      where such Notes are to be surrendered for payment of the Redemption Price
      (which shall be the office or agency of the Issuer to be maintained as provided
      in Section 3.02).

     

    Notice
      of
      redemption of the Notes shall be given by the Indenture Trustee or the
      Securities Administrator on its behalf in the name and at the expense of the
      Issuer. Failure to give notice of redemption, or any defect therein, to any
      Holder of any Note shall not impair or affect the validity of the redemption
      of
      any other Note.

     

    Section
      10.03. Notes
      Payable on Redemption Date.
      The
      applicable Notes or portions thereof to be redeemed shall, following notice
      of
      redemption as required under Section 10.02 (in the case of redemption pursuant
      to Section 10.01) and remittance to the Securities Administrator of the
      Redemption Price as required under Section 10.01, on the applicable Redemption
      Date become due and payable at the Redemption Price and (unless the Issuer
      shall
      default in the payment of the Redemption Price) no interest shall accrue on
      the
      Redemption Price for any period after the date to which accrued interest is
      calculated for purposes of calculating the Redemption Price.

     

    ARTICLE
      XI

     

    MISCELLANEOUS

     

    Section
      11.01. Compliance
      Certificates and Opinions, etc.
      Upon
      any application or request by the Issuer to the Indenture Trustee to take any
      action under any provision of this Indenture, the Issuer shall furnish to the
      Indenture Trustee: (i) an Officer’s Certificate stating that all conditions
      precedent, if any, provided for in this Indenture relating to the proposed
      action have been complied with, (ii) an Opinion of Counsel stating that in
      the
      opinion of such counsel all such conditions precedent, if any, have been
      complied with, and (iii) (if required by the TIA) an Independent Certificate
      from a firm of certified public accountants meeting the applicable requirements
      of this Section, except that, in the case of any such application or request
      as
      to which the furnishing of such documents is specifically required by any
      provision of this Indenture, no additional certificate or opinion need be
      furnished.

     

    
      
        
        

      

      
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    Every
      certificate or opinion with respect to compliance with a condition or covenant
      provided for in this Indenture shall include:

     

    (i) a
      statement that each signatory of such certificate or opinion has read or has
      caused to be read such covenant or condition and the definitions herein relating
      thereto;

     

    (ii) a
      brief
      statement as to the nature and scope of the examination or investigation upon
      which the statements or opinions contained in such certificate or opinion are
      based;

     

    (iii) a
      statement that, in the opinion of each such signatory, such signatory has made
      such examination or investigation as is necessary to enable such signatory
      to
      express an informed opinion as to whether or not such covenant or condition
      has
      been complied with; and

     

    (iv) a
      statement as to whether, in the opinion of each such signatory, such condition
      or covenant has been complied with.

     

    Section
      11.02. Form
      of Documents Delivered to Indenture Trustee.
      In any
      case where several matters are required to be certified by, or covered by an
      opinion of, any specified Person, it is not necessary that all such matters
      be
      certified by, or covered by the opinion of, only one such Person, or that they
      be so certified or covered by only one document, but one such Person may certify
      or give an opinion with respect to some matters and one or more other such
      Persons as to other matters, and any such Person may certify or give an opinion
      as to such matters in one or several documents.

     

    Any
      certificate or opinion of an Authorized Officer of the Issuer may be based,
      insofar as it relates to legal matters, upon a certificate or opinion of, or
      representations by, counsel, unless such officer knows, or in the exercise
      of
      reasonable care should know, that the certificate or opinion or representations
      with respect to the matters upon which such officer’s certificate or opinion is
      based are erroneous. Any such certificate of an Authorized Officer or Opinion
      of
      Counsel may be based, insofar as it relates to factual matters, upon a
      certificate or opinion of, or representations by, an officer or officers of
      the
      Seller, the Master Servicer, the Servicer, the Depositor, the Issuer or the
      Securities Administrator, stating that the information with respect to such
      factual matters is in the possession of the Seller, the Master Servicer, the
      Servicer, the Depositor, the Issuer or the Securities Administrator, unless
      such
      counsel knows, or in the exercise of reasonable care should know, that the
      certificate or opinion or representations with respect to such matters are
      erroneous.

     

    Where
      any
      Person is required to make, give or execute two or more applications, requests,
      consents, certificates, statements, opinions or other instruments under this
      Indenture, they may, but need not, be consolidated and form one
      instrument.

     

    
      
        
        

      

      
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    Whenever
      in this Indenture, in connection with any application or certificate or report
      to the Indenture Trustee, it is provided that the Issuer shall deliver any
      document as a condition of the granting of such application, or as evidence
      of
      the Issuer’s compliance with any term hereof, it is intended that the truth and
      accuracy, at the time of the granting of such application or at the effective
      date of such certificate or report (as the case may be), of the facts and
      opinions stated in such document shall in such case be conditions precedent
      to
      the right of the Issuer to have such application granted or to the sufficiency
      of such certificate or report. The foregoing shall not, however, be construed
      to
      affect the Indenture Trustee’s right to rely upon the truth and accuracy of any
      statement or opinion contained in any such document as provided in Article
      VI.

     

    Section
      11.03. Acts
      of Noteholders.
      (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by Noteholders may be
      embodied in and evidenced by one or more instruments of substantially similar
      tenor signed by such Noteholders in person or by agents duly appointed in
      writing; and except as herein otherwise expressly provided such action shall
      become effective when such instrument or instruments are delivered to the
      Indenture Trustee and, where it is hereby expressly required, to the Issuer.
      Such instrument or instruments (and the action embodied therein and evidenced
      thereby) are herein sometimes referred to as the “Act” of the Noteholders
      signing such instrument or instruments. Proof of execution of any such
      instrument or of a writing appointing any such agent shall be sufficient for
      any
      purpose of this Indenture and (subject to Section 6.01) conclusive in favor
      of
      the Indenture Trustee and the Issuer, if made in the manner provided in this
      Section.

     

    (b) The
      fact
      and date of the execution by any person of any such instrument or writing may
      be
      proved in any manner that the Indenture Trustee deems sufficient.

     

    (c) The
      ownership of Notes shall be proved by the Note Register.

     

    (d) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Notes shall bind the Holder of every Note issued
      upon the registration thereof or in exchange therefor or in lieu thereof, in
      respect of anything done, omitted or suffered to be done by the Indenture
      Trustee or the Issuer in reliance thereon, whether or not notation of such
      action is made upon such Note.

     

    Section
      11.04. Notices,
      etc., to Indenture Trustee, Issuer and Rating Agencies.
      Any
      request, demand, authorization, direction, notice, consent, waiver or Act of
      Noteholders or other documents provided or permitted by this Indenture shall
      be
      in writing and if such request, demand, authorization, direction, notice,
      consent, waiver or act of Noteholders is to be made upon, given or furnished
      to
      or filed with:

     

    (i) the
      Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for
      every purpose hereunder if made, given, furnished or filed in writing to or
      with
      the Indenture Trustee at its Corporate Trust Office, or

     

    (ii) the
      Securities Administrator by the Indenture Trustee, any Noteholder or by the
      Issuer shall be sufficient for every purpose hereunder if made, given, furnished
      or filed in writing to or with the Securities Administrator at its Corporate
      Trust Office, or

     

    
      
        
        

      

      
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    (iii) the
      Issuer by the Indenture Trustee or any Noteholder shall be sufficient for every
      purpose hereunder if in writing and mailed first-class, postage prepaid to
      the
      Issuer addressed to the address provided in the Transfer and Servicing
      Agreement, or at any other address previously furnished in writing to the
      Indenture Trustee by the Issuer. The Issuer shall promptly transmit any notice
      received by it from the Noteholders to the Indenture Trustee.

     

    Notices
      required to be given to the Rating Agencies by the Issuer, the Indenture
      Trustee, the Securities Administrator or the Owner Trustee shall be in writing,
      personally delivered or mailed by certified mail, return receipt requested,
      to
      the address provided in the Transfer and Servicing Agreement or such other
      address as shall be designated by written notice to the other
      parties.

     

    Section
      11.05. Notices
      to Noteholders; Waiver.
      Where
      this Indenture provides for notice to Noteholders of any event, such notice
      shall be sufficiently given (unless otherwise herein expressly provided) if
      in
      writing and mailed, first-class, postage prepaid to each Noteholder affected
      by
      such event, at such Holder’s address as it appears on the Note Register, not
      later than the latest date, and not earlier than the earliest date, prescribed
      for the giving of such notice. In any case where notice to Noteholders is given
      by mail, neither the failure to mail such notice nor any defect in any notice
      so
      mailed to any particular Noteholder shall affect the sufficiency of such notice
      with respect to other Noteholders, and any notice that is mailed in the manner
      herein provided shall conclusively be presumed to have been duly
      given.

     

    Where
      this Indenture provides for notice in any manner, such notice may be waived
      in
      writing by any Person entitled to receive such notice, either before or after
      the event, and such waiver shall be the equivalent of such notice. Waivers
      of
      notice by Noteholders shall be filed with the Indenture Trustee but such filing
      shall not be a condition precedent to the validity of any action taken in
      reliance upon such a waiver.

     

    In
      case,
      by reason of the suspension of regular mail service as a result of a strike,
      work stoppage or similar activity, it shall be impractical to mail notice of
      any
      event to Noteholders when such notice is required to be given pursuant to any
      provision of this Indenture, then any manner of giving such notice as shall
      be
      satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving
      of such notice.

     

    Where
      this Indenture provides for notice to the Rating Agencies, failure to give
      such
      notice shall not affect any other rights or obligations created hereunder,
      and
      shall not under any circumstance constitute a Default or Event of
      Default.

     

    Section
      11.06. Conflict
      with Trust Indenture Act.
      If any
      provision hereof limits, qualifies or conflicts with another provision hereof
      that is required to be included in this Indenture by any of the provisions
      of
      the Trust Indenture Act, such required provision shall control.

     

    The
      provisions of TIA Sections 310 through 317 that impose duties on any person
      (including the provisions automatically deemed included herein unless expressly
      excluded by this Indenture) are a part of and govern this Indenture, whether
      or
      not physically contained herein.

     

    
      
        
        

      

      
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    Section
      11.07. Effect
      of Headings and Table of Contents.
      The
      Article and Section headings herein and the Table of Contents are for
      convenience only and shall not affect the construction hereof.

     

    Section
      11.08. Successors
      and Assigns.
      All
      covenants and agreements in this Indenture and the Notes by the Issuer shall
      bind its successors and assigns, whether so expressed or not. All agreements
      of
      the Indenture Trustee in this Indenture shall bind its successors, co-trustees
      and agents.

     

    Section
      11.09. Severability.
      In case
      any provision in this Indenture or in the Notes shall be invalid, illegal or
      unenforceable, the validity, legality and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby.

     

    Section
      11.10. Benefits
      of Indenture and Consents of Noteholders.
      Nothing
      in this Indenture or in the Notes, express or implied, shall give to any Person,
      other than the parties hereto and their successors hereunder, the Owner Trustee
      and the Noteholders, any benefit or any legal or equitable right, remedy or
      claim under this Indenture. Each Noteholder and Note Owner, by acceptance of
      a
      Note or, in the case of a Note Owner, a beneficial interest in a Note, consents
      to and agrees to be bound by the terms and conditions of this
      Indenture.

     

    Section
      11.11. Legal
      Holidays.
      In any
      case where the date on which any payment is due shall not be a Business Day,
      then (notwithstanding any other provision of the Notes or this Indenture)
      payment need not be made on such date, but may be made on the next succeeding
      Business Day with the same force and effect as if made on the date on which
      nominally due, and no interest shall accrue for the period from and after any
      such nominal date.

     

    Section
      11.12. Governing
      Law.
      THIS
      INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
      THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
      AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
      SUCH LAWS.

     

    Section
      11.13. Counterparts.
      This
      Indenture may be executed in any number of counterparts, each of which so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument.

     

    Section
      11.14. Recording
      of Indenture.
      If this
      Indenture is subject to recording in any appropriate public recording offices,
      such recording is to be effected by the Issuer and at its expense accompanied
      by
      an Opinion of Counsel (which may be counsel to the Indenture Trustee or any
      other counsel reasonably acceptable to the Indenture Trustee) to the effect
      that
      such recording is necessary either for the protection of the Noteholders or
      any
      other Person secured hereunder or for the enforcement of any right or remedy
      granted to the Indenture Trustee under this Indenture.

     

    
      
        
        

      

      
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    Section
      11.15. Trust
      Obligations.
      (a) No
      recourse may be taken, directly or indirectly, with respect to the obligations
      of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
      this Indenture or any certificate or other writing delivered in connection
      herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee
      in
      their respective individual capacities, (ii) any owner of a beneficial interest
      in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
      director, employee or agent of the Indenture Trustee or the Owner Trustee in
      its
      respective individual capacity, any holder of a beneficial interest in the
      Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign
      of the Indenture Trustee or the Owner Trustee in its individual capacity, except
      as any such Person may have expressly agreed (it being understood that the
      Indenture Trustee and the Owner Trustee have no such obligations in their
      respective individual capacities) and except that any such partner, owner or
      beneficiary shall be fully liable, to the extent provided by applicable law,
      for
      any unpaid consideration for stock, unpaid capital contribution or failure
      to
      pay any installment or call owing to such entity. For all purposes of this
      Indenture, in the performance of any duties or obligations of the Issuer
      hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
      of, the terms and provisions of Articles VI, VII and VIII of the Trust
      Agreement.

     

    (b)
      In
      addition, (i) this Indenture is executed and delivered by Wilmington Trust
      Company, not individually or personally but solely as Owner Trustee, in the
      exercise of the powers and authority conferred and vested in it, (ii) each
      of
      the representations, undertakings and agreements herein made on the part of
      the
      Issuer or the Owner Trustee is made and intended not as personal
      representations, undertakings and agreements by Wilmington Trust Company but
      is
      made and intended for the purpose for binding only the Trust, (iii) nothing
      herein contained shall be construed as creating any liability on Wilmington
      Trust Company, individually or personally, to perform any covenant either
      expressed or implied contained herein, all such liability, if any, being
      expressly waived by the Indenture Trustee and by any Person claiming by, through
      or under the Indenture Trustee, and (iv) under no circumstances shall Wilmington
      Trust Company be personally liable for the payment of any indebtedness or
      expenses of the Issuer or be liable for the breach or failure of any obligation,
      representation, warranty or covenant made or undertaken by the Issuer under
      this
      Indenture or the Operative Agreements.

     

    Section
      11.16. No
      Petition.
      The
      Indenture Trustee, by entering into this Indenture, and each Noteholder, by
      accepting a Note or interest therein, hereby covenant and agree that they will
      not at any time institute against the Depositor or the Issuer, or join in any
      institution against the Depositor or the Issuer of, any bankruptcy,
      reorganization, arrangement, insolvency or liquidation proceedings, or other
      proceedings under any United States federal or state bankruptcy or similar
      law
      in connection with any obligations relating to the Notes, this Indenture or
      any
      of the Operative Agreements.

     

    Section
      11.17. Inspection.
      The
      Issuer agrees that, on reasonable prior notice, it will permit any
      representative of the Indenture Trustee, during the Issuer’s normal business
      hours, to examine all the books of account, records, reports and other papers
      of
      the Issuer, to make copies and extracts therefrom, to cause such books to be
      audited by Independent Public Accountants, and to discuss the Issuer’s affairs,
      finances and accounts with the Issuer’s officers, employees and Independent
      certified public accountants, all at such reasonable times and as often as
      may
      be reasonably requested. The Indenture Trustee shall, and shall cause its
      representatives to, hold in confidence all such information except to the extent
      disclosure may be required by law (and all reasonable applications for
      confidential treatment are unavailing) and except to the extent that the
      Indenture Trustee may reasonably determine that such disclosure is consistent
      with its obligations hereunder.

     

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

    

     

    Section
      11.18. Agreements
      of Noteholders.
      Each
      Noteholder, by accepting a Note, hereby acknowledges and agrees that, to the
      extent that the Noteholders are deemed to have any interest in any assets of
      the
      Depositor that constitute the assets of the trust for any other series of
      securities with respect to which the Depositor acts as depositor:

     

    (a) the
      interest of the Noteholders in such assets is subordinate to claims or rights
      of
      the holders of such other series of securities to such assets; and

     

    (b) this
      Indenture constitutes a subordination agreement for purposes of Section 510(a)
      of the Bankruptcy Code.

     

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Issuer, the Securities Administrator and the Indenture
      Trustee have caused this Indenture to be duly executed by their respective
      officers, thereunto duly authorized and duly attested, all as of the day and
      year first above written.

    
      	 	 	 
	 	HOMEBANC
              MORTGAGE
              TRUST 2006-2, as Issuer
	 	 	 
	 	By: 	WILMINGTON TRUST COMPANY,
	 
 	 
 	
              not
                in its individual capacity but solely as

              Owner
                Trustee

            
	 	 	 
	 	 	 
	
            	By:  	/s/
              Michele C. Harra
	 	 	
              

              Name:
                Michele C. Harra

              Title:
                Financial Services Officer

            
	 	 	 
	 	 	 
	 	
              WELLS
                FARGO BANK, N.A., not
                in its individual capacity but solely as Securities
                Administrator

            
	 	 
	 	 	 
	 	By:  	/s/ Stacey Taylor
	 	 	
              

              Name:
                Stacey Taylor

              Title:
                Vice President

            
	 	 	 
	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, not
                in its individual capacity but solely as Indenture
                Trustee

            
	 	 	 
	 	 	 
	 	By:	/s/ Karen R. Beard 
	 	
              

              Name:
                Karen R. Beard 

              Title:
                Vice President

            
	 	
            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    FORMS
      OF
      NOTES

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-1

     

    FORM
      OF
      RULE 144A INVESTMENT LETTER

     

    
      	 	 	 
	 	 	
              date

            

    

     

    Wells
      Fargo Bank, NA

    as
      Note
      Registrar

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

     

    
      	
            	Re:	
              HomeBanc
                Mortgage Trust 2006-2

            

      	 	 	Mortgage Backed Notes, [Class [
              __]
              Notes] 

      
         

      

    

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-referenced Notes (the “Notes”) we
      certify that (a) we understand that the Notes have not been registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investments in the Notes, (c) we have
      had
      the opportunity to ask questions of and receive answers from HMB Acceptance
      Corp. (the “Depositor”) concerning the purchase of the Notes and all matters
      relating thereto or any additional information deemed necessary to our decision
      to purchase the Notes, (d) we have not, nor has anyone acting on our behalf,
      offered, transferred, pledged, sold or otherwise disposed of the Notes or any
      interest in the Notes, or solicited any offer to buy, transfer, pledge or
      otherwise dispose of the Notes or any interest in the Notes from any person
      in
      any manner, or made any general solicitation by means of general advertising
      or
      in any other manner, or taken any other action that would constitute a payment
      of the Notes under the Act or that would render the disposition of the Notes
      a
      violation of Section 5 of the Act or any state securities laws or require
      registration pursuant thereto, and we will not act, or authorize any person
      to
      act, in such manner with respect to the Notes, (e) we are a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Act (“Rule
      144A”). We are aware that the sale to us is being made in reliance on Rule 144A.
      

     

    We
      are
      acquiring the Notes for our own account or for resale pursuant to Rule 144A
      and
      understand that such Notes may be resold, pledged or transferred only (1) to
      a
      person reasonably believed to be a qualified institutional buyer that purchases
      for its own account or for the account of a qualified institutional buyer to
      whom notice is given that the resale, pledge or transfer is being made in
      reliance on Rule 144A or (2) pursuant to another exemption from registration
      under the Act.

     

    We
      hereby
      acknowledge that under the terms of the Indenture among HomeBanc Mortgage Trust
      2006-2, as Issuer, Wells Fargo Bank, N.A., as Securities Administrator, and
      U.S.
      Bank National Association, as Indenture Trustee, dated as of November 1, 2006,
      no transfer of the Notes shall be permitted to be made to any person unless
      the
      Note Registrar has received a certificate from such transferee in the form
      hereof.

     

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

     

    We
      hereby
      indemnify the Depositor, Indenture Trustee, the Note Registrar and the Trust
      against any liability that may result to either of them if our transfer or
      other
      disposition of any Notes (or any interest therein) is not exempt from the
      registration requirements of the Act and any applicable state securities laws
      or
      is not made in accordance with such federal and state laws, the provisions
      of
      this certificate or the applicable provisions of the Indenture.

    
      	 	 	 
	 	
              Very
                truly yours,

            
	 	 
	 	 
	 	
              

              Print
                Name of Purchaser

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        B-1-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-2

     

    FORM
      OF
      NON-RULE 144A INVESTMENT LETTER

    
       

      
        	 	 	 
	 	 	
                date

              

      

       

    

    Wells
      Fargo Bank, NA

    as
      Note
      Registrar

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    

    
      	
            	Re:	
              HomeBanc
                Mortgage Trust 2006-2

            

      	 	 	Mortgage Backed
              Notes, [Class
              [       ]
              Notes]

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-referenced Notes (the “Notes”) we
      certify that (a) we understand that the Notes have not been registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we have had the
      opportunity to ask questions of and receive answers from the Depositor
      concerning the purchase of the Notes and all matters relating thereto or any
      additional information deemed necessary to our decision to purchase the Notes,
      (c) we are acquiring the Notes for investment for our own account and not with
      a
      view to any payment of such Notes (but without prejudice to our right at all
      times to sell or otherwise dispose of the Notes in accordance with clause (e)
      below), (d) we have not offered or sold any Notes to, or solicited offers to
      buy
      any Notes from, any person, or otherwise approached or negotiated with any
      person with respect thereto, or taken any other action that would result in
      a
      violation of Section 5 of the Act or any state securities laws and (e) we
      will not sell, transfer or otherwise dispose of any Notes unless (1) such sale,
      transfer or other disposition is made pursuant to an effective registration
      statement under the Act and in compliance with any relevant state securities
      laws or is exempt from such registration requirements and, if requested, we
      will
      at our expense provide an opinion of counsel satisfactory to the addressees
      of
      this certificate that such sale, transfer or other disposition may be made
      pursuant to an exemption from the Act, (2) the purchaser or transferee of such
      Note has executed and delivered to you a certificate to substantially the same
      effect as this certificate and (3) the purchaser or transferee has otherwise
      complied with any conditions for transfer set forth in the Indenture (the
“Indenture”) dated as of November 1, 2006, among HomeBanc Mortgage Trust 2006-2,
      as issuer, Wells Fargo Bank, N.A., as Securities Administrator, and U.S. Bank
      National Association, as indenture trustee.

     

    We
      hereby
      acknowledge that under the terms of the Indenture, no transfer of the Notes
      shall be permitted to be made to any person unless the Note Registrar has
      received a certificate from such transferee in the form hereof.

     

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

     

    We
      hereby
      indemnify the Depositor, Indenture Trustee, the Note Registrar and the Trust
      against any liability that may result to either of them if our transfer or
      other
      disposition of any Notes (or any interest therein) is not exempt from the
      registration requirements of the Act and any applicable state securities laws
      or
      is not made in accordance with such federal and state laws, the provisions
      of
      this certificate or the applicable provisions of the Indenture.

    
      	 	 	 
	 	
              Very
                truly yours,

            
	 	 
	 	 
	 	
              
                

              

              Print
                Name of Purchaser

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

              Title:

            
	 	
            

    

     

    
      
        
        

      

      
        B-2-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C

     

    FORM
      OF
      ERISA TRANSFER AFFIDAVIT

    
      
         

        
          	 	 	 
	 	 	
                  date

                
	 	 	 
	STATE OF NEW YORK	)	 
	 	) ss.: 	 
	COUNTY OF NEW YORK	)	 

        

         

      

    

    
      	
            	
              Re:

            	
              HomeBanc
                Mortgage Trust 2006-2

            

      	 	 	Mortgage Backed
              Notes

    

     

    1. The
      undersigned is the ______________________ of (the “Investor”), a [corporation
      duly organized] and existing under the laws of __________, on behalf of which
      he
      makes this affidavit.

     

    2. The
      Investor either (i) is not, and on ___________ [date of transfer] will not
      be,
      acquiring the Notes for, or on behalf of, an employee benefit plan or other
      retirement arrangement that is subject to Section 406 of the Employee Retirement
      Income Security Act of 1974, as amended (“ERISA”), or to Section 4975 of the
      Internal Revenue Code of 1986, as amended (or to any substantially similar
      law
      (“Similar Law”)) or any entity deemed to hold the plan assets of the foregoing
      (a “Benefit Plan”) or (ii), our acquisition and holding of the Notes for, or on
      behalf of, a Benefit Plan will not result in a non-exempt prohibited transaction
      under Section 406 of ERISA or Section 4975 of the Code which is not covered
      under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE
      91-38, PTCE 95-60, PTCE 96-23 or some other applicable exemption, and will
      not
      result in a non-exempt violation of any Similar Law.

     

    3. The
      Investor hereby acknowledges that under the terms of the Indenture among
      HomeBanc Mortgage Trust 2006-2, as Issuer, Wells Fargo Bank, N.A., as Securities
      Administrator, and U.S. Bank National Association, as Indenture Trustee, dated
      as of November 1, 2006, no transfer of any Note shall be permitted to be made
      to
      any person unless the Securities Administrator has received a certificate from
      such transferee in the form hereof.

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20__.

    
      	 	 	 
	 	 
	 	
              

              [Investor]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

              Title:

            
	 	
            
	
              ATTEST:

            	 
	 	 
	 	 
	
              

            	
            

    

     

    
      
        
          	STATE OF	)	 	 
	 	) ss.:	 	 
	COUNTY OF	)	 	 

        

      

    

     

    Personally
      appeared before me the above-named ___________________, known or proved to
      me to
      be the same person who executed the foregoing instrument and to be the
      _________________ of the Investor, and acknowledged that he executed the same
      as
      his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of ___________ 20___.

    
      	 	 	 
	 	
            
	 	
              

              NOTARY
                PUBLIC

            
	 	 
	 	
              My
                commission expires the

              ____
                day of __________, 20__.

            

    

     

    
      
        
        

      

      
        C-2

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